Regulatory Alerts2019-07-31
ESMA opinion on product intervention measures relating to CFDs proposed by the Magyar Nemzeti Bank of Hungary
The European Securities and Markets Authority issued an opinion on the permanent restriction on the marketing, distribution, or sale of contracts for differences to retail clients proposed by the Magyar Nemzeti Bank of Hungary. ESMA concluded that the proposed national measures are not justified and proportionate because they apply only to individual decrees for Hungarian providers, failing to ensure an effective level of protection for retail clients against cross-border providers. Consequently, ESMA determined that it is necessary for national competent authorities in other Member States to take product intervention measures that are at least as stringent as ESMA's existing temporary measures.
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