REFINE YOUR SEARCH
Type of document
|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|02/06/2016||2016/902||MiFID practices for firms selling financial instruments subject to the BRRD resolution regime||MiFID - Investor Protection||Statement||PDF
|30/01/2019||ESMA71-99-1095||New IMSC Chair||Board of Supervisors, Fund Management||Statement||PDF
|29/01/2016||2016/163||Opinion on CRR ITS final||MiFID - Secondary Markets||Letter||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
|01/06/2017||ESMA71-99-466||Public Notice- Moody's Germany and Moody's United Kingdom||Board of Supervisors||Statement||PDF
|07/03/2019||ESMA70-155-7253||Public Statement MiFIDII BMR provisions under a no deal Brexit||Brexit, MiFID - Secondary Markets||Statement||PDF
|12/07/2019||ESMA70-156-1436||Public Statement MiFIR DTO||MiFID - Secondary Markets, Post Trading||Statement||PDF
|03/04/2020||ESMA34-39-969||Public Statement of Consultation Practices||Board of Supervisors, Corporate Information||Statement||PDF
|20/06/2018||ESMA70-145-872||Public statement on LEI||MiFID - Secondary Markets||Statement||PDF
|25/11/2011||2011/397||Public statement on sovereign debt in IFRS financial statements||Corporate Disclosure, Corporate Governance, IFRS Supervisory Convergence, Press Releases||Statement||PDF
|20/03/2020||ESMA70-1556-2485||Public Statement Tick Sizes||COVID-19, MiFID - Secondary Markets||Statement||PDF
|19/03/2019||ESMA70-155-7329||Public Statement Trading Obligation Shares||Brexit, MiFID - Secondary Markets||Statement||PDF
|11/08/2011||2011/266||Public statement- harmonised regulatory action on short-selling in the EU||Short Selling, Press Releases||Statement||PDF
|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||MiFID - Secondary Markets||Statement||PDF
|06/05/2020||ESMA35-43-2391||Reminder of firms’ MiFID II conduct of business obligations in the context of increasing retail investor activity||COVID-19, MiFID - Investor Protection||Statement||PDF
|27/07/2012||2012/476||Reply of ESMA to the European Commission’s Green Paper on Shadow Banking||MiFID - Investor Protection||Letter||PDF
|24/09/2019||ESMA70-156-1616||Response to O. Guersent on the postponement first RTS 2 annual report||MiFID - Secondary Markets||Letter||PDF
|29/05/2019||ESMA70-154-1204||Revised Public_ Statement_Trading_Obligation_Shares||Brexit, MiFID - Secondary Markets||Statement||PDF
|26/03/2019||ESMA71-99-1136||SCSC Chair reappointed||Board of Supervisors, Supervisory convergence||Statement||PDF
|20/06/2016||2016/940||Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016||Speeches, MiFID - Secondary Markets||Statement||PDF