Enforcement Convergence Initiatives
As part of its ongoing commitment to promoting convergence in enforcement matters, ESMA fosters the effective and consistent implementation of capital markets rules so as to ensure that similar breaches lead to similar enforcement outcomes across the EU.
In an effort to strengthen effective supervision and enforcement, as one of ESMA’s key strategic priorities between 2023 and 2028, a forum of high-level national enforcers (and its working group) meets on a regular basis and discusses real enforcement cases, promotes a unified enforcement culture and offers guidance on national enforcement strategies. Through these exchanges, our aim is to achieve consistent outcomes for similar infringements across the EU, thereby directly contributing to effective protection of European investors.
One of the key initiatives in this area is the publication, in a dedicated report, of the sanctioning activities carried out by National Competent Authorities (‘NCAs’) in 2023.
Consolidated Sanction Report
ESMA is required to publish annual reports on administrative sanctions and measures issued in Member States and reported annually by NCAs under AIFMD, BMR, CSDR, ECSPR, EMIR, MAR, MiCA, MiFID II - MiFIR, PR, SFTR and UCITS. The consolidated report provides an overview of the sanctions and measures imposed in Member States under these sectorial acts in 2023.
The data on the use of sanctions included in this report was reported to ESMA by NCAs. The consolidated report contributes to supervisory and enforcement convergence and facilitates greater transparency on sanctions.
Accompanying the Report, ESMA makes the underlying data available for download here. In addition, a snapshot of the report’s key findings has been published.