ESMA has announced it has fined a trade repository for failing to provide regulators direct and immediate access to details of derivative contracts. The failures relate to trade terminations and valuations and collateral updates for the period from the start of EMIR trade reporting go live in February 2016 through to October of the same year. According to the public notice, ESMA remained unaware of the error until it was informed by the Dutch national competent authority (NCA) in July 2016.
The fine should be a reminder to all industry participants that ESMA takes EMIR trade reporting very seriously. ESMA and the NCAs also have a ‘Data Quality Action Plan’ to address quality issues in EMIR trade reports submitted by firms.
If you are in any doubt whether your reports meet the standards required by the regulators, please get in contact with us to discuss your EMIR data quality. The FCA has already issued a £34.5m fine for EMIR reporting breaches – we can help you put the right controls in place to make sure that you are not at risk too.