BaFin product intervention regarding turbo certificates

The CSSF would like to draw the attention of supervised entities to the following product intervention measure regarding turbo certificates, taken by Germany’s “Federal Financial Supervisory Authority” (“BaFin”) and published on its website on 15 October 2025:

BaFin – Publications & Data – General Administrative Act regarding turbo certificates

The measure is based on Article 42 “Product intervention by competent authorities” of Regulation (EU) No 600/2014 of the European parliament and of the Council of 15 May 2014 on markets in financial instruments (“MiFIR”).

As a consequence of this measure, entities supervised by the CSSF are prohibited from marketing, distributing and selling turbo certificates to retail clients domiciled in Germany except if certain conditions are met.

Reference is made to the General Administrative Act published by BaFin for the definition of “turbo certificates” and the details of the restriction.

The measure is effective from 16 June 2026.