Read the CySEC Circular C602
Memo #55-2023
CySEC Circular No: C602
Date: 12/10/2023
Subject: Requirements of the Spanish Securities and Exchange Commission (the ‘CNMV’) regarding the product intervention measures relating to contract for differences (the ‘CFDs’) and other leveraged products to retail investors in Spain
Purpose: To draw the attention of CIFs to the product intervention measures published by the National Securities Market Commission of Spain.
In Summary:
CySEC has issued the Circular C602 on 12/10/2023 to draw the attention of the Cyprus Investment Firms (the ‘CIFs’), to the Spanish Securities and Exchange Commission (the ‘CNMV’) Resolution, published on 11/07/2023, on product intervention measures relating to CFDs and other leveraged products to retail investors in Spain.
According to the CNMV’s Resolution, the advertisement of CFDs and other leveraged instruments to retail investors as well as certain remuneration policies and sales techniques is forbidden. Moreover, intervention measures for the marketing, sale and distribution to retailers of other leveraged instruments are established.
The measures applied from 03/08/2023 to all entities authorized to provide investment services in Spain.
According to the circular C602, CySEC urges all CIFs that are marketing, distributing and selling CFDs and other leveraged products to retail investors in Spain to take all appropriate actions and measures to adhere to the CNMV’s Resolution.
The CNMV’s Resolution of 11/07/2023 can be found on the following link: https://www.cnmv.es/docportal/aldia/Resolucion_CFD_en.pdf
The press release published by the CNMV regarding the CNMV’s Resolution can be found on the following link: https://www.cnmv.es/portal/verDoc.axd?t=%7bce5a9f1b-5282-459c-adfe-6dd3d105e78f%7d
Read the CySEC Circular C602
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