Regulatory Alerts2022-02-16
Added · Updated
Commission Delegated Regulation (EU) 2022/803 specifying rules of procedure for ESMA to impose fines or periodic penalty payments on data reporting service providers
The European Commission adopted this Regulation to specify the rules of procedure for the European Securities and Markets Authority (ESMA) when exercising its power to impose fines or periodic penalty payments on data reporting service providers (DRSPs). It establishes procedural requirements for infringement proceedings, including the appointment of an independent investigation officer, the right of defence with minimum submission periods of four weeks, and the handling of oral hearings. The text sets a five-year limitation period for both the imposition and enforcement of penalties, defines the suspension and interruption of these periods, and mandates that collected fines be held in interest-bearing accounts until they become final.