Report on Sanctions and measures imposed in Member States in 2025
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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
ESMA, the EU watchdog for stock markets and investment products, has compiled more than 950 penalties imposed by national supervisors in 2025, with fines of almost 82 million euros, down from 100 million in 2024. Spain, at 12.5 million, was among the biggest fining countries. ESMA sees too many differences between countries and wants the rules enforced more evenly.
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Summary produced with artificial intelligence from the official publication. It may contain errors: always check the original document.
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