The European Securities and Markets Authority (ESMA) today announced the imposition of a €186,000 fine on trade repository REGIS-TR for 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.

In particular, REGIS-TR negligently failed to ensure the integrity of the data reported to it due to various data processing incidents, including not having ensured the integrity of the data reported to REGIS-TR; and having incorrectly rejected data correctly reported by the Reporting Parties.

The trade repository also negligently failed to provide direct and immediate access to regulators by generating incorrect reports, failing to provide reports within the specified time limits, and omitting data in the reports due to wrong rejections.

ESMA also found that REGIS-TR committed three further breaches resulting in the provision of wrong and unreliable reports to regulators by failing to verify the correctness and completeness of the data received by the reporting parties.

In calculating the fine for negligent infringements, ESMA considered both aggravating and mitigating factors under EMIR.