Instytucja interwencji produktowej w Europejskim Systemie Nadzoru Finansowego
Product Intervention Measures in the European System of Financial Supervision

Summary/Abstract: The European System of Financial Supervision (ESFS) sets a framework of financial supervisionin the European Union. Its main objective is to ensure that the rules applicable to the financial se-ctor are properly implemented in all the Member States to preserve the financial stability of the fi-nancial sector, promote trust and guarantee consumer protection. The new powers refer toinvestment-related products, offered by both financial institutions and insurance undertakings.Each European supervisory authority is endowed with the power to apply supervisory measures,including the product intervention, which means the power to issue a decision binding in the Eu-ropean Union to temporarily prohibit the provision of certain financial products, conducting someactivities or practices which threaten the proper operation and integrity of financial markets orthe stability of the financial system in the European Union. In 2018 the product interventionmeasures were adopted by ESMA for the first time in two decisions, namely on the prohibition ofthe provision, distribution and sale of binary options to retail clients and on the restriction of theprovision, distribution or sale of contracts for differences (CFDs) to retail clients. These prece-dent decisions will set the new directions for the EU supervision of financial institutions, mainlybecause of the issuing authority, which is not national, but European, and whose decisions are au-tomatically applied in the territories of the Member States.

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