On August 5, 2014, the EBA published a consultation on the criteria it will take into account when exercising its product intervention powers under the Markets in Financial Instruments Regulation (“MiFIR”). Under MiFIR, the EBA is responsible for monitoring the markets for any structured products which are marketed, distributed or sold in the European Union. The EBA may temporarily prohibit or restrict (i) the marketing, distribution or sale of certain structured products within the EU; or (ii) a type of financial activity or practice. The European Commission has requested technical advice from the EBA on criteria and factors for the intervention powers for structured products so that the Commission may prepare legislation providing for the criteria to be taken into account by ESMA, the EBA and national regulators when determining if there is a significant investor protection concern or a threat to the orderly function of the markets in the EU. ESMA consulted earlier this year on technical advice   regarding product intervention powers for financial instruments. The EBA and ESMA have worked together to prepare criteria that reflects the same principles while also allowing for the differences between structured products and financial instruments. The EBA consultation closes on October 5, 2014.

The consultation paper is available at: http://www.eba.europa.eu/documents/10180/774879/EBA-CP-2014- 20+%28CP+on+MiFIR+technical+advice+for+structured+deposits%29.pdf.