Amelia GreenThe European Securities and Markets Authority (“ESMA“) has published its second report on sanctions and measures imposed under MiFID 2, which provides an overview of the applicable legal framework and the sanctions and measures imposed by National Competent Authorities (“NCAs“) under the MiFID 2 framework during 2019.
Overall, the report shows that in 15 (out of 30) EU/EEA Member States (the UK no longer being included), NCAs imposed a total of 371 sanctions and measures in 2019 of an aggregated value of about €1.8 million.
ESMA does however say that due to differences in the identification of sanctions and measures for the purpose of the reporting to ESMA and the length of the enforcement processes, the data does not currently provide the basis for detailed statistics, clear trends or tendencies in the imposition of sanctions and measures. Apart from 31 fines imposed by the Hungarian regulators for breach of the organisational requirements in Article 16 of MiFID 2, the statistics do not provide much possibility for drawing any meaningful conclusions.
