ESMA’s Sanctions Snapshot Shows Stable Enforcement but Rising Fines Across Europe

Key Takeaways

• Stable Volume, Rising Fines: 975 sanctions and measures were issued in 2024, almost unchanged from 2023, but the total value of fines jumped from €71 million to more than €100 million.
• MAR and MiFID Dominate: Market abuse and trading rules drove the bulk of penalties, accounting for over €90 million in fines across the EU.
• France and Germany Lead in Fines: France imposed €29.4 million in total fines, while Germany followed with €16 million and the largest single penalty of €12.975 million.
• Settlements Gaining Ground: Roughly 10% of sanctions involved settlement procedures, worth over €20 million in total.
• Push for Convergence: ESMA aims to harmonize sanctioning practices so that similar breaches lead to similar outcomes across Member States.

Deep Dive

The European Securities and Markets Authority (ESMA) has released its second consolidated report on sanctions and measures imposed across the EU’s financial markets in 2024, and while the pace of enforcement held steady, the price of wrongdoing climbed steeply.

Across 29 European Economic Area (EEA) countries, regulators issued 975 administrative sanctions and measures, almost identical to 2023’s 976. But the value of those fines jumped from €71 million to more than €100 million, suggesting national authorities are turning to larger penalties to drive compliance rather than expanding enforcement volume.

Once again, the Market Abuse Regulation (MAR) and the Markets in Financial Instruments Directive and Regulation (MiFID II / MiFIR) dominated enforcement activity. Together, they accounted for nearly 70 percent of all sanctions, with MAR-related fines totaling €45.5 million and MiFID II / MiFIR penalties reaching €44.5 million.

France led the bloc with €29.4 million in total fines, including €20.7 million under MAR, followed by Germany with €16 million, while Hungary took the top spot for sheer volume of sanctions with 182 cases. The single largest fine (€12.975 million) came from Germany, issued via settlement for a MiFID II / MiFIR breach.

Settlements, Disparities, and New Regimes

ESMA’s 2025 report marks the first time the agency has published more granular data on the types of sanctions issued. Administrative fines made up more than 60% of all actions, while 10% stemmed from settlement procedures, collectively worth over €20 million. Settlements were used in about one-third of Member States, most often under MAR or MiFID II / MiFIR.

No sanctions were recorded in 2024 under the new Markets in Crypto-Assets Regulation (MiCA) or the Securities Financing Transactions Regulation (SFTR). However, ESMA noted the first-ever sanction issued under the European Crowdfunding Service Providers Regulation (ECSPR).

Despite efforts toward harmonization, discrepancies persist across Member States, not only in the number and size of sanctions but also in how regulators deploy their powers. ESMA noted that such differences can reflect varying national legal frameworks and market structures, but may also signal room for greater convergence.

Beyond the Numbers

ESMA was careful to point out that enforcement isn’t a scoreboard. The number or size of fines, it said, doesn’t necessarily reflect a regulator’s effectiveness, many supervisory authorities also rely on informal warnings, compliance reviews, and other tools not captured in the data.

Still, transparency matters. By publishing comparable data each year, ESMA aims to strengthen supervisory and enforcement convergence across the EU, part of its 2023–2028 Strategy to promote consistent oversight of capital markets. The regulator said this work also supports the broader ambitions of the Savings and Investments Union, the EU’s long-term vision for deepening its financial markets.

ESMA will use the findings to foster further dialogue among national authorities and continue pushing toward a single enforcement culture, one where “similar breaches lead to similar outcomes” no matter the jurisdiction.

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