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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.