Thursday July 18 2019

News Source: Fund Regulation

Focus: MIFID and MIFIR

Type: General

Country: European Union




On 17th July 2019, the European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, issued a positive opinion on product intervention measures taken by the National Competent Authority (NCA) of the Czech Republic.

ESMA’s has issued an opinion on national product intervention measures from:

Background

NCAs may take product intervention measures in accordance with Article 42 of Regulation (EU) No 600/2014. At least one month before a measure is intended to take effect, an NCA must notify all other NCAs and ESMA of the details of its proposed measure and the related evidence, unless there is an exceptional case where it is necessary to take urgent action.

In accordance with Article 43 of Regulation (EU) No 600/2014, ESMA performs a facilitation and coordination role in relation to such product intervention measures taken by NCAs. After receiving notification from an NCA of its proposed measure, ESMA must adopt an opinion on whether the proposed measure is justified and proportionate. If ESMA considers that the taking of a measure by other NCAs is necessary, it must state this in its opinion.

The opinions that ESMA previously issued on proposed national product intervention measures are published on its website.

Click on the above link for further information.