On 19 June 2014, secondary legislation on the procedure for penalties imposed on trade repositories by the European Securities and Markets Authority (“ESMA”) was published in the Official Journal of the EU. The legislation, which came into force on 22 June 2014, sets out the procedures to be followed by ESMA in its power to impose fines and periodic penalty payments on trade repositories, deals with rights of defense and rights to be heard processes for trade repositories as well as limitation periods, access to files issues and calculation of periods, dates and time limits.

The legislation is available at: http://eur-lex.europa.eu/legal- content/EN/TXT/?uri=OJ:JOL_2014_179_R_0006.