The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, fined €186,000 trade repository REGIS-TR 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 executed between 2017 and 2020. Five out of eight breaches were found to have resulted from negligence on the part of REGIS-TR.
Failure reasons:
REGIS-TR negligently failed to guarantee the integrity of the data reported to it because of various data processing incidents, including
- Not having ensured the integrity of the data reported to REGIS-TR.
- Having incorrectly rejected data correctly reported by the Reporting Parties.
In this way, the trade repository negligently failed to execute direct and immediate access to regulators by:
- Creating incorrect reports.
- Failing to provide reports within the specified time limits.
- Missing out data in the reports due to wrong rejections.
