Where ESMA finds under Article 64(5) that a trade repository has intentionally or negligently committed an infringement listed in Annex I, it shall adopt a decision imposing a fine in accordance with paragraph 2. ESMA will deem an infringement intentional where objective factors demonstrate that the trade repository or its senior management acted deliberately. Basic fine ranges are set by Annex I categories: certain offences (Section I point (c); Section II points (c)–(g); Section III points (a)–(b)) EUR 10,000–200,000; other specified offences (Section I points (a),(b),(d)–(k); Section II points (a),(b),(h)) EUR 5,000–100,000; Section IV offences EUR 5,000–10,000. ESMA selects the lower, middle or higher end of each range according to the trade repository’s preceding-year turnover (EUR5m respectively).

Basic amounts are adjusted by taking into account aggravating and mitigating factors using the coefficients in Annex II: each applicable aggravating coefficient is applied to the basic amount and the incremental increases added; each applicable mitigating coefficient is applied and the incremental decreases subtracted. The fine shall not exceed 20% of the trade repository’s preceding-year turnover, and where the repository directly or indirectly benefited financially the fine shall be at least equal to that benefit. If the same act or omission constitutes more than one Annex I infringement, only the higher fine calculated under paragraphs 2 and 3 applies.