Opinion of the European Securities and Markets Authority on the product intervention measure relating to futures with additional payment obligations proposed by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin)

ESMA opinion of 20 October 2022 under Article 43(2) MiFIR finding BaFin's national measure restricting the sale of futures with additional payment obligations to retail clients in Germany (with a hedging carve-out) justified and proportionate, while asking BaFin to watch for circumvention; ESMA found insufficient evidence to say other authorities should act, but encouraged them to monitor such products.