argomento: News del mese - Diritto Internazionale e Comunitario

Articoli Correlati: ESMA - BaFin - futures with additional payment obligations

On October 26^th, 2022, the European Securities and Markets Authority (ESMA), the EU’s financial markets regulator and supervisor, published a new opinion on a decision made by the German financial authority, namely the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), concerning a product intervention measure on futures with additional payment obligations. In the opinion ESMA legitimizes the new measure and encourages local NCAs to increase the control on futures with additional payment obligations in their respective markets; this operation could indeed help NCAs to verify whether their markets are subject to the same for retail investors. ESMA also observes that NCAs have the power to intervene in these situations in accordance with Article 42 of Regulation (EU) No 600/2014 and they have to notify all other NCAs and ESMA of the details of its proposed measure and the related evidence, unless in cases of urgency. After having received such 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.