{"release":{"id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","published":"2026-11-01T16:41:30Z","pinned":false},"limits":{"coverage":{"history":"current_only","held_since":"2018-11-09","gaps":[],"covered":["ESMA Q&A 1991 — Q&A — Risk warning prominence [Answer Published] L3"],"not_covered":["national guidance","court decisions"]},"freshness":{"release_id":"a4f2a0495fe55b47323883f82977a9b34ab66171ec9623e39925d3a7045b6c81","release_published":"2026-11-01T16:41:30Z","checked_at":"2026-10-26","checked_against":"the ESMA publication"},"truncation":null,"failures":[],"incomplete":[]},"page":{"path":"/mifir/level-3/q-and-a/esma/esma-qa-1991-risk-warning-prominence","url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1991-risk-warning-prominence","title":"ESMA Q&A 1991 — Q&A — Risk warning prominence [Answer Published]","family":"l3","work_id":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1991-risk-warning-prominence","status":"answer published","force_status":null,"date_state":"current","requested_date":null,"as_of":"2026-11-01","applies_from":null,"application":null,"version_label":"ESMA Q&A register, 9 November 2018","check":{"against":"the ESMA publication","on":"2026-10-26"},"check_result":"matched","official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1991","valid_from":"0001-01-01","valid_until":null,"revision":1,"content_id":"073bc8049ac3a8c8","change_date":null,"nearest_versions":["2018-11-09"],"first_text_date":null,"correction_applies":false,"versions":["2018-11-09"],"version_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1991-risk-warning-prominence/versions/2018-11-09","revision_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1991-risk-warning-prominence/versions/2018-11-09/rev/073bc8049ac3a8c8","versions_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1991-risk-warning-prominence/versions","relations_url":"https://www.headlesslaw.com/mifir/level-3/q-and-a/esma/esma-qa-1991-risk-warning-prominence/relations","source_line":"Answer by ESMA, published in its Q&A tool · not legislation · published 9 Nov 2018 [Answer Published]","attribution":{"prepared_by":"ESMA","published_by":"ESMA","published_in":"ESMA Q&A tool","document_type":"qa_answer","legal_nature":"not_legislation","addressees":"not stated in the document","dates":{"published_on":"2018-11-09","question_submitted_on":"2018-11-09","locators":{"published_on":"ESMA Q&A Excel export ESMA_QA_1991, column 'Esma responses', date line","question_submitted_on":"ESMA Q&A Excel export ESMA_QA_1991, column 'Date of submission'"}},"adoption":null}},"provenance":{"official_url":"https://www.esma.europa.eu/publications-data/questions-answers/1991","check":{"result":"matched","checked_at":"2026-10-26","against":"the ESMA publication"},"repo_path":"spaces/mifir/level-3/q-and-a/esma/esma-qa-1991-risk-warning-prominence.md","body_sha256":"1d1457eaa1da3654df9f47f6b7aab3a38fadca05b038718967e1e4147394efb9"},"units":[],"markdown":"---\ntitle: \"ESMA Q&A 1991 — Q&A — Risk warning prominence [Answer Published]\"\nshortTitle: \"ESMA Q&A 1991 — Q&A — Risk warning prominence [Answer Published]\"\nanswer_id: ESMA_QA_1991\ntopic: \"Product intervention\"\nstatus: \"Answer Published\"\ntype: qa\ninstrument_type: qa\nauthority: ESMA\nbinding: false\nbinding_character: non_binding\nlegal_status: in_force\nregulation: \"MiFIR\"\nmifir_level3: true\nmica_level2: false\nlegal_basis: \"ESMA Decision 2018/795; ESMA Decision 2019/796\"\ndate: 9 November 2018\nsource_link: https://www.esma.europa.eu/publications-data/questions-answers/1991\nlifecycle: \"Answer Published\"\ntext_version: \"ESMA Q&A register, 9 November 2018\"\nsource_url: \"https://www.esma.europa.eu/publications-data/questions-answers/1991\"\ncheck_status: matched\nverified: true\nlast_checked: 2026-10-26\nchecked_against: \"the ESMA publication\"\nsource:\n  prepared_by: \"ESMA\"\n  published_by: \"ESMA\"\n  published_in: \"ESMA Q&A tool\"\n  evidence:\n    prepared_by: \"ESMA Answer\"\n    locator: \"ESMA Q&A entry ESMA_QA_1991: field 'ESMA Answer', no 'Answer provided by' line\"\ndocument_type: \"qa_answer\"\nlegal_nature: \"not_legislation\"\naddressees: \"not stated in the document\"\ndates:\n  published_on: \"2018-11-09\"\n  question_submitted_on: \"2018-11-09\"\n  locators:\n    published_on: \"ESMA Q&A Excel export ESMA_QA_1991, column 'Esma responses', date line\"\n    question_submitted_on: \"ESMA Q&A Excel export ESMA_QA_1991, column 'Date of submission'\"\nlifecycle_label: \"Answer Published\"\n---\n\n**Answer by ESMA, published in its Q&A tool · not legislation · published 9 Nov 2018 [Answer Published]**\n\n*Answer Published · ESMA Q&A register, 9 November 2018 · Checked against the ESMA publication on 26 Oct 2026 · [Official source](https://www.esma.europa.eu/publications-data/questions-answers/1991)*\n\n| | |\n|---|---|\n| **Full title** | ESMA Q&A 1991 — Q&A — Risk warning prominence \\[Answer Published\\] |\n| **Prepared by** | ESMA |\n| **Published by** | ESMA, in the ESMA Q&A tool |\n| **Reference** | ESMA_QA_1991 |\n| **Document type** | Q&A |\n| **Legal nature** | Not legislation |\n| **Addressees** | Not stated in the document |\n| **Dates** | Published 9 November 2018; question submitted 9 November 2018 |\n| **Legal basis** | ESMA Decision 2018/795; ESMA Decision 2019/796 |\n| **Related instruments** | None recorded |\n| **Text on this page** | Word for word — the full text of the ESMA publication |\n\n**Risk warning prominence**\n\n### Question\n\nHow should a firm ensure the prominence of the appropriate risk warning specified in Annex II of the CFD Decision?\n\n***\n\n### Answer\n\n\\[ESMA 35-36-1262 Q&As on Product intervention, Q&A nr 5.13\\]\n\nPursuant to Article 2(e) of the CFD Decision, a firm must not send a communication directly or indirectly to a retail client, or publish information accessible by a retail client, relating to the marketing, distribution or sale of a CFD unless it includes the appropriate risk warning complying with the conditions in Annex II.\n\nThe first paragraph of Section A of Annex II provides: “The risk warning shall be in a layout ensuring its prominence, in a font size at least equal to the predominant font size and in the same language as that used in the communication or published information”.\n\nFirms are also required to comply with Article 44 of Commission Delegated Regulation (EU) 2017/5651, which specifies that information addressed to, or disseminated in such a way that it is likely to be received by, a retail client must give a fair and prominent indication of any relevant risks when referencing any potential benefits of an investment service or financial instrument.\n\nIn the context of internet-based marketing, giving prominence to the risk warning implies that it is displayed on the relevant webpages in a way that would signal that the message is of importance and makes it unlikely that a client or a prospective client would not to notice it. It should attract attention, for instance, by virtue of its size or position on the webpage.\n\nIn deciding whether a particular risk warning is ‘prominent’, firms should consider the target audience, the characteristics of CFDs and the likely information needs of the average recipient of the communication.\n\nExamples of good practice that will indicate firms have given sufficient prominence to a risk warning include:\n\nWarnings are shown using easily readable font styles (at least in the predominant font size of the respective communication, letters displayed in a discernible font colour) across a neutral background.\n\nThe size of the warning occupies a noticeable portion of the text displayed, taking into account the content, size and orientation of the communication as a whole.\n\nWarnings are contained within their own distinct border, drawing the reader’s attention to them.\n\nIn the context of web pages, warnings remain fixed on the screen even when the customer scrolls up and down respective web page.\n\nWarnings are repeated on linked pages further into the website product chain.\n\nIn other communications than web pages, warnings are clearly stated within the main body of the communication.\n\nꞏExamples of poor practice, that will indicate firms have given insufficient prominence to a risk warning include:\n\nWarnings are obscured through the close proximity of promotional illustrations and/or additional text.\n\nWarnings are diminished due to their location being outside of the main advertisement border.\n\nWarnings are diminished through the use of small font sizes and unclear type styles.\n\nWarnings are contained within a ‘pop-up’ box that only appears on the user’s first visit to a website.\n\nWarnings are difficult to locate within a website or placed under a separate section or heading that may be overlooked, such as ‘FAQs’, ‘Legal Information’ or ‘Disclaimers’.\n\nFirms have not taken into account the different-sized browsers of consumers when positioning risk information (i.e. it is necessary to scroll down to access the information).\n\nWarnings are superimposed across coloured or patterned backgrounds, which lessens their visual impact.\n\n\\--------------------------\n\n1. Commission Delegated Regulation (EU) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive (OJ L 87, 31.3.2017, p. 1).\n\n***\n\n**Source:** [ESMA original document](https://www.esma.europa.eu/publications-data/questions-answers/1991)\n"}