The Spanish Securities Commission (CNMV) has published an information sheet for “finfluencers” setting out how to promote financial products and services responsibly, warning that social media content can expose followers to significant financial harm and leave creators legally responsible for misleading or reckless posts. The guidance stresses clear, prominent disclosure of any payment, gifts or other benefits for promotions, as well as any personal holdings or potential benefit if others invest. It highlights that high-risk products commonly promoted online, including contracts for difference (CFDs), foreign exchange, futures, certain crowdfunding initiatives and volatile cryptocurrencies, can involve the loss of 100% of invested capital, and that content should be true, fair, clear and not misleading, distinguish facts from opinions, and present risks as well as benefits. The note also cautions against creating artificial urgency or “quick money” claims, advises checking whether firms or platforms are authorised before promoting them, and explains that personalised recommendations may constitute investment advice requiring a licence in Spain. It flags that even public views or strategies may be treated as investment recommendations subject to rules including the EU Market Abuse Regulation, and that disclaimers such as “this is not investment advice” may not provide protection.

Original source View in tracker