The Spanish Securities Commission (CNMV) has published a guide on finfluencers setting out how investors should assess finance content on social media and digital platforms. The document explains the rapid growth of finfluencers, the types of content and messages they distribute, and the benefits and risks for audiences, with particular emphasis on the risk of misleading information, fraud and the provision of regulated investment activity without the required authorization. Although there is no legal definition, CNMV describes a finfluencer as any natural or legal person that creates and disseminates content on finance, money, savings or investment in order to influence followers' financial opinions, decisions or behaviour. The guide includes ten recommendations for investors, including not treating follower counts, likes or ratings as evidence of reliability, checking who is behind the content and whether they work for an authorized investment services firm, being cautious of emotionally driven or urgent messaging, herd behaviour and confirmation bias, and rejecting promises of high or constant returns with low risk. It also stresses that public investment recommendations are not personalized investment advice, advises investors to verify authorization if a finfluencer contacts them directly, and encourages reporting misleading or potentially fraudulent conduct. CNMV has also published an infographic summarizing the main points.

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