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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
07/10/2019 ESMA70-155-8500 Impact of no-deal Brexit on the application of MiFID II/MiFIR and the Benchmark Regulation (BMR) , , Statement PDF
140.47 KB
07/10/2019 ESMA70-155-7658 Use of UK data in ESMA databases and performance of MiFID II calculations in case of a no-deal Brexit on 31 October 2019 , , Statement PDF
155.54 KB
07/10/2019 ESMA65-8-6254 ESMA’s Data Operational Plan under a no-deal Brexit scenario on 31 October 2019 , , Statement PDF
154.85 KB
07/10/2019 ESMA90-1-167 Update on the UK’s withdrawal from the European Union- preparations for a possible no-deal Brexit scenario on 31 October 2019 , , , Statement PDF
179.84 KB
12/07/2019 ESMA70-156-1436 Public Statement MiFIR DTO , Statement PDF
116.79 KB
12/07/2019 ESMA35-36-1743 Statement Product Intervention Statement PDF
104.99 KB
29/05/2019 ESMA70-154-1204 Revised Public_ Statement_Trading_Obligation_Shares , Statement PDF
82.26 KB
28/03/2019 ESMA90-1-83 Brexit Update March 2019 , , , , , Statement PDF
121.13 KB
19/03/2019 ESMA70-155-7329 Public Statement Trading Obligation Shares , Statement PDF
134.02 KB
07/03/2019 ESMA70-155-7253 Public Statement MiFIDII BMR provisions under a no deal Brexit , Statement PDF
333.6 KB
05/02/2019 ESMA 70-155-7026 Use of UK data in ESMA databases in case of a no-deal Brexit , , Statement PDF
281.69 KB
19/12/2018 ESMA35-43-1328 Brexit Statement- information to clients , Statement PDF
212.95 KB
07/11/2018 ESMA71-99-1058 ESMA new SC chairs , , Statement PDF
142.32 KB
20/06/2018 ESMA70-145-872 Public statement on LEI Statement PDF
134.89 KB
30/05/2018 ESMA71-99-991 Statement of the EBA and ESMA on the treatment of retail holdings of debt financial instruments subject to the Bank Recovery and Resolution Directive , Statement PDF
926.71 KB
20/12/2017 ESMA70-145-401 ESMA statement for smooth implementation of LEI Statement PDF
134.04 KB
15/12/2017 ESMA71-99-910 Statement on preparatory work of the European Securities and Markets Authority in relation to CFDs and binary options offered to retail clients , Statement PDF
209.47 KB
29/09/2017 ESMA71-99-602 ESMA appoints new chairs to Standing Committees , , , , , , , Statement PDF
143.69 KB
28/09/2017 ESMA70-154-356 Public statement- Joint work plan of ESMA and NCAs for opinions on MiFID II pre-trade transparency waivers and position limits Statement PDF
165.66 KB
28/06/2017 ESMA35-36-885 Product Intervention- General Statement , Statement PDF
123.04 KB

This statement provides an update on the European Securities and Markets Authority’s (ESMA) work in relation to the sale of contracts for differences (CFDs), binary options and other speculative products to retail investors.

 

ESMA has been concerned about the provision of speculative products such as CFDs, rolling spot forex and binary options to retail investors for a considerable period of time and has conducted ongoing monitoring and supervisory convergence work in this area. In this context, ESMA has previously published a number of Q&As on CFDs and other speculative products[1] to foster supervisory convergence, having established a CFD Task Force in July 2015, and also issued a further investor warning on the sale of CFDs, binary options and other speculative products in July 2016[2].

 

However, ESMA remains concerned that these supervisory convergence tools may not be sufficiently effective to ensure that the risks to consumer protection are sufficiently controlled or reduced. ESMA is therefore discussing the possible use of its product intervention powers under Article 40 of MiFIR to address investor protection risks in relation to CFDs, rolling spot forex and binary options.

 

ESMA is in the process of discussing the possible use of its product intervention powers under Article 40 of MiFIR, the possible content of any such measures, and how they could be applied. However, ESMA can confirm that the measures being discussed for (i) CFDs and rolling spot forex and (ii) binary options include proposals that take into account a number of measures that have been adopted or publicly consulted on by EU National Competent Authorities. These measures include leverage limits, guaranteed limits on client losses, and / or restrictions on the marketing and distribution of these products.

 

In accordance with Article 40 of MiFIR, any intervention measures must be approved by the ESMA Board of Supervisors and can only come into effect from 3 January 2018 at the earliest[3].