ESMA fines REGIS-TR €186,000 for EMIR data breaches
25 March 2022 Europe
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The European Â鶹´«Ã½ and Markets Authority (ESMA) has fined trade repository REGIS-TR €186,000 for breaches of the European Market Infrastructure Regulation (EMIR).
The EU securities markets regulator found the firm had made eight breaches relating to failures to ensure the integrity of data and to provide direct and immediate access to regulators.
These actions were committed between 2017 and 2020, with five out of the eight breaches resulting from negligence on the part of REGIS-TR.
In terms of data integrity, ESMA found REGIS-TR negligently failed to ensure the integrity of the data reported to it owing to various data processing incidents.
These incidents involved its failure to ensure the integrity of the data reported to REGIS-TR and its incorrectly rejecting data correctly reported by the reporting parties.
ESMA also concludes that the trade repository failed to provide direct and immediate access to regulators. This was a consequence of REGIS_TR generating incorrect reports, failing to provide reports within the specified time limits and omitting data in the reports due to inappropriate rejections.
Three further breaches were found, resulting from REGIS-TR’s failure to verify the correctness and completeness of the data received by the reporting parties.
The EU securities markets regulator found the firm had made eight breaches relating to failures to ensure the integrity of data and to provide direct and immediate access to regulators.
These actions were committed between 2017 and 2020, with five out of the eight breaches resulting from negligence on the part of REGIS-TR.
In terms of data integrity, ESMA found REGIS-TR negligently failed to ensure the integrity of the data reported to it owing to various data processing incidents.
These incidents involved its failure to ensure the integrity of the data reported to REGIS-TR and its incorrectly rejecting data correctly reported by the reporting parties.
ESMA also concludes that the trade repository failed to provide direct and immediate access to regulators. This was a consequence of REGIS_TR generating incorrect reports, failing to provide reports within the specified time limits and omitting data in the reports due to inappropriate rejections.
Three further breaches were found, resulting from REGIS-TR’s failure to verify the correctness and completeness of the data received by the reporting parties.
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