Ok so this is how I understand it. Is my understanding correct?
"ESMA intends to adopt the agreed measures in the official languages of the EU in the coming weeks" let's say we have a week
''The measures will be published in the Official Journal of the EU (OJ) and firms will be required to implement the prohibition on binary options, one month after publication in the OJ'' that's a month
so we have still about 5 weeks left before the ban
"The product intervention measures will be applied under Article 40 of the Markets in Financial Instruments Regulation (MiFIR) and will have an initial duration of up to three months, after which the measures may be renewed.
The Financial Conduct Authority (FCA) supports ESMA’s application of EU-wide temporary product intervention measures. The FCA expects to consult on whether to apply these measures on a permanent basis to firms offering CFDs and binary options to retail clients."
The above means that after the 5 weeks the ban starts and it might:
last for 3 months or less
last 3 months and then another and possibly another depending on the power of ESMA (who knows how many times they can renew the ban)
last forever in case that the FCA decides it should