The National Securities Market Commission, CNMV, issued a statement on Monday addressing the behavior of certain online influencers who operate within the financial space. The regulator highlights that individuals who spread investment advice without adhering to the established rules will be contacted to seek clarification about their activities. The goal is to ensure that market participants understand who is providing guidance and under what authority, reducing the risk of misleading claims that could affect investors.
The core rules governing the creation and distribution of investment recommendations are embedded in EU Regulation No 596/2014 on market abuse and its implementing framework, including EU Regulation 2016/958. These provisions require recommendations to be presented clearly, concisely, and with a true sense of objectivity. They also require the disclosure of interests and any conflicts that might influence the person giving the advice. The emphasis is on transparency so investors can assess whether the guidance is influenced by personal or commercial interests rather than by an impartial analysis.
When such recommendations are issued by individuals who are not part of audited or regulated firms, yet who present themselves as experts, they fall under additional regulatory scrutiny. In these cases the CNMV classifies the actors as experts and subjects them to heightened obligations to preserve fairness and protect retail investors. This distinction is intended to prevent the improper use of professional titles to lend credibility to advice that may not meet regulatory standards.
Through this enforcement action, the CNMV seeks to strengthen compliance with the cited laws. The regulator stresses that anyone who offers investment guidance must clearly describe their role, deliver the advice in a neutral and fact-based manner, and ensure that their communications do not advantage individuals or entities that are subject to different regulatory expectations. In addition, any relationships or circumstances that could compromise impartiality must be disclosed in a straightforward manner, enabling investors to evaluate potential biases.
Rodrigo Buenaventura, head of the CNMV, has previously urged influencers to exercise responsibility when promoting digital assets and has repeatedly warned about the risks that these promotions carry for non-professional investors. The regulator views influencer activity in the cryptocurrency space as a focal point for investor protection and expects prudent behavior in the way such content is framed and shared.
Separately, the enforcement landscape has seen high profile actions in other jurisdictions. In the United States, the Securities and Exchange Commission recently took action against a prominent crypto promoter for activities conducted via social media. This development is cited by the CNMV to illustrate the broader international trend toward stricter oversight of online investment advice and the importance of clear disclosures regardless of the platform used.
To clarify what constitutes an investment recommendation, the CNMV reiterates that such guidance includes any information that suggests or endorses an investment strategy connected to one or more financial instruments or issuers. It also covers expressed opinions about current or future value or pricing, regardless of the channel, format, or platform used to disseminate the message. This broad interpretation ensures that even informal or indirect communications are subject to scrutiny when they amount to actionable guidance.
In assessing whether a given communication amounts to an investment recommendation, the focus is on the substance rather than the label. The regulator looks at the essence of the message and the practical effect it could have on a reader. The format, whether written or spoken, the distribution path, and the intended audience do not negate the possibility that a recommendation has been published. The absence of explicit labeling does not exempt a communication from regulatory scrutiny if it guides investment decisions or portrays a strategy as advisable.