On 12 December 2019, the European Securities and Markets Authority (ESMA) published its second annual report on sanctions (penalties and measures) imposed by Member State competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive.

The report covers the period from January to December 2018. ESMA found that the number of NCAs issuing sanctions remains stable at 15. However, compared to the previous report for 2016-2017, the total number of sanctions issued has decreased based on a year on year comparison.

ESMA will continue its work to foster supervisory convergence in the application of the UCITS Directive, and will issue separate reports on an annual basis for future reporting periods.