CNMV product intervention measures relating to financial contracts for differences (CFDs) and other leveraged products

The CSSF would like to draw the attention of supervised entities to the following product intervention measures related to the marketing, distribution or sale of financial contracts for differences (CFDs) and other leveraged instruments to retail investors, taken by Spain’s “Comisión Nacional del Mercado de Valores” (CNMV), and published on its website on 12 July 2023 (“the CNMV Resolution”):

https://www.cnmv.es/docportal/aldia/resolucion_CFD_en.pdf.

The measure is based on Article 42 “Product intervention by competent authorities” of Regulation (EU) No 600/2014 of the European parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFIR).

As a consequence of this measure, when marketing, distributing or selling CFDs to retail investors in Spain, entities supervised by the CSSF are prohibited from using advertisements, sponsoring events or organisations, engaging in brand advertising, and using certain marketing practices. When marketing, distributing or selling other leveraged instruments (such as futures and options), whose maximum risk is not known upon subscription or whose risk of loss is greater than the amount of the initial financial contribution, to retail investors in Spain, specific investor protection requirements are to be complied with.

Reference is made to the CNMV Resolution for the precise scope of the product intervention measures. The measures are effective from 3 August 2023.

These new product intervention measures from the CNMV should be read in conjunction with the existing measures for binary options and financial contracts for differences already applicable in Spain:

https://www.cnmv.es/docportal/Legislacion/Resoluciones/27_06_19_EN.pdf

The CSSF further reminds supervised entities of the measures restricting the marketing, distribution or sale of CFDs and binary options currently applicable in Luxembourg:

https://www.cssf.lu/wp-content/uploads/RCSSF_No19-05_eng.pdf

https://www.cssf.lu/wp-content/uploads/RCSSF_No19-06_eng.pdf

Name	Description	Duration
cssf_cookies	Saves information regarding the user's consent to the use of cookies for each optional category.	1 year
ROUTEID	Technical cookie allowing load distribution.	Deleted when the browsing session ends
TBMCookie*	Security: This cookies protects the website against automated attacks.	Deleted when the browsing session ends
__utmvc	These first party cookies are set by a third party service to filter out malicious requests.	Deleted when the browsing session ends
__utmvm*	These first party cookies are set by a third party service to filter out malicious requests.	15 minutes

Name	Description	Duration
cssf_profile	This cookie adapts the website pages to the profile chosen by the visitor (professionals, markets, consumers).	1 year
pll_language	This cookie saves the user’s language choice.	1 year

Name	Description	Duration
_pk_id.#	Collects anonymous statistical data on the website consultations, such as the number of visits or the average time spent on the website. The data is processed in-house and is not shared with a third party.	1 year
_pk_ses.#	Collects anonymous statistical data for the tracking of the pages consulted during the browsing session. The data is processed in-house and is not shared with a third party.	30 minutes