Yesterday, ESMA published this report on penalties and supervisory measures relating to EMIR covering 2018. It is the second such report. It covers:
- The clearing obligation
- The reporting obligation
- NFC requirements
- Risk mitigation techniques
The report notes that there were no actual penalties this year, but several warnings and investigations. The report also notes, amongst other things, that some National Competent Authorities (NCA) are now checking to ensure that the marking of hedges by NFCs is correct. Several investigations into the calculation of status in terms of the EMIR clearing threshold have been carried out.
Although there have been no fines, it appears from the report that NCAs are being increasingly proactive in terms of EMIR enforcement.