Produktinterventionsmaßnahmen der CNMV in Bezug auf finanzielle Differenzgeschäfte (sog. „financial contracts for differences“ CFDs) und andere Produkte mit Leverage-Effekt (in englischer Sprache verfügbar)

The CSSF would like to draw the attention of supervised entities to the following product intervention measures related to the marketing, distribution or sale of financial contracts for differences (CFDs) and other leveraged instruments to retail investors, taken by Spain’s “Comisión Nacional del Mercado de Valores” (CNMV), and published on its website on 12 July 2023 (“the CNMV Resolution”):

https://www.cnmv.es/docportal/aldia/resolucion_CFD_en.pdf.

The measure is based on Article 42 “Product intervention by competent authorities” of Regulation (EU) No 600/2014 of the European parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFIR).

As a consequence of this measure, when marketing, distributing or selling CFDs to retail investors in Spain, entities supervised by the CSSF are prohibited from using advertisements, sponsoring events or organisations, engaging in brand advertising, and using certain marketing practices. When marketing, distributing or selling other leveraged instruments (such as futures and options), whose maximum risk is not known upon subscription or whose risk of loss is greater than the amount of the initial financial contribution, to retail investors in Spain, specific investor protection requirements are to be complied with.

Reference is made to the CNMV Resolution for the precise scope of the product intervention measures. The measures are effective from 3 August 2023.

These new product intervention measures from the CNMV should be read in conjunction with the existing measures for binary options and financial contracts for differences already applicable in Spain:

https://www.cnmv.es/docportal/Legislacion/Resoluciones/27_06_19_EN.pdf

The CSSF further reminds supervised entities of the measures restricting the marketing, distribution or sale of CFDs and binary options currently applicable in Luxembourg:

https://www.cssf.lu/wp-content/uploads/RCSSF_No19-05_eng.pdf

https://www.cssf.lu/wp-content/uploads/RCSSF_No19-06_eng.pdf