NOR GVT Transaction Registers Fines


On Jun. 10, NOR GVT updated on EMIR rules re fines to registers.


  • EEA JC updated on implementation of re 2021/732 amending reg 2014/667 re case documents to submit by examiner to ESMA re imposition of fines, penalty payments.
  • Follows EC May 2021 issued reg on third country CCP and TR penalties, see #92768.
  • Overview
  • ESMA has the authority to fine transaction registers; the regulation amends procedural rules to be followed by ESMA when imposing fines on transaction registers.
  • Including rules on right to be heard in connection with decisions, imposition of fines.
  • Refers to amendments to EMIR by EMIR 2.2 and latter's impact on penalties, fines.
  • Situation in Norway
  • The regulation will be implemented in the securities regulations upon incorporation.
  • Implementation will not have significant financial or administrative consequences.
  • Act assessed by special committee for capital movements and financial services where ministries concerned represented that found the act EEA-relevant and acceptable.
  • Reg cannot enter into force in EEA/EFTA countries until EMIR 2.2 is in EEA Agreement.
  • Further, latter must be in force, this reg must be also incorporated into agreement.
  • Therefore it must be considered whether there is a need for adjustments in the case of the EEA/EFTA States; at present, there are no transaction registers in Norway.
  • EEA Situation
  • Reg in force in EU and currently considered for incorporation into the EEA Agreement.
  • EEA memorandum issued May 25, 2021; Europalov publicized it on Jun. 10, 2021.
  • Sep. 2022 EEA Decision
  • On Sep. 24, 2022, Europalov announced EEA decision on incorporation to agreement.
  • Dec 252/2022 amends Annex IX (Financial services) to EEA Agreement to add the reg.
  • Enters into force on Sep. 24, 2022 provided all notifications under art 103(1) of the EEA Agreement made or on day of entry into force of Dec 50/2021, whichever is later.
  • Jun. 2024 EEA JC Decision in Force Date
  • On Jun. 28, 2024, EFTA confirmed Dec 252/2022 comes into force on Aug. 1, 2024.

Regulators EEA JC; EFTA; NOR GVT
Entity Types B/D; Bank; Corp; IA; Inv Co
Reference PR 6/28/2024; PR 9/24/2022; Dec 252/2022, 9/23/2022; PR 6/10/2021; Dec 50/2021; Memo 5/25/2021; Reg 2021/732; EMIR 2.2 Reg 2019/2099; EMIR Reg 648/2012; EEA Agreement
Functions Compliance; Exams; Financial; Legal; Operations; Registration/Licensing; Risk; Trade Reporting
Countries Iceland; Liechtenstein; Norway; Cross-Border
Category
State
Products Banking; Corporate; Derivatives; Fund Mgt; Securities
Regions EMEA
Rule Type Guidance
Rule Date 6/10/2021
Effective Date 8/1/2024
Rule Id 108006
Linked to Rule :92768
Reg. Last Update 6/28/2024
Report Section EU

Last substantive update on 07/04/2024