The CNMV puts 'finfluencers' under the spotlight: 10% breach investment regulations
The supervisory body has analyzed nearly 100 profiles on social networks and warns that it could impose sanctions
BarcelonaThe rise of finfluencers –content creators who give advice on finance and investment on social media– has forced the National Securities Market Commission (CNMV) to act. The regulator has made public a review of the activity of nearly 100 of these profiles and the diagnosis is clear: 10% do not comply with current regulations or could be performing personalized advisory tasks without the corresponding authorization.
The body chaired by Rodrigo Buenaventura has been particularly forceful with those who issue direct investment recommendations without complying with objectivity standards. According to the CNMV, cases have been detected where possible conflicts of interest are not reported or if the influencer has any economic benefit behind the advice they are giving.
Surveillance has even made it possible to detect a case where one of these content creators advertised a fraudulent entity. It is a so-called financial "chiringuito" about which the supervisor itself had already issued a prior alert, for which immediate cessation has been ordered.
Surveillance of intrusion
Beyond general recommendations, the supervisor has focused on personalized advice. Both Spanish law and European regulations reserve this activity exclusively for registered and authorized entities, as it involves proposing financial products or cryptoassets based on the personal circumstances of each follower.
In this regard, the regulator has already begun contacting suspicious profiles to analyze compliance with the legal framework. The warning is direct: if these practices are not stopped, the CNMV has the power to impose sanctions.
Therefore, to conclude this offensive against disinformation, the CNMV will publish in the coming months a guide for investors on the risks of following advice on social networks and a technical manual that will remind "finfluencers" of their legal obligations. This preventive rollout will culminate in a working day that will bring together content creators and advertisers to set the rules of the game and ensure that the sector operates under the control of the legal framework.