On 12 November 2020, the European Securities and Markets Authority published its first annual report on the use by Member State competent authorities (NCAs) of sanctions under the Alternative Investment Fund Managers Directive (AIFMD).
ESMA has prepared the annual report in accordance with Article 48(3) of the AIFMD. According to this article ESMA is to draw up an annual report on the application of administrative measures and imposition of penalties in the case of breaches of the provisions adopted in the implementation of the AIFMD in different Member States. NCAs shall provide ESMA with the necessary information for that purpose. For the purpose of the annual report, only the penalties and measures issued under the AIFMD have been considered. Any infringement of delegated or implementing acts issued under that Directive or national provisions does not fall within the remit of the report, even where notified to ESMA by a relevant NCA.
The annual report contains information on the penalties and measures imposed by NCAs from 1 January 2018 to 31 December 2018 and from 1 January 2019 to 31 December 2019.
During the 2018 reporting period, 11 NCAs imposed a total of 63 penalties; the total aggregated value of financial penalties imposed amounted to around EUR 4,459,000. 10 NCAs imposed a total of 34 measures. 17 NCAs did not impose any sanction (penalty or measure) during this reference period. During the 2019 reporting period, 13 NCAs imposed a total of 45 penalties; the total aggregated value of financial penalties imposed amounted to around EUR 9,000,000. 12 NCAs imposed a total of 42 measures. 14 NCAs did not impose any sanction (penalty or measure) during this reference period.