Page 35 - 期货和衍生品行业监管动态（2023年4月）

期货和衍生品行业监管动态

该声明还提醒投资公司：

 向客户提供的这些工具的所有信息应是公平、清晰且不具有误导性，投资公

司必须清楚地披露所有与之相关的所有直接和间接成本和费用；

 作为衍生品，这些工具是复杂的产品，这也决定了目标市场客户人群将较小；

以及

 由于衍生品是复杂金融工具，在提供非建议性服务时需要进行适当性评估。

ESMA Publishes Guidance on Fractional Shares (2023/3/28)

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

markets regulator and supervisor, has issued today a Public Statement addressing

investor protection concerns raised by derivatives on fractions of shares.

The statement highlights that derivatives on fractions of shares are not corporate

shares, and therefore firms should not use the term fractional shares when referring to

these instruments. Additionally, in line with the obligation to make clients reasonably

able to understand the nature and risks of the specific type of financial instrument, firms

should make clear to the investor that they are buying a derivative instrument.

The statement also reminds firms that:

 All information provided to clients on these instruments shall be fair, clear, and not

misleading and that firms must clearly disclosed all direct and indirect costs and
charges relating to them;

 As derivatives, these instruments are complex products, and this is expected to

result in a narrow target market of clients; and

 As derivatives are complex financial instruments, an appropriateness assessment

needs to be carried out where non-advised services are provided.

https://www.esma.europa.eu/press-news/esma-news/esma-publishes-guidance-

fractional-shares

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