The FCA is approaching its design of the world’s first regulated private/public crossover market with a “private plus” rather than a “public minus” mindset.
By Mark Austin, Rob Moulton, James Inness, Anna Ngo, Frederick Gardner, and Johannes Poon
On 17 December 2024, the FCA launched a consultation on its proposed regulatory framework for the Private Intermittent Securities and Capital Exchange System (PISCES) (CP24/29). This consultation follows the publication of HM Treasury’s draft statutory
ESMA to introduce measures to restrict the provision of CFDs, and prohibit the provision of binary options, to retail investors in the EU.
By Nicola Higgs and Charlotte Collins
The European Securities and Markets Authority (ESMA) has announced the first use of its new product intervention powers under MiFID II. ESMA had announced before MiFID II came into force that it would introduce such measures, and had launched a brief call for evidence on its specific proposals on 18 January 2018. Despite receiving almost 18,500 responses to the proposals (many of which were presumably objections from the industry), ESMA has pressed ahead regardless, suggesting that the consultation was a mere formality.
The measures will introduce: