Page 51 - 期货和衍生品行业监管动态（2026年2月）

期货和衍生品行业监管动态

The European Securities and Markets Authority (ESMA), the EU’s financial

markets regulator and supervisor, has issued a statement reminding firms of their

obligation to assess whether newly offered products fall within the scope of existing

product intervention measures on contracts for differences (CFDs).

The statement responds to the increased offering of derivatives, often marketed

as perpetual futures or perpetual contracts, that provide leveraged exposure to

underlying values, including crypto-assets such as Bitcoin. These financial

instruments are likely to fall within the scope of the existing national product

intervention measures on CFDs adopted by national competent authorities.

Where these derivatives meet the definition of a CFD, they are subject to the

applicable product intervention requirements, including leverage limits, a mandatory

risk warning, a margin close-out and negative balance protection, and the prohibition

of monetary and non-monetary benefits.

The statement also reminds firms that:

 given their complexity, derivatives require a narrow target market, supported
by an aligned distribution strategy

 when providing non-advised services, an appropriateness assessment must
be carried out in accordance with the relevant requirements for complex

financial instruments; and

 firms should take appropriate steps to identify, prevent, or manage conflicts

of interest that may arise from the offering of these products.

https://www.esma.europa.eu/press-news/esma-news/esma-reminds-firms-their-obligat

ions-under-cfd-product-intervention-measures

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