Esma warns retail brokers over ‘pro’ push
Regulator warns brokers not to promote professional status to unqualified investors
The European Securities and Markets Authority (Esma) has issued a warning to retail brokers who offer contracts-for-difference (CFDs) to European Union clients about promoting the ‘professional’ classification among its clients as a means of circumventing leverage restrictions in force on the continent.
“Esma still has serious concerns about firms’ marketing, distribution or sale of CFDs to retail clients, and considers it necessary to remind CFD providers about some of the requirements
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