ESMA Fines Trade Repository REGIS-TR €186,000 for EMIR Data Breaches

The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has fined trade repository REGIS-TR €186,000 for eight breaches of the European Market Infrastructure Regulation (EMIR).

The breaches relate to failures in ensuring the integrity of data and providing direct and immediate access to regulators. The breaches were committed between 2017 and 2020. Five out of eight breaches were found to have resulted from negligence on the part of REGIS-TR.

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Data Integrity

REGIS-TR negligently failed to ensure the integrity of the data reported to it due to various data processing incidents, including:

• not having ensured the integrity of the data reported to REGIS-TR; and

• having incorrectly rejected data correctly reported by the Reporting Parties.

Direct and immediate access

The trade repository negligently failed to provide direct and immediate access to regulators by:

• generating incorrect reports;  

• failing to provide reports within the specified time limits; and

• omitting data in the reports due to wrong rejections.

ESMA also 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 received by the reporting parties.

In calculating the fine for negligent infringements, ESMA considered both aggravating and mitigating factors under EMIR.