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Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
30/06/2017 ESMA70-156-165 ESMA opinion on ancillary activity under MiFID II – market size calculation Opinion PDF
276.87 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].

28/06/2017 ESMA32-60-196 Call for volunteers- Field test European Single Electronic format (ESEF) , Reference PDF
251.41 KB
28/06/2017 ESMA70-156-158 Letter to co-legislators on MiFID II implementation Letter PDF
124.39 KB
27/06/2017 ESMA70-872942901-63 Guidelines on calibration of circuit breakers and publication of trading halts under MiFID II , Guidelines & Recommendations PDF
272.82 KB
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26/06/2017 ESMA22-106-272 Joint Statement by BSG, IRSG, OPSG and SMSG on European Commission's Consultation on the operation of the ESAs Letter PDF
596.33 KB
22/06/2017 ESMA22-106-265 SMSG Advice- Securities lending Report SMSG Advice PDF
141.55 KB
22/06/2017 ESMA22-106-264 SMSG Advice- Own Initiative Report Product Intervention SMSG Advice PDF
1.08 MB
21/06/2017 ESMA70-393682164-33 Call for expressions of interest for the Consultative Working Group of ESMA's Post Trading Standing Committee Reference PDF
262.49 KB
21/06/2017 ESMA70-393682164-34 Application Form for the Consultative Working Group of ESMA’s Post Trading Standing Committee Reference DOCX
36.91 KB
20/06/2017 WP12017 ESMA working paper on collateral scarcity premia in Euro area repo markets Reference PDF
1.01 MB
19/06/2017 ESMA70-156-166 Response template consultation trading obligation MiFIR Reference DOCX
771 KB
19/06/2017 ESMA70-156-71 Consultation paper trading obligation for derivatives under MiFIR Consultation Paper PDF
1.08 MB
19/06/2017 ESMA22-106-216 Summary of Conclusions Board of Supervisors meeting 29/03/2017 Summary of Conclusions PDF
322 KB
16/06/2017 Delegation agreement - SE/DK Delegation Agreement between Finanstilsynet and Finansinspektionen , Reference PDF
113.56 KB
14/06/2017 ESMA20-95-590 Annual Report 2016 , , Annual Report PDF
2.94 MB

Corrigendum - date on the letter of assurance from the Executive Director on p81 had inadvertently been dated 14 June 2017, when the letter was signed on 2 June 2017. The date has been amended accordingly

14/06/2017 ESMA50-165-331 ESMA Risk Dashboard 1Q2107 Report PDF
744.43 KB
12/06/2017 ESMA70-146-10 Opinion on CNMV emergency measure under the Short Selling Regulation Opinion PDF
181.85 KB
08/06/2017 ESMA70-151-298 Guidelines on CSD access to trading feeds of CCPs and TVs , Guidelines & Recommendations PDF
190.81 KB
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08/06/2017 ESMA70-151-294 Guidelines on CSD participant default rules , Guidelines & Recommendations PDF
369.38 KB
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