MAR Enforcement Across the EU: One Regulation, Many Regimes

Despite maximum harmonisation under the Market Abuse Regulation, the number, monetary value, and type of sanctions imposed by national authorities in 2024 diverge so dramatically that some states appear to operate under entirely different enforcement cultures.

Data: ESMA Annual Sanctions Report 2025  ·  Analysis: Prof. Marco Ventoruzzo (Bocconi / Penn State)  ·  Visualisation: ECGI

This interactive visualisation presents data on Market Abuse Regulation enforcement across EU member states in 2024. Use the buttons below to switch between five views: sanction volume, fine values, average per sanction, criminal sanctions, and sanctions by violation type. A full data table is available within each section for screen reader users.

Key statistics: 377 total MAR sanctions in 2024 across 24 member states. Italy had the highest volume with 80 sanctions, representing 21 percent of all MAR sanctions. Six states imposed zero sanctions: Cyprus, Czechia, Iceland, Lithuania, Luxembourg, and Slovakia.

Number of MAR administrative sanctions & measures by member state, 2024
Horizontal bar chart showing MAR sanctions by country. Italy leads with 80, followed by Sweden 48, Hungary 40, Poland 38, France 31, Portugal 26, Spain 24, Norway 18, Germany 8, Finland 7, Greece 6, Slovenia 6, Austria 6, Estonia 12, Belgium 3, Bulgaria 5, Croatia 3, Romania 2, Malta 2, Liechtenstein 4, Ireland 1, Latvia 1. Full data in the table below.
Source: ESMA Annual Sanctions Report 2025. Includes all administrative sanctions and measures under MAR.
View data table for this chart
Member state Sanctions & measures
Italy80
Sweden48
Hungary40
Poland38
France31
Portugal26
Spain24
Norway18
Estonia12
Germany8
Finland7
Austria6
Greece6
Slovenia6
Bulgaria5
Liechtenstein4
Belgium3
Croatia3
Malta2
Romania2
Ireland1
Latvia1
Cyprus0
Czechia0
Denmark5
Iceland0
Lithuania0
Key observations
Italy
80 sanctions
The highest volume by far — 21% of all EU MAR sanctions — but average fine value is just approximately 50 thousand euros, one of the lowest in Europe.
Sweden
48 sanctions
Second highest volume. Issued solely administrative fines — no temporary bans, disgorgements, or criminal proceedings.
Portugal
26 sanctions
Surprisingly active on volume — but total fine value is zero euros. All 26 sanctions were non-pecuniary measures.
Slovenia
6 sanctions
Used only cease-and-desist orders — a sanction type rare elsewhere in the EU carrying no monetary penalty.