Thursday July 25 2019


News Source: Fund Regulation

Focus: General - Fund Regulation

Type: General

Country: European Union



On 24th July 2019, the European Securities and Markets Authority (ESMA) issued four positive opinions on product intervention measures taken by the National Competent Authorities (NCAs) of Bulgaria, Denmark and Croatia.

ESMA’s opinion finds that the proposed measures are justified and proportionate and that it is necessary for NCAs of other Member States to take product intervention measures that are at least as stringent as ESMA’s measures.

ESMA’s has issued four opinions on national product intervention measures from:

The Finanstilsynet of Denmark regarding proposed product intervention measures relating to contracts for differences;

  • The Financial Supervision Commission of Bulgaria (FSC) regarding proposed product intervention measures relating to contracts for differences;
  • The Hrvatska agencija za nadzor financijskih usluga of Croatia (HANFA) regarding proposed product intervention measures relating to contracts for differences; and
  • The Hrvatska agencija za nadzor financijskih usluga of Croatia (HANFA) regarding proposed product intervention measure relating to binary options.

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.

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.