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    ESMA Consults on Procedural Rules to Impose Penalties on CRAs

    December 13, 2019

    ESMA launched a consultation on the future technical advice on the rules to impose penalties and fines on third-country central counterparties, trade repositories, and credit rating agencies (CRAs). The proposal builds on the existing enforcement framework regarding trade repositories and CRAs as well as on the supervisory experience of ESMA gained in recent years. The consultation will run until January 18, 2020. ESMA will consider the feedback received in the finalization of the technical advice by the end of the first quarter of 2020.

    The consultation paper comprises 13 sections and two annexes. The key topics covered in the consultation include scope of the proposed rules, procedure for the imposition of fines and supervisory measures, and the rights of the person subject to investigation, proposed procedure for the imposition of periodic penalty payments, and methods for the collection of fines and periodic penalty payments. Annex I to the paper provides a summary of the consultation questions.

    In September 2019, ESMA received a provisional request from EC to provide technical advice to assist EC in formulating procedural rules for penalties imposed on third-country central counterparties and trade repositories (Annex II). To deliver its advice to EC, ESMA took into account the existing Union regulatory framework in areas where European institutions or agencies have the power to impose fines on market participants. In particular, ESMA has considered the CRA Regulation (1060/2009) and the Commission Delegated Regulation (EU) No 946/2012 with regard to the rules of procedure on fines imposed to CRAs. ESMA has also considered the relevant experience that it has acquired when operating under the mentioned rules of procedure applicable to trade repositories and CRAs. This consultation paper sets out the preferred options of ESMA for the procedural rules on the imposition of penalties to third-country central counterparties. It also analyzes whether the procedural rules applicable to the imposition of penalties to trade repositories and CRAs should be amended. The consultation welcomes comments to assist in the production of the advice.


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    Comment Due Date: January 18, 2020

    Keywords: Europe, EU, Securities, CRA, CCPs, Technical Advice, CRA Regulation, Trade Repositories, ESMA

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