What changed, Regulation (EU) No 909/2014

+ The penalty mechanism referred to in the first subparagraph shall include cash penalties for participants that cause settlement fails (‘failing participants’). Cash penalties shall be calculated on a daily basis for each business day that a transaction fails to be settled after its intended settleme…
− The penalty mechanism referred to in the first subparagraph shall include cash penalties for participants that cause settlement fails (’failing participants‘). Cash penalties shall be calculated on a daily basis for each business day that a transaction fails to be settled after its intended settleme…
+ 
+ **1.** ►M3 ESMA shall, in cooperation with EBA and the competent authorities and the relevant authorities, submit reports to the Commission providing assessments of trends, potential risks and vulnerabilities, and, where necessary, recommendations of preventative or remedial action in the markets fo…
+ **2.** The reports referred to in paragraph 1 shall be submitted to the Commission as follows:(a) every two years for the reports referred to in paragraph 1, points (a), (aa), (b), (c), (i) and (l);(b) every three years for the reports referred to in paragraph 1, points (d) and (f);(c) at least ever…
− **1.** ESMA shall, in cooperation with EBA and the competent authorities and the relevant authorities, submit annual reports to the Commission providing assessments of trends, potential risks and vulnerabilities, and, where necessary, recommendations of preventative or remedial action in the markets…
+ The reports referred to in paragraph 1 shall be communicated to the Commission by 30 April of the relevant year as determined in accordance with the periodicity set out in the first subparagraph of this paragraph.
− **2.** The reports referred to in paragraph 1 covering a calendar year shall be communicated to the Commission by 30 April of the following calendar year.