ESMA issues positive opinions on product intervention measures by Ireland, Italy, Luxembourg and Portugal
The European Securities and Markets Authority (ESMA) has today issued eight positive opinions on product intervention measures taken by the National Competent Authorities (NCAs) of Italy, Portugal, Ireland and Luxembourg. ESMA’s opinion finds that the proposed measures are justified and proportionate and that it is necessary for NCAs of other Member States to take product intervention measures that are at least as stringent as ESMA’s measures.
ESMA has issued opinions on national product intervention measures from:
- Commissione Nazionale per le Società e la Borsa of Italy (CONSOB) - Opinion on the proposed product intervention measure relating to binary options;
- Commissione Nazionale per le Società e la Borsa of Italy (CONSOB) - Opinion on the proposed product intervention measures relating to contracts for differences;
- Comissão do Mercado de Valores Mobiliários of Portugal (CMVM) - Opinion on the proposed product intervention measure relating to binary options;
- Comissão do Mercado de Valores Mobiliários of Portugal (CMVM) - Opinion on the proposed product intervention measures relating to contracts for differences;
- Central Bank of Ireland (CBI) - Opinion on the proposed product intervention measure relating to binary options;
- Central Bank of Ireland (CBI) - Opinion on the proposed product intervention measures relating to contracts for differences;
- Commission de Surveillance du Secteur Financier of Luxembourg (CSSF) – Opinion on the proposed product intervention measure relating to binary options; and
- Commission de Surveillance du Secteur Financier of Luxembourg (CSSF) - Opinion on the proposed product intervention measures relating to contracts for differences.
Background
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.