The Securities and Exchange Commission of Cyprus’ latest proposed rules have gotten a green light from the top EU regulator.
The European Securities and Markets Authority (ESMA) has stated the new rules regarding product intervention measures relating to contracts for differences proposed by the Securities and Exchange Commission of Cyprus are justified and proportionate.
These measures consist of permanent restricting the marketing, distribution or sale to retail.
Securities and Exchange Commission of Cyprus has stated that he national measures are the same as ESMA’s measures at national level except that the national measures do not apply to CFD providers that are credit institutions authorized under Directive 2013/36/EU of the European Parliament and of Council, that they vary the level of protection provided to retail clients that are resident of other EU member states in which a product intervention measure relating to CFDs applies and include minor amendments to the standard risk warnings.
The national measures are expected to take effect on Wednesday October 2, this year.
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