FCA 关于差价合约产品（CFDs)声明及咨询报告CP16/40

外汇小强

原文来源：FCA官网新闻

This statement provides an update on the Financial Conduct Authority’s (FCA) policy work on contract for difference products (CFDs) and CP16/40: Enhancing conduct of business rules for firms providing contract for difference products to retail clients.
本声明继续更新英国金融行为监管局（FCA）关于差价合约产品政策工作和咨询报告CP16/40：改善企业为零售客户提供差价合约产品的商业行为规则。

This follows the announcement made today by the European Securities and Markets Authority (ESMA) on its consideration of product intervention measures under Article 40 of the Markets in Financial Instruments Regulation (MiFIR). ESMA’s product intervention powers can only come into effect from 3 January, 2018 at the earliest.
欧洲证券和市场管理局（ESMA）考虑根据金融工具条例（MiFIR）第40条制定产品干预措施。欧洲证券市场管理局的产品干预权力最早将于2018年1月3日开始生效。

Given progress in ESMA’s own consideration of the use of its product intervention powers in this area, the FCA has decided to delay making final conduct rules for UK firms providing CFDs to retail clients, pending the outcome of ESMA’s discussions.
鉴于欧洲证券和市场管理局考虑在相关领域使用产品干预权力，FCA决定推迟对向零售客户提供CFDs服务的英国企业做出行为规则终决，直到ESMA讨论出结果为止。

ESMA has confirmed that the measures being considered take into account requirements that have been adopted or publicly consulted on by EU National Competent Authorities (NCAs). As such, some of the measures under discussion at ESMA are broadly similar in nature to those proposed by the FCA in CP16/40, including leverage limits. ESMA is also discussing additional measures not consulted on in CP16/40, including guaranteed limits on client losses.
ESMA已经明确表示，欧盟成员国竞争主管机构(NCAs)已经采用或公开咨询其正在考虑的措施要求。同样地， ESMA正在讨论的部分措施，其性质与FCA在咨询报告CP16/40所提出的措施（包括杠杆限制）非常相似。ESMA也正在讨论CP16/40中没有提到的其他措施，包括对客户损失的担保限制。

As indicated by ESMA, the precise nature of the measures for each category of products is still being discussed. Any decision to use product intervention powers under Article 40 of MiFIR would need to be approved by ESMA’s Board of Supervisors.
ESMA表示，每一类产品措施的确切性质仍在讨论之中。根据金融工具条例（MiFIR）第40条，使用产品干预权力的任何决定，都需要ESMA监事会批准。

The FCA will continue to engage with ESMA to support the development of measures that promote a consistent level of investor protection across the European Union.
FCA会继续关注ESMA支持对欧盟投资者采取一致保护的措施动态。

In the event of a significant delay to possible ESMA measures, the FCA would reconsider making final rules at a domestic level in the first half of 2018.
如果ESMA的措施讨论结果明显推迟的话，FCA将重新考虑在2018年上半年对英国地区的政策规则做出终决。

As we monitor the progress of ESMA’s product intervention process, the FCA will conduct further policy work in light of consultation feedback. We expect this to include a further request for additional data from a sample of UK firms over the coming months. Information received during the consultation period suggests that lower leverage is associated with better client outcomes across a number of firms. However, more detailed and comparable firm data are required to provide clarity on the impact of different factors on individual client outcomes. These data and analysis are intended to inform any future policy decisions, and provide a basis on which we can evaluate the impact of any prospective rules.
一方面，FCA会密切关注ESMA的产品干预进展；另一方面，FCA也将根据咨询反馈进一步完善政策工作。我们希望未来几个月，会从部分抽样的英国企业获得一些额外的数据。根据在咨询期收到的信息，可以看出不少企业里低杠杆的客户反响更好。但是，关于不同因素对零售客户的影响还需要更加详细，更有可比性的企业数据。这些数据和分析旨在告知投资者未来的政策决议，并为评价任何潜在规则的影响提供基础。

The FCA will continue its focus on the sector through its on-going programme of supervisory work. The FCA has published a statement on the outcome of its further review of appropriateness tests on its website today as a follow up to its Dear CEO letter in February 2016. We also expect to publish the outcomes of thematic work on CFD intermediaries in the near-future.
FCA会通过其持续的监督工作继续关注行业发展。FCA今日已在网站上发布了适当性测试进一步审查结果声明，紧随2016年2月份的CEO致辞。我们还希望在不久的将来发布CFD中间商专题工作结果。