The European Securities and Markets Authority (ESMA) has today issued four positive opinions on product intervention measures taken by the National Competent Authorities (NCAs) of Cyprus, France, Malta and Sweden. 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 has issued opinions on national product intervention measures from:
• The Cyprus Securities and Exchange Commission of Cyprus (CySEC) – Opinion on the proposed product intervention measure relating to binary options;
• The Autorité des Marchés Financiers of France (AMF) - Opinion on the proposed product intervention measure relating to binary options;
• The Malta Financial Services Authority of Malta (MFSA) - Opinion on the proposed product intervention measure relating to binary options; and,
• The Finansinspektionen of Sweden (FI) - Opinion on the 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.
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.
