Spain’s CNMV Draws a Red Line: Influencer Investment Promotion Now a Regulatory Risk

Spain’s market watchdog has issued a sharp warning to influencers, brokers, and investment firms alike: paid social media promotion can cross into illegal client solicitation. Content promoting investment services may trigger regulatory breaches if it goes beyond basic advertising. Social media hype, affiliate-style payouts, and “friendly advice” can now place both influencers and firms directly in the enforcement spotlight.

Under the new criteria, only authorised investment firms or their registered agents are allowed to market investment services or actively attract clients. While firms may still pay influencers to distribute advertising, that activity must remain strictly passive. Fixed fees for content distribution are allowed. Payments linked to client numbers, trading volume, or performance are a strong indicator of unlawful client acquisition.

Even with fixed remuneration, influencers may be deemed to be soliciting clients if they publish favourable opinions or recommendations while engaging directly with potential investors. Answering questions about products, encouraging sign-ups, or building ongoing relationships with followers can all push activity into regulated territory.

Responsibility does not stop with the influencer. Investment firms remain fully accountable for who they hire, how content is framed, and what messages reach the public. Poor oversight, misleading claims, or informal sales behaviour carried out on their behalf can expose firms to sanctions.

The guidance lands as regulators across Europe tighten scrutiny on online investment marketing, particularly where crypto products, high-risk trading, and retail investors intersect. Social platforms have become the primary gateway for financial fraud, unlicensed promotion, and disguised solicitation.