CNMV bans CFD advertising in Spain: over 70% of investors lose money

The CNMV has published its new guidelines for the marketing, distribution or sale of CFDs and other leveraged instruments to retailers, which were approved this week by the CNMV’s Executive Committee. The new measures, which will be published in the BOE in the coming days, include “the prohibition of CFD advertising aimed at retailers or the general public, the sponsorship of events (including sporting events), as well as brand advertising…


CNMV prepares to streamline procedures for fixed income issues

Emisores| Article 63 of Law 6/2023 of 17 March on Securities Markets and Investment Services (LMVSI) comes into force on September 18th. With its entry into force, the powers currently exercised by the CNMV (National Securities Market Commission) to verify compliance with the requirements for admission to trading will be transferred to the governing bodies of the markets where admission to trading of non-equity securities (understood as fixed income securities,…


Senate votes today on new Securities Market Law, CNMV also looks at approving Investors Code

F.R. | The plenary session of the Senate is scheduled to debate and vote on the draft Securities Markets and Investment Services Act by urgent procedure. It is expected that the new regulation will be approved without major changes to the text published last September in the Official Gazette of the Spanish Parliament (BOCG). According to the sources consulted, the bill could return to Congress for examination and approval of…

capital energy auction

Helena Viñes to pilot new version of European Platform on Sustainable Finance

F.R. | Helena Viñes, director of the CNMV, is the new Chair of the Platform on Sustainable Finance, the European body that advises the EC on sustainability, including the strategy and also the drafting of specific projects such as the taxonomy. Viñes will lead the new path of a Platform that has reduced its number of members from 57 to 35 in an attempt to improve its efficiency and operability….


CNMV finalises Code of Best Practices for investors, managers, and advisors

F. Rodriguez | The National Securities Market Commission (CNMV in its Spanish initials) has convened for the end of this month the group of experts that has been advising it on the draft of the “Code of best practices for institutional investors, asset managers and proxy advisors in relation to their duties with respect to the assets allocated or the services provided,” whose public consultation period ended on 16 September…

Liberbank's property assets

The Doubtbul Reach Of An Exceptional Move: Spain’s Watchdog Deals With The Short-Sellers

Fernando Rodríguez  | The suspension on short-selling in Liberbank, which the CNMV has enforced for a month, has not left stock market players indifferent. Experts, fund managers, traders, analysts and lawyers, traditionally opposed to interference in the workings of the capital markets, are doubtful about the reach of such an exceptional measure. At the same time, they support the usefulness of the short-sellers.


CNMV appointments: ‘pure’ rookies vs experienced professionals

The appointment of Sebastián Abella and Ana Martínez-Pina as the chairman and deputy chairman of the CNMV has caused some controversy, revealing the confusion there is over what profile candidates for heading up any institution should have. You can choose people who are totally uncontaminated to lead any organisation, without having any link to its activities. But an increasingly more complex financial and stock market environment requires experienced professionals, not rookies.

No Picture

EU's Lehman-esque synthetic ETFs: don't you blame Wall Street again!

LONDON | Will we witness an official reaction this May after having appeared the first signs of what could become the European Lehman-esque virus? According to the latest Financial Stability Forum’s special report, “the recent rapid growth and innovation in the markets of exchange-traded funds warrants increased attention by regulatory and supervisory authorities, as well as by the exchange-traded fund industry including providers, market-makers and investors.”