CNMV

The Comisión Nacional del Mercado de Valores is Spain's securities regulator, supervising investment firms, funds and the CFD and forex providers that serve Spanish residents. It applies MiFID II and the ESMA retail leverage caps, and publishes registers both of firms authorised in Spain and of the foreign entities passported in from elsewhere in the EU. Spain then goes further than the European baseline in two ways a trader meets directly. The CNMV restricts mass-market advertising of CFDs and leveraged forex, and it requires a retail client to hand-write an acknowledgement of the product's risk before a first leveraged trade — a friction deliberately placed in the sign-up flow. Clients of a Spanish-authorised firm are also covered by FOGAIN, the investor compensation fund, for up to €100,000 of cash and assets a failed firm cannot return. Neither protection touches a losing position.