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

  • Partner
  • Cyprus
George Apostolou
George Apostolou
  • George Apostolou

  • Partner
  • Cyprus
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
Petros Kiteos
Petros Kiteos
  • Petros Kiteos

  • Associate
  • Cyprus
Andrew Knight
Andrew Knight
  • Andrew Knight

  • Partner
  • Luxembourg
Evi Koutsioumpa
Evi Koutsioumpa
  • Evi Koutsioumpa

  • Senior Associate
  • Luxembourg
Joshua Mangeot
Joshua Mangeot
  • Joshua Mangeot

  • Counsel
  • 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

CySEC issues response to ESMA Opinion on national restrictions on CFDs

On 30 September 2019, the Cyprus Securities and Exchange Commission issued a response to ESMA’s opinion on CySEC’s proposed national measures restricting how contract for differences (CFDs) are sold to retail consumers.

In its response, CySEC states that it has tailored the national product intervention measures (NPIMs) in a way that enables incorporation of the content of the NPIMs taken by other National Competent Authorities as concerns firms which fall under CySEC’s supervision but distribute or sell such CFDs in the territory of another Member State.

Following a limited number of National Competent Authorities across the European Union adopting measures which substantially differ from the ESMA measures, CySEC has opted for a territorial approach to the Cyprus NPIMs for the provision of services on a cross-border basis to residents of other Member States. The purpose of this is to avoid the interpretation and legal risks that might arise from the divergence of rules between European National Competent Authorities.

CySEC firmly believes its approach is justified and proportionate and will provide to the residents of the specific Member States the same level of protection afforded to them by the measures introduced by the NCA of their respective Member State.

We previously provided an update on CySEC’s proposed measures here.

CySEC’s response can be found here.