On 12 February 2019, the City of London Law Society (CLLS) published its response to FCA Consultation Paper 18/38: Restricting contract for difference products sold to retail clients and a discussion of other retail derivative products (CP18/38) (our blog on CP18/28 is here).

The CLLS notes that given the significant impact of the product intervention proposals in respect of CFD-like options, it is important that the proposed definition of “restricted options” is as certain as possible. The CLLS raises certain issues concerning the definition of “restricted option” as it appears in the draft Glossary amendments in Appendix 1 of CP18/38.