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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
04/12/2018 ESMA50-157-1377 Application form FISC CWG Application Form Reference DOCX
33.02 KB
30/11/2018 ESMA71-99-1070 Developments in RegTech and SupTech , Speech PDF
228.76 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
12/10/2018 ESMA71-99-1051 Financial Technology: ESMA’s Approach- Speech at the 4th Luxembourg FinTech Conference Speech PDF
310.13 KB
19/09/2018 ESMA71-99-1036 Steven Maijoor Keynote New technologies within and beyond capital markets , Speech PDF
163.18 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 15-3-18 ESAs weigh benefits and risks of Big Data , Press Release PDF
20.5 KB
15/03/2018 15-03-2018 Big Data Factsheet Reference PDF
750.34 KB
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15/03/2018 JC-2018-04 Joint Committee Final Report on Big Data Final Report PDF
520.31 KB
27/02/2018 ESMA71-319-70 Afore Consulting’s Second Annual FinTech and Digitalisation Conference: Regulation at the European Level and Beyond – Stanhope Hotel Brussels , Speech PDF
168.3 KB
11/01/2018 ESMA71-99-919 PR on CRA/TR Fees Thematic Report Press Release PDF
192.95 KB
11/01/2018 ESMA71-99-923 Factsheet on Trade Repositories Fees Reference PDF
129.16 KB
11/01/2018 ESMA80-196-954 Thematic Report- On fees charged by Credit Rating Agencies and Trade Repositories , Report PDF
1.14 MB
13/11/2017 ESMA71-99-649 Press Release ICO Statements , , Press Release PDF
169.52 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
19/10/2017 ESMA50-165-421 EU derivatives markets ─ a first-time overview , , , Reference PDF
477.35 KB
29/09/2017 ESMA71-99-602 ESMA appoints new chairs to Standing Committees , , , , , , , Statement PDF
143.69 KB
19/07/2017 ESMA50-164-820 Regulatory Technology: Reshaping the Supervisor-Market Participant Relationship , Speech PDF
251.54 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].