On 18 July 2023, the European Securities and Markets Authority (ESMA) published its 2022 reports on the use by Member State competent authorities (NCAs) of sanctions under the UCITS Directive and the Alternative Investment Fund Managers Directive (AIFMD). The reports are drafted pursuant to Article 99e(1) of the UCITS Directive and Article 48(3) of the AIFMD.
The highlights from the reports include:
- UCITS sanctions – 9 NCAs imposed a total of 38 penalties, compared with 61 penalties issued by 12 NCAs in 2021. 98% of the total amount of penalties was imposed by a single NCA.
- AIFMD sanctions – 10 NCAs issued a total amount of penalties of €2.5m, compared to €42.9m in 2021. 60% of the total amount of penalties was imposed by a single NCA.
- 16 NCAs did not impose any sanction under the USICTS Directive or the AIFMD from 1 January 2022 to 31 December 2022.