The European Securities and Markets Authority published its consolidated report on sanctions and measures imposed across the European Economic Area in 2025, identifying persistent differences in national enforcement practices. Authorities imposed 955 administrative sanctions and measures, broadly stable from 975 in 2024, while administrative fines fell to EUR 81.9 million from EUR 100.2 million. Enforcement remained concentrated under the Market Abuse Regulation and the Markets in Financial Instruments Directive and Regulation, which accounted for EUR 33.4 million and EUR 36.6 million in fines, respectively. Germany, France and Spain accounted for 66% of total administrative fines, while Hungary recorded the most sanctions and measures. Settlements increased to 153 actions, or 16% of the total, and accounted for EUR 35.6 million, or 42% of administrative pecuniary sanctions and measures. Authorities imposed sanctions under the Markets in Crypto-Assets Regulation and the Securities Financing Transactions Regulation for the first time. ESMA concluded that differences in the number and type of sanctions, fine levels and use of settlements show a need for stronger convergence, particularly where limited enforcement cannot be explained by market size. It will support exchanges and case discussions among national authorities to promote similar outcomes for similar breaches across the EU.
European Securities and Markets Authority reports 955 EEA sanctions and EUR 81.9 million in fines, calls for stronger enforcement convergence
ESMA reported 955 administrative sanctions and measures across the EEA in 2025, with fines totaling EUR 81.9 million. Enforcement remained concentrated under market abuse and investment services rules and in Germany, France and Spain, while settlements increased sharply. ESMA called for stronger convergence where national differences cannot be explained by market size.