The European Commission has requested technical advice from ESMA to assist it in formulating a regulation on the rules of procedures for imposing fines or periodic penalty payments on trade repositories under EMIR.
The Commission’s request invites ESMA to:
- Reflect on procedures to guarantee the rights of defence both during and upon completion of investigations and advise on a reasonable time limit for submitting written submissions and/or convening an oral hearing
- Advise on the procedure for oral hearings, including convening such hearings and the procedure for attending such hearings, in particular with regard to qualified persons admitted to oral hearings
- Advise on procedures regarding accessing files of those subject to investigation
- Advise on the documentation to be submitted by the investigating officer to ESMA, so that ESMA is in a position to take into consideration all relevant facts when adopting supervisory measures and enforcement decisions on trade repositories
- Advise on the limitation periods for the imposition of and enforcement of penalties
- Reflect on the methods for collecting fines or periodic penalty payments, including procedures to lodge fines and/or penalty payments until they become final following the outcome of all possible legal challenges
ESMA is requested to deliver the technical advice by 31 December 2013.
Contributed by Caitríona McCrohan
