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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 Statement PDF
259.47 KB
30/01/2019 ESMA71-99-1095 New IMSC Chair , Statement PDF
85.59 KB
29/01/2016 2016/163 Opinion on CRR ITS final Letter PDF
105.66 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].

01/06/2017 ESMA71-99-466 Public Notice- Moody's Germany and Moody's United Kingdom Statement PDF
297.01 KB
07/03/2019 ESMA70-155-7253 Public Statement MiFIDII BMR provisions under a no deal Brexit , Statement PDF
333.6 KB
12/07/2019 ESMA70-156-1436 Public Statement MiFIR DTO , Statement PDF
116.79 KB
03/04/2020 ESMA34-39-969 Public Statement of Consultation Practices , Statement PDF
191.73 KB
20/06/2018 ESMA70-145-872 Public statement on LEI Statement PDF
134.89 KB
25/11/2011 2011/397 Public statement on sovereign debt in IFRS financial statements , , , Statement PDF
189.46 KB
20/03/2020 ESMA70-1556-2485 Public Statement Tick Sizes , Statement PDF
79.25 KB
19/03/2019 ESMA70-155-7329 Public Statement Trading Obligation Shares , Statement PDF
134.02 KB
11/08/2011 2011/266 Public statement- harmonised regulatory action on short-selling in the EU , Statement PDF
97.39 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
06/05/2020 ESMA35-43-2391 Reminder of firms’ MiFID II conduct of business obligations in the context of increasing retail investor activity , Statement PDF
118.75 KB
27/07/2012 2012/476 Reply of ESMA to the European Commission’s Green Paper on Shadow Banking Letter PDF
175.94 KB
24/09/2019 ESMA70-156-1616 Response to O. Guersent on the postponement first RTS 2 annual report Letter PDF
84.53 KB
29/05/2019 ESMA70-154-1204 Revised Public_ Statement_Trading_Obligation_Shares , Statement PDF
82.26 KB
26/03/2019 ESMA71-99-1136 SCSC Chair reappointed , Statement PDF
78.43 KB
20/06/2016 2016/940 Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016 , Statement PDF
235.65 KB