ESMA have today issued a public notice that DTCC have been fined 64,000 Euros in relation to the operation of the EMIR Trade Repository (TR), which is referred to as “DDRL”. The fine is for failing to provide ESMA with timely access to the data. The press release can be found here and the detailed notice here.
TRs are required to provide regulators and other official bodies with access to the data collected under EMIR “directly and immediately”. According to the notice DTCC did not provide such access over a period of several months in 2014, sometimes delaying access to up to 62 days.
According to the notice, the fine has been increased because “DDRL had committed the infringement negligently“. This is the first time an enforcement has been issued against an EMIR TR. It is possible for DDRL to appeal.