On 19 July 2021, the European Securities and Markets Authority (ESMA) published its third report on the use of sanctions and measures by Member State competent authorities (NCAs) under MiFID II. Overall, in 23 (out of 30) EU/EEA Member States, NCAs imposed a total of 613 sanctions and measures in 2020 for an aggregated value of about €8.4 million, compared to 371 sanctions and measures and about €1.8 million, issued by NCAs of 15 EU/EEA Member States, in 2019.
Page 11 onwards sets out a table showing the sanctions and measures that Member States have imposed in relation to specific Level 1 provisions. Page 23 onwards contains a table showing sanctions and measures imposed in relation to specific Level 2 provisions.
The information reported to ESMA and included in the report will, inter alia, inform ESMA’s ongoing work aimed at fostering supervisory convergence in the application of the MiFID II framework and contribute to ESMA’s goal to develop an EU outcome-focused supervisory and enforcement culture.