FCA fines Merrill Lynch £34.5m for Emir reporting failures
First penalty issued by FCA for breaching Emir reporting requirements
The Financial Conduct Authority (FCA) has fined Merrill Lynch International (MLI) £34.5 million for failing to report nearly 70 million derivatives transactions traded on-exchange with non-European Union brokers during the first two years after the application of the European Markets Infrastructure Regulation (Emir).
The fine, which was reduced from £50 million in light of MLI’s collaboration in the investigation, focuses on the firm’s failure “to organise and control its affairs responsibly
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