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|Date||Ref.||Title||Section||Type||Download||Info||Summary||Related Documents||Translated versions|
|16/01/2018||ESMA22-106-788||Summary of Conclusions Joint BoS SMSG meeting 8 November 2017||Securities and Markets Stakeholder Group||Summary of Conclusions||PDF
|04/12/2017||ESMA22-106-535||SMSG Report on Access to public capital markets for SMEs||Securities and Markets Stakeholder Group||Report||PDF
|01/12/2017||ESMA22-106-484||2018 SMSG application form||Board of Supervisors, Securities and Markets Stakeholder Group||Reference||DOCX
|01/12/2017||ESMA22-106-483||SMSG Expresssion of interest 30 November 2017||Board of Supervisors, Securities and Markets Stakeholder Group||Reference||PDF
|17/11/2017||ESMA22-106-475||Summary of Conclusions SMSG meeting 21 September 2017||Securities and Markets Stakeholder Group||Summary of Conclusions||PDF
|17/11/2017||ESMA22-106-474||SMSG Advice on Guidelines on certain aspects of the MiFID II suitability requirements||Securities and Markets Stakeholder Group||SMSG Advice||PDF
|13/11/2017||ESMA71-99-649||Press Release ICO Statements||Innovation and Products, Press Releases, Warnings and publications for investors||Press Release||PDF
|13/11/2017||ESMA50-157-828||ESMA alerts firms involved in Initial Coin Offerings (ICOs) to the need to meet relevant regulatory requirements||Innovation and Products, Warnings and publications for investors||Statement||PDF
|13/11/2017||ESMA50-157-829||ESMA alerts investors to the high risks of Initial Coin Offerings (ICOs)||Innovation and Products, Warnings and publications for investors||Statement||PDF
|23/10/2017||ESMA22-106-407||SMSG Advice- Response to the Public Consultation on Prospectus Regulation Level 2||Securities and Markets Stakeholder Group||SMSG Advice||PDF
|16/10/2017||ESMA22-106-135||Call for expression of interest- Academics and Financial Markets Participants||Board of Supervisors, Securities and Markets Stakeholder Group||Reference||PDF
|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
|13/09/2017||ESMA22-106-349||SoC Joint BoS and SMSG meeting 6 July 2017||Securities and Markets Stakeholder Group||Summary of Conclusions||PDF
|13/09/2017||ESMA22-106-348||SoC SMSG meeting on 6-7 July 2017||Securities and Markets Stakeholder Group||Summary of Conclusions||PDF
|19/07/2017||ESMA50-164-820||Regulatory Technology: Reshaping the Supervisor-Market Participant Relationship||Innovation and Products, Speeches||Speech||PDF
|05/07/2017||ESMA22-106-295||Summary of Conclusions SMSG meeting 27 April 2017||Securities and Markets Stakeholder Group||Summary of Conclusions||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
|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||Securities and Markets Stakeholder Group||Letter||PDF
|22/06/2017||ESMA22-106-265||SMSG Advice- Securities lending Report||Securities and Markets Stakeholder Group||SMSG Advice||PDF
|22/06/2017||ESMA22-106-264||SMSG Advice- Own Initiative Report Product Intervention||Securities and Markets Stakeholder Group||SMSG Advice||PDF