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The governing measure remains the CNMV Resolution of July 11, 2023, published in the BOE on July 14, 2023 and applicable from August 3, 2023. As of August 8, 2026, the resolution is still listed in CNMV’s thematic legislation index.
For individuals, the practical consequences are straightforward: CFD advertising is heavily restricted, credit-card funding is prohibited, leverage remains capped through minimum-margin rules, and certain leveraged derivatives must be closed when the account falls below a 50% margin threshold.
What the Spanish rules do
The 2023 resolution has two separate functions:
- CFD marketing restrictions: firms generally cannot advertise, aggressively promote or use certain acquisition techniques to sell CFDs to retail investors in Spain.
- Margin and close-out requirements: providers must collect initial margin and protect retail clients from excessive losses on other leveraged instruments where the maximum risk is unknown or can exceed the initial contribution.
The measures apply to investment services provided in Spain, including services supplied by firms from other countries and firms operating under the EU freedom-to-provide-services regime. Having no Spanish branch does not automatically remove a firm from the rules.
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CFD trading is still possible, but promotion is not
The resolution prohibits the marketing, distribution or sale of CFDs to retail investors in Spain through advertising communications. “Advertising” is interpreted broadly. It can include:
- television, radio, cinema and press advertising;
- websites, search engines, online advertisements and specialist trading platforms;
- social-media posts, video channels, podcasts and other audio content;
- telephone marketing and outdoor advertising;
- emails, direct mail, brochures, catalogues and promotional gifts;
- loyalty campaigns and similar commercial communications; and
- links or redirects that send a person to a CFD provider, application, contact form or account-opening tool.
Free or token-priced CFD training, technical seminars, courses and sessions are also covered. So are free or token-priced CFD demo accounts offered to retail investors or the general public.
The restriction can apply to comparable promotional activity conducted by an affiliate or related company. A provider cannot necessarily avoid the rule by putting the marketing campaign in a separate group entity.
Information that can remain on a website
Not every mention of CFDs is prohibited. A provider can still publish information that is neutral, factual and legally required. Examples include:
- product characteristics;
- contractual and pre-contractual information;
- prescribed risk warnings;
- objective product factsheets; and
- information supplied after a prospective client specifically asks for it.
For an unsolicited firm response to qualify as requested information, the provider must keep evidence that the client initiated the request. CNMV gives examples such as emails, letters and telephone records.
The distinction is between explaining a product and selling it. A neutral page describing how a CFD works may be permitted. A page saying that CFDs are an easy way to make money, highlighting potential returns, or directing visitors toward an account-opening form is much more likely to be treated as promotion.
Free demo accounts and educational material
A free CFD demo account is not permitted for retail investors, even when CFDs are only one feature of a wider multi-product demo account. CNMV’s position is that the CFD function should be removed from a free or token-priced multi-product demo.
A demo account that is not free or token-priced may be possible for a client whose knowledge and experience have been assessed and documented.
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Training may also be provided to retail clients with proven knowledge and experience. The restriction applies to educational material offered after August 3, 2023, even if the client originally joined the firm before that date.
Brand advertising, sponsorships and influencers
Event sponsorship and brand advertising are prohibited where their purpose or effect is to advertise CFDs or related services directly or indirectly. The restriction includes the use of public figures.
There is a narrow exception where the firm can demonstrate that the sponsorship or brand advertising is not intended to offer CFDs, particularly because CFDs make up only a very small part of the firm’s overall business.
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CNMV’s Q&A provides supervisory indicators for assessing “very small part”:
| Indicator | CNMV supervisory view |
|---|---|
| CFD trading volume | Generally no more than 20% of total trading in financial products, measured using notional amounts for leveraged products and calculated over the previous 12 months |
| Number of CFD clients | Also considered by CNMV |
| CFD revenue | Also considered by CNMV |
| Possible alternative indicators | Fewer than 50 CFD clients during the year and annual CFD revenue of no more than €500,000 may support the argument that CFD activity is very small |
These figures are not a statutory safe harbour. They appear in CNMV’s non-regulatory Q&A as supervisory criteria, not as numerical thresholds written into the 2023 resolution.
A firm may publish neutral market-performance information, but CNMV says videos or technical-analysis content can become unacceptable if they promote CFD activity or carry the firm’s name, logo or brand on a channel contracted by the firm or published on the internet.
Acquisition practices that are prohibited
The resolution bans several common sales and affiliate arrangements for CFDs. A provider must not:
- pay existing clients for referring new retail clients;
- pay a sales network according to the number of clients acquired;
- base remuneration on client deposits, deposits received by the firm or client losses;
- use a remuneration structure that conflicts with the client’s interests;
- use or pay collaborators to train prospective clients who lack accredited knowledge and experience;
- use internal or outsourced call centres to contact clients or potential clients to promote CFD services;
- pay software providers according to client deposits, distributor deposits or client losses; or
- accept retail-client cash deposits made by credit card.
Investment-service marketing and client acquisition are reserved activities. CNMV says firms cannot use unregistered independent collaborators or affiliates to acquire clients or offer investment products and services.
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CFD leverage and minimum initial margin
The resolution retains the initial-margin framework from CNMV’s June 27, 2019 CFD resolution. The minimum margin depends on the underlying asset:
| Underlying | Minimum initial margin | Common maximum leverage expression |
|---|---|---|
| Major currency pairs | 3.33% of notional value | 30:1 |
| Other currencies, gold and specified major equity indices | 5% | 20:1 |
| Other commodities and non-major equity indices | 10% | 10:1 |
| Cryptocurrencies and other crypto-assets | 50% | 2:1 |
| Shares and other assets not otherwise listed | 20% | 5:1 |
For example, a 30:1 position requires at least 3.33% of the position’s notional value as initial margin. A €10,000 position in a major currency pair would therefore require approximately €333 in initial margin, before considering the provider’s own requirements, spreads, fees and any changes in value.
The major equity-index group includes the FTSE 100, CAC 40, DAX 30, DJIA, S&P 500, NASDAQ Composite, NASDAQ 100, Nikkei 225, ASX 200 and EURO STOXX 50.
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CFD providers must also provide:
- initial-margin protection;
- position close-out protection;
- negative-balance protection;
- no excluded monetary or non-monetary benefits connected with CFD marketing, distribution or sale; and
- the prescribed risk warning.
What the CFD risk warning must say
The warning must be prominent, use a font at least as large as the predominant font in the communication and appear in the same language as the communication. The exact format varies between websites and durable media, other media and character-limited advertising.
Where the provider has the necessary account data, the warning must include its own retail-client loss percentage. That figure is recalculated every three months using the preceding 12 months of data.
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An account counts as having lost money where its net realised and unrealised CFD result, including charges, fees and commissions, is negative. Deposits and withdrawals are excluded, as are non-CFD products and accounts with no open CFD during the relevant period.
The full Spanish warning for a website or durable medium is:
“Los CFD son instrumentos complejos y están asociados a un riesgo elevado de perder dinero rápidamente debido al apalancamiento.
[porcentaje del proveedor] % de las cuentas de inversores minoristas pierden dinero en la negociación de CFD con este proveedor.
Debe considerar si comprende el funcionamiento de los CFD y si puede permitirse asumir un riesgo elevado de perder su dinero.”
If the provider has not supplied an open CFD during the relevant 12-month calculation period, the fallback warning states that between 74% and 89% of retail investors lose money trading CFDs. That range is not necessarily the current loss rate of a particular provider.
Rules for other leveraged derivatives
The second part of the resolution covers financial instruments other than CFDs where either:
- the maximum risk is unknown when the investor subscribes; or
- the potential loss exceeds the investor’s initial financial contribution.
These are alternative tests. Both do not need to be satisfied.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchThe scope can include listed derivatives, OTC derivatives, derivatives used for hedging, and Spanish or foreign products distributed to retail clients in Spain. It can also cover non-residents dealing through an intermediary operating in Spain.
Purchased options and warrants generally fall outside this definition because the buyer’s maximum loss is normally known and limited to the purchase price. The classification depends on the instrument’s features and, in some cases, the client’s purpose.
Some foreign-exchange derivatives that meet the conditions in Article 10 of Commission Delegated Regulation (EU) 2017/565 may be treated as means of payment rather than MiFID financial instruments. Those products fall outside this resolution and the associated securities-market conduct rules.
Initial margin for covered instruments
For an instrument covered by part two, the provider must require the retail client to pay initial margin.
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For a listed instrument, the minimum is generally the lower of:
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- the margin percentage corresponding to the underlying under the 2019 CNMV resolution; and
- the margin required by the trading venue.
There is an important crypto-asset exception. Where the underlying crypto-asset is not a MiFID financial instrument, the margin cannot be reduced below the amount calculated using the CNMV percentage. A venue’s lower margin cannot be used to bypass that floor.
CNMV says the calculation may consider equity or financial margins in the derivatives operating or settlement account, the client’s overall position with the entity, the fair value of that position using a generally accepted methodology and spot positions.
The 50% close-out trigger
For covered leveraged instruments, the provider must close one or more open derivative positions, in the conditions most advantageous to the client, when:
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The provider must not close positions before the 50% threshold is reached. The client must be informed and given an opportunity to provide additional margin before positions are closed.
This is not a protection that the client can waive. CNMV says a provider may not accept a contractual waiver.
A firm can request additional margin before the threshold. CNMV considers it good practice to operate a warning process that alerts the client before the 50% trigger is reached. The provider must monitor positions frequently enough to react to extraordinary market movements and must have systems capable of measuring the relevant risks.
A provider should not allow an account to become debit-funded simply because it is waiting for the 50% point. It must request more margin beforehand and close positions if the client does not provide it. Any financing by the provider must be properly addressed in the client’s prior contract.
Where agreed with the client, the firm may use either the market-required margin at the relevant time, subject to the CNMV minimum, or the margin required by the firm and actually provided by the client when calculating the threshold.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.When a hedge may be treated differently
A derivative is not automatically exempt just because it is labelled a hedge.
CNMV’s Q&A says an effective hedge may be excluded from the part-two initial-margin and close-out requirements if all of the following apply:
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- it reduces the risk of a specific, identified pre-existing financial position or business transaction;
- the provider verifies in advance that the derivative substantially serves that hedging purpose; and
- the maximum risk is known when the derivative is contracted.
For an interest-rate hedge connected to a loan made by the same financial institution, the hedging purpose is deemed proven.
The assessment must continue. If the client’s portfolio, financial position or business transaction changes so that the derivative no longer effectively hedges the identified exposure, the provider must reassess the rules, request any necessary margin and apply close-out protection where required.
EMIR reporting is not changed
The 2023 resolution does not alter reporting duties under EMIR. If a leveraged instrument and its margin arrangements fall within EMIR, the contract remains subject to the same EMIR notification requirements as other contracts within EMIR’s scope.
Key dates and common misunderstandings
Existing sponsorship or brand-advertising contracts could continue until their first expiry, but they could not be renewed and could not continue beyond July 14, 2024—12 months after publication.
| Claim | Correct position |
|---|---|
| “Spain banned retail CFD trading.” | No. Advertising and specified acquisition practices are banned. Retail clients can still trade where the service complies with the rules and the transaction is initiated by the investor. |
| “Only Spanish firms are covered.” | No. The rules can cover firms providing investment services in Spain regardless of origin or branch status. |
| “All CFD information online is prohibited.” | No. Neutral, objective, legal and risk information remains possible. Promotional information does not. |
| “A free multi-product demo is allowed if CFDs are one small feature.” | No. CNMV says the CFD function should be removed from a free or token-priced multi-product demo. |
| “The 20% test is a safe harbour.” | No. It is a supervisory indicator in CNMV’s non-regulatory Q&A. |
| “The 50% level is only a margin call.” | It is the position close-out trigger. Additional margin can be requested earlier, but positions must be closed when the applicable trigger is reached unless the margin position is restored. |
| “A client can waive close-out protection.” | No. CNMV says providers cannot accept that waiver. |
| “The rules cover only OTC products.” | No. Listed and OTC derivatives can both be covered. |
| “All card deposits are prohibited.” | No. The specific prohibition concerns credit-card deposits. Debit-card deposits are not prohibited by this rule alone. |
FAQ
Can a retail investor in Spain still open a CFD account?
Yes, the CNMV measures do not generally ban retail CFD trading or account opening. The provider must comply with the marketing, suitability, margin, risk-warning and client-protection requirements, and the transaction should be initiated by the investor rather than generated through prohibited promotional activity.
Can a Spanish CFD provider advertise on social media?
The resolution’s advertising ban is broad enough to cover social-media posts, videos, audio and online advertising directed at retail investors or potential retail clients. Neutral, objective and legally required information may remain available, but promotional content is not permitted.
Can I fund a CFD account with a debit card?
The specific CNMV rule prohibits retail-client cash deposits made by credit card. CNMV’s Q&A distinguishes debit cards and says they are not prohibited by this particular rule. Other payment, anti-money-laundering and conduct requirements may still apply.
What happens when my leveraged position reaches the 50% margin level?
The provider must close one or more open derivative positions, in conditions most advantageous to you, when the relevant funds and unrealised net gains fall below half of the total initial margin required for open positions. The firm can request more margin earlier, and it must give you an opportunity to provide it before closing.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchCan I sign a contract waiving automatic close-out?
No. CNMV says a provider may not accept a contractual waiver of the close-out protection.
Are hedging derivatives exempt from the margin rules?
Not automatically. An effective hedge may qualify only where it protects a specific identified pre-existing exposure, the provider verifies the purpose in advance and the maximum risk is known when the derivative is contracted. The provider must reassess the position if the underlying exposure changes.
The Bottom Line
Spain’s framework is aimed at reducing impulse-led CFD sales and limiting the damage that leverage can cause in retail accounts. It does not make CFDs safe and does not prohibit a client from trading them. Before opening or funding an account, check whether the provider is authorised for Spain, read the exact margin and close-out terms, understand the applicable leverage cap and confirm how the firm calculates its retail loss percentage and margin level.
For a product that is not a CFD, do not assume that the same rules—or no rules—apply. The key questions are whether the maximum loss is known at subscription and whether it can exceed the initial contribution.
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