The European Securities and Markets Authority (‘ESMA’) published its second consolidated report on sanctions and measures imposed in Member States in 2024 (the ‘Report’).

In 2024, more than nine hundred seventy (970) administrative sanctions and measures were imposed across Member States in financial sectors under ESMA’s remit, a figure that remained broadly stable compared to 2023.

The aggregated value of administrative fines increased compared to 2023, amounting to more than hundred million euro (€100,000,000). The highest amounts of administrative fines were imposed under the Market Abuse Regulation (‘MAR’) and the Markets in Financial Instruments Directive (‘MiFID II’).

Of all administrative sanctions and measures imposed in 2024, over 60% were administrative fines, while 10% were issued through settlement procedures.

The Report also highlights discrepancies in the use of sanctioning powers across Member States, including differences in the amounts of fines, the number and types of sanctions and measures imposed, and the extent to which settlement procedures are used.

Malta ranked fourth – jointly with France – out of thirty (30) National Competent Authorities (‘NCAs’) in the total number of settlements issued in 2024, with nine (9) settlements. These statistics highlight the Malta Financial Services Authority’s (‘MFSA’) commitment to enhancing the efficiency of its enforcement process through the use of settlements.

The data on the use of sanctions included in this Report were submitted to ESMA by national securities markets authorities, including the MFSA.

This publication supports ESMA’s objectives of enhancing the transparency in relation to financial sanctions and measures and fostering supervisory and enforcement convergence across the European Economic Area (‘EEA’).

The Report and accompanying press release are available on ESMA’s website.