On 20 July 2021, the European Securities and Markets Authority (ESMA) issued its second annual report on the use by Member State competent authorities (NCAs) of sanctions under the Alternative Investment Fund Managers Directive (AIFMD). The report has been prepared in accordance with Article 48(3) AIFMD. It contains information on the penalties and measures imposed by NCAs from 1 January 2020 to 31 December 2020. Overall, 11 NCAs imposed a total of 61 penalties; the total aggregated value of financial penalties imposed amounted to around EUR 3,354,407. 12 NCAs imposed a total of 70 measures. 13 NCAs did not impose any sanction (penalty or measure) during the period.