The Spanish Securities Commission (CNMV) has completed a new review of the social media activity of a broad sample of financial influencers following its 2023 work, finding overall satisfactory compliance but isolated breaches of investment recommendation requirements and cases where personalised advice may have been provided without authorisation. The CNMV said it will seek information and take measures to ensure compliance with the legal framework, including potential sanctions where issues are not corrected. The review assessed almost 100 finfluencers against two areas: regulated investment recommendations to the general public under the EU Market Abuse Regulation and its delegated rules, and personalised advice on specific financial instruments or cryptoassets, which requires express CNMV authorisation under Spain’s securities markets law and the EU Markets in Crypto-assets Regulation. Around 10% of the sample were identified as non-compliant with the investment recommendation rules or as potentially providing personalised advice; the CNMV highlighted instances of direct recommendations not presented clearly, accurately and objectively, or without disclosure of possible interests or conflicts of interest. Several profiles were also flagged as potentially offering personalised advice without the relevant authorisation, and one case involved promotion of an unauthorised firm already subject to a CNMV warning, for which the CNMV required the promotion to cease. In the coming months, the CNMV plans to publish two documents and other educational material aimed at investors and finfluencers, and it will organise a session with finfluencers and advertisers in the fourth quarter of 2026 to discuss activity in this area and application of the legal framework.
Spanish Securities Commission (CNMV) 2026-04-09
Spanish Securities Commission finds 10% of reviewed finfluencers may breach investment recommendation rules or provide unlicensed advice
The Spanish Securities Commission (CNMV) has completed a new review of almost 100 financial influencers’ social media activity, finding generally satisfactory compliance but around 10% potential non-compliance with investment recommendation rules or unauthorised personalised advice, including one case promoting an unauthorised firm. The CNMV will seek information, require corrective measures, may impose sanctions, and plans to publish guidance and educational material and hold a session with finfluencers and advertisers to clarify the legal framework.