ESMA fines UnaVista €238,500 for EMIR failures

The European Securities and Markets Authority (ESMA) has fined trade repository UnaVista for alleged breaches of the European Market Infrastructure Regulation (EMIR).

ESMA claims the company had breached the regulation eight times and as a result, it has fined UnaVista €238,500.

It stated the breaches relate to failures around ensuring the integrity of data and providing direct and immediate access to regulators. The violations were committed between 2016 and 2018 and were allegedly caused by negligence on the part of UnaVista.

Some of the mentioned incidents included incorrect field ordering logic, incorrect mapping rules and crossed date boundaries.

It also claims UnaVista failed to give direct and immediate access to regulators by generating incorrect or unreliable reports for regulators. It also did not give regulators direct and immediate access to trade state reports and historic trade state reports, due to missed data exports and non-existent functionality respectively.

ESMA interim chair Anneli Tuominen said, “Today’s action against UnaVista emphasises the importance ESMA places on trade repositories complying with their obligations on data integrity and regulatory access.

“The provision of timely and accurate data to CCP and derivatives markets supervisors is an essential requirement in facilitating the monitoring and identification of systemic risk in EU derivatives markets.”

When calculating the size of the fine, ESMA considered the aggravating and mitigating factors provided for in EMIR and the common causes of infringements.

UnaVista can appeal the decision to the Joint Board of Appeal of the European Supervisory Authorities.


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