Spanish Securities Commission publishes finfluencer guide on public investment recommendations personalised advice and crypto content

The Spanish Securities Commission has published a guide and infographic for finfluencers explaining when content about investments and financial markets is subject to regulation. The material is intended to help content creators understand the rules that apply to different types of posts, especially public investment recommendations and personalised investment advice. The guide explains that any information addressed to the public that explicitly or implicitly suggests an investment strategy for financial instruments or their issuers can qualify as an investment recommendation. Social media opinions by experts in the financial sector may fall into that category even if they are not professionals. Such recommendations are subject to European Union requirements on objective presentation and disclosure of potential conflicts of interest. Personalised advice, by contrast, involves recommendations made to a specific person rather than the public and is an investment service that requires prior authorisation. Both types of content are supervised by the CNMV. The documents also set out guidance on promoting financial products and services and on discussing cryptoassets, and summarise four key messages for finfluencers: comply with the rules on public investment recommendations, do not provide personalised advice without authorisation, understand the products or services being promoted, and be cautious when speaking about cryptoassets.