ESMA: EEA Regulators Imposed 950+ Sanctions, €82M in Fines in 2025
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.