Handelszeiten in Europa
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New Q&As available
New Q&As available
The European Securities and Markets Authority (ESMA), the EU's securities markets regulator, has published or updated the following Questions and Answers:
European Market Infrastructure Regulation (EMIR) Regulation
Markets in Crypto-Assets Regulation (MiCA) Regulation
- How to distinguish between different execution services (2653)
- Offerors and CASPs’ responsibilities with regards to white papers for Title II tokens admitted to trading prior to 30 December 2024 (2654)
▸ Questions and Answers section
ESMA publishes second consolidated report on sanctions
ESMA publishes second consolidated report on sanctions
The European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, has today published its second consolidated report on sanctions and measures imposed in Member States in 2024.
In 2024, more than 970 administrative sanctions and measures were imposed across Member States in financial sectors under ESMA’s remit. The number of administrative sanctions and measures remained stable compared to 2023.
The aggregated value of administrative fines increased comparing to 2023 and amounted to more than EUR 100 million. Similarly to last year, the highest amounts of administrative fines were imposed under the Market Abuse Regulation and the Markets in Financial Instruments Directive.
This year, more granular data on the types of administrative sanctions and measures, including settlements, were analysed. This shows that more than 60% of all administrative sanctions and measures imposed in 2024 were administrative fines and 10% were issued using settlement procedures. Settlements amounted to more than EUR 20 million.
Overall, the data show discrepancies in the use of sanctioning powers across Member States, for example, in terms of amounts of fines, number and types of sanctions and measures and use of settlements.
The use of sanctions is only one of multiple tools in the national securities markets authorities’ supervisory toolkit, and supervisory effectiveness cannot be measured solely based on the number or value of the sanctions imposed in a Member State.
The data on the use of sanctions included in this report were reported to ESMA by the national securities markets authorities. In line with the ESMA Strategy 2023-2028, the consolidated report contributes to supervisory and enforcement convergence and facilitates greater transparency on sanctions. Enhancing enforcement convergence in the EU financial sector is also key for the Savings and Investments Union.
Next steps
Building on this report, ESMA will further foster discussions between national securities markets authorities on the effective and consistent implementation of capital markets rules and continue working towards ensuring that similar breaches lead to similar enforcement outcomes across the EU, irrespective of where they have been initiated.
The underlying data are available in excel format. In addition, a snapshot of the report’s key findings is published here.
Further information:
Solveig Kleiveland
Team Leader - Communications
press@esma.europa.eu16/10/2025 ESMA43-1527801302-1828Report on sanctions and measures imposed in Member States in 2024 16/10/2025 ESMA43-502934634-2261Consolidated Sanctions Report - Table of Sanctions reported for 2024 ESAs’ Joint Committee publishes Work Programme for 2026
ESAs’ Joint Committee publishes Work Programme for 2026
The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today presented its 2026 Work Programme, outlining key areas of collaboration for the coming year. The upcoming Programme aims to strengthen the financial system’s digital operational resilience, ensure the continued protection of consumers, and identify risks that could undermine financial stability.
More specifically, the ESAs will undertake joint work in 2026 to:
- ensure the effective operation of the Oversight Framework for critical third-party ICT providers under the Digital Operational Resilience Act (DORA),
- perform joint risk analyses amid ongoing geopolitical tensions and heightened uncertainties,
- further financial education and consumer protection in the EU’s financial sector, including within the context of the European Commission’s Savings and Investments Union (SIU) initiative,
- monitor developments on the securitisation market,
- collaborate on other cross-sectoral matters such as financial conglomerates, innovation facilitators and credit assessment institutions,
- and support the planned review of the Sustainable Finance Disclosure Regulation (SFDR).
Notes
The Joint Committee is a forum with the objective of strengthening cooperation between the three ESAs, where they regularly and closely coordinate their supervisory activities in the scope of their respective responsibilities and ensure consistency in their practices.
In particular, the Joint Committee works in the areas of micro-prudential analyses of cross-sectoral developments, risks and vulnerabilities for financial stability, retail financial services and consumer and investor protection issues and retail investment products, cybersecurity, financial conglomerates, accounting and auditing. More information about the Joint Committee is available here.
Further information:
Solveig Kleiveland
Team Leader - Communications
press@esma.europa.eu16/10/2025 JC 2025 33Joint Committee Annual Work Programme 2026 The EBA and ESMA recommend targeted revisions to the investment firms’ prudential framework
The EBA and ESMA recommend targeted revisions to the investment firms’ prudential framework
The European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA) have issued their technical advice in response to the European Commission's Call for Advice (CfA) on the Investment Firms Regulation (IFR) and Investment Firms Directive (IFD). They propose limiting significant changes to the framework, which has proven to be fit-for-purpose, as confirmed by stakeholder feedback during the joint consultation.
The recommendations aim to:
- enhance the proportionality and functioning of the prudential framework;
- improve the framework's ability to contribute to a level playing field among investment firms, and between investment firms and financial institutions that perform similar activities.
The joint report highlights the areas where higher or lower alignment with the banking framework would be beneficial. It also identifies the need to improve definitions, calculation methodologies, and thresholds monitoring for investment firms, while emphasising the importance of harmonising the scope of calculation to ensure consistent application of the framework.
In addition, the report addresses a wider range of topics, including the adequacy of own funds requirements, the implications of the Banking Package, the prudential consolidation of investment firm groups, and aspects related to remuneration. It also considers the interactions between the IFR/IFD framework and other regulations, namely the Market in Crypto-Assets Regulation (MiCA), the Undertakings for Collective Investment in Transferable Securities (UCITS), and the Alternative Investment Funds Managers (AIFM) Directives.
Next steps
The EBA and ESMA will submit the joint report to the European Commission.
Legal basis and background
Under Article 16a(4) of their founding regulations, the EBA and ESMA may provide technical advice at the request of the EU Commission, in areas defined in the legislative acts referenced in Article 1(2) of their respective founding regulations.
This report was prepared in response to the “Call for advice to the EBA and ESMA for the purposes of the reports on the prudential requirements applicable to investment firms”, published on 1 February 2023. The CfA asked to cover, among others, the areas of categorisation of investment firms, the interaction with CRR/CRD, and the future proofing of the IFR/IFD regime.
Further information:
Iris Hude
Communications Officer
press@esma.europa.eu15/10/2025 ESMA35-24871704-2858Final report on the Call for Advice on the investment firms prudential framework ESMA announces 2025 European Common Enforcement Priorities and results of fact-finding on materiality considerations in sustainability reporting
ESMA announces 2025 European Common Enforcement Priorities and results of fact-finding on materiality considerations in sustainability reporting
The European Securities and Markets Authority (ESMA), the European financial markets regulator and supervisor, has outlined the European Common Enforcement Priorities (ECEP) for the 2025 annual financial reports of listed issuers.
ESMA asks issuers to focus on the following areas in their 2025 annual financial reports, in addition to general considerations:
- IFRS financial statements:
- Geopolitical risks and uncertainties
- Segment reporting
- Sustainability statements:
- Materiality considerations in reporting under the European Sustainability Reporting Standards (ESRS)
- Scope and structure of the sustainability statements
- ESEF digital reporting:
- Common ESEF filing errors found in the Statement of Cash Flows
This year’s priorities reaffirm ESMA’s commitment to simplification and burden reduction, while maintaining a strong focus on investor protection and market stability.
In addition, the statement published today highlights the importance of connectivity between financial and sustainability information, recent IFRS developments, and consistent use of alternative performance measures.
ESMA has also published a fact-finding exercise on the 2024 corporate sustainability reporting practices by European issuers under ESRS Set 1. It examines disclosures on the double materiality assessment process and its outcomes, providing insights on enforcement priorities and future regulatory improvements.
Next steps
Issuers, auditors and supervisory bodies should consider the topics and recommendations when preparing, auditing, and supervising the 2025 annual financial reports. Issuers should take the recommendations into account based on their materiality and relevance for the issuer’s operations and annual financial report.
Further information:
Iris Hude
Communications Officer
press@esma.europa.eu14/10/2025 ECEP2025 ECEP package 14/10/2025 ESMA32-2064178921-9254European common enforcement priorities for 2025 corporate reporting 14/10/2025 ESMA32-846262651-5288Results of a fact-finding exercise on 2024 corporate reporting practices under ESRS Set 1
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