MiFID - Investor Protection X MiFID - Secondary Markets X Careers X CESR Archive X Statement X Technical Standards X
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
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[1] 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[2].
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[3].
[1] ESMA35-36-794 Q&A - Relating to the provision of CFDs and other speculative products to retail investors under MiFID published 31 March 2017 |
[2] ESMA/2016/1166 Warning about CFDs, binary options and other speculative products published 25 July 2016
[3] MiFIR Product Intervention Powers – Frequently Asked Questions
28/02/2017 ESMA70-872942901-21 - annex Final Draft RTS on packaged orders MiFID - Secondary Markets Technical Standards PDF
09/02/2017 ESMA70-872942901-3 Revised ESMA draft MiFID ITS — position reporting of commodity derivatives MiFID - Secondary Markets Technical Standards PDF
30/09/2016 2016/1408 ESMA appoints new chairs to Standing Committees Board of Supervisors, Fund Management, Market Integrity, MiFID - Investor Protection Statement PDF
The Board of Supervisors of the European Securities and Markets Authority (ESMA) has appointed the following individuals to serve as chairs of its standing committees:
Hannelore Lausch, Executive Director of the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), Germany, will chair the Market Data Standing Committee;
Cyril Roux, Deputy Governor of the Central Bank of Ireland (CBI, will chair the Investment Management Standing Committee; and
Merel van Vroonhoven, Chair of the Autoriteit Financiële Markten (AFM), Netherlands, will chair the Investor Protection and Intermediaries Standing Committee.
The standing committees are expert groups drawn from ESMA staff and the national competent authorities for securities markets regulation in the Member States, and are responsible for the development of policy in their respective areas. The appointments are for a period of two years and commence with immediate effect.
20/06/2016 2016/940 Statement by Steven Maijoor at ECON MiFID II/MiFIR Scrutiny Session, 21 June 2016 Speeches, MiFID - Secondary Markets Statement PDF
02/06/2016 2016/902 MiFID practices for firms selling financial instruments subject to the BRRD resolution regime MiFID - Investor Protection Statement PDF
28/09/2015 2015-ESMA-1464 Final Report- draft RTS and ITS on MIFID II and MiFIR MiFID - Secondary Markets Technical Standards PDF
30/06/2015 2015/1006 Final Report on MiFID II-MiFIR draft technical standards on authorisation, passporting, registration of third country firms and cooperation between competent authorities MiFID - Investor Protection Technical Standards PDF
19/12/2014 2014/1571 Final Report on draft Implementing Technical Standards on main indices and recognised exchanges under the Capital Requirements Regulation MiFID - Secondary Markets Technical Standards PDF
281.16 KB The European Securities and Markets Authority (ESMA) has developed draft Implementing Technical Standards specifying main indices and recognised exchanges as required under Paragraph 8 of Article 197 of Regulation (EU) 575/2013 (Capital Requirements Regulation). These have now been submitted to the European Commission submitted for endorsement of the draft ITS.It has 3 months to make this decision.
24/07/2012 2011/39 Update on measures adopted by competent authorities on short selling CESR Archive Statement PDF
287.67 KB This is the PDF version of the statement. Please also see the word version of the statement which contains all links to the measures curretly in place.
26/10/2010 10-1083 Follow-up Statement on Application of Disclosure Requirements Related to Financial Instruments in the 2009 Financial Statements CESR Archive Statement PDF
15/07/2009 09-575 Statement on the application of and disclosures related to the reclassification of financial instruments CESR Archive Statement PDF
07/01/2009 08-937 CESR statement on the reclassification of financial instruments and other related issues CESR Archive Statement PDF
21/10/2008 08-839 Joint statement from CESR, CEBS and CEIOPS Regarding the latest developments in accounting CESR Archive Statement PDF
03/10/2008 08-713b CESR statement- Fair value measurement and related disclosures of financial instruments in illiquid markets CESR Archive Statement PDF