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ESMA fines Regis-TR for access failures

Trade repository Regis-TR gets a €56,000 fine by ESMA for ”negligently” failing to provide regulators with immediate access to derivative contract details.

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According to a recent press release from the European Securities and Markets Authority (ESMA), the fine relates to access failures stemming from a lack of capable systems from 2014 to 2016.

The failures came to include 85.5 percent of Regis-TR’s data on trade terminations, as well as all of the data on trade valuations.

Forgiving factors too

ESMA deemed that Regis-TR’s infringement had been committed negligently and measured the fine with consideration of both aggravating and mitigating factors set out in the European Markets and Infrastructure Regulation (EMIR).

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In ESMA’s own words, the data provision requirement under EMIR is a key requirement to improve transparency and facilitate the monitoring of systemic risks in the derivatives markets.

Regis-TR is Europe’s second largest trade repository.

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