ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
67
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
Q&A X Technical Advice X Statement X European Single Electronic Format X Innovation and Products X Securities Financing Transactions X Brexit X Guidelines and Technical standards X Prospectus X Sustainable finance X
Reset all filters

Pages

Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/10/2011 2011/323 Final report- ESMA's technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
797.56 KB
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
01/03/2012 2012/137 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
1.32 MB		 ESMA publishes today the second part of its final advice (ESMA/2012/137) on possible delegated acts for the Prospectus Directive (PD).  The advice was submitted to the Commission on 29 February 2012.  In its advice, ESMA proposes how to use a prospectus in a retail cascade and provides input on how to review the provisions of the Prospectus Regulation concerning tax information, indices, auditor’s report on profit forecasts and estimates and audited historical financial information. Today’s advice follows a public consultation started on 13 December 2011. Overall, the technical advice aims to achieve a high level of investor protection and to increase across Europe the legal clarity and efficiency of the prospectus regime. Investment prospectuses as such are aimed to provide investors with easily accessible information on financial products so as to foster in-formed decision-making.
09/01/2013 2012/864 ESMA’s technical advice on possible delegated acts concerning the Prospectus Directive as amended by the Directive 2010/73/EU Prospectus, Corporate Disclosure Technical Advice PDF
1.23 MB
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.
01/07/2015 2015/1005 Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing Innovation and Products Q&A PDF
157.73 KB
25/11/2020 70-155-8842 ESMA statement on DTO Final Brexit, MiFID - Secondary Markets Statement PDF
79.5 KB
05/02/2019 ESMA 70-155-7026 Use of UK data in ESMA databases in case of a no-deal Brexit Brexit, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC Statement PDF
281.69 KB
12/10/2020 ESMA22-105-1248 Steven Maijoor Opening Statement for ECON Hearing 12 October 2020 Board of Supervisors, Brexit, Corporate Information, COVID-19, Joint Committee, Speeches Statement PDF
134.36 KB
27/07/2021 ESMA31-62-1258 Q&As on the Prospectus Regulation Prospectus Q&A PDF
814.87 KB
30/09/2020 ESMA31-62-1491 Public statement QA update Prospectus Prospectus Statement PDF
93.84 KB
11/04/2019 ESMA31-62-780 Q&A on Prospectus Related Topics Brexit, Corporate Disclosure, Corporate Finance, Corporate Governance, Corporate Information, Prospectus, Supervisory convergence Q&A PDF
957.9 KB
09/11/2020 ESMA31-67-127 Question and answers on Transparency Directive (TD) Brexit, Corporate Disclosure, Corporate Finance, Supervisory convergence, Transparency Q&A PDF
352.79 KB
11/06/2020 ESMA32-334-245 ESMA response to EC Consultation on NFRD Corporate Disclosure, Sustainable finance Statement PDF
429.86 KB
15/07/2021 ESMA32-384-5209 ESMA Public Statement SPACs MiFID - Investor Protection, Prospectus Statement PDF
151.59 KB
31/03/2021 ESMA32-63-1156 Public statement Application of TD requirements following Brexit Brexit, Corporate Disclosure, IFRS Supervisory Convergence, Supervisory convergence Statement PDF
104.37 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
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].
19/12/2018 ESMA35-43-1328 Brexit Statement- information to clients Brexit, MiFID - Investor Protection Statement PDF
212.95 KB

Pages