The sanction marks the highest fine ESMA has imposed on a trade repository to date, reflecting REGIS-TR’s failure to meet key EMIR and SFTR organisational obligations.
Dry run will collect information from financial entities through their competent authorities in preparation for the implementation and reporting of registers of information under DORA.
Most concerns from market participants mirror those seen with the US shift to T+1, with additional worries surrounding exchange trading hours and post-trade windows, fragmentation of the region and increasing penalties.
Developed following an observable lack of uniform rules around the relatively new asset class, ESMA is seeking input on MiCA’s proposed rules for crypto-asset service providers.
Due to data quality issues, ESMA intends to publish calculations in February next year, covering data from 1 October to 31 December 2022.
The securities market regulator plans to improve investor protection and convergence, while providing guidance to fund managers.
Latest assessment report finds that Russia’s invasion of Ukraine has amplified existing risks and increased vulnerabilities across the financial sector.
The penalty comes just days after the UK branch was awarded a full EMIR reporting license by the Financial Conduct Authority.
Settlement failure rates in European equities have remained alarmingly high since March 2020 with market participants set to face a financial hit if the trend continues.
The action will allow ESMA and national competent authorities to assess the application by firms of the MiFID II requirements on costs and charges.