ESMA slaps Regis-TR with $186,000 fine

The European Securities and Markets Authority (ESMA) has fined trade repository Regis-TR $186,000 due to eight breaches of the European Market Infrastructure Regulation.

According to Finextra, the breaches relate to failures in ensuring the integrity of data and providing direct and immediate access to regulators. The breaches were committed during the period of 2017 to 2020.

Up to five of the eight breaches were identified to have resulted from negligence on the part of the trade repository.

ESMA listed a range of failures by the depository in its regulatory reporting obligations, which included the generation of incorrect reports resulting from the exclusion of data and general incompetence in rejecting data correctly reported by the Reporting Parties.

In addition, ESMA found that Regis-TR committed three further breaches resulting in the ‘provision of wrong and unreliable reports’ to regulators by failing to verify the correctness and completeness of the data secured by the reporting parties.

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