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

Metaverse Gaming NFT

Despite crypto winter, Fastex grabs $23.2 million in Fasttoken token sale

Fasttoken, part of the Fastex web3 ecosystem, has secured $23.2 million in financing through the private and public token sales of its native cryptocurrency Fasttoken (FTN).

Digital Assets

Iran to repay Russian debts in gold-backed stablecoins

A high-ranking member of the Russian parliament confirmed reports that his country was in talks with Iran to create a stablecoin for foreign trade settlements, to replace the dollar, ruble and Iranian rial.

Digital Assets

SEC denies Cathie Wood’s bitcoin ETF for second time

The approval of a regulated crypto derivative is still looking far less likely, as the US regulators have once again denied Cathie Wood’s application for a long-awaited spot bitcoin exchange-traded fund (ETF).

Executive Moves

Pavel Spirin promoted to Scope Markets CEO following Rostro acquisition

Belize-based FX and CFDs brokerage Scope Markets has promoted Pavel Spirin to take on an expanded role as the company’s chief executive officer. He replaces the outgoing CEO Jacob Plattner, who has also been a major shareholder since he resigned his position as managing director at GKFX.

Retail FX goes all-in on alternative investing, launches Rare Sneaker Portfolio

“The concept of curated Portfolios means that our members will be able to invest in categories like art, trading cards, royalties, and real estate without needing to become subject matter experts on individual assets.”

Industry News

State Street taps AWS and Microsoft for cloud and infrastructure solutions

“By standardizing and simplifying our technology operating model, we will be able to more quickly deploy client environments and launch new products and services, while continuing to enhance the resiliency of our technology environment and our business operations.”

Institutional FX

Bitpanda launches Investment-as-a-Service business for banks, fintechs, online platforms

“Financial institutions today have to ask themselves how they aim to cater the increasing demand for modern investing solutions. Building these Individually, means a high startup cost, and products that are often outdated before they are even launched.”

Institutional FX

Options expands market data feeds after partnership with Tools for Brokers

“Our integration with ACTIV Financial marked the beginning of a new era in market data availability and infrastructure. Our teams have come together to provide unparalleled, fully managed market data services alongside Options’ global connectivity and infrastructure.”

Industry News

Recruitment in financial services sector buoyant despite planned mass layoffs

“It remains to be seen what impact this will have on hiring levels within the financial services arena this quarter”, said APSCo, regarding the expected mass layoffs within the financial services sector in England & Wales.