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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|20/12/2017||ESMA65-8-5257||Instructions on download and use of double volume cap results files||MiFID - Secondary Markets||Reference||PDF
|20/12/2017||ESMA65-8-5240||FIRDS Instructions on download and use of full and delta transparency results files||MiFID - Secondary Markets||Reference||PDF
|20/12/2017||ESMA70-145-401||ESMA statement for smooth implementation of LEI||MiFID - Secondary Markets||Statement||PDF
|19/12/2017||ESMA70-156-185||Template for reporting circuit breakers parameters to ESMA||MiFID - Secondary Markets||Reference||XLSX
|19/12/2017||ESMA70-156-181||Procedure for reporting of circuit breakers’ parameters by NCAs to ESMA||MiFID - Secondary Markets||Reference||PDF
|15/12/2017||ESMA71-99-910||Statement on preparatory work of the European Securities and Markets Authority in relation to CFDs and binary options offered to retail clients||MiFID - Investor Protection, Warnings and publications for investors||Statement||PDF
|06/12/2017||ESMA71-99-669||ESMA MIFID and MAR Data Systems||Market Abuse, Market Integrity, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC||Reference||PDF
|04/12/2017||ESMA31-69-163 FORM||Application form for CFSC CWG||Corporate Disclosure, Corporate Finance||Reference||DOCX
|04/12/2017||ESMA31-69-163||Call for expressions of interest for the Consultative Working Group of ESMA’s Corporate Finance Standing Committee (CFSC)||Corporate Disclosure, Corporate Finance||Reference||PDF
|06/11/2017||ESMA50-165-422||The impact of charges on mutual fund returns- correction||Fund Management, Joint Committee, Risk Analysis & Economics - Markets Infrastructure Investors||Reference||PDF
ERRATUM - In the original version of this document published on 19 October 2017 in table V.3 on page 4, the values in the last four rows of column five were accidentally misreported. For this reason, ESMA now provides a corrected version, including the corrected values and a footnote pointing to the initial mistake.
ESMA carried out a first analysis on fund performance measures, developing initial metrics to analyse the impact of ongoing fees, one-off charges and inflation on the returns of mutual funds. Key preliminary results for the EU fund industry show: Substantial reduction in net returns available to investors, especially in the retail sector and weakly cost- or price-sensitive investment decisions by retail investors
On average ongoing fees and one-off charges and inflation-reduced returns available to investors by 29% of gross returns between 2013 and 2015. These reductions apply to all market segments, while varying across jurisdictions, asset classes and client types. Relative return reductions range from 11% for passive equity fund shares to 44% for retail fund shares in bond mutual funds. Relative and absolute return reductions for actively managed and retail fund shares tend to exceed those of passively managed and institutional fund shares. Despite the impact of fees and charges on the net outcome to investors, these do not seem to be reflected in investor choices.
|19/10/2017||Ares(2017)5008790||European Commission request to ESAs to issue recurrent reports- CMU action||Fund Management, Joint Committee||Reference||PDF
|19/10/2017||ESMA50-165-421||EU derivatives markets ─ a first-time overview||MiFID - Secondary Markets, Post Trading, Risk Analysis & Economics - Markets Infrastructure Investors, Trade Repositories||Reference||PDF
|16/10/2017||ESMA65-8-5046||FIRDS- Instructions on access and download of full and delta reference data files||ITMG, Market Integrity, MiFID - Secondary Markets, MiFID II: Transparency Calculations and DVC||Reference||PDF
|09/10/2017||ESMA70-145-238||Legal Entity Identifier- Briefing Note||MiFID - Secondary Markets||Reference||PDF
|02/10/2017||ESMA71-99-608||Annex (Template for the Assessment of Collective Suitability)||Guidelines and Technical standards, MiFID - Investor Protection||Reference||XLSX
|29/09/2017||ESMA71-99-602||ESMA appoints new chairs to Standing Committees||Board of Supervisors, Corporate Disclosure, Corporate Finance, Corporate Information, Innovation and Products, Market Integrity, MiFID - Secondary Markets, Post Trading||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
|15/09/2017||ESMA70-154-259||Procedure for exemption of MiFIR access provisions for trading venues as regards exchange-traded derivatives||MiFID - Secondary Markets||Reference||PDF
|07/09/2017||Delegation agreement - FI/DK||Delegation Agreement between Finanssivalvonta and Finansinspektionen||MiFID - Investor Protection, MiFID - Secondary Markets||Reference||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