Page 30 - 期貨和衍生品行業監管動態（2025年10月）
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期貨和衍生品行業監管動態
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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