ESMA · ESMA_QA_2604 Question Rejected

Clarification as regards to Perpetual features

Regulation
Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)
Topic
Product governance
Submitted
2025-07-08

Question

We are writing to request clarification regarding the regulatory treatment of perpetual futures. Specifically, we would like to confirm whether, in cases where a Cyprus Investment Firm (CIF) offers listed futures contracts through a Multilateral Trading Facility (MTF) operating in Europe, the perpetual futures offered by the CIF would fall within the scope of Category 10 – Other Derivatives, as defined in the First Appendix, Part III of Law 87(I)/2017, as amended from time to time. In addition, we would appreciate your confirmation on whether any leverage restrictions apply to perpetual futures, either under CySEC’s national rules or under EU-level requirements, particularly in the context of investor protection measures.
No answer published yet.

This Q&A is published by European Securities and Markets Authority and is non-binding. It does not constitute legal advice. Updated weekly from official ESA sources.

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