Circulars


In this section, you will find the Circulars issued by the Authority which are applicable to the conduct supervision of investment firms. These Circulars are a means of keeping the industry updated mainly on regulatory matters. Circulars may be issued to provide updates and clarifications in relation to requirements emanating from investments related regulatory requirements (for example the revised Markets in Financial Instruments Directive known as MiFIDII); to inform the industry on proposed changes to the existing requirements as indicated in the Conduct of Business Rulebook and to inform the industry on any relevant documents published by ESMA.

DATESUBJECTCONTENT
2018-12-28Circular: ESMA Statement – Reminder to firms on their MiFID obligations on the disclosure of information to clients in the context of the United Kingdom withdrawing from the European UnionCircular: ESMA Statement – Reminder to firms on their MiFID obligations on the disclosure of information to clients in the context of the United Kingdom withdrawing from the European Union
2018-12-27Circular: Guidelines on certain aspects of the MiFID II Suitability requirementsCircular: Guidelines on certain aspects of the MiFID II Suitability requirements
2018-12-21Circular: ESMA consults in measures to promote sustainability in EU capital marketsCircular: ESMA consults in measures to promote sustainability in EU capital markets
2018-11-09Circular: ESMA Q&As on Product Intervention MeasuresCircular: ESMA Q&As on Product Intervention Measures
2018-11-07Circular addressed to investment firms on the regulatory requirements in the context of best executionCircular addressed to investment firms on the regulatory requirements in the context of best execution
2018-10-09Circular: ESMA MiFID II / MiFIR Investor Protection Q&AsCircular: ESMA MiFID II / MiFIR Investor Protection Q&As
2018-09-28ESMA to renew restriction on CFDs for a further three monthsESMA to renew restriction on CFDs for a further three months
2018-09-28ESMA Q&As on Product Intervention MeasuresESMA Q&As on Product Intervention Measures
2018-09-10Circular on Revisions made to the Conduct of Business RulebookCircular COB 10092018.pdf
2018-08-27ESMA to renew prohibition on Binary OptionsESMA to renew prohibition on Binary Options
2018-07-31Circular: ESMA Q&As on Product Intervention MeasuresCircular: ESMA Q&As on Product Intervention Measures
2018-07-13Circular: ESMA Q&As on Product Intervention MeasuresCircular: ESMA Q&As on Product Intervention Measures
2018-07-13Circular: ESMA MiFID II / MiFIR Investor Protection Q&AsCircular: ESMA MiFID II / MiFIR Investor Protection Q&As
2018-06-20Guidelines on certain aspects of the MiFID II Suitability requirementGuidelines on certainaspects of the MiFID II Suitability requirement
2018-06-20Joint ESMA and EBA Statement on the treatment of retail holdings of debt financial instruments subject to the Bank Recovery and Resolution Directive Joint ESMA and EBAStatement on the treatment of retail holdings of debt financial instrumentssubject to the Bank Recovery and Resolution Directive 
2018-06-05Circular: ESMA Q&As on Product Intervention MeasuresCircular: ESMA Q&As on Product Intervention Measures
2018-05-30Circular: ESMA MiFID II / MiFIR Investor Protection Q&AsCircular: ESMA MiFID II / MiFIR Investor Protection Q&As
2018-04-06Circular: ESMA MiFID II / MiFIR Investor Protection Q&AsCircular: ESMA MiFID II / MiFIR Investor Protection Q&As
2017-12-20Circular: ESMA MiFID II / MiFIR Investor Protection Q&As Circular: ESMA MiFID II / MiFIR Investor Protection Q&As
2017-12-18Circular: Update on ESMA Statement on the preparatory work of ESMA in relation to Contracts for Difference [CFDs], including rolling spot forex, Binary options and other speculative productsCircular: Update on ESMA Statement on the preparatory work of ESMA in relation to Contracts for Difference [CFDs]
2017-11-20Circular: ESMA MiFID II / MiFIR Investor Protection Q&AsCircular: ESMA MiFID II / MiFIR Investor Protection Q&As
2017-10-11Circular: ESMA MiFID II / MiFIR Investor Protection Q&AsCircular: ESMA MiFID II / MiFIR Investor Protection Q&As
2017-08-04MiFID II Updates MiFID II Updates
2017-04-25Circular - ESMA MiFID II / MiFIR Investor Protection Q&AsCircular - ESMA MiFID II / MiFIR Investor Protection Q&As
2017-07-06Circular addressed to Category 2 and Category 3 Investment Firms Updates to the COREP ReturnCircular addressed to Category 2 and Category 3 Investment Firms Updates to the COREP Return
2017-04-06Preparatory Guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance distributors as required by the Insurance Distribution Directive (“IDD”)Preparatory Guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance distributors as required by the Insurance Distribution Directive (“IDD”)
2017-04-04Update - Circular addressed to Investment Firms and/or Applicants for an Investment Services Licence offering or intending to offer Financial Contracts for Difference (CFDs) and other speculative products Update - Circular addressed to Investment Firms and/or Applicants for an Investment Services Licence offering or intending to offer Financial Contracts for Difference (CFDs) and other speculative products
2017-01-27Circular addressed to Category 2 and Category 3 Investment Firms Clarification on updates to the COREP returnCircular addressed to Category 2 and Category 3 Investment Firms Clarification on updates to the COREP return
2016-12-20Circular addressed to Category 2 and Category 3 Investment Firms in relation to updates to the COREP returnCircular addressed to Category 2 and Category 3 Investment Firms in relation to updates to the COREP return
2016-10-27Circular - Consultation on the Draft guidelines on MiFID II product governance requirementsCircular - Consultation on the Draft guidelines on MiFID II product governance requirements
2016-10-13Circular addressed to Investment Firms and/or Applicants for an Investment Services Licence offering or intending to offer Financial Contracts for Difference (CFDs) and other speculative productsCircular addressed to Investment Firms and/or Applicants for an Investment Services Licence offering or intending to offer Financial Contracts for Difference (CFDs) and other speculative products
2016-09-06Circular - Update to the Industry on recent developments in relation to upcoming legislationCircular - Update to the Industry on recent developments in relation to upcoming legislation
2016-07-29Circular addressed to Investment Firms and/or Applicants for an Investment Services Licence offering or intending to offer Financial Contracts for Difference (CFDs) and other speculative productsCircular addressed to Investment Firms and/or Applicants for an Investment Services Licence offering or intending to offer Financial Contracts for Difference (CFDs) and other speculative products
2016-07-29Circular addressed to the general public, namely to retail investors regarding the sale of speculative products [Contracts for Difference; Binary options; and other speculative products] and the associated risks (MFSA Warning)Circular addressed to the general public, namely to retail investors regarding the sale of speculative products [Contracts for Difference; Binary options; and other speculative products] and the associated risks (MFSA Warning)
2016-06-14Circular addressed to Investment Firms and Credit Institutions when selling bail-in securitiesCircular addressed to Investment Firms and Credit Institutions when selling bail-in securities
2016-06-14Update - Circular addressed to Investment Firms and/or Applicants for an Investment Services Licence offering or intending to offer Financial Contracts for Difference (CFDs) and other speculative productsUpdate - Circular addressed to Investment Firms and/or Applicants for an Investment Services Licence offering or intending to offer Financial Contracts for Difference (CFDs) and other speculative products
2016-05-25Circular relating to the consultation process on the Conduct of Business Rulebook – Phase 2: EXTENSION OF CONSULTATION PERIODCircular relating to the consultation process on the Conduct of Business Rulebook – Phase 2: EXTENSION OF CONSULTATION PERIOD
2016-05-05Circular relating to the consultation process on the Conduct of Business RulebookCircular relating to the consultation process on the Conduct of Business Rulebook