CySEC Issues Warning on CNMV CFD Requirements for Spanish Retail Clients

CySEC has issued a circular reminding Cyprus Investment Firms (CIFs) of Spain’s regulatory position on leveraged trading products, reinforcing the need to comply with the Spanish Securities Market Commission’s (CNMV) product intervention measures when targeting retail clients in Spain.

In Circular C785, published on 10 June 2026, the Cyprus Securities and Exchange Commission (CySEC) relayed concerns raised by the CNMV regarding the treatment of Spot Quoted Futures (SQFs). According to the Spanish regulator, SQFs should be classified as Contracts for Difference (CFDs) for regulatory purposes and therefore fall under Spain’s CFD product intervention regime.

The clarification builds on previous guidance issued by CySEC in October 2023 and reflects the CNMV’s continued interpretation that leveraged products with CFD-like characteristics should be subject to the same investor protection measures applied to CFDs.

As a result, the CNMV considers SQFs to be covered by both its 2019 CFD intervention measures and the updated Resolution of 11 July 2023, which introduced stricter restrictions on the marketing, distribution and sale of certain leveraged products to retail investors in Spain.

CySEC has urged all Cyprus Investment Firms that offer CFDs and other leveraged products to Spanish retail clients to review their product offerings and ensure full compliance with the CNMV’s requirements. The guidance specifically highlights products such as Spot Quoted Futures, perpetual futures, and other similar leveraged instruments that may fall within the scope of the Spanish rules.

The circular underscores the growing focus among European regulators on investor protection in the leveraged trading sector, particularly as firms continue to market increasingly complex products across borders under the EU’s passporting framework.

For brokers operating in Spain, the latest reminder serves as a warning that products considered outside the CFD category in other jurisdictions may still be treated as CFDs by the CNMV, exposing firms to potential regulatory risks if local requirements are not properly observed.