Page 614 - 《期货和衍生品行业监管动态》（2022年合集）

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 an opinion on a product intervention

measure on futures with additional payment obligations taken by the German

Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin).

ESMA’s opinion concludes that the proposed measure is justified and

proportionate.

In the opinion ESMA encourages NCAs to monitor futures with additional

payment obligations in their respective markets to assess whether similar risks for

retail investors as those identified by BaFin could arise there.

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.

https://www.esma.europa.eu/press-news/esma-news/esma-issues-opinion-product-inte
rvention-measure-futures-taken-germany

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