Regulatory Alerts2021-02-08
Added · Updated
Cross Border Marketing of Investment Services Targeting Spanish Market on Freedom of Services Basis
The Malta Financial Services Authority requires licensed MiFID investment firms to comply with a public statement issued by the Spanish Comisión Nacional del Mercado de Valores regarding cross-border marketing practices targeting the Spanish market. Firms are prohibited from using unauthorized third parties for client acquisition through affiliate programs and must ensure that promotional materials do not reference or direct retail clients to non-EU entities for trading complex instruments like CFDs. Compliance Officers must review all promotional material on an ex-ante basis and provide prior approval before issuance, ensuring adherence to the Conduct of Business Rulebook.
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