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20/12/2017 ESMA70-145-401 ESMA statement for smooth implementation of LEI Statement PDF
134.04 KB
15/12/2017 ESMA71-99-910 Statement on preparatory work of the European Securities and Markets Authority in relation to CFDs and binary options offered to retail clients , Statement PDF
209.47 KB
29/09/2017 ESMA70-156-227 Final report on draft RTS on the trading obligation for derivatives under MiFIR Report PDF
609.23 KB
29/09/2017 ESMA71-99-602 ESMA appoints new chairs to Standing Committees , , , , , , , Statement PDF
143.69 KB
28/09/2017 ESMA70-154-356 Public statement- Joint work plan of ESMA and NCAs for opinions on MiFID II pre-trade transparency waivers and position limits Statement PDF
165.66 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].

02/06/2017 ESMA70-143-5 Methodological framework for mandatory benchmarks contributions Report PDF
282.75 KB
31/03/2017 ESMA/2017/70-8792942901-40 Final report on Draft RTS specifying the scope of the consolidated tape for non-equity financial instruments Report PDF
644.29 KB
29/03/2017 ESMA70-145-48 Draft technical standards under the Benchmarks Regulation Report PDF
1.75 MB
21/03/2017 JC1 Statement- ESAs welcome European Commission’s public consultation on their operation Statement PDF
206.55 KB
07/03/2017 ESMA22-106-141 Joint Statement of the SMSG and the BSG on the Draft Guidelines on the Assessment of the Suitability , Statement PDF
91.5 KB

Joint Statement of the SMSG and the BSG on the Draft Guidelines on the Assessment of the Suitability of Members of the Management Body and Key Function Holders

28/02/2017 ESMA70-872942901-21 Final report on draft RTS on package orders for which there is a liquid market Report PDF
712.46 KB
11/01/2017 ESMA42-1643088512-2962 ESMA42-1643088512-2962 Follow-up Report to the Peer Review on Best Execution , , Report PDF
774.17 KB
10/11/2016 2016-1563 Issues for consideration in implementing IFRS 9: Financial Instruments , , Statement PDF
256.22 KB
30/09/2016 2016/1408 ESMA appoints new chairs to Standing Committees , , , Statement PDF
141.3 KB

The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed the following individuals to serve as chairs of its standing committees:

  • Hannelore Lausch, Executive Director of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany, will chair the Market Data Standing Committee;
  • Cyril Roux, Deputy Governor of the Central Bank of Ireland (CBI, will chair the Investment Management Standing Committee; and
  • Merel van Vroonhoven, Chair of the Autoriteit Financiële Markten (AFM), Netherlands, will chair the Investor Protection and Intermediaries Standing Committee.

The standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States, and are responsible for the development of policy in their respective areas.  The appointments are for a period of two years and commence with immediate effect.

20/06/2016 2016/940 Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016 , Statement PDF
235.65 KB
02/06/2016 2016/902 MiFID practices for firms selling financial instruments subject to the BRRD resolution regime Statement PDF
259.47 KB
07/04/2016 JC/2016/17 JC Risks and Vulnerabilities Report- Spring 2016 Report PDF
568.47 KB
28/01/2016 2016/102 Statement by Steven Maijoor on behalf of the ESAs , Statement PDF
107.74 KB

Statement at the ECON scrutiny hearing on behalf of the ESAs.

13/09/2012 2012/577 ESMA publishes a Q&A on Short-Selling Regulation , Statement PDF
108.69 KB
The European Securities and Markets Authority (ESMA) has published a Q&A on the Implementation of the Regulation on short selling and certain aspects of credit default swaps.The purpose of the Q&A is to promote common supervisory approaches and practices amongst the EU’s national securities markets regulators on the requirements of the Short Selling Regulation once it comes into force on 1 November 2012.  It will also provide clarity on the requirements of the new regime to market participants and investors.Issues addressed by the Q&AThe document provides responses to questions posed by market participants, national securities markets regulators, and the general public in relation to the practical application of the forthcoming Short Selling regime.  It addresses issues related to:•    territorial scope;•    transparency requirements; •    calculation of net short positions;•    uncovered short sales; •    and enforcement regime.Further InformationThe document is likely to be revised and updated before 1 November as new questions are received by ESMA.Technical queries on the application of the new regime should be addressed in writing to shortselling@esma.europa.eu, while further information can be found at http://www.esma.europa.eu/page/Short-selling. Notes for editors1.    Questions & Answers – Implementation of the regulation on short selling and certain aspects of credit default swaps.2.    Regulation on short selling and certain aspects of credit default swaps.3.    ESMA is an independent EU Authority that was established on 1 January 2011 and works closely with the other European Supervisory Authorities responsible for banking (EBA), and insurance and occupational pensions (EIOPA), and the European Systemic Risk Board (ESRB).4.    ESMA’s mission is to enhance the protection of investors and promote stable and well-functioning financial markets in the European Union (EU).  As an independent institution, ESMA achieves this aim by building a single rule book for EU financial markets and ensuring its consistent application across the EU.  ESMA contributes to the regulation of financial services firms with a pan-European reach, either through direct supervision or through the active co-ordination of national supervisory activity.Further information:David CliffeSenior Communications OfficerTel:   +33 (0)1 58 36 43 24Mob: +33 6 42 48 29 06Email: david.cliffe@esma.europa.eu