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Aki Corsoni-Husain
Aki Corsoni-Husain
  • Aki Corsoni-Husain

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
Jermaine Case
Jermaine Case
  • Jermaine Case

  • Associate
  • British Virgin Islands
Chiara Deceglie
Chiara Deceglie
  • Chiara Deceglie

  • Partner
  • Luxembourg
Massimiliano della Zonca
Massimiliano della Zonca
  • Massimiliano della Zonca

  • Senior Associate
  • Luxembourg
Philip Graham
Philip Graham
  • Philip Graham

  • Partner
  • British Virgin Islands
Ayana Hull
Ayana Hull
  • Ayana Hull

  • Counsel
  • British Virgin Islands
Katerina Katsiami
Katerina Katsiami
  • Katerina Katsiami

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Senior Associate
  • British Virgin Islands
Mirza Manraj
Mirza Manraj
  • Mirza Manraj

  • Counsel
  • Hong Kong
Elina Mantrali
Mirza Manraj
  • Elina Mantrali

  • Associate
  • Cyprus
Vanessa Molloy
Vanessa Molloy
  • Vanessa Molloy

  • Partner
  • Luxembourg
Andrea Moundi Savvides
Andrea Moundi Savvides
  • Andrea Moundi Savvides

  • Associate
  • Cyprus
Marina Stavrou
Marina Stavrou
  • Marina Stavrou

  • Associate
  • Cyprus
Matt Taber
Matt Taber
  • Matt Taber

  • Partner
  • Cayman Islands
Carolynn Vivian
Carolynn Vivian
  • Carolynn Vivian

  • Senior Associate
  • Cayman Islands

ESMA issues opinion on national product intervention measures issued by Cyprus

On 30 September 2019, ESMA issued an opinion on the national product intervention measures, in response to the Cyprus Securities and Exchange Commission’s announcement on 27 September.

Cyprus national product intervention measures

The proposed Cyprus national product intervention measures broadly reflect the temporary intervention measures which ESMA had previously taken under MiFIR restricting the marketing, distribution or sale to retail clients of contracts for difference (CFDs). The last of these measures expired on 31 July 2019. CySEC notified ESMA of the proposed national measures one month after ESMA’s measures expired and they are expected to take effect from 2 October 2019.

CySEC notified ESMA that the proposed national measures are the same as the expired measures at national level except that they:

  1. do not apply to CFD providers that are credit institutions authorised under the EU Capital Requirements Directive 2013/36/EU (CRD IV);
  2. vary the level of protection provided to retail clients that are resident of other Member States in which a product intervention measure relating to CFDs applies; and
  3. include minor amendments to the standard risk warnings.

ESMA’s input

ESMA’s opinion concludes that: 

  1. the national measures are justified and proportionate except for the variable level of protection;
  2. it is necessary for the national competent authorities of other Member States to take product intervention measures that are at least as stringent as ESMA’s measures; and
  3. it is necessary for the Central Bank of Cyprus to take product intervention measures that are at least as stringent as ESMA’s measures in respect of the marketing, distribution or sale of CFDs by credit institutions in or from Cyprus.

CySEC’s announcement is available here.

ESMA’s opinion is available here.