Spain’s
National Securities Market Commission (CNMV) has warned
against nine unauthorized investment firms, continuing its crackdown on
unregulated financial service providers operating in the Spanish market.

Spanish Market Regulator
Flags Nine Unauthorized Investment Firms

The
regulatory body identified several entities offering investment services
without proper authorization, including Turkdex, Macan Holdings, Apex
Investments, and Fortunex Algo. These firms, along with Market4s, Daily
Brokers, FCapital24, Trade Republica, and Alpha-Learning, have been found to
operate without the necessary registration in CNMV’s official registry.

“According
to CNMV records, these institutions are not registered in the corresponding registry
of this Commission and, therefore, are not authorized to provide investment
services or other activities subject to the CNMV’s supervision,” the CNMV
commented.

The CNMV’s
action comes amid heightened scrutiny of unauthorized investment firms, often posing significant risks to retail investors. Operating outside regulatory
oversight, these entities lack the mandatory protections and controls required
for licensed investment service providers.

Last month,
CNMV issued another warning, including
copycats of AvaTrade, LCG, and JFD, popular retail trading brands in
Europe. Despite the intense efforts of regulators and companies, the issue of
clones seems unsolvable.

Spain’s Expanded
Restrictions on CFDs

These enforcement actions follow a broader pattern of regulatory vigilance in Spain’s
financial markets. Earlier this year, the CNMV implemented
stricter regulations on CFD marketing and distribution, demonstrating its
commitment to protecting retail investors.

The rules
prohibit using public figures to market CFDs and sponsoring events or
organizations for promotional purposes. However, exemptions apply to brokers
for whom CFDs represent only a minor portion of their offerings or general
activities, as well as to sponsorships and brand ads from brokers not engaged
in CFD trading.

The new
regulations also exclude certain CFD-related information: details requested
solely by clients, information necessary to carry out CFD transactions, and
‘objective data on CFDs,’ such as fact sheets without subjective content.

XTB, one of the leading brokers in the local market, has announced that it will continue operating in Spain despite the Spanish National Securities Market Commission (CNMV) introducing new restrictions on marketing CFDs.