Regulatory Alerts2019-09-30
ESMA opinion under Article 43(2) MiFIR on product intervention measures relating to CFDs proposed by CySEC
The European Securities and Markets Authority issued an opinion on the Cyprus Securities and Exchange Commission's proposal to permanently restrict the sale of contracts for differences to retail clients following the expiry of ESMA's temporary measures. ESMA found the proposed national measures justified and proportionate, except for a variable level of protection that could undermine consistent investor safety across the Union. The Authority concluded that it is necessary for other Member States and the Central Bank of Cyprus to implement measures at least as stringent as the previous ESMA restrictions to prevent regulatory arbitrage and address significant investor protection concerns.
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