The Dutch Authority for the Financial Markets has introduced a fining policy for investment firms that fail to report substantial deficiencies in their Markets in Financial Instruments Regulation transaction reports. Firms are expected to prevent, promptly detect and voluntarily correct reporting failures, and may receive an administrative fine if they do not notify the authority of incidents exceeding specified thresholds. For missing or late reports, a deficiency is substantial if it affects more than 100,000 transactions or more than 25% of reportable transactions over at least two weeks. For incomplete, inaccurate or incorrectly submitted reports, the thresholds are more than 500,000 transactions or more than 50% of reportable transactions over at least four weeks. Although the statutory base amount for breaching transaction reporting requirements is EUR 500,000, the policy sets a starting fine of EUR 25,000 for a first violation and EUR 50,000 for a second violation within five years. The authority will conduct periodic checks to determine whether firms are voluntarily reporting incidents.
Dutch Authority for the Financial Markets sets fines for unreported MiFIR transaction reporting deficiencies
The Dutch Authority for the Financial Markets has set thresholds and fines for investment firms that fail to report substantial MiFIR transaction reporting deficiencies. The starting fine is EUR 25,000 for a first violation and EUR 50,000 for a second within five years. Periodic checks will assess whether firms are voluntarily reporting incidents.