ESMA Reports More Than 950 EEA Sanctions in 2025 and Calls for Greater Enforcement Convergence

The European Securities and Markets Authority (ESMA) has reported that national authorities across the European Economic Area (EEA) imposed more than 950 administrative sanctions and measures in 2025, while aggregate administrative fines reached almost €82 million. The figures were published in ESMA’s third consolidated report on sanctions and measures under the European Union financial acts within its remit. The overall number of sanctions remained broadly stable compared with the previous two years, but the report identified increased use of settlement procedures. Enforcement activity focused primarily on breaches of the Market Abuse Regulation and the Markets in Financial Instruments Directive and Regulation, reflecting the continued importance of these rules to securities-market supervision. ESMA said enforcement remained concentrated among a small number of national jurisdictions. Germany, France and Spain together accounted for two thirds of the total value of administrative fines imposed across the EEA. The report also found significant differences between countries in the number and type of sanctions, fine levels and use of settlements. The authority said these differences underline the need for stronger convergence in enforcement, particularly where lower enforcement activity cannot be explained by market size. ESMA added that supervisory effectiveness should not be assessed solely by the number or value of sanctions, since compliance by market participants remains central, but said enforcement actions are an important part of the supervisory toolkit. Building on the report, ESMA said it will continue exchanges among national securities and markets authorities, including through case discussions, to support more consistent implementation of capital-markets rules. Its stated objective is for similar breaches to produce similar enforcement outcomes across the European Union, regardless of where they occur. ESMA published the underlying data in Excel format alongside the report and an enforcement snapshot.