Clifford Chance

Poland implements rules regulating the penalties for infringing EMIR

10 February 2015

Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories ("EMIR") which came into force in mid-2012, requires EU Member States to, inter alia, implement into national law rules regulating the penalties for infringing EMIR. The Member States were to notify the European Commission of the introduction of these provisions by 17 February 2013. Poland will be able to fulfil this obligation only now, following the coming into force, on 30 January 2015, of the act amending, inter alia, the Act on Trading in Financial Instruments and the Act on Supervision of Capital Markets, pursuant to which rules regulating the issue of penalties for infringing provisions of EMIR were implemented into Polish law.

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