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Parliamentary questions
17 May 2018
E-001131/2018
Answer given by Vice-President Dombrovskis on behalf of the Commission

The Commission is fully aware of this matter and has contacted the Cyprus Securities and Exchange Commission (CySEC) about the enforcement measures taken with respect to the IronFX complaints. In response, CySEC provided information on the enforcement actions it has undertaken, on the monitoring activities following the enforcement actions and on general, industry-wide actions carried out.

On 3 January 2018, the revised Markets in Financial Instrument Directive (MiFID II) rulebook(1) entered into application. It significantly strengthens the rules for investment firms by requiring diversification of client funds deposited with credit institutions, in order to address concentration and contagion risks to client funds(2). MiFIR also grants product intervention powers(3) to the European Securities and Markets Authority (ESMA) and to national competent authorities, to (temporarily) prohibit or restrict the marketing, distribution or sale of certain financial instruments.

As presented during the meeting of the European Parliament’s Petitions Committee on 11 July 2017, ESMA has taken a number of actions: a) set up a joint group of supervisors to advise on and scrutinise the actions of CySEC; b) created a Task Force on complex products; c) addressed bilateral requests for information to CySEC, based on the complaints.

In March 2018, ESMA has agreed to prohibit binary options and restrict contracts for difference to protect retail investors.

(1)Directive 2014/65/EU (MiFID II) of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU , OJ L 173, 12.6.2014, p. 349‐496.
(2)Commission Delegated Directive (EU) 2017/593 of 7 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council with regard to safeguarding of financial instruments and funds belonging to clients, product governance obligations and the rules applicable to the provision or reception of fees, commissions or any monetary or non-monetary benefits, OJ L 87, 31.3.2017, p. 500‐517.
(3)Regulation (EU) No 600/2014 (MIFIR) of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No 648/2012 OJ L 173, 12.6.2014, p. 84‐148.

Last updated: 17 May 2018Legal notice