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

ESMA's third Sanctions Report highlights the need for greater convergence in enforcement 15 October 2026 Market Abuse Supervisory convergence Transparency The European Securities and Markets Authority (ESMA), the EU's financial markets regulator and supervisor, published today its consolidated report on sanctions and measures imposed across the European Economic Area (EEA) in 2025, enhancing the transparency of sanctions data reported under EU financial acts within its remit. In 2025, national authorities across the EEA imposed more than 950 administrative sanctions and measures, a stable number compared with the past two years. The aggregated value of administrative fines amounted to almost €82 million. The report also 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 stronger convergence The report highlights significant di

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