Sanctions Overview: A total of 975 administrative sanctions and measures were imposed across 29 Member States, with the value of fines exceeding €100 million. In 2023, the value of administrative fines where approximately €71 million. Over 60 per cent of the sanctions imposed in 2024 were administrative fines.

Top Sectors: Market Abuse Regulation (MAR) and MiFID II/MiFIR accounted for the highest amounts of administrative fines. France and Germany imposed the highest fines, with France leading at EUR 29.4 million

Settlements: Settlement procedures accounted for 10 per cent of administrative sanctions, totalling €20M. Germany issued the largest settlement fine (€12.9M) under MiFID II for algorithmic trading violations.

Discrepancies across member states: Enforcement varied significantly, with Hungary issuing the most sanctions (182), followed by Greece (93) and Italy (84). Some Member States, like Slovakia, reported minimal activity, reflecting differences in market size and enforcement practices.

Sector-specific observations:

• MAR: Insider trading and market manipulation were the most common violations, with 259 administrative fines issued.
• MiFID II/MiFIR: Organisational requirements, general principles and client information obligations were key areas of enforcement.
• UCITS Directive: 47 administrative sanctions were issued, with France imposing the highest fines (approximately €2.1 million).
• Emerging regulations: No sanctions were reported under the Markets in Crypto-Assets Regulation (MiCA) or the Securities Financing Transactions Regulation (SFTR), reflecting their recent implementation.

Trends and challenges: While the total number of administrative sanctions remained stable compared to 2023, the report highlights the need for greater convergence in enforcement practices across the EU. ESMA emphasises that administrative sanctions are just one tool in a broader supervisory framework.

Next Steps: ESMA will continue encouraging discussions among national authorities to ensure consistent enforcement and transparency, aiming for a more integrated and effective EU financial market.

ESMAs news release can be found here and the Report here