Spanish reg' consults on investment activities marketing circular

On the 07/20/20 at 2:46PM


Adrien Paredes-Vanheule

The consultation will last until 11 September.

Spanish financial watchdog CNMV has launched a public consultation on a draft circular regarding the marketing of investment funds and services in Spain. The consultation will last until 11 September.

The circular will provide a tighter framework over content and format for the advertising of investment funds and services. It will apply to entities under CNMV's supervision that carry out advertising activities on investment products and services, to entities operating in Spain under the freedom to provide services in the EU, as well as to other entities not overseen by CNMV but carrying out on their own or commissioning third parties to carry out advertising activities towards Spain-based investors.

Nonethless, corporate advertising campaigns, in the meaning of advertising about an entity or its corporate purposes, do not fall into the scope of the circular. Are also excluded all documentation or information provided in presentations to analysts or institutional investors, periodic reports and financial statements issued by analysts, the information required for contracting investment products or services.

Earlier this year, CNMV had released a report on the advertising for contracts for difference (CFDs) and other complex financial products to the general public. The Spanish regulator considers introducing stricter measures to limit or even prohibit the advertising of such products like it is already the case in France and Germany among others. Its study noted such measures could weigh much on sponsorship agreements of a few football squads playing in Liga, Spain's elite football league. That includes Atletico Madrid, Betis, Valencia, Getafe, Real Madrid and Sevilla.

The draft circular is available (in Spanish only) here.

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