Even stockpair had to comply with CySEC’s intervention

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CySEC Clarifies Current Product Intervention Rules

Brokers need to adhere to national product intervention measures applying in each EU country

The regulatory picture for EU brokers is about to become a touch more complex, starting from August 1. As the pan-European product intervention rules applied by the ESMA lapse on that date, brokers will have to get informed and apply separate rulesets for every different member country.

While the majority of EU members are continuing with the same measures, Cyprus and Poland could be going into a different direction, namely introducing a new category for more experienced traders who may use 50:1 leverage.

After the CySEC launched its consultation paper at the end of May, it is expecting to announce the final decision on the national product intervention measures by the end of July. After its decision, the regulator will inform the ESMA and other National Competent Authorities in Europe about the final version of the national regulation.

As the pan-European financial regulator receives the CySEC’s submission, it will have to conduct its examination and issue an opinion on the proportionality of the intended national product intervention measures.

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In the intervening period, the ESMA’s decision to temporarily restrict contracts for differences in the European Union and the renewals of that decision will lapse on August 1. The CySEC highlights that all Cyprus Investment Firms must continue applying the content of the measures under the ESMA Decision on CFDs despite the deadline lapsing.

The official publication of the new measures may take up to two months from now, which leads to sometime in the middle of September. In the meantime, brokers operating across the EU would have to apply the product intervention measures of the respective national regulator, depending on where the product is offered.

CIFs should also comply with the marketing, distributing or selling of CFDs in the territory of the respective EU member state. If the country hasn’t yet adopted its national rules, the broker would need to apply the existing ESMA measures until the local regulator changes its position.

According to the CySEC’s circular published today, any company which is not adhering to the above-mentioned rules would be violating European law.

“CySEC will not hesitate to use the supervisory and enforcement powers at its disposal to uphold compliance with the above,” the Cypriot regulator outlines.

Rewrite sentences in the passive. Pay attention to the use of modal verbs in passive structures. (Перепиши предложения в пассивном залоге. Обрати внимание на употребление модальных глаголов в пассивных конструкциях.)

Children may take their toys to the class.
Children’s toys
may be taken
to the class.

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1. Peter can correct the mistake.
The mistake
by Peter.

2. People must protect wildlife.
must be protected

3. George’s neighbours might scratch his car last night.
George’s car
by his neighbours last night.

4. We have to fix the roof as soon as possible.
The roof
has to be fixed
as soon as possible.




Complete the following sentences to summarize the text above:

1. The business cycle is…

2. During a boom an economy…

3. In the period of recessions the demand for goods and services…

4. There are… theories as to the cause of the business cycle.

5. Internal theories suppose that…

6. External theories, on the contrary, consider that…

7. There is also a theory that…


Which of the theories mentioned in the text do you find the most convincing?


Lead-in: Do you know the difference between these theories? Key words and phrases 1. full employment –повна зайнятість 2. excess savings –підвищені заощадження 3. interest rates– процентна ставка, норма відсотку 4. to increase taxation –збільшувати оподаткування 5. boom and recession– бум та спад, зниження 6. to increase expenditure –збільшувати витрати 7. money supply –грошова маса 8. output and consumption –випуск продукції та споживання, витрачання 9. multiplier effect –ефект мультиплікатора 10. fiscal policy –фіскальна політика 11. long-run effect– довгочасний ефект 12. flexible wages –гнучка заробітна плата 13. excess supply (demand) –надмірна пропозиція (попит) 14. expansionary policy –політика розширення 15. deflationary policy –політика дефляції

The great depression of the 1930s demonstrated that the market system does not automatically lead to full employment. In The General Theory of Employment Interest and Money (1936), John Maynard Keynes argued that market forces could produce the equilibrium with high unemployment of indefinite duration. Classical economic theories stated that in the long run, excess savings would cause interest rates to fall and investment to increase again. Keynes disagreed, arguing that market economies are unstable.

Keynes recommended governmental intervention in the economy. During an inflationary boom, governments could decrease their spending or increase taxation. During arecession, on the contrary, they could increase their expenditure, or decrease taxation or increase money supply and reduce interest rates, so as to stimulate the economy, and increase output, investment, consumptionand employment. Keynes also argued that even a small amount of additional government spending or an increase in private investment causes output to expand because of the multiplier effect.

In the 1950s and 1960s Milton Friedman began to argue that Keynesian fiscal policy had negative long-run effects. Unlike Keynesians, monetarists insisted that money is neutral, meaning changes in the money supply will only change the price level and have no effect on output and employment. They argued that governments should abandon any attempt to manage the level of demand in the economy through fiscal policy. On the contrary, they should try to make sure that there is constant and non-inflationary growth in the money supply.

Monetarists argue that recessions are not caused by long-run market failures but by short-run errors by firms and workers who do not reduce their price and wages quickly enough when demand falls. When economic agents recognize that prices and wages have to fall, the economy will come back to normal. Since the government will not be able to recognize a coming recessionit will only be able to act at the same time as everyone else is recognizing the need to cut prices and wages. Consequently, its fiscal measures will take effect when the economy is already recovering.

Whereas classical and neo-classical economic theory assumes prices andwages to be flexible enough to eliminate excess supply or demand, Keynesians (today often called neo-Keynesians) argue that wages are inflexible because of labour union contracts, government regulation and so on. Furthermore, businesses can’t change their prices too frequently, because they do not have perfect information, and because there are many costs involved. Neo-Keynesians still maintain that because individuals and firms are unable to find the right prices that would lead the economy to rising output and high or full employment, economies can get locked into disequilibriums for long periods. Thus unlike the monetarists, w`ho insist that free markets and competition are efficient and should be allowed to operate with a minimum of governmental intervention, Keynesians believe there is still a role for either expansionary or deflationary policies.


1. What did classical economic theories state?

2. What did Keynes recommend?

3. What did monetarists insist on?

4. Do classical and neo-classical theories assume prices to be flexible?

Early Intervention

The first years of life are a critical time in a child’s development. All young children go through the most rapid and developmentally significant changes during this time. During these early years, they achieve the basic physical, cognitive, language, social and self-help skills that lay the foundation for future progress, and these abilities are attained according to predictable developmental patterns. Children with Down syndrome typically face delays in certain areas of development, so early intervention is highly recommended. It can begin anytime after birth, but the sooner it starts, the better.

What Is Early Intervention?

Early intervention is a systematic program of therapy, exercises and activities designed to address developmental delays that may be experienced by children with Down syndrome or other disabilities. These services are mandated by a federal law called the Individuals with Disabilities Education Act (IDEA). The law requires that states provide early intervention services for all children who qualify, with the goal of enhancing the development of infants and toddlers and helping families understand and meet the needs of their children. The most common early intervention services for babies with Down syndrome are physical therapy, speech and language therapy, and occupational therapy.

When Should Early Intervention Start?

Early intervention should begin any time shortly after birth, and usually should continue until the child reaches age three. An amendment to IDEA in 2004 allows states to have early intervention programs that may continue until the child enters, or is eligible to enter, kindergarten. The sooner early intervention begins, the better, but it’s never too late to start.

How Can Early Intervention Benefit a Baby with Down Syndrome?

Development is a continuous process that begins at conception and proceeds stage by stage in an orderly sequence. There are specific milestones in each of the four areas of development (gross and fine motor abilities, language skills, social development and self-help skills) that serve as prerequisites for the stages that follow. Most children are expected to achieve each milestone at a designated time, also referred to as a “key age,” which can be calculated in terms of weeks, months or years. Because of specific challenges associated with Down syndrome, babies will likely experience delays in certain areas of development. However, they will achieve all of the same milestones as other children, just on their own timetable. In monitoring the development of a child with Down syndrome, it is more useful to look at the sequence of milestones achieved, rather than the age at which the milestone is reached.

What Are the Types of Early Intervention Therapies and How Does Each Type Address Specific Aspects of a Baby’s Development?

Physical therapy focuses on motor development. For example, during the first three to four months of life, an infant is expected to gain head control and the ability to pull to a sitting positions (with help) with no head lags and enough strength in the upper torso to maintain an erect posture. Appropriate physical therapy may assist a baby with Down syndrome, who may have low muscle tone, in achieving this milestone.

Before birth and in the first months of life, physical development remains the underlying foundation for all future progress. Babies learn through interaction with their environment. In order learn, therefore, an infant must have the ability to move freely and purposefully. An infant’s ability to explore his or her surroundings, reach and grasp toys, turn his or her head head while watching a moving object, roll over and crawl are all dependent upon gross as well as fine motor development. These physical, interactive activities foster understanding and mastery of the environment, stimulating cognitive, language and social development.

Another long term benefit of physical therapy is that it helps prevent compensatory movement patterns that individuals with Down syndrome are prone to developing. Such patterns can lead to orthopedic and functional problems if not corrected.

Speech and language therapy is a critical component of early intervention. Even though babies with Down syndrome may not say their first words until 2 or 3 years of age, there are many pre-speech and pre-language skills that they must aquire before they can learn to form words. These include the ability to imitate and echo sounds; turn taking skills (learned through games like “peek-a-boo”); visual skills (looking at the speaker and objects); auditory skills (listening to music, speech, or speech sounds for lengthening periods of time); tactile skills (learning about touch, exploring objects in the mouth); oral motor skills (using the tongue, moving the lips); and cognitive skills (understanding object permanence and cause and effect relationships).

A speech and language therapist can help with these and other skills, including breastfeeding. Because breastfeeding employs the same anatomical structures used for speech, it can help strengthen a baby’s jaw and facial muscles and lay the foundation for future communication skills.

Occupational therapy helps children develop and master skills for independence. Occupational therapy can help with abilities such as opening and closing things, picking up and releasing toys of various sizes and shapes, stacking and building, manipulating knobs and buttons, experimenting with crayons etc. Therapists also help children learn to feed and dress themselves and teach them skills for playing and interacting with other children.

Early intervention can also prevent a child with Down syndrome from reaching a plateau at some point in development. The overarching goal of early intervention programs is to enhance and accelerate development by building on a child’s strengths and by strengthening those skills that are weaker in all areas of development.

How Can Parents Benefit From Early Intervention Programs?

Programs of early intervention have a great deal to offer to parents in terms of support, encouragement and information. The programs teach parents how to interact with their infant or toddler, how to meet their child’s specific needs and how to enhance development.

How Do I Sign Up for Early Intervention Services?

Each state has its own set of laws governing early intervention services. Parents can get a referral from their baby’s doctor or find a local agency by visiting www.nectac.org. Once a referral has been made, the program staff must schedule and complete an initial evaluation within a specified time. Once the assessment is done, a caseworker is assigned to coordinate the various services for which the baby and family qualify. Early intervention services are individualized to meet the specific needs of each individual baby. The caseworker, therapists and family will determine areas of focus and set goals based on developmental milestones. These will be recorded in a document called the Individualized Family Service Plan (IFSP).

Who Pays for Early Intervention?

The evaluation to determine whether your child is eligible for early intervention is free of charge if performed by a state authorized entity. No child deemed eligible can be denied services based on ability to pay, but insurance companies may be billed and/or a sliding scale payment may be required, depending on the state. Parents should check with their state’s early intervention center for information about authorized service providers and financial obligations. Frequently, there is little or no cost to parents for these services.

What Happens After Age 3?

The Individuals with Disabilities Education Act (IDEA), which regulates early intervention, also mandates that local school districts provide a free, appropriate, public education for preschool-age children with disabilities starting at the age of three, unless doing so would be inconsistent with state law or practice or the order of any court respecting the provision of public education to children between the ages of three and five.

Additional Resources:



  • Center for Parent Information and Resources
    CPIR is a central source of information on preadolescents and teens with disabilities. It features a clear and detailed guide to IDEA, the law authorizing early intervention services and special education, and State Resource Sheets to help you connect with disability agencies and organizations in your state.
  • Division for Early Childhood of the Council for Exceptional Children
    One of 17 divisions of the Council for Exceptional Children, this organization supports policies and practices that support families and enhance development in especially young children with disabilities and learning delays.
  • Ed Pubs
    A searchable database of the US Department of Education’s online catalogue of free publications
  • Education Resources Information Center (ERIC) Database
    Sponsored by the Institute of Education Sciences of the US Department of Education, this is a free online digital library of journal and non-journal education literature.
  • Open Books Open Doors
    Website contains resources for parents and teachers on best practices in literacy instruction for students with Down syndrome
  • The Early Childhood Technical Assistance Center
    ECTA supports the national implementation of the Individuals with Disabilities Education Act (IDEA) by working with each state to provide technical assistance for children with disabilities and their families. The website provides a list of early intervention programs by state.
  • Down Syndrome: The First 18 Months. Blueberry Shoes Productions.
  • Emma’s Gifts. Endless Horizon Productions.
  • Early Communication Skills for Children with Down Syndrome. Kumin, L. Bethesda, MD: Woodbine House. (2003)
  • The Early Intervention Dictionary. Coleman, J. G. M. Bethesda, MD: Woodbine House. (2006)
  • Fine Motor Skills for Children with Down Syndrome: A Guide for Parents and Professionals (Second Edition). Bruni, M. Bethesda, MD: Woodbine House. (2006)
  • Gross Motor Skills in Children with Down Syndrome: A Guide for Parents and Professionals.Winders, P. Bethesda, MD: Woodbine House. (1997)
  • Negotiating the Special Education Maze: A Guide for Parents and Teachers (Fourth Edition). Anderson, W., Chitwood, S., Hayden, D., Takemoto, C. Bethesda, MD: Woodbine House. (2008)
  • Steps to Independence: Teaching Everyday Skills to Children with Special Needs. Baker, B. & Brightman, A. Baltimore, MD: Paul H. Brooks Publishing Co. (2004)
  • The New Language of Toys: Teaching Communication Skills to Special Needs Children (Third Edition). Schwartz, S. Bethesda, MD: Woodbine House. (2004)
  • Teaching Reading to Children with Down Syndrome: A Guide For Parents and Teachers. Oelwein, P. Bethesda, MD: Woodbine House. (1995)

Meet an Athlete Ambassador

Andrew Harris is an avid runner and climber, enjoys movies, music, animals, and anything outdoors. He and his brother-in-law, Max Hammer, along with Andrew’s sister Amy, reached the Summit of the Grand Teton in August 2020; making Andrew the first person with Down syndrome to do so! Andrew, Max, and Amy believe there are no limits to what Andrew can accomplish and with the opportunity, he can do anything he puts his mind to.

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