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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||CESR Archive||Statement||PDF
|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||CESR Archive||Statement||PDF
|11/01/2019||ESMA33-128-577||Statement on Securitisation implementation||Securitisation||Statement||PDF
|01/07/2015||2015/1005||Questions and Answers: Investment-based crowdfunding: money laundering/terrorist financing||Innovation and Products||Q&A||PDF
|03/11/2009||09-559||Questions and Answers- MiFID complex and non complex financial instruments for the purposes of the Directive’s appropriateness requirements||CESR Archive||Q&A||PDF
|19/11/2021||ESMA33-128-563||Questions and answers on the Securitisation Regulation||Securitisation||Q&A||PDF
|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||CESR Archive||Q&A||PDF
|19/04/2010||10-293||Question and Answers- Understanding the definition of advice under MiFID||CESR Archive||Q&A||PDF
|19/07/2022||ESMA74-362-893||QAs on SFTR data reporting||Post Trading, Securities Financing Transactions, Trade Repositories||Q&A||PDF
|28/02/2022||ESMA70-1861941480-52||Q&A on EMIR implementation||Post Trading, Trade Repositories||Q&A||PDF
|29/05/2007||07-320||Q&A on Best Execution||CESR Archive||Q&A||PDF
|18/12/2020||ESMA80-192-10053||Public Statement_Registration_DTCC Data Repository (Ireland) PLC under EMIR and SFTR||Securities Financing Transactions, Trade Repositories||Statement||PDF
|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
|28/06/2017||ESMA35-36-885||Product Intervention- General Statement||Innovation and Products, MiFID - Investor Protection||Statement||PDF
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 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.
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.
 ESMA/2016/1166 Warning about CFDs, binary options and other speculative products published 25 July 2016
|31/07/2014||2014/944||Potential Risks Associated with Investing in Contingent Convertible Instruments||Warnings and publications for investors, Innovation and Products||Statement||PDF
|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||Innovation and Products||Statement||PDF
|03/06/2005||05-365||MAD AMPs- Frequently Asked Questions||CESR Archive||Q&A||PDF
|21/10/2008||08-839||Joint statement from CESR, CEBS and CEIOPS Regarding the latest developments in accounting||CESR Archive||Statement||PDF
|17/12/2021||JC 2021 19||Joint Committee Q&As relating to the Securitisation Regulation||Securitisation||Q&A||PDF
|26/10/2010||10-1083||Follow-up Statement on Application of Disclosure Requirements Related to Financial Instruments in the 2009 Financial Statements||CESR Archive||Statement||PDF