ESMA LIBRARY

The ESMA Library contains all ESMA documents. Please use the search and filter options to find specific documents.
168
DOCUMENTS

REFINE YOUR SEARCH

Sections

Type of document

Your filters
MiFID - Investor Protection X MiFID - Secondary Markets X Careers X IAS Regulation X Final Report X Reference X Statement X
Reset all filters
Date Ref. Title Section Type Download Info Summary Related Documents Translated versions
06/10/2016 2016/1440 reply form Reply form for Guidelines on the calibration, publication and reporting of trading halts Reference DOCX
753.86 KB
10/10/2016 2016/1451 Final Report- Guidelines on transaction reporting, order record keeping and clock synchronisation under MiFID II , Final Report PDF
388.3 KB
13/10/2016 2016-IFRS IFRS Foundation and ESMA statement of protocols for cooperation on International Financial Reporting Standards , , Reference PDF
209.65 KB
31/10/2016 2016/1529 ANNEX Annex I- Template for the assessment of collective suitability , Reference XLSX
54.43 KB
10/11/2016 2013/68c Protocol on the operation of ESMA MiFID Database final , Reference PDF
333.11 KB
10/11/2016 2016/1562 REPLY FORM Reply Form for CP on draft RTS on package orders for which there is a liquid market Reference DOCX
774.65 KB
16/11/2016 2016-1573 ESMA response to the Commission Consultation on a potential EU personal pension framework Reference PDF
102.55 KB
16/01/2017 ESMA00-6-265 Briefing note on MiFID II technical data reporting requirements Reference PDF
146.74 KB
17/03/2017 ESMA 35-30-473 Call for expressions of interest- Consultative Working Group for ESMA’s IPISC 2017 Reference PDF
270.59 KB
17/03/2017 esma35-30-479 IPISC CWG Application form 2017 Reference DOCX
211.55 KB
04/04/2017 ESMA658-3153 FIRDS Transparency Non-Equity conditional completeness table Reference XLSX
44.35 KB
06/04/2017 ESMA70-872942901-17 Final report on Guidelines on the calibration of circuit breakers and the publication and reporting of trading halts under MiFID II Final Report PDF
887.97 KB
02/06/2017 ESMA35-43-620 Final report on guidelines on MiFID II product governance requirements Final Report PDF
713.52 KB
16/06/2017 Delegation agreement - SE/DK Delegation Agreement between Finanstilsynet and Finansinspektionen , Reference PDF
113.56 KB
19/06/2017 ESMA70-156-166 Response template consultation trading obligation MiFIR Reference DOCX
771 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].

07/09/2017 Delegation agreement - FI/DK Delegation Agreement between Finanssivalvonta and Finansinspektionen , Reference PDF
233.71 KB
15/09/2017 ESMA70-154-259 Procedure for exemption of MiFIR access provisions for trading venues as regards exchange-traded derivatives Reference PDF
201.65 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
28/09/2017 ESMA70-154-266 Guidelines on the management body of market operators and data reporting service providers , Final Report PDF
546.29 KB