ESMA flags need for tighter EU enforcement convergence

• National authorities across the EEA imposed more than 950 administrative sanctions and measures in 2025.
• The aggregated value of administrative fines came to almost €82 million.
• Germany, France and Spain accounted for two thirds of the total value of administrative fines.
• ESMA said enforcement remained concentrated in a small number of jurisdictions.

Action

ESMA published its consolidated report on sanctions and measures imposed across the European Economic Area in 2025. It said the report enhances the transparency of sanctions data reported under EU financial acts within its remit.

ESMA flags need for tighter EU enforcement convergence

The regulator said the findings point to a need for stronger convergence in enforcement. It said significant differences remain in the number and type of sanctions, fine levels and settlement procedures.

Respondents

National authorities across the EEA imposed the sanctions and measures covered in the report. ESMA said activity remained focused mainly on breaches of the Market Abuse Regulation and the Markets in Financial Instruments Directive and Regulation.

ESMA said enforcement activity remained concentrated in a small number of jurisdictions. Germany, France and Spain accounted for two thirds of the total value of administrative fines across the EEA.

Effective

In 2025, national authorities across the EEA imposed more than 950 administrative sanctions and measures. ESMA described that number as stable compared with the past two years.

The report said there was increased use of settlements.

Penalty

The aggregated value of administrative fines amounted to almost €82 million.

ESMA said it will continue to foster exchanges among national securities and markets authorities on the effective and consistent implementation of capital markets rules, including through case discussions. It said the objective is to ensure similar breaches result in similar enforcement outcomes across the EU.