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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
14/02/2020 ESMA22-106-2062 Procedure- ESMA Stakeholder Group Renewal Procedure 2020 Reference PDF
234.62 KB
14/02/2020 SMSG 2020 SMSG application form 2020 Reference DOCX
38.1 KB
14/02/2020 ESMA22-106-2097 Call for expression of interest to the ESMA Securities and Markets Stakeholder Group (SMSG) Reference PDF
128.74 KB
05/04/2019 ESMA22-106-1736 SMSG Application Form 2019 , Reference DOCX
37.21 KB
05/04/2019 ESMA22-106-1733 Call for expression of interest- consumers, employee reps, SMEs April 2019 , Reference PDF
183.71 KB
07/02/2019 ESMA50-157-1588 ESMA Risk Assessment Work Programme 2019 , , Reference PDF
465.58 KB
09/01/2019 ESMA50-157-1384 Annex- Legal qualification of crypto-assets – survey to NCAs Reference PDF
905.31 KB
04/12/2018 ESMA50-157-1377 Call for expressions of interest: Consultative Working Group for ESMA’s Financial Innovation Standing Committee Reference PDF
279.68 KB
04/12/2018 ESMA50-157-1377 Application form FISC CWG Application Form Reference DOCX
33.02 KB
05/07/2018 ESMA22-106-1050 Call for expression of interest regarding positions in the ESMA Securities and Markets Stakeholder Group Reference PDF
321.12 KB
05/07/2018 ESMA22-106-1052 ESMA Stakeholder Group Renewal Procedure 2018 Reference PDF
532.95 KB
23/05/2018 ESMA71-99-979 ESMA appoints new chair to its Committee of Economic and Markets’ Analysis , Statement PDF
209.05 KB
15/03/2018 15-03-2018 Big Data Factsheet Reference PDF
750.34 KB
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01/12/2017 ESMA22-106-484 2018 SMSG application form , Reference DOCX
39.24 KB
01/12/2017 ESMA22-106-483 SMSG Expresssion of interest 30 November 2017 , Reference PDF
321.68 KB
13/11/2017 ESMA50-157-828 ESMA alerts firms involved in Initial Coin Offerings (ICOs) to the need to meet relevant regulatory requirements , Statement PDF
330.73 KB
13/11/2017 ESMA50-157-829 ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs) , Statement PDF
444.01 KB
16/10/2017 ESMA22-106-135 Call for expression of interest- Academics and Financial Markets Participants , Reference PDF
320.76 KB
29/09/2017 ESMA71-99-602 ESMA appoints new chairs to Standing Committees , , , , , , , Statement PDF
143.69 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].

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