ESMA's third Sanctions Report highlights the need for greater convergence in enforcement

What happened

On 15/10/2026 the European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, published its consolidated report on sanctions and measures imposed across the European Economic Area (EEA) in 2025. The report aims to enhance the transparency of sanctions data reported under EU financial acts within ESMA's remit and consolidates information reported by national authorities for that year.

Key findings

National authorities across the EEA imposed more than 950 administrative sanctions and measures in 2025, a stable number compared with the past two years. The aggregated value of administrative fines amounted to almost €82 million. The report highlights an increased use of settlements. As in previous years, activity remained focused mainly on breaches of the Market Abuse Regulation and the Markets in Financial Instruments Directive and Regulation. Enforcement activity remained concentrated in a small number of jurisdictions, with Germany, France and Spain accounting for two thirds of the total value of administrative fines across the EEA.

Need for convergence and next steps

The report highlights significant differences in enforcement — in the number and type of sanctions imposed, the level of fines and the use of settlement procedures — and points to a need for stronger convergence in enforcement, particularly where limited enforcement activity cannot be explained by market size. ESMA says supervisory effectiveness ultimately depends on market participants’ compliance with the rules and should not be measured solely by the number or value of sanctions imposed in a Member State. ESMA will continue to foster exchanges among national securities and markets authorities on consistent implementation of capital markets rules, including through case discussions, with the objective that similar breaches result in similar enforcement outcomes across the EU. The underlying data are available in excel format and a snapshot of key findings is published.