The Spanish Securities Commission (CNMV) has published a guide on “Digital persuasion for investors” explaining how investment platforms, apps and websites use digital techniques to influence investor behaviour, and setting out practical strategies to mitigate their impact on decision-making. The guide describes “Digital Engagement Practices” as design- and technology-driven techniques, often fuelled by data collected through user interactions, that capture attention and steer users towards certain choices. It contrasts traditional persuasion with newer, more sophisticated and personalised digital methods, and highlights common tactics such as drip pricing, sludge (added friction to deter actions such as cancelling an account or withdrawing funds), framing and scarcity claims. It also recommends steps for investing with greater discipline in digital environments, including using only registered platforms, understanding products, risks and total costs, avoiding decisions under pressure, comparing alternatives, identifying gamification features, limiting notifications, and being mindful of personal data use. The publication forms part of the CNMV’s investor education work and sits alongside other educational resources available on its website.
Spanish Securities Commission (CNMV) 2026-04-06
Spanish Securities Commission publishes guide on digital persuasion techniques affecting investor decisions
The Spanish Securities Commission (CNMV) has published a guide on “Digital persuasion for investors” explaining how digital engagement practices on investment platforms, apps and websites can influence investor behaviour. The guide outlines common tactics such as drip pricing, sludge, framing and scarcity claims, and provides practical recommendations for more disciplined investing in digital environments as part of the CNMV’s broader investor education efforts.