On 19 June 2014, a European Commission delegated Regulation (Regulation 667/2014) supplementing EMIR (the Regulation on OTC derivative transactions, central counterparties (CCPs) and trade repositories) (Regulation 648/2012) with regard to rules of 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 delegated Regulation specifies the rules of procedure to be followed by ESMA in the exercise of its power to impose fines or periodic penalty payments on trade repositories, including rights of defence for trade repositories subject to a sanctioning procedure.

The Regulation has entered into force as of 22 June 2014.