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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
06/01/2012 2011/412_bg Търговия с чуждестранна валута (Форекс) Investor Warning PDF
191.58 KB
07/02/2014 2014/154 BG Рискове от инвестиране в комплексни продукти , Investor Warning PDF
287.57 KB
18/04/2013 2013/267 BG ДОГОВОРИТЕ ЗА РАЗЛИКИ (CFD) Investor Warning PDF
549.63 KB
ДОГОВОРИТЕ ЗА РАЗЛИКИ (CFD)
18/04/2013 2013/267 EL Συμβάσεις επί διαφορών (CFD) Investor Warning PDF
427.45 KB
Συμβάσεις επί διαφορών (CFD)
07/02/2014 2014/154 EL Οι κίνδυνοι των επενδύσεων σε σύνθετα προϊόντα , Investor Warning PDF
407.92 KB
10/09/2012 2012/557 EL Η ESMA (Ευρωπαϊκή Αρχή Κινητών Αξιών και Αγορών) προειδοποιεί τους μικροεπενδυτές σχετικά με τους κινδύνους των επιγραμμικών επενδύσεων Investor Warning PDF
806.62 KB
Η ESMA (Ευρωπαϊκή Αρχή Κινητών Αξιών και Αγορών) προειδοποιεί τους μικροεπενδυτές σχετικά με τους κινδύνους των επιγραμμικών επενδύσεων
06/01/2012 2011/412_el Αγοραπωλησίες συναλλάγματος (forex) Investor Warning PDF
187.92 KB
06/01/2012 2011/412_lv Ārvalstu valūtas maiņas tirgus (FOREX) Investor Warning PDF
188.47 KB
18/04/2013 2013/267 SK Zmluvy o rozdiele (CFD) Investor Warning PDF
349.04 KB
Zmluvy o rozdiele (CFD)
07/02/2014 2014/154 PL Zagrożenia związane z inwestowaniem w produkty złożone , Investor Warning PDF
359.91 KB
25/07/2016 2016/1166 Warning about CFDs, binary options and other speculative products , Investor Warning PDF
149.13 KB
06/01/2012 2011/412_et Valuutaga kauplemine Investor Warning PDF
38.66 KB
06/01/2012 2011/412_da Valutahandel (forex) Investor Warning PDF
41.41 KB
07/02/2014 2014/154 SL Tveganja, ki jih prinašajo naložbe v kompleksne produkte , Investor Warning PDF
564.53 KB
06/01/2012 2011/412_ga Trádáil i malairt eachtrach (airgeadraí eachtracha) Investor Warning PDF
39.27 KB
06/01/2012 2011/412_ro Tranzacţii valutare (forex) Investor Warning PDF
178.83 KB
06/01/2012 2011/412_pl Transakcje na rynku walutowym (forex) Investor Warning PDF
183.84 KB
27/03/2014 2014/332 Structured Retail Products- Good practices for product governance arrangements , Opinion PDF
203.1 KB
Legal basis 1.    Regulation (EU) No 1095/2010 (ESMA Regulation)  sets out the European Securities and Markets Authority’s (ESMA) scope of action, tasks and powers which include “enhancing customer protection”, and “foster[ing] investor protection”.  2.    In order to continue delivering on this investor protection statutory objective, ESMA is issuing this opinion on certain aspects linked to the manufacturing and distribution of structured retail products (SRP). This opinion takes into account relevant work done in this field both at European and interna-tional level.  3.    This opinion is without prejudice to the requirements for the provision of investment services and activities established in the Markets in Financial Instruments Directive (MiFID)  and its implementing measures (notably, Directive 2006/73/EC), the regulatory developments arising from the MiFID review or existing product rules that may apply to SRPs.  4.    ESMA’s competence to deliver an opinion is based on Article 29(1) (a) of the ESMA Regulation. In accordance with Article 44(1) of the ESMA Regulation, the Board of Supervisors has adopted this opinion. Background 5.    In its July 2013 report on ‘Retailisation in the EU’ , ESMA highlighted that, from a consumer protec-tion perspective, retail investors may face difficulties in understanding the drivers of risks and returns of structured products. If retail investors do not properly understand the risk and reward profile of structured products, and if the products are not properly assessed against the risk appetite of retail investors, retail investors might be exposed to unexpected losses and this might lead to complaints, reputational risks for manufacturers and distributors, and a loss of confidence in the regulatory framework and, more broadly, in financial markets. 6.    In 2013, ESMA mapped the measures adopted in the EU Member States in relation to complex products in order to identify issues and to better understand the rationale behind national initiatives (by looking at similarities and differences in the various approaches, and reviewing how complexity has been treated in the different EU Members States). 7.    As a result, ESMA has developed a broad set of non-exhaustive examples of good practices, attached as Annex 1 hereto, illustrating arrangements that firms - taking into account the nature, scale and complexity of their business - could put in place to improve their ability to deliver on investor protection regarding, in particular, (i) the complexity of the SRPs they manufacture or distribute, (ii) the nature and range of the investment services and activities undertaken in the course of that business, and (iii) the type of investors they target. These good practices should also be a helpful tool for competent authorities in carrying out their supervisory action. Opinion 8.    ESMA considers that sound product governance arrangements are fundamental for investor protec-tion purposes, and can reduce the need for product intervention actions by competent authorities. 9.    ESMA considers that, when supervising firms manufacturing or distributing an SRP, competent authorities should promote, in their supervisory approaches, the examples of good practices for firms set out in Annex 1 hereto. 10.    Although the good practices set out in Annex 1 hereto focus on structured products sold to retail investors, ESMA considers that they may also be a relevant reference for other types of financial in-struments (such as asset-backed securities, or contingent convertible bonds), as well as when financial instruments are being sold to professional clients. 11.    The exposure to risk is an intrinsic feature of investment products. The good practices set out in Annex 1 refer to product governance arrangements and do not (and cannot) aim at removing investment risk from products.
18/04/2013 2013/267 LT Sandoriai dėl kainų skirtumo (CFD) Investor Warning PDF
318.48 KB
Sandoriai dėl kainų skirtumo (CFD)
18/04/2013 2013/267 CS Rozdílové smlouvy (CFD) Investor Warning PDF
578.42 KB
Rozdílové smlouvy (CFD)

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