The Spanish Securities Commission has published the results of a review of asset managers’ advertising on websites and in media, using a pilot artificial intelligence tool to identify firms with advertising activity and assess the information they publish. The review found incidents in 10 of the 40 management companies and vehicles examined, and the regulator has required those firms to correct the weaknesses identified and strengthen their controls over future disclosures. The exercise focused on management companies of collective investment institutions and closed-ended investment entities that market their products directly to retail investors. It tested whether advertising was clear, balanced and fair, and whether it avoided potentially misleading or confusing messages, including by highlighting potential benefits or returns without sufficient risk information or warnings. The review also checked whether the advertising use of historical or estimated returns met the applicable requirements. CNMV said the automation remains at an early stage but has improved supervisory efficiency, and it will continue to expand its use as part of its Helix digital transformation plan. CNMV will monitor the affected firms to assess whether the remedial measures they adopt are effective.
Spanish Securities Commission (CNMV)2026-07-27
Spanish Securities Commission uses artificial intelligence to review fund managers’ advertising, finds issues in 10 of 40 entities and vehicles
The Spanish Securities Commission reviewed the advertising of 40 fund and closed-ended investment managers that market directly to retail investors, using a pilot artificial intelligence tool to identify advertising activity and assess content. It found issues in 10 entities and vehicles, mainly around the clear and balanced presentation of returns and risks, and required corrections and stronger controls. CNMV will follow up on the remedial measures and continue expanding AI-based monitoring.