ESMA LIBRARY

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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
24/07/2012 2011/39 Update on measures adopted by competent authorities on short selling Statement PDF
287.67 KB
This is the PDF version of the statement. Please also see the word version of the statement which contains all links to the measures curretly in place.
15/07/2009 09-575 Statement on the application of and disclosures related to the reclassification of financial instruments Statement PDF
186.44 KB
11/01/2019 ESMA33-128-577 Statement on Securitisation implementation Statement PDF
324.46 KB
01/07/2015 2015/1005 Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing Q&A PDF
157.73 KB
03/11/2009 09-559 Questions and Answers- MiFID complex and non complex financial instruments for the purposes of the Directive’s appropriateness requirements Q&A PDF
405.18 KB
19/11/2021 ESMA33-128-563 Questions and answers on the Securitisation Regulation Q&A PDF
1.39 MB
06/05/2010 10-591 Questions and answers on MiFID: Common positions agreed by CESR Members in the area of the Secondary Markets Standing Committee Q&A PDF
130.84 KB
19/04/2010 10-293 Question and Answers- Understanding the definition of advice under MiFID Q&A PDF
335.78 KB
19/07/2022 ESMA74-362-893 QAs on SFTR data reporting , , Q&A PDF
405.28 KB
28/02/2022 ESMA70-1861941480-52 Q&A on EMIR implementation , Q&A PDF
1.46 MB
29/05/2007 07-320 Q&A on Best Execution Q&A PDF
578.51 KB
18/12/2020 ESMA80-192-10053 Public Statement_Registration_DTCC Data Repository (Ireland) PLC under EMIR and SFTR , Statement PDF
76.58 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 , , Statement PDF
137.78 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].

31/07/2014 2014/944 Potential Risks Associated with Investing in Contingent Convertible Instruments , 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 ESMA50-1623096732-432 Opening remarks Financial Innovation Day Statement PDF
169.02 KB
03/06/2005 05-365 MAD AMPs- Frequently Asked Questions Q&A PDF
55.99 KB
21/10/2008 08-839 Joint statement from CESR, CEBS and CEIOPS Regarding the latest developments in accounting Statement PDF
69.31 KB
17/12/2021 JC 2021 19 Joint Committee Q&As relating to the Securitisation Regulation Q&A PDF
337.6 KB
26/10/2010 10-1083 Follow-up Statement on Application of Disclosure Requirements Related to Financial Instruments in the 2009 Financial Statements Statement PDF
282.3 KB