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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
23/03/2011 2011/36 Public statement- Framework for third country prospectuses under Article 20 of the Prospectus Directive Prospectus, Corporate Disclosure Statement PDF
317.51 KB
23/03/2011 2011/37 Public statement- ESMA statement on Israeli laws and regulations on prospectuses Prospectus, Corporate Disclosure Statement PDF
187.46 KB
31/07/2014 2014/944 Potential Risks Associated with Investing in Contingent Convertible Instruments Warnings and publications for investors, Innovation and Products Statement PDF
106.1 KB		 The European Securities and Markets Authority (ESMA) is issuing this statement to clarify to institutional investors risks from a newly emerging asset class referred to by most market participants as contingent convertibles instruments (CoCos). If they work as intended in a crisis CoCos will play an important role to inhibit risk transfer from debt holders to taxpayers. They along with standards to improve the quality and quantity of bank capital reflect a considerate response to the former regulatory capital framework. However, it is unclear as to whether investors fully consider the risks of CoCos and correctly factor those risks into their valuation. ESMA believes there are specific risks to CoCos and that investors should take those risks into consideration prior to investing in these instruments.
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
30/09/2020 ESMA31-62-1491 Public statement QA update Prospectus Prospectus Statement PDF
93.84 KB
11/06/2020 ESMA32-334-245 ESMA response to EC Consultation on NFRD Corporate Disclosure, Sustainable finance Statement PDF
429.86 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].
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
07/03/2017 ESMA50-1623096732-432 Opening remarks Financial Innovation Day Innovation and Products Statement PDF
169.02 KB
07/03/2017 ESMA50-1623096732-432x Closing remarks Financial Innovation Day Innovation and Products Statement PDF
152.27 KB
15/07/2020 ESMA71-99-1364 ESMA Statement on Assessment of German Financial Reporting Regime Corporate Disclosure, Guidelines and Technical standards, Press Releases, Supervisory convergence Statement PDF
88.5 KB
28/01/2021 ESMA71-99-1544 ESMA appoints new IPISC and CNS Chairs Board of Supervisors, Corporate Information, MiFID - Investor Protection, Sustainable finance Statement PDF
87.3 KB
28/01/2021 ESMA71-99-1544 ESMA appoints new IPISC and CSN chairs Board of Supervisors, Corporate Information, MiFID - Investor Protection, Sustainable finance Statement
28/01/2021 ESMA71-99-1545 ESMA new MB member January 2021 Board of Supervisors, Corporate Information, Management Board Statement PDF
89.41 KB
06/07/2017 ESMA71-99-522 ESMA appoints new member to its Management Board Corporate Information, Management Board Statement PDF
144.98 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
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
25/02/2021 JC 2021 06 Joint ESAs supervisory statement- SFDR Joint Committee, Sustainable finance Statement PDF
220.21 KB