ESMA - Report on sanctions and measures imposed in Member States in 2025
ESMA published its consolidated report on sanctions and measures imposed across the European Economic Area (EEA) in 2025.
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.
The report highlights significant differences in enforcement, including in the number and type of sanctions imposed, the level of fines and the use of settlement procedures. The findings point to a need for stronger convergence in enforcement, particularly where limited enforcement activity cannot be explained by market size
