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27 October 2014

フィナンシャルニュース:EMIR(欧州市場インフラ規則)のガイダンス、透明性基準についてはEU(欧州連合)レベルで統一も、制裁金は各国当局の裁量を容認


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The European Market Infrastructure Regulation leaves it to each national regulator to set penalties for reporting misdemeanours related to transparency in the swaps market.


The move to bring transparency to the swaps market is a global one. In Europe, it is being handled by a continent-wide regulator. But when it comes to fines, every country in Europe seems to be doing its own thing.

The guidance given to each regulator was “fairly minimal” but they were told that any penalties must be “effective, proportionate and dissuasive”, according to PJ Di Giammarino, chief executive of financial services regulation think tank JWG Group.

The Italian regulator, Consob, was one of the first to publish its fines for reporting errors last year, stating they would range between €2,500 and €250,000 per counterparty. The maximum possible sanction is in Sweden, where the fine will be around €5.4 million. The Netherlands and Poland are the second and third most onerous, with fines of up to €4 million and €2 million, respectively. Thereafter, the fines are much smaller, with Lithuania the lowest, levying a fine of around €60,000. The UK’s FCA has not publicly stated its range of fines, although it has previously handed out penalties for transaction reporting failures under the Markets in Financial Instruments Directive.

Full article on Financial News (subscription required)



© Financial News


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