Page 30 - 期货和衍生品行业监管动态（2025年10月）

期货和衍生品行业监管动态

Markets in Financial Instruments Directive.

This year, more granular data on the types of administrative sanctions and

measures, including settlements, were analysed. This shows that more than 60% of all

administrative sanctions and measures imposed in 2024 were administrative fines and

10% were issued using settlement procedures. Settlements amounted to more than

EUR 20 million.

Overall, the data show discrepancies in the use of sanctioning powers across

Member States, for example, in terms of amounts of fines, number and types of

sanctions and measures and use of settlements.

The use of sanctions is only one of multiple tools in the national securities

markets authorities’ supervisory toolkit, and supervisory effectiveness cannot be

measured solely based on the number or value of the sanctions imposed in a Member

State.

The data on the use of sanctions included in this report were reported to ESMA

by the national securities markets authorities. In line with the ESMA Strategy

2023-2028, the consolidated report contributes to supervisory and enforcement

convergence and facilitates greater transparency on sanctions. Enhancing enforcement

convergence in the EU financial sector is also key for the Savings and Investments

Union.

Next steps

Building on this report, ESMA will further foster discussions between national

securities markets authorities on the effective and consistent implementation of capital

markets rules and continue working towards ensuring that similar breaches lead to

similar enforcement outcomes across the EU, irrespective of where they have been

initiated.

The underlying data are available in excel format. In addition, a snapshot of the

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