The Government has approved an amendment to the Spanish Securities Market Act to reinforce the legal framework protecting citizens and investors with regard to the advertising of new financial assets and instruments in the digital sphere. The Spanish ROYAL DECREE-LAW on urgent measures to support business solvency in response to the COVID-19 pandemic grants the CNMV competences pursuant to which it is empowered with regard to the advertising of crypto-assets and other assets and instruments. The law authorises the CNMV to define by means of a Circular the objective and subjective scope, as well as the control procedures and mechanisms to be applied.

The Chairman of the CNMV, Rodrigo Buenaventura, explained it as follows:

This is the approved text:

Final provision two.

Amendment to Spanish Royal Legislative Decree 4/2015, of 23 October, approving the Recast Text of the Spanish Securities Market Act. Spanish Royal Legislative Decree 4/2015, of 23 October, approving the Recast Text of the Spanish Securities Market Act is amended under the following terms and conditions:

One. A new Article 240 bis is added, with the following wording: “Article 240 bis. The CNMV may subject to authorisation or other forms of administrative control, including the introduction of warnings on risks and features, the advertising of crypto-assets or other assets and instruments presented for the purpose of investment, with comparable advertising dissemination even if they are not activities or products provided for in this Law. By means of a circular, the CNMV shall define, among other issues, the subjective and objective scope as well as the specific control arrangements to which such advertising activities shall be subject. To this end, the provisions of Article 240(2) of this Law shall apply.”

Two. Subparagraph four of Article 292 is amended, with the following wording: “4. The activity of advertising in violation of Articles 240 and 240 bis or their implementing regulations.”