REGIS TR, S.A.

Administrative sanction and measure

The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has fined trade repository REGIS-TR €186,000 for eight breaches of the European Market Infrastructure Regulation (EMIR). The breaches relate to failures in ensuring the integrity of data and providing direct and immediate access to regulators. The breaches were committed between 2017 and 2020. Five out of eight breaches were found to have resulted from negligence on the part of REGIS-TR.

registers.esma.europa.eu

Administrative sanction and measure

The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has fined the trade repository Regis-TR S.A. €56,000, and issued a public notice, for negligently failing to provide to regulators direct and immediate access to details of derivative contracts. The European Markets and Infrastructure Regulation (EMIR) requires TRs to provide such data to regulators. This is a key requirement to improve transparency and facilitate the monitoring of systemic risks in the derivatives markets. ESMA found that Regis-TR failed to put in place systems capable of providing to regulators direct and immediate access to derivatives data from the start of the EMIR reporting obligation in February 2014 to October 2016. These access failures related to: - 85.5% (3.7 billion) of Regis-TR’s data on trade terminations and 1.6% (15 million) of data on trade modifications; and - 100% (2.9 billion) of Regis-TR’s data on trade valuations and 100% (22 million) of data on collateral updates. ESMA found that Regis-TR had committed the infringement negligently and, therefore, is liable to a fine. In calculating the fine, ESMA considered both aggravating and mitigating factors provided for in EMIR.

registers.esma.europa.eu