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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
19/12/2018 ESMA35-43-1328 Brexit Statement- information to clients , Statement PDF
212.95 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].

05/06/2020 ESMA35-36-1946 Final Report Guidelines on certain aspects of the MiFID II compliance function requirements , Final Report PDF
395.33 KB
31/03/2020 ESMA35-36-1919 Clarification of issues related to the publication of reports by execution venues and firms as required under RTS 27 and 28 , Statement PDF
89.84 KB
12/07/2019 ESMA35-36-1743 Statement Product Intervention Statement PDF
104.99 KB
19/07/2019 ESMA34-49-168 Final report on MMF reporting Final Report PDF
623.51 KB
17/11/2017 ESMA34-49-103 Technical advice, draft implementing technical standards and guidelines under the MMF Regulation Final Report PDF
989.54 KB
10/12/2019 ESMA34-46-91 Final report- Draft RTS under Article 25 of the ELTIF Regulation Final Report PDF
178.05 KB
09/04/2020 ESMA34-45-896 Actions to mitigate the impact of COVID-19 on the deadlines for the publication of periodic reports by fund managers , Statement PDF
113.03 KB
03/05/2019 ESMA34-45-688 Final report on integrating sustainability risks and factors in the UCITS Directive and the AIFMD , Final Report PDF
483.4 KB
03/04/2020 ESMA34-39-968 Final report- Guidelines on performance fees in UCITS and certain types of AIFs , Final Report PDF
483.83 KB
02/09/2019 ESMA34-39-882 Final Report_Guidelines on LST in UCITS and AIFs Final Report PDF
346.8 KB
09/07/2020 ESMA34-39-109 Public statement on external support within the meaning of Article 35 of the MMF Regulation , Statement PDF
118.34 KB
18/07/2019 ESMA33-9-320 Final Report Guidelines on Disclosure Requirements Applicable to Credit Rating Agencies Final Report PDF
336.63 KB
18/07/2018 ESMA33-9-246 Final report on Supplementary Guidelines on Endorsement Final Report PDF
948.62 KB
17/11/2017 ESMA33-9-207 Technical Advice on CRA Regulatory Equivalence- CRA 3 Update Final Report PDF
1.51 MB
17/11/2017 ESMA33-9-205 Final Report on the application of the CRA endorsement regime Final Report PDF
1.02 MB
03/05/2017 ESMA33-9-174 Opening Statement for ECON Scrutiny Hearing on CRA Regulation Statement PDF
154.31 KB
15/03/2019 ESMA33-5-735 ESMA statement on the endorsement of UK credit ratings in case of a no-deal Brexit , Statement PDF
122.54 KB
20/05/2020 ESMA32-63-972 Implications of the COVID-19 outbreak on the half-yearly financial reports , Statement PDF
111.97 KB