Regulatory Alerts2020-11-13
Circular 2/2020 of the National Securities Market Commission on Advertising of Investment Products and Services
The Spanish National Securities Market Commission (CNMV) issued Circular 2/2020 to establish comprehensive regulations for the advertising of investment products and services, ensuring messages are clear, fair, and non-misleading. The Circular defines the scope of applicability, mandates strict internal organizational controls and advertising registries, and outlines procedures for the CNMV to require the cessation or rectification of non-compliant advertising. It aligns investment advertising standards with banking sector regulations while explicitly excluding pre-contractual information and specific institutional communications from its advertising definitions.
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