ESMA's third Sanctions Report highlights the need for greater convergence in enforcement
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ESMA's third sanctions report records more than 950 administrative sanctions and measures imposed across the EEA in 2025, with fines of almost EUR 82 million, down from EUR 100 million in 2024. ESMA flags large differences between countries and calls for greater convergence in enforcement.
Key points
- Germany (EUR 23.4 million), France (17.8) and Spain (12.5) account for two thirds of total fines.
- 153 actions (16%) were settled, for EUR 35.6 million, a marked increase.
- Most cases concern MAR and MiFID II/MiFIR; first sanctions under MiCA and SFTR.
Who is affected
National securities authorities (including the CNMV), issuers and investment firms.
Plain-language version
According to ESMA, the EU's stock market watchdog, national supervisors imposed more than 950 penalties in 2025, with fines of nearly 82 million euros. Germany, France and Spain account for two-thirds of the total. Most cases involve market abuse and investment services rules, and the first penalties under MiCA, the EU's crypto-asset law, have now appeared.
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