European Securities and Markets Authority

On 1 June 2018 ESMA announced measures under Article 40 of MiFIR. For CFDs, from 1 August 2018, those measures limited leverage from 30:1 on major currency pairs to 2:1 on cryptocurrencies, required margin close-out at 50% of minimum margin on a per-account basis, required negative-balance protection, restricted incentives, and required a standardised risk warning. ESMA said the measures would last three months and could be renewed. They were the model for later national rules. They are not the live UK rule. The UK rules are the FCA's, in COBS 22.5, which the FCA described as permanent from 1 August 2019. Cyprus applies its own directive, DI87-09, as amended.