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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
27/10/2020 ESMA 33-5-857 ESMA Public Statement on CRA Endorsement Oct 2020 Credit Rating Agencies Statement PDF
117.99 KB
30/09/2020 ESMA31-62-1491 Public statement QA update Prospectus Prospectus Statement PDF
93.84 KB
28/03/2019 ESMA90-1-83 Brexit Update March 2019 Brexit, Credit Rating Agencies, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC, Post Trading, Trade Repositories Statement PDF
121.13 KB
15/03/2019 ESMA33-5-735 ESMA statement on the endorsement of UK credit ratings in case of a no-deal Brexit Brexit, Credit Rating Agencies Statement PDF
122.54 KB
11/01/2019 ESMA33-128-577 Statement on Securitisation implementation Securitisation Statement PDF
324.46 KB
09/11/2018 ESMA80-187-149 Public statement- Contingency plans of Credit Rating Agencies and Trade Repositories in the context of the United Kingdom withdrawing from the European Union Brexit, Credit Rating Agencies, Trade Repositories Statement PDF
137.78 KB
23/05/2018 ESMA71-99-979 ESMA appoints new chair to its Committee of Economic and Markets’ Analysis Innovation and Products, Risk Analysis & Economics - Markets Infrastructure Investors Statement PDF
209.05 KB
13/11/2017 ESMA71-99-650 Kroll Bond Rating Agency Europe Limited Registration Credit Rating Agencies, Press Releases Statement PDF
164.33 KB
13/11/2017 ESMA50-157-828 ESMA alerts firms involved in Initial Coin Offerings (ICOs) to the need to meet relevant regulatory requirements Innovation and Products, Warnings and publications for investors Statement PDF
330.73 KB
13/11/2017 ESMA50-157-829 ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs) Innovation and Products, Warnings and publications for investors Statement PDF
444.01 KB
29/09/2017 ESMA71-99-602 ESMA appoints new chairs to Standing Committees Board of Supervisors, Corporate Disclosure, Corporate Finance, Corporate Information, Innovation and Products, Market Integrity, MiFID - Secondary Markets, Post Trading Statement PDF
143.69 KB
28/06/2017 ESMA35-36-885 Product Intervention- General Statement Innovation and Products, MiFID - Investor Protection 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].
03/05/2017 ESMA33-9-174 Opening Statement for ECON Scrutiny Hearing on CRA Regulation Credit Rating Agencies Statement PDF
154.31 KB
07/03/2017 ESMA22-106-141 Joint Statement of the SMSG and the BSG on the Draft Guidelines on the Assessment of the Suitability Joint Committee, Securities and Markets Stakeholder Group Statement PDF
91.5 KB

Joint Statement of the SMSG and the BSG on the Draft Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders
07/03/2017 ESMA50-1623096732-432x Closing remarks Financial Innovation Day Innovation and Products Statement PDF
152.27 KB
07/03/2017 ESMA50-1623096732-432 Opening remarks Financial Innovation Day Innovation and Products Statement PDF
169.02 KB
21/07/2016 2016/1159 Public notice- Infrigement by Fitch Credit Rating Agencies, Press Releases Statement PDF
324.96 KB
13/07/2016 2016/1122 Feedback Statement on the Discussion Paper on the validation and review of CRAs’ methodologies Credit Rating Agencies Statement PDF
477.03 KB
01/12/2015 2015/1778 Public Statement- Expert RA registration Credit Rating Agencies Statement PDF
123.49 KB
27/10/2015 2015/1605 Public Statement- INC Rating registration FINAL Credit Rating Agencies Statement PDF
136.3 KB

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