Today, CNMV, the Spanish regulator has issued warning against Banco CFD. CNMV Banco CFD warning calls for Forex traders to exercise caution. Is your broker reliable?
28 November, AtoZForex – Spanish regulator Comisión Nacional Del Mercado De Valores (CNMV) has updated its list of warnings. This time the firm under the spotlight is Banco CFD. CNMV Banco CFD warning was published today on CVMV’s official website.
CNMV Banco CFD warning
In CNMV Banco CFD warning, it was mentioned that the broker is operating online via the website http://bancocfd.com. Moreover, the Spanish regulator has stressed that the broker does not possess any license from the authorities. Thus, the firm cannot to provide any investment services, listed in Article 140 of the Securities Markets Law. As a fact, Article 140 of the Securities Markets Law includes investment advice.
Furthermore, the CNMV Banco CFD warning has highlighted the fact that the broker does not possess any authority to provide auxiliary services across the region. That is in relation to the financial instruments detailed in article 2 of the Securities Markets Law. In addition, Banco CFD can not handle any transactions in foreign currencies.
CNMV’s previous warnings
Earlier this year, CNMV has issued a warning against Your Trade Choice. The firm was offering a range of products and services of trading without authorization. CNMV Your Trade Choice warning outlined that the company does not possess any authority to solicit to Spanish investors or provide any investment services or advice.
Moreover, earlier this summer, Spanish regulator issued two more warnings against unregistered brokers, namely, SFKK Trading Solutions and TBD Options.
Moreover, the CNMV warned Spain-based investors about the risk while dealing with unregulated Forex brokers. It has stressed that opening accounts with brokers with no licence could be very costly and cause a loss of the firm. CNMV tries to take control of unauthorized financial services entities providing their services to Spanish investors. Furthermore, Spanish watchdog strives to ensure a safe investment environment in the Spanish Stock Market.
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