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|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
|19/07/2017||ESMA50-164-820||Regulatory Technology: Reshaping the Supervisor-Market Participant Relationship||Innovation and Products, Speeches||Speech||PDF
|26/07/2017||ESMA32-62-91||Comment letter to the IAASB on ISA 540 Auditing accounting estimates||Audit, Corporate Disclosure||Letter||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
|27/10/2017||ESMA71-99-623||Press Release on 2017 Enforcement Priorities||Audit, Corporate Disclosure, IFRS Supervisory Convergence, Press Releases||Press Release||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
|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||ESMA71-99-649||Press Release ICO Statements||Innovation and Products, Press Releases, Warnings and publications for investors||Press Release||PDF
|18/12/2017||ESMA 71-99-671||Briefing note- Preparing for 2020: ESEF field tests and reporting manual||European Single Electronic Format||Reference||PDF
|18/12/2017||ESMA32-60-204||Final report on the RTS on the European Single Electronic Format||European Single Electronic Format||Final Report||PDF
|18/12/2017||ESMA 71-99-670||New rules make EU issuers’ annual financial reports machine-readable||European Single Electronic Format||Press Release||PDF
|19/12/2017||ESMA33-128-33||Consultation_Paper_STS notification||Securitisation||Consultation Paper||PDF
|19/12/2017||ESMA71-99-916||ESMA consults on securitisation requirements||Press Releases, Securitisation||Press Release||PDF
|19/12/2017||ESMA33-128-107 response form||Response form- Consultation Paper on disclosure and operational standards||Securitisation||Reference||DOCX
|19/12/2017||ESMA33-128-33 response form||Response form- Consultation Paper STS notification||Securitisation||Reference||DOCX
|19/12/2017||ESMA33-128-108 response form||Response form- Consultation Paper Third-Party Firm STS Verification Application||Securitisation||Reference||DOCX
|22/02/2018||ESMA-180219||ESMA’s consultation papers on draft regulatory standards under the securitisation regulation||Securitisation||Reference||PDF
|27/02/2018||ESMA71-319-70||Afore Consulting’s Second Annual FinTech and Digitalisation Conference: Regulation at the European Level and Beyond – Stanhope Hotel Brussels||Innovation and Products, Speeches||Speech||PDF