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|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
|13/07/2017||ESMA35-43-748||Consultation Paper on guidelines on certain aspects of the MiFID II suitability requirements||MiFID - Investor Protection||Consultation Paper||PDF
|07/07/2017||ESMA70-145-127||Consultation paper on the evaluation of the short-selling regulation||Market Integrity, Short Selling||Consultation Paper||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
|19/06/2017||ESMA70-156-71||Consultation paper trading obligation for derivatives under MiFIR||MiFID - Secondary Markets||Consultation Paper||PDF
|31/03/2017||ESMA35-36-794||Q&A Relating to the provision of CFDs and other speculative products to retail investors under MiFID||MiFID - Investor Protection||Q&A||PDF
|19/12/2016||2016/1673||2016-1673 Q&A on MiFID II commodity derivatives topics||MiFID - Secondary Markets||Q&A||PDF
|10/11/2016||2016/1562||Consultation Paper- Draft RTS on package orders for which there is a liquid market||MiFID - Secondary Markets||Consultation Paper||PDF
|28/10/2016||2016/1529||Joint ESMA and EBA Guidelines on the assessment of the suitability of members of the management body and key function holders||Guidelines and Technical standards, MiFID - Investor Protection||Consultation Paper||PDF
|06/10/2016||2016/1440||Guidelines on the calibration, publication and reporting of trading halts||MiFID - Secondary Markets||Consultation Paper||PDF
|05/10/2016||2016/1437||Consultation Paper on Guidelines on the management body of market operators and data reporting services providers||MiFID - Secondary Markets||Consultation Paper||PDF
|05/10/2016||2016/1436||Consultation Paper on Draft guidelines on MiFID II product governance requirements||MiFID - Investor Protection||Consultation Paper||PDF
|03/10/2016||2016/1422||CP on RTS specifying the scope of the consolidated tape for non-equity financial instruments||MiFID - Secondary Markets||Consultation Paper||PDF
This consultation paper (CP) seeks stakeholders’ views on the draft Regulatory Technical Standard (RTS) ESMA is required to draft under Article 65(8)(c) of Directive 2014/65/EU with regard to the consolidated tape for non-equity instruments.
The input from stakeholders will help ESMA in finalising this draft RTS. Respondents to the consultations are encouraged to provide the relevant data to support their arguments or proposals.
Section 2 introduces the topic. Section 3 addresses the issue of specialisation of the CT, whereas section 4 discusses which trading venues and APAs should be mandatorily included in the CT. Finally, the CP ends with section 5 which discusses the inclusion of new trading venues and APAs to the CT as well as the removal of a trading venue or APA from the CT.
On the basis of the responses to this CP, ESMA will finalise the draft RTS and submit the final report to the European Commission for endorsement. The consultation closes on 5 December.
|30/09/2016||2016/1408||ESMA appoints new chairs to Standing Committees||Board of Supervisors, Fund Management, Market Integrity, MiFID - Investor Protection||Statement||PDF
The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed the following individuals to serve as chairs of its standing committees:
The standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States, and are responsible for the development of policy in their respective areas. The appointments are for a period of two years and commence with immediate effect.
|20/09/2016||2016/1389||Discussion Paper on the trading obligation for derivatives under MiFIR||MiFID - Secondary Markets||Consultation Paper||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
|02/06/2016||2016/902||MiFID practices for firms selling financial instruments subject to the BRRD resolution regime||MiFID - Investor Protection||Statement||PDF
|25/05/2016||2016/724||Requirements for reference data submission under Article 4 MAR||Market Abuse, Market Integrity||Statement||PDF
|01/04/2016||2016/419||Q&A Market Abuse Directive||Market Abuse||Q&A||PDF
|30/03/2016||2016/444||CP on MAR GL on information on commodities||Market Abuse||Consultation Paper||PDF