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Through Circular C602, CySEC draws the attention of Cyprus Investment Firms to the CNMV’s Resolution published last July on product intervention measures relating to contracts for differences and other leveraged products to retail investors in Spain.

In a nutshell, the resolution forbids the advertisement of CFDs and other leveraged instruments to retail investors, as well as certain remuneration policies and sales techniques, while it establishes intervention measures for the marketing, sale, and distribution of other leveraged instruments to retail clients.

The said measures are effective from the 3rd of August 2023 to all entities authorized to provide investment services in Spain and captures any marketing, distribution and sale of the subject instruments and services to retail investors in Spain, regardless of the origin of the investment firm which performs the marketing and distribution of such products or whether there is a branch in Spain or not.

As a result of the above, the said resolution captures entities that offer their services under the freedom to provide services without an establishment, and consequently all Cyprus Investment Firms that are marketing, distributing and selling CFDs and other leveraged products to retail investors in Spain are urged by CySEC to take all appropriate actions and measures to adhere to the CNMV’s Resolution.

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