Last week the CBI (Central Bank of Ireland) fined an investment fund €192,500 for breaches of the EMIR Article 9 reporting rules. This is the first EMIR reporting fine in Ireland. The notice notes the following:

• The fine relates to over 200,000 late reported trades.
• An industry-wide letter from the CBI triggered an internal investigation into reporting. This eventually led to the discovery of the issue.
• An “aggravating factor” in this case was the lack of a notice from the entity to the CBI when the error was discovered. The entity had intended to inform the CBKI only when the issue was resolved.

The notice can be found here. With EMIR REFIT coming next year, this fine will likely lead to a greater focus on accuracy and completeness.

BATE legislative proposal (“Swiss REMIT”)

The Swiss Federal Council adopted the Federal Act on Supervision and Transparency in the Wholesale Energy Markets, which will be known as “BATE” (formerly known as “GATE”). The rules are similar to REMIT. The provisional texts have been published in the form of a provisional law and a “message. The rules are similar to REMIT and apply globally to anyone trading “Swiss Wholesale Energy Products” wherever they are based. It spans registration, inside information, market manipulation and reporting. The relevant documents (in German) can be found here and here.

Customers of the ETR “Regulatory Support Service” will receive a full analysis (see here).