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The legislation, which came into force on 22 June 2014, sets out the procedures to be followed by ESMA in its power to impose fines and periodic penalty payments.
On 19 June 2014, secondary legislation on the procedure for
penalties imposed on trade repositories by the European Securities
and Markets Authority ("ESMA") was published in the
Official Journal of the EU. The legislation, which came into force
on 22 June 2014, sets out the procedures to be followed by ESMA in
its power to impose fines and periodic penalty payments on trade
repositories, deals with rights of defense and rights to be heard
processes for trade repositories as well as limitation periods,
access to files issues and calculation of periods, dates and time
limits.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
