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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), issued a warning dated October 8, 2018 naming www.investingpro.com, Kyoto Limited Ltd, and Milton Group Ltd.
The warning said those entities were not authorized in Spain to provide specified investment services, including investment advice, auxiliary services, and services involving financial instruments such as foreign-currency transactions.
That finding needs to be read carefully. The CNMV record does not name Investing.com or Fusion Media Limited. It also does not, by itself, prove that the current InvestingPro subscription sold through Investing.com is the same business, that fraud occurred, or that customers lost money.
What the CNMV warning actually says
The CNMV’s warning identifies three connected references:
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- Kyoto Limited Ltd
- Milton Group Ltd
www.investingpro.com
In its notice, the regulator said the named entities were not authorized to provide services covered by Article 140 of Spain’s then-applicable Securities Market Law. It also referred to specified auxiliary services under Article 141(a), (b), (d), (f), and (g), and services relating to financial instruments covered by Article 2.
Investment advice was expressly included. The notice also referred to foreign-currency transactions, which is important because a website offering brokerage-style or forex services may need authorization even if it also presents itself as an information or research platform.
You can check the CNMV warning record and read the regulator’s Spanish notice or English notice.
Is this a warning against Investing.com?
Not according to the identified CNMV record. The record names www.investingpro.com, Kyoto Limited Ltd, and Milton Group Ltd. It does not name:
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- Fusion Media Limited
- The current InvestingPro subscription sold through Investing.com
This distinction matters because “InvestingPro” is not a unique legal identity. A product name, website name, and company name can refer to different businesses.
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The two InvestingPro references
1. The website named in the 2018 warning
The CNMV warning concerns the broker-style website www.investingpro.com. The warning associates that domain with Kyoto Limited Ltd and Milton Group Ltd and says they were not authorized for the specified regulated activities in Spain as of October 8, 2018.
2. The current InvestingPro product on Investing.com
Investing.com currently presents InvestingPro as a paid financial-data and research subscription. Its advertised features include:
- AI-powered stock picks
- Fair Value assessments
- Pro news and expert commentary
- A chat-based AI financial research assistant
- Vision AI chart analysis
Investing.com’s terms identify the contracting company as Fusion Media Limited. The terms list InvestingPro and InvestingPro+ as subscription products covering Investing.com, its subdomains, apps, tools, and content.
The terms give Fusion Media Limited’s details as:
| Item | Details |
|---|---|
| Legal name | Fusion Media Ltd. |
| Registration number | 1442989 |
| Jurisdiction | British Virgin Islands |
| Address | 3076 Sir Francis Drake’s Highway, P.O. Box 3463, Road Town, Tortola, British Virgin Islands |
Those corporate details are different from the entities named in the CNMV warning. That does not prove that no historical connection ever existed, but it does mean the warning cannot automatically be republished as a warning against the current Investing.com product.
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What Investing.com’s terms say about regulation
The current Investing.com terms state that its market information is not intended to be investment advice or a recommendation to buy, sell, or hold a security.
In the ProPicks section, the terms also say Fusion Media is not a licensed securities dealer, broker, investment adviser, or investment bank.
This disclaimer does not decide whether a service is regulated under Spanish law. A company cannot avoid regulation merely by adding a disclaimer if its actual activities legally require authorization. However, the wording does make one point clear: the current InvestingPro subscription should not be described as a licensed broker simply because it provides investment research, stock analysis, or market signals.
What the warning does—and does not—prove
| Statement | Accurate? |
|---|---|
| “The CNMV recently warned against InvestingPro.” | No. The identified warning is dated October 8, 2018. |
| “The CNMV warned against Investing.com.” | Not on the basis of this warning. Investing.com is not named in the record. |
| “The CNMV declared InvestingPro a scam.” | No. The formal finding was lack of authorization for specified services. |
| “Every InvestingPro customer lost money.” | Unsupported. The notice makes no such finding. |
| “The current InvestingPro subscription is the broker in the warning.” | Unproven. The available records identify different companies and products. |
| “The warning proves the business is illegal everywhere.” | No. The warning concerns authorization for specified activities in Spain under the law applicable at that time. |
How to check a financial service before paying or depositing
- Identify the exact legal entity. Do not rely only on a brand name or logo. Check the terms, payment page, invoices, and withdrawal instructions.
- Separate research from brokerage. A subscription that sells data or analysis is not automatically a broker. A platform that accepts deposits, executes trades, manages portfolios, or gives individualized advice may raise different regulatory questions.
- Search the regulator using the exact name and domain. The CNMV’s Search Engine for Warned Companies allows searches by name, partial name, date, warning type, and foreign regulator.
- Check the date. A warning from 2018 describes the regulator’s position at that time. It is not automatically evidence about a current product, ownership structure, or website.
- Do not overread partial matches. Searching for a fragment such as
INGproduces many unrelated results. A matching word does not establish common ownership. - Review recurring-payment terms. Save the confirmation email and note the renewal date before starting a trial or subscription.
Subscription risks with the current InvestingPro product
Investing.com’s current terms state that paid subscriptions may include InvestingPro, InvestingPro+, ProPicks, and ad-free services. The terms also provide for automatic renewal unless the user cancels before the renewal date.
Free trials can convert into paid subscriptions when the trial ends. Cancellation generally stops future renewals but does not automatically produce a refund for a partially used billing period. Prices may also change, with the terms generally providing for at least 30 days’ notice of price increases.
To avoid an unwanted charge, cancel through the account settings or contact [email protected] before the renewal date. Keep screenshots or emails showing the cancellation. If a payment was taken after a properly documented cancellation, those records will be useful when contacting the merchant or your card provider.
How the CNMV describes unauthorized entities
The CNMV warns that investing through unauthorized entities carries a high risk of losing capital because those entities operate outside the controls established by supervisory bodies. Its database separates warnings about “No autorizadas” entities from “Otras advertencias”.
That is a risk warning, not a finding that every transaction involving a listed entity resulted in a loss. It also does not substitute for checking the current legal entity, service, country, and authorization status before sending money.
FAQ
Did Spain’s CNMV warn against InvestingPro?
The CNMV issued a warning dated October 8, 2018, naming Kyoto Limited Ltd, Milton Group Ltd, and www.investingpro.com. It said those entities were not authorized for specified investment and auxiliary services in Spain.
Did the CNMV warn against Investing.com?
The identified warning does not name Investing.com or Fusion Media Limited. It is therefore not accurate to present that record as a warning against Investing.com without separate evidence.
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Is the current InvestingPro subscription a broker?
Investing.com presents the current InvestingPro product as a paid research and financial-data subscription. Its terms say Fusion Media is not a licensed securities dealer, broker, investment adviser, or investment bank.
Did the CNMV call InvestingPro a scam?
No. The warning states that the named entities were not authorized to provide specified regulated services. It does not use the word “scam” or establish that all customers lost money.
How can I search the CNMV warning database?
Use the CNMV’s Search Engine for Warned Companies. Search the exact legal name or domain, select the relevant warning type, and check the warning date. Avoid treating broad partial-name matches as proof that businesses are connected.
The Bottom Line
Bottom line: On October 8, 2018, the CNMV warned that Kyoto Limited Ltd and Milton Group Ltd, operating through www.investingpro.com, were not authorized to provide specified investment, investment-advice, auxiliary, and foreign-currency services in Spain.
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