Regulatory Alerts2021-01-26
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Commission Delegated Regulation (EU) 2021/731 supplementing Regulation (EU) No 648/2012 with rules of procedure for penalties imposed by ESMA on third-country central counterparties
The European Commission adopted Delegated Regulation (EU) 2021/731 to establish detailed rules of procedure for the European Securities and Markets Authority (ESMA) when imposing fines or periodic penalty payments on third-country central counterparties and related third parties. The regulation defines the rights of the defence, including the right to be heard and access to the file, while specifying procedures for interim decisions and oral hearings. It sets a five-year limitation period for the imposition of penalties and an eight-year period for their enforcement, and mandates that collected amounts be held in interest-bearing accounts until they become final.
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