The Estonian Financial Supervision Authority has forwarded a misdemeanour decision to Admiral Markets AS, according to which the company has violated the Securities Market Act and Regulation (EU) No 648/2012 of the European Parliament and of the Council (EMIR) and a fine of twenty thousand euros has been imposed. According to Admiral Markets AS, the company has made every effort to comply with the reporting obligations. 

Admiral Markets AS used the assistance of market-recognized, qualified and professional service providers for reporting. The outsourcing of the reporting service is a common market practice, which is why the company has not intentionally disregarded the reporting obligation or acted negligently in fulfilling its obligations. 

Admiral Markets AS started to correct errors immediately upon detection of errors in reporting, but this was not technically possible within the time allowed for reporting, which also led to late reporting of the transactions. The company has made every effort to properly comply with its reporting obligations and to correct any errors identified in cooperation with the service provider. 

Admiral Markets AS has made a significant contribution to improving the quality of reporting by attracting additional people and investing money. In addition, Admiral Markets AS has decided to change its reporting service provider.  

According to the European Securities and Markets Authority, the situation regarding timely technical reporting obligation is the same across Europe. The activities and investments of Admiral Markets AS to improve and increase the quality of accountability are rather pioneering and set an example for the entire sector.  

Additional information:

Kaia Gil
Communication manager of Admiral Markets AS
kaia.gil@admiralmarkets.com
+372 53 413 764