The European Securities and Markets Authority (ESMA) has today released its first on sanctions.
Included within the report are data from 30 NCAs (National Competent Authority) from 2023, highlighting the number and value of fines administered across reporting regimes across the world.
From the data, interesting insights related to transaction reporting under EMIR and MiFID II are:
EMIR
A total of 22 sanctions/measures were imposed throughout 2023
Roughly 1 in 3 fines under EMIR were due to transaction reporting issues
The countries with organisations that received fines related to article 9 of EMIR were: Finland, Iceland, Ireland, Italy and Luxembourg
Among the EMIR fines, Ireland received the biggest at €192,500
MiFID II
A total of 289 sanctions/measures were imposed throughout 2023
Administrative fines totalled over €18.2 million from 22 countries
Organisations from Iceland were fined over €7.7 million, 42% of the collective total fined under MiFID II
Organisations from 22 countries were found to have breached regulation: Austria, Belgium, Bulgaria, Cyprus, Czechia, Denmark, Finland, France, Germany, Greece, Hungary, Iceland, Italy, Liechtenstein, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovenia and Spain
Download the report and spreadsheet here - https://www.esma.europa.eu/press-news/esma-news/esma-publishes-first-consolidated-report-sanctions