Page 44 - 期货和衍生品行业监管动态（2026年2月）

期货和衍生品行业监管动态

Verena Ross, ESMA’s Chair, said:

“REGIS-TR failed to comply with its obligations under EMIR and SFTR. Data

on trades made available to public authorities is essential for market surveillance,

enabling early detection of exposure concentrations, cross-border risks, and changes

in liquidity and leverage. Today’s decision highlights ESMA’s commitment to

enforcing essential requirements that ensure transparency and contribute to

well-functioning markets.

This case stems from long-lasting serious overarching issues identified at

REGIS-TR. We will continue to foster a strong compliance culture, including by

taking enforcement action, when appropriate.”

ESMA found that REGIS-TR did not comply with key organisational obligations

laid down in EMIR and SFTR relating to adequate policies and procedures,

organisational structure, and operational risk, as well as specific requirements related

to confidentiality and misuse of the information.

The seven breaches specifically relate to:

 deficiencies in REGIS-TR’s policies and procedures under both EMIR and

SFTR leading, among other things, to a lack of clarity regarding the roles
and responsibilities of the governing bodies;

 shortcomings in REGIS-TR’s organisational structure which did not ensure

continuity and orderly functioning of the TR in the performance of its

services and activities in relation to SFTR;

 the failure by REGIS-TR to identify sources of operational risk and

minimise them through the development of appropriate systems, controls

and procedures both in relation to EMIR and SFTR;

 the failure by REGIS-TR to ensure the confidentiality, integrity and

protection of information received under EMIR;

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