The Spanish authority for the supervision and inspection of Spanish securities markets ("CNMV-Comisión Nacional de Mercados y Valores") has announced its decision to restrict advertising of complex financial products. Several football clubs will be affected by this new rules, among others, Athletico de Madrid (sponsored by Plus 500), Valencia (sponsored by Libertex), Sevilla (Ever FX) and Real Madrid (Exness).
On February 2019, CNMV informed about the survey conducted in the Spanish market regarding the advertising activity of some financial companies. Last January 30, 2020 the conclusions of this investigation were published.
Many European countries are already applying this kind of restriction to protect consumers, so Spain is harmonizing its legal framework on this matter.
Spanish football clubs will not be so happy... Tobacco, alcohol, and now financial products. What is the next restriction to potential sponsors?
These financial products are characterized by their high risk and high short-term volatility therefore, they are difficult to understand for retail customers.