ESMA Backs Bans On Risky Products By National Watchdogs
Law360, London (June 27, 2019, 5:15 PM BST) -- Europe’s securities watchdog has approved bans and restrictions on speculative derivatives products proposed by national regulators in six European Union states, conceding that the rules are justified and proportionate to safeguard the bloc’s retail investors.
The European Securities and Markets Authority agreed Wednesday that national watchdogs in Germany, Bulgaria, Denmark, Latvia and Greece can permanently ban online trading platforms from selling binary options to less-experienced retail investors. ESMA also said that regulators can permanently restrict companies from selling contracts for differences to retail investors in Spain, Latvia and Greece so that investors cannot lose more money than they put in.
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