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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
20/07/2011 2011/223 Press release- ESMA consults on systems and controls for highly automated trading Press Releases, MiFID - Secondary Markets Press Release PDF
57.39 KB
03/11/2011 JC 2011/094 Press release- ESMA, EBA and EIOPA appoint members of Joint Board of Appeal Joint Committee, Board of Appeal, Press Releases Press Release PDF
24.72 KB
09/12/2011 2011/431 Global regulators discuss OTC derivatives regulation Press Releases, MiFID - Secondary Markets Press Release PDF
18.94 KB		 Leaders and senior representatives of the authorities responsible for the regulation of the over-the-counter (OTC) derivatives markets in Canada, the European Union, Hong Kong, Japan, Singapore and the United Statesmet met yesterday in Paris.  
22/12/2011 2011/457 ESMA outlines future automated trading regime for trading platforms, investment firms and competent authorities Press Releases, MiFID - Secondary Markets Press Release PDF
151.9 KB
24/02/2012 2012/128 ESMA readies guidelines on automated trading – application deadline starts Press Releases, MiFID - Secondary Markets Press Release PDF
167.16 KB		 ESMA today publishes the official translations of its final “Guidelines on systems and controls in an automated trading environment for trading platforms, investment firms and competent authorities” (ESMA/2011/456), first published on 21 December 2011. High Frequency Trading (HFT) is one form of automated trading.   By having translated the guidelines into all the official languages of the EU, today’s publication triggers a transitional period of two months within which national supervisors have to declare whether they intend to comply with the guidelines or otherwise explain the reasons for non-compliance which would be made public by ESMA. According to the ESMA Regulation national supervisors have to make every effort to comply with the Guidelines.
06/07/2012 2012/424 ESMA publishes MiFID guidelines to enhance investor protection MiFID - Investor Protection, Press Releases Press Release PDF
118.08 KB		 The European Securities and Markets Authority (ESMA) has today published two final sets of guidelines aimed at enhancing the protection of investors in the EU. The guidelines relate to the provisions under the Markets in Financial Instruments Directive (MiFID) relating to the suitability of investment advice and the compliance function.
17/09/2012 2012/581 ESMA proposes remuneration guidelines for firms providing investment services MiFID - Investor Protection, Press Releases Press Release PDF
130.32 KB
28/02/2013 2013/267 Contracts for Difference (CFDs) MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
389.45 KB
28/02/2013 2013/266 ESMA and the EBA warn investors about contracts for difference MiFID - Investor Protection, Warnings and publications for investors, Press Releases Press Release PDF
119.01 KB		 The European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) have published a warning to retail investors about the dangers of investing in contracts for difference (CFDs).The two authorities are concerned that during the current period of low investment returns, inexperienced retail investors across the EU are being tempted to invest in complex financial products, which they may not fully understand and which can end up costing them money they cannot afford to lose.Andrea Enria and Steven Maijoor, Chairs of the EBA and ESMA, warned:“Retail investors across the EU should be aware of all the risks arising from investing in CFDs.  These products appear to promise investors substantial returns at a low cost but may ultimately cost them far more than they may have intended or could afford to lose.“CFDs are complex products that are not suitable for all types of investors, therefore you should always make sure that you understand how the product you are buying works, that it does what you want it to do and that you are in a position to take the loss if it fails.”Investors trading CFDs should protect themselvesInvestors should only consider trading in CFDs if they have extensive experience of trading in volatile markets, if they fully understand how these operate and have sufficient time to manage their investment on an active basis.Investors should carefully read their agreement or contract with the CFD provider before making a trading decision.  They should make sure that they at least understand the following: •    the costs of trading CFDs with the CFD provider,  •    whether the CFD provider will disclose the margins it makes on their trades, •    how the prices of the CFDs are determined by the CFD provider, •    what happens if they hold their position open overnight,  •    whether the CFD provider can change or re-quote the price once an investor places an order, •    whether the CFD provider will execute investor’s orders even if the underlying market is closed, •    whether there is an investor or deposit protection scheme in place in the event of counterparty or client asset issues.If investors do not understand what’s on offer, they should not trade. Further information Always check if the CFD provider is authorised to do investment business in your country.  You can check this on the website of the CFD provider’s national regulator.  A list of all the national regulatory authorities, and their websites, is also available from:•    ESMA at http://www.esma.europa.eu/investor-corner; and •    EBA at http://www.eba.europa.eu/Publications/Consumer-Protection-Issues.aspx.The investor warning on CFDs will be translated into the official EU languages.Concurrently with the publication of this warning, the EBA is addressing an internal Opinion under Art. 29 of the EBA Regulations to national supervisory authorities on the prudential supervision of CFDs. Notes for editors1.    ESMA/2013/267 Investor Warning – Contracts for Difference (CFDs)2.    ESMA and the EBA are independent EU Authorities that were established on 1 January 2011 and work closely with the European other European Supervisory Authority responsible for insurance and occupational pensions (EIOPA).3.    ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU. ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.4.    The EBA has a broad remit in the areas of banking, payments and e-money regulation, as well as on issues related to corporate governance, auditing and financial reporting. Its tasks include the protection of consumers and depositors, preventing regulatory arbitrage, guaranteeing a level playing field (especially by building a single rule book for the European banking system) strengthening international supervisory coordination, promoting supervisory convergence and providing advice to EU institutions. Further information:Reemt SeibelESMA Communications Officer Tel:   +33 (0)1 58 36 4272Mob: +33 6 42 48 55 29Email: reemt.seibel@esma.europa.eu David CliffeESMA Senior Communications OfficerTel:   +33 (0)1 58 36 43 24Mob: +33 6 42 48 29 06Email: david.cliffe@esma.europa.euRomain SadetEBA Communications Officer Tel:   +44 (0) 207 997 5914Mob: +44 (0) 7785 463278  Email: romain.sadet@eba.europa.eu     Franca CongiuEBA Communications OfficerTel:   +44 (0) 207 382 1781Mob: +44 (0) 7771 376395Email: francarosa.congiu@eba.europa.eu
11/06/2013 2013/726 ESMA clarifies pay rules applicable to investment firms MiFID - Investor Protection Press Release PDF
111.92 KB
07/02/2014 2014/154 Risks of investing in complex products MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
404.08 KB
07/02/2014 2014/152 ESMA tells firms to improve their selling practices for complex financial products MiFID - Investor Protection, Warnings and publications for investors Press Release PDF
92.57 KB		 The European Securities and Markets Authority (ESMA) has published an Opinion on practices to be observed by investment firms when selling complex financial products to investors. ESMA is issuing this opinion to remind national supervisors and investment firms about the importance of requirements governing selling practices under MiFID (Markets in Financial Instruments Directive).ESMA is issuing this Opinion as it is concerned that firms’ compliance with the MiFID selling practices when selling complex products may have fallen short of expected standards. The concerns relate mainly to the suitability and appropriateness of complex products that are increasingly within the grasp of retail investors. The Opinion sets out ESMA’s minimum expectations with respect to the conduct of firms when selling complex products to retail investors.Steven Maijoor, ESMA Chair, said: “Investment firms increasingly sell complex financial products such as warrants, different types of structured bonds, derivatives and asset-backed securities, which were previously accessible mainly to professional investors, to retail investors.“ESMA is concerned that this trend greatly increases the risk that customers do not understand the risks, costs and expected returns of the products they are buying. Therefore, we believe that it is crucial that investment firms act responsibly and in the best interest of their clients.“The level of concern regarding the risk posed by these products to investor protection when MiFID rules are not fully respected is such that we have also issued an EU-wide warning to investors in order to raise awareness about the risks arising from investing in these types of complex products.” The marketing and sale of complex financial products, in particular to retail investors, is an important investor protection area where ESMA wants to ensure a consistent approach to the application of the MiFID conduct business rules - thereby improving supervisory convergence.The areas covered by the Opinion relate to: firms’ organisation and internal controls; the assessment of the suitability or appropriateness of certain products; disclosures and communications in relation to products; and compliance monitoring of the sales functions.
07/02/2014 2014/154 BG Рискове от инвестиране в комплексни продукти MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
287.57 KB
07/02/2014 2014/154 HR Rizici ulaganja u kompleksne proizvode MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
487.67 KB
07/02/2014 2014/154 CS Rizika investování do složitých produktů MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
501.58 KB
07/02/2014 2014/154 DA Risici ved investering i komplekse produkter MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
460.24 KB
07/02/2014 2014/154 NL Risico's van beleggen in complexe producten MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
425.57 KB
07/02/2014 2014/154 ET Keerukatesse toodetesse investeerimisega kaasnevad riskid MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
401.62 KB
07/02/2014 2014/154 FI Monimutkaisiin tuotteisiin sijoittamisen riskit MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
414.7 KB
07/02/2014 2014/154 FR Risques liés aux investissements dans les produits complexes MiFID - Investor Protection, Warnings and publications for investors Investor Warning PDF
334.79 KB

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