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EMIR

ESMA report on EMIR penalties and supervisory measures

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.

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.

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