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