Spanish reg' publishes rules for inside information spread on social media

Espagne
On the 10/09/20 at 7:36AM

by

Adrien Paredes-Vanheule

Spanish financial market authority CNMV has established rules for listed companies and other financial instrument issuers that wish to use social media to spread inside information.

The CNMV, which primarily targets Twitter with that framework, stated that listed companies can use social networks to communicate inside information - simultaneously, such as additional or complementary channel to the CNMV, only if they meet the five following criteria:

  • The information spread is complete, objective and clear, without the need of adding sources to the message;
  • The message clearly contains the indication "Inside information" and is separated from any promotional or marketing communication;
  • The issuer is clearly identified (full company name);
  • The information is released on a social network with a wide audience and from accounts with a very large community of followers;
  • The information is spread in a formal and precise way with no need to specify or add further details in answers or conversations.