CNMV Spain Press Releases

CNMV Finds 10% of Analysed Finfluencers Non-Compliant with Investment Rules

The CNMV reviewed the social media activity of approximately 100 finfluencers and found that around 10% fail to comply with the rules on investment recommendations or may be providing investment advice without the required CNMV authorisation. The review identified that recommendations were not always presented in a clear, accurate and objective manner and that conflicts of interest were not properly disclosed. One case was also identified in which a finfluencer was promoting a boiler room previously flagged by the CNMV. The CNMV will request clarification from non-compliant finfluencers, require cessation of unauthorised activity, and may impose sanctions where breaches are not remedied.

AI Investment Study: Errors Risk Investor Losses

The CNMV published a research study analysing the investment-prediction capabilities of four advanced AI language models (ChatGPT, Gemini, DeepSeek, and Perplexity). The study found that these tools exhibit recurring reasoning errors including computational failures, financial misinterpretations, and hallucinations, with the highest error rates in simple, unstructured queries. The research recommends integrating rigorous human validation and using verified regulatory data from official sources such as the CNMV to improve reliability.

CNMV Publishes Guide on Digital Persuasion for Investors

The Spanish National Securities Market Commission (CNMV) has published a Guide on Digital Persuasion for Investors that examines client acquisition techniques used by digital investment platforms, apps, and websites. The Guide identifies key persuasion mechanisms including drip pricing, sludge, framing, and scarcity claims, and provides eleven practical recommendations to help investors make more conscious and informed decisions. While this is non-binding guidance, it signals CNMV's focus on protecting investors from manipulative digital engagement practices in the investment sector.