The European Securities and Markets Authority (ESMA), the EU’s securities regulator, has issued its second annual report on sanctions (penalties and measures) imposed by national competent authorities (NCAs) under the Undertakings for Collective Investments in Transferable Securities (UCITS) Directive. This report covers the year 2018.
While the number of NCAs issuing sanctions remains stable at 15, compared to the previous report for the period 2016-2017, the total number of sanctions issued has decreased based on a year on year comparison.
Under the UCITS Directive, NCAs can impose sanctions for infringements of its provisions, such as on management companies and depositaries as well as information provided to investors. NCAs submit data on the use of sanctions to ESMA, which forms the basis of the annual aggregated report.
ESMA continues its work to foster supervisory convergence in the application of the UCITS Directive, and will issue separate reports on an annual basis for future reporting periods.