*European Securities and Market Authority v DTCC Derivatives Repository Ltd;

European Union – Regulations. Following the financial crisis in 2007 and 2008, it was agreed that all standardised over-the-counter derivatives should be cleared through a central counterparty and reported to trade repositories. The European Securities and Markets Authority (ESMA), which was established to ensure supervision of European Union's financial system, applied to the High Court in England for authorisation to carry out an inspection at the premises in England of the respondent trade repository. The Chancery Division granted the application, having been satisfied that it was appropriate to do so on the documentation submitted. Consideration was given to the circumstances in which future applications for authorisation by either ESMA or the Financial Services Authority, pursuant to reg 17 of the Financial Services and Markets Act 2000 (Over the Counter Derivatives, Central Counterparties and Trade Repositories) Regulations 2013, SI 2013/504, could be made to the court on the papers.

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