MADRID, 24 Oct. (EUROPA PRESS) -
The National Securities Market Commission (CNMV) has warned this Monday in a statement that there are some influencers from the financial sector who are disseminating investment recommendations without complying with the regulations, so it will contact them to request clarification about their activity. .
The activity of preparing and disseminating these recommendations is regulated in the EU Regulation 596/2014 on market abuse and in the Delegated Regulation (EU) 2016/958 that develops it, and its main objectives are that the recommendations are presented in a clear, exact and objective and that the interests and conflicts of interest of the person issuing the recommendation be reported.
This regulation states that when the recommendations are made and disclosed by people such as influencers and not by supervised companies, they are classified as 'experts' and are subject to additional requirements.
With this action, the CNMV wants to promote compliance with the aforementioned legislation, that is, that those who make investment recommendations properly identify themselves, present the recommendations objectively and reveal all relationships or circumstances that could affect their objectivity, in addition to ensure equal treatment with supervised persons and entities that respect the requirements.
The president of the CNMV, Rodrigo Buenaventura, has previously asked influencers to be responsible when promoting cryptocurrencies and has warned on multiple occasions of the risks they pose to retail investors.
On the other hand, this action occurs after the United States Securities and Exchange Commission (SEC) fined the 'influencer' and businesswoman 1.26 million dollars (1.281 million euros). Kim Kardashian for having promoted a crypto asset on her Instagram account without revealing that it was paid advertising.
The CNMV has recalled in a statement this Monday that an investment recommendation consists of information that recommends or suggests an investment strategy, explicitly or implicitly, in relation to one or more financial instruments or with the issuers, including any opinion on the current or future value or price of these instruments, intended for distribution channels or the public.
To determine if a recommendation is issued, it is necessary to analyze the substance of what is communicated, that is, if an investment strategy is recommended, regardless of the name given to the communication, its format or the medium through which it is communicated. diffuse. In this way, for information to constitute a recommendation, it does not need to be in writing or named as such.
