CNMV Shows Red Flag As 8 Financial Companies Called Out

Headlines:

• The National Securities Market Commission (CNMV) of Spain has raised concerns about eight financial companies promoting investment services without proper registration.
• The CNMV warning includes companies like Fame Traders, Globe Fx, Protrade24, Tradingero, Assetivax, Aifmd, Smart Limited Group, and Capitalmgm.

The investment industries across the globe always give added importance to registration procedures. This is due to the fact that the work of this industry carries huge risks. Incidentally, fresh concerns have surfaced in Spain as the National Securities Market Commission (CNMV) of Spain issued warnings regarding 8 financial companies. These companies are promoting investment services without proper registration. They do not have authorisation from the CNMV to legally operate in Spain.

Warning Signs Flagged

Under local regulations, firms must register with the market watchdog before legally operating in Spain, according to the CNMV. The companies mentioned in the latest warning are not registered in Spain to provide financial services or investment activities. The CNMV warning named the following companies:

• Fame Traders (fame-traders.com)
• Globe Fx (globefx.io)
• Protrade24 (protrade24.net)
• Tradingero (tradingero.es)
• Assetivax (assetivax.com)
• Aifmd (aifmd.info, aifmd.xyz)
• Smart Limited Group (smart-limited-group.com)
• Capitalmgm (capitalmgmgroup.com, capitalmgm.com)

CNMV’s Stunning Track Record

CNMV is one of the most active in Europe when it comes to informing the public about illegally operating entities. Recently, it has been warning about clones of popular investment firms and highlighting the unlicensed activity of companies in the forex and contracts for difference (CFD) sector.

In its latest action, it issued a warning against Linq Capital, a broker that had previously been under scrutiny by European regulators. Several months ago, the German BaFin, among others, had issued warnings about its activities in February.

Spain Bolsters Restrictions

Recently, Spain increased its restrictions on the marketing, distribution, and sales of CFDs, prohibiting practices targeting retail clients and the general public. European authorities supported these measures, considering them justified and proportionate. The goal is to improve investor protection, especially due to aggressive advertising campaigns by certain brokers.