European Union – October 27, 2026 -- National authorities across the European Economic Area (EEA) imposed more than 950 administrative sanctions and measures in 2025, with administrative fines totaling almost €82 million, according to the third Sanctions Report from the European Securities and Markets Authority (ESMA).
The number of sanctions and measures was stable compared with the past two years. The report also records an increased use of settlements.
Market abuse and MiFID breaches dominate enforcement activity
As in previous years, enforcement focused mainly on breaches of the Market Abuse Regulation and the Markets in Financial Instruments Directive and Regulation.
Germany, France and Spain account for two thirds of fine value
Enforcement remained concentrated in a small number of jurisdictions. Germany, France and Spain together accounted for two thirds of the total value of administrative fines across the EEA.
The report finds significant differences between member states in the number and type of sanctions, the level of fines and the use of settlement procedures. ESMA says stronger convergence is needed, particularly where limited enforcement activity cannot be explained by market size.
ESMA cautions against ranking supervisors by sanction totals
ESMA states that supervisory effectiveness depends on market participants' compliance and should not be measured solely by the number or value of sanctions in a member state. It adds that enforcement actions remain an important part of the supervisory toolkit.
ESMA to expand case discussions among national authorities
ESMA will continue to foster exchanges among national securities and markets authorities on consistent implementation of capital markets rules, including through case discussions. The stated objective is that similar breaches result in similar enforcement outcomes across the EU, wherever they are committed.
The underlying data are available in Excel format.