ESMA Sanctions Regis-TR for Serious Breaches of Organisational Obligations

Why It Matters

The sanction underscores ESMA’s tightening oversight of trade repositories, reinforcing data integrity and market transparency across the EU financial system.

Key Takeaways

• ESMA fined REGIS-TR €1.374 million for seven breaches
• First EU enforcement action targeting SFTR violations
• Breaches involve policies, structure, risk controls, data confidentiality
• Highest penalty ever imposed on a trade repository
• REGIS-TR must remediate three outstanding compliance gaps

Pulse Analysis

Regulatory scrutiny of trade repositories has intensified as the EU seeks to bolster the reliability of post‑trade data under EMIR and the newer SFTR framework. ESMA’s recent fine against REGIS‑TR signals a shift from advisory guidance to decisive enforcement, especially for obligations that safeguard data confidentiality and prevent misuse. By targeting organisational shortcomings—such as unclear governance roles, inadequate risk controls, and weak business‑continuity planning—the regulator aims to ensure that repositories can reliably support market surveillance and systemic risk monitoring.

The implications for the broader market infrastructure are significant. Trade repositories serve as the backbone for reporting derivatives and securities‑financing transactions, feeding critical information to supervisors, clearing houses, and market participants. Any lapse in data quality or confidentiality can distort risk assessments, hinder liquidity analysis, and ultimately erode confidence in the EU’s financial architecture. ESMA’s decision to impose the highest ever fine on a repository not only penalises non‑compliance but also creates a deterrent effect, prompting other TRs to reassess internal controls and invest in robust compliance frameworks.

Looking ahead, the enforcement action is likely to accelerate the adoption of best‑practice standards across the industry. Firms will need to formalise clear policies, delineate responsibilities, and implement comprehensive operational‑risk programmes that align with both EMIR and SFTR requirements. Moreover, the mandate to remediate the three remaining infringements within a set timeframe adds urgency to corrective measures. As regulators continue to refine supervisory tools, trade repositories that demonstrate proactive compliance will gain a competitive edge, while laggards risk further penalties and reputational damage.

ESMA sanctions Regis-TR for serious breaches of organisational obligations

ESMA sanctions Regis-TR for serious breaches of organisational obligations 19 February 2026

Press Releases

Securities Financing Transactions

Supervision

Trade Repositories

The European Securities and Markets Authority (ESMA), the European Union’s (EU) financial markets regulator and supervisor, has fined the trade repository (TR) REGIS-TR, S.A. a total of EUR 1,374,000 for seven infringements under the European Market Infrastructure Regulation (EMIR) and the Securities Financing Transactions Regulation (SFTR). 

While ESMA has sanctioned EMIR breaches in the past, this is the first enforcement case involving SFTR breaches and the highest fine imposed by ESMA on a trade repository so far. ESMA has also issued a public notice and requires REGIS-TR to bring ongoing infringements to an end. 

It is important for TRs to comply with their obligations under EMIR and SFTR to ensure the quality of the TR data and protect the stability, integrity and trustworthiness of EU financial markets. The services offered by Regis-TR under EMIR and SFTR were affected by the serious issues identified by ESMA, which in particular undermined the correct implementation of the new SFTR reporting regime and compromised the confidentiality of TR data.

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;

• the failure by REGIS-TR to prevent any misuse of information received and maintained in its systems under EMIR.

The breaches were found to have resulted from negligence on the part of REGIS-TR. In calculating the fine, ESMA considered aggravating and mitigating factors provided for in EMIR. 

ESMA also required REGIS-TR to bring the three infringements that have not been remediated yet (related to policies and procedures under EMIR and SFTR and organisational structure for business continuity under SFTR) to an end.

Further information:

Ana Dilaverakis

Communications Officer

[email protected]

19/02/2026

ESMA43-857238790-1634

Decision to adopt supervisory measures and impose fines in respect of infringements committed by REGIS-TR S.A.

19/02/2026

ESMA43-857238790-1629

Public notice on the sanctions to Regis-TR for serious breaches of organisational obligations

19/02/2026

ESMA43-857238790-1632

ESMA sanctions Regis-TR for serious breaches of organisational obligations - Press release