Where ESMA finds, under Article 64(5), that a trade repository has committed an infringement listed in Annex I, it may require the trade repository to bring the infringement to an end, impose fines under Article 65, issue public notices, or, as a last resort, withdraw the trade repository’s registration.

In taking such decisions ESMA shall consider the nature and seriousness of the infringement with regard to duration and frequency, whether it reveals serious or systemic weaknesses in procedures, management systems or internal controls, whether financial crime has been occasioned, facilitated or attributable to the infringement, and whether it was committed intentionally or negligently. ESMA shall notify the trade repository without undue delay, communicate the decision to competent authorities and the Commission, publish the decision on its website within 10 working days, and make public the right to appeal, whether an appeal has been lodged (which does not have suspensive effect), and the possibility for ESMA’s Board of Appeal to suspend the contested decision under Article 60(3) of Regulation (EU) No 1095/2010.