ESMA has published a Report on Suspicious Transactions and Order Reports (STORs).
The report provides an overview of how STORs are used across different jurisdictions in the context of the detection and investigation of market abuse, and how their use has evolved over time. The experts looked at various metrics such as:
- the number of STORs and other notifications received by NCAs;
- the source of these notifications;
- the breakdown per instrument type and type of violation; and
- ·the number of STORs provided to and received from other Competent Authorities (both within and outside the EEA).
ESMA has published the EU securities markets regulator, today publishes its 2022 reports on the use by National Competent Authorities (NCAs) of sanctions under the Undertakings for Collective Investments in Transferable Securities (UCITS) and the Alternative Investment Fund Managers Directive (AIFMD).
The pattern evidenced by the reports throughout the years (since 2013 for AIFMD and 2016 for UCITS) shows that, besides a limited number of NCAs issuing an increasing number of sanctions, the level of sanctions issued at national level remains stable and generally low, in particular when it comes to penalties.
- UCITS sanctions: In 2022, 9 NCAs imposed a total of 38 penalties, compared with 61 penalties issued by 12 NCAs in 2021. 98% of the total amount of penalties was imposed by a single NCA. 16 NCAs did not impose any sanction during this period.
- AIFMD sanctions: In 2022, 10 NCAs issued a total amount of penalties of €2.5M, compared to €42.9M in 2021. 60% of the total amount of penalties was imposed by a single NCA.
- 16 NCAs did not impose any sanction either under the UCITS Directive or the AIFMD during this period.
