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CySEC Advises CIFs to Comply with Spanish Regulations

CySEC Advises CIFs to Comply with Spanish Regulations

The Cyprus Securities and Exchange Commission (CySEC) has drawn the attention of the Cyprus Investment  Firms (CIFs) to  the new requirements of the Spanish Securities and Exchange Commission (CNMV) regarding  financial contracts for difference  (CFDs) and rolling-spot  foreign exchange with a leverage level greater than 10:1, or binary options.

In particular, the CNMV requires firms to expressly warn retail investors resided in Spain about the risk and complexity of the abovementioned products.  The CNMV considers that these warnings,  which  include  a  handwritten statement   made  by  the  client  (or  alternatively  a recorded oral or typewritten statement), are needed to ensure that all Spanish investors have the same level of protection and also to ensure a level playing field for all participants in the Spanish market.

CySEC advises CIFs to consult with  their  legal consultants regarding the legal actions required  to  ensure  compliance  with  CNMV's requirements  and  urges CIFs, to  whom  these measures apply, to adapt their procedures and systems so as to be able to issue these warnings and obtain  the handwritten or oral statement  as soon as practicable, and at all events within one month from the date of the issued circular (17th May).

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