Questions and Answers - European Securities and Markets Authority
Jul 25, 2016 - 10. The content of this document is not exhaustive and it does not constitute new policy. ..... clients is how the firm will meet its MiFID obligations to deliver best ... to retail clients in host Member State(s). c. .... Website design; b.
Questions and Answers Relating to the provision of CFDs and other speculative products to retail investors under MiFID
25 July 2016 | ESMA/2016/1165
Date: 12 July 2016 ESMA/2016/1165
ESMA • CS 60747 – 103 rue de Grenelle • 75345 Paris Cedex 07 • France • Tel. +33 (0) 1 58 36 43 21 • www.esma.europa.eu
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Table of Contents 1
Background .................................................................................................................... 4 MiFID and MiFID II ............................................................................................................. 4 The provision of CFDs and other speculative products to retail investors........................... 4
Status ............................................................................................................................. 6
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Questions and answers .................................................................................................. 6
Section 1: Authorisation of firms offering CFDs and other speculative products to retail investors .............................................................................................................................. 7 Question 1 ......................................................................................................................... 8 Question 2 ........................................................................................................................15 Section 2: Conflicts of interest arising from business models that may be adopted by firms offering speculative products to retail investors ...................................................18 Question 1 ........................................................................................................................19 Question 2 ........................................................................................................................22 Question 3 ........................................................................................................................24 ***New*** Section 3: Information provided to clients and potential clients about the functioning of CFDs and other speculative products, including marketing communications .................................................................................................................28 ***New*** Question 1 ........................................................................................................29 ***New*** Question 2 ........................................................................................................35 ***New*** Question 3 ........................................................................................................37 ***New*** Section 4: The assessment of appropriateness when offering CFDs or other speculative products to retail investors ...........................................................................39 ***New*** Question 1 ........................................................................................................40 ***New*** Question 2 ........................................................................................................44 ***New*** Question 3 ........................................................................................................45 ***New*** Question 4 ........................................................................................................46 ***New*** Section 5: Factors for NCAs to take into account when considering commercial arrangements between two authorised firms that result in the offer of CFDs or other speculative products to retail clients .................................................................49 ***New*** Question 1. ...............................................................
May 27, 2016 - A standard confidentiality statement in an email ... by a benchmark or with investment funds whose performances are measured by means of a.
May 27, 2016 - ESMA will consider all comments received by 30 June 2016. ..... that are: a) Made available to users, whether free of charge or for payment; ...... In the domain of financial stability, the draft technical advice suggests to compare th
Oct 6, 2016 - following email address: [email protected] However .... Marketing of an EU feeder AIF with a non-EU master ...... party (e.g. an administrator which is not an affiliate of the depositary) the cash flow.
Oct 10, 2016 - 6.14.4 How to register an execution in a RFQ system . ..... If the transaction in the first example of 5.2.1 took place on Trading Venue M ...... should undertake best efforts to obtain the most accurate date time. ...... system, the a
Sep 1, 2017 - short selling in case of a significant decline in prices and 2) transparency of ... However, that competent authority should be reluctant to use this.
Abuse Regulation which also apply to issuers whose securities are admitted to trading on a regulated market in a EU Member State. Q2: Do you agree that the ESMA [draft] guidelines should apply to APMs included in: a) financial statements prepared in
Eumedion is the Dutch based corporate governance forum for institutional investors. ... framework (e.g. EBIT, EBITDA, free cash flow, underlying profit, net debt, etc.); ... the [draft] guidelines will improve transparency, neutrality and comparabili
European Securities and Markets Authority. 103 Rue de Grenelle. 75007 PARIS. FRANCE. Submitted by e-mail. Subject: Eumedion's response to ESMA's consultation on draft Regulatory Technical. Standards (RTS) under the revised Transparency Directive (ESM
Dec 22, 2015 - pitfalls, and where necessary take corrective action in order to observe regulatory and compliance standards. The key findings are as follows: 1.
requirement under a state sex offender registration program. 7. Under portability, can a ..... program, visit the HPRP website at http://www.hudhre.info/HPRP/. 2.
