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Provision of Warnings in Spain – C248

Following Circular C210 CySEC issues Circular C248 – Requirements of the Spanish Securities and Exchange Commission (‘the CNMV’) regarding the provision of warnings on complex financial instruments to retail clients resided in Spain, expanding on the requirements for mentioned warnings when providing services to clients within the territory of Spain. In summary a CIF must:
  • include a risk warnings mentioned in the Circular on the homepage of their website and not relegate any warning to other part of their website with less direct access
  • use warnings in the same language in all related texts and secondary documents when the website adopts Spanish
  • must have a warning on the “cost of closing the position” on their general website showing the mechanism used to calculate said cost