The Finnish Financial Supervisory Authority (FIN-FSA) has imposed a €90,000 administrative fine on pension provider Keva.
Keva has neglected its obligation to comply with EMIR, the authority says, failing to ensure that details of all derivatives contracts that it concludes are reported to a trade repository as required.
Agreements on the transfer or delegation of EMIR reporting were not concluded with four counterparty banks. This resulted in unreported derivatives contracts from the counterparties, while Keva had not undertaken EMIR reporting itself.
The authority’s imposition of the fine may be challenged by Keva to the Helsinki Administrative Court within 30 days of receipt of notice, and is not yet legally binding.
Tero Kurenmaa, director general of FIN-FSA, says: “Regulations are aimed at increasing transparency and reducing risks in derivatives markets.
"Data on derivatives markets must be of high quality, comprehensive and up-to-date, which calls for careful compliance with reporting rules. Data quality is one of the FIN-FSA’s supervisory priorities in 2024.”
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