ESMA issues an opinion on product intervention measures by the Czech Republic
The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, has today issued a positive opinion on product intervention measures taken by the National Competent Authority (NCA) of the Czech Republic.
ESMA’s has issued an opinion on national product intervention measures from:
- The Česká Národní Banka of the Czech Republic (CNB) - Opinion on the proposed product intervention measures relating to contracts for differences
NCAs may take product intervention measures in accordance with Article 42 of Regulation (EU) No 600/2014. At least one month before a measure is intended to take effect, an NCA must notify all other NCAs and ESMA of the details of its proposed measure and the related evidence, unless there is an exceptional case where it is necessary to take urgent action.
In accordance with Article 43 of Regulation (EU) No 600/2014, ESMA performs a facilitation and coordination role in relation to such product intervention measures taken by NCAs. After receiving notification from an NCA of its proposed measure, ESMA must adopt an opinion on whether the proposed measure is justified and proportionate. If ESMA considers that the taking of a measure by other NCAs is necessary, it must state this in its opinion.
The opinions that ESMA previously issued on proposed national product intervention measures are published on its website.