ESMA issues positive opinions about restrictions on binaries, CFDs in Finland, Lithuania, and Spain

Maria Nikolova

The pan-European regulator has issued positive opinions on the proposed national product intervention measures in Finland, Lithuania and Spain.

The European Securities and Markets Authority (ESMA) continues to issue positive opinions about the proposed product intervention measures by National Competent Authorities (NCAs). The latest set of restrictions on the offering of CFDs and binaries to retail clients to get positive evaluation of ESMA come from Finland, Lithuania, and Spain.

In particular, ESMA’s positive opinions concern the CFD restriction measures proposed by Finland and Lithuania, as well as the proposed prohibition on the offering of binary options to retail investors in Finland, Lithuania, and Spain. There is barely anything surprising in the positive assessment by ESMA as the national measures outlined by Finanssivalvonta of Finland (FSA), Bank of Lithuania (LB) and Comisión Nacional del Mercado de Valores of Spain (CNMV) simply restate the product intervention measures already introduced by ESMA.

The NCAs are merely preparing for the moment when ESMA will stop renewing its measures, so that the same measures will remain in place at a national level.

Earlier in May, ESMA issued a positive opinion on proposed product intervention measures taken by Austria’s financial markets authority (Finanzmarktaufsicht or FMA). In April this year, ESMA issued positive opinions regarding the national product intervention measures introduced by three countries – Poland, the UK and the Netherlands.

In a recently published newsletter, the pan-EU watchdog made a brief remark regarding the cases where its opinion on the product intervention measures adopted by NCAs is negative.

“If ESMA concludes that a proposed national product intervention measure is not justified or proportionate it will say in its opinion. If an NCA proposes to take, or takes, action contrary to an opinion adopted by ESMA, the NCA shall immediately publish on its website a notice fully explaining its reasons for so doing”.

Read this next

Retail FX

ThinkMarkets expands CFDs lineup to over 4000 ETFs and shares

ThinkMarkets has expanded its service offering by incorporating 2500 new CFDs on shares and ETFs on its ThinkTrader platform.

Retail FX

France regulator warns investors of Omega Pro, Businessempire.fr

France’s financial markets regulator alerted investors that scams related to Omega Pro Ltd are beginning to circulate, with the blacklisted firm capitalizing on the situation to run a range of “unrealistic” offers.

Digital Assets

Web3 platform Grand Time paid $2 million in token earnings to date

Community-driven Web3 platform Grand Time said its offering – which includes a multifaceted platforms and its native token – has been gaining significant traction highlighted by impressive operational metrics.

Institutional FX

FX volumes at MOEX halved in April as ruble gains gorund

Currency trading at Moscow Exchange (MOEX) halted its upward route in April as monthly volumes nearly halved from a month earlier.

Digital Assets

FTX US adds stock trading, fractional shares to crypto platform

FTX US, the American subsidiary of crypto exchange FTX has kicked off stock trading feature to its customers in an effort to compete with popular platforms such as Robinhood and eToro.

Industry News

UK FCA empowered to remove brokers’ permissions in 28 days

Businesses with permissions they don’t need or use, risk misleading consumers. These new powers will enable us to take quicker action to cancel permissions that are not used or needed.

Industry News

CFTC charges $44m Ponzi scheme but millions may have fled to foreign crypto exchange

The CFTC alleged that defendants transferred millions of dollars to an off-shore entity that, in turn, may have transferred funds to a foreign cryptocurrency exchange. None of these funds were returned to the pool.

Technology

Saxo Bank deploys Adenza to address Basel and EBA requirements

The integration of ControllerView will enhance Basel-driven capital calculations and reporting at Saxo Bank in support of the bank’s multijurisdictional capital and liquidity reporting requirements throughout Denmark, Switzerland and UK, with plans to expand into the Netherlands.

Executive Moves

ComplySci appoints CTO, CPO, and CLO to further regtech’s product expansion

ComplySci offers compliance software used by more than 1400 global institutions to identify risk and address regulatory compliance challenges.

<