Regulatory Alerts2025-09-22
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Commission Delegated Regulation (EU) 2022/803 specifying rules of procedure for ESMA fines on data reporting service providers
This Regulation establishes procedural rules for the European Securities and Markets Authority (ESMA) when imposing fines or periodic penalty payments on data reporting service providers (DRSPs) for infringements of Regulation (EU) No 600/2014. It mandates specific time limits for written submissions, such as at least four weeks for investigation findings and two to four weeks for ESMA decisions, and governs the conduct of non-public oral hearings. The text defines a five-year limitation period for imposing and enforcing penalties, detailing how this period is interrupted or suspended by ESMA actions or pending appeals. Finally, it regulates the financial handling of collected penalties, requiring them to be held in interest-bearing accounts until they become final, at which point they are transferred to the Union Revenue budget.
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