ESMA_QA_2604
Status: ✅ Answer Published
Link to ESMA Q&A tool: https://www.esma.europa.eu/publications-data/questions-answers/2604
Regulatory Context
Regulation : MIF2
Level 1 Regulation: Directive 2014/65/EU - Markets in Financial Instruments Directive (MiFID II)
Level 2 Regulation: Regulation 2017/565 - MiFID II Delegated Regulation
Level 3 Regulation: ESMA/2012/188 - Guidelines - Compliance function (MiFID)
Topic: Product governance
Subject Matter: Clarification as regards to Perpetual features
Question
Submission Date: 08 July 2025
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.
ESMA Answer
Answer Date: 24-02-2026
Dear Sir/Madam, Thank you for the question you have previously submitted to ESMA and for your patience in awaiting an answer. You have submitted the following question to ESMA: ESMA_QA_2604: Subject: Clarification as regards perpetual futures Please kindly note that although ESMA did not publish a Q&A, the answer to your question has been addressed in a public statement published today. It can be found under the following link:
News item Statement
Regards, ESMA
This document was automatically extracted from the ESMA EMIR Q&A database.