this National Exchange Commission (CNMV) warned in a statement this Monday: have some influencers It’s from the financial industry that disseminates investment advice without complying with the legislation, so you will contact them. to request clarification about your activity.
The preparation and dissemination of these recommendations is regulated in EU Regulation No 596/2014 on market abuse and the Authorized Regulation (EU) 2016/958 (EU) which developed it, and their main purpose is to present the recommendations in a clear and precise manner. and objective and the interests and conflicts of interest of the person giving the advice should be reported.
In this regulation When recommendations are made and disseminated by individuals such as influencers and not by audited companies, they are classified as ‘experts’ and are subject to additional requirements.
With this action, the CNMV wants To promote compliance with the above-mentioned legislationthat is, those who make investment advice properly describe themselves, present the advice objectively and ensure equal treatment with audited individuals and entities that comply with the requirements, as well as disclose any relationships or circumstances that may affect their impartiality.
CNMV head Rodrigo Buenaventura has previously asked influencers to be responsible when promoting cryptocurrencies and has warned multiple times of the risks to retail investors.
On the other hand, this action comes after the United States Securities and Exchange Commission (SEC) fined him for promoting a crypto asset on his Instagram account. advertisement.
CNMV recalled this Monday that an investment recommendation consists of information that advises or recommends an investment strategy, expressly or implicitly, in relation to one or more financial instruments or issuers, including any views on current or future value. or the price of these vehicles for distribution channels or the general public.
To determine whether a recommendation has been published, analyze the essence of what is conveyed, i.e. whether an investment strategy is recommendedwhatever the name of the communication, its format or the medium in which it is disseminated. Information as such does not need to be written or named as such to constitute advice.