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ESMA REPORTS ON NCAS’ USE OF SANCTIONS UNDER MiFID II

17 July 2019

The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has published today its first report * concerning sanctions and measures imposed under MiFID II by National Competent Authorities (NCAs). 

NCAs are required under MiFID II to provide ESMA with aggregated information on all sanctions and measures imposed annually. As MiFID II only entered into force on 3 January 2018, and later in some jurisdictions, data on sanctions and measures taken in 2018 is limited. For this reason, ESMA found that the data on sanctions and measures imposed under MiFID II in 2018 – 117 sanctions and measures in 11 jurisdictions – does not allow for the observation of clear trends in the imposition of sanctions and measures, nor to produce detailed statistics based on it.

Transparency on sanctions and measures imposed under MiFID II

ESMA will continue to publish an annual report with the information on sanctions and measures imposed including criminal sanctions. Greater transparency around sanctions and measures made by NCAs will act as a deterrent by clarifying for market participants the behaviour considered as infringing under MiFID II and promote better compliance amongst market participants.

ESMA will continue to provide information on public sanctions and measures issued by national competent authorities via its website.

Background

The report is drafted under Article 71(4) of MiFID II, which requires ESMA to publish an annual report regarding information on sanctions and measures imposed under MiFID II in the previous calendar year, as notified by NCAs.

* The Report was updated to correct a clerical error in relation to the exchange rate GBP/EUR.