Entities and persons that are not authorised to act in the securities markets, for example, to render the investment services provided for in the Spanish Securities Market Act (LMV) (reception, transmission and execution of client orders, portfolio management and investment advice), or to perform the activity reserved for collective investment schemes (CIS).
Only registered companies have obtained authorisation since they have provided proof that they meet certain requirements (sufficient capital, organisation and adequate means, etc.) and are subject to supervisory body controls.
CNMV’s powers are confined to the administrative sphere. Therefore, if it were to feel prejudiced by the actions of unregistered entities and/or persons, it would have to resort, if it considered it appropriate, to the ordinary courts of justice. In any case, for our inspection activity it is important to obtain the documentation available that provides evidence that these entities are carrying on reserved activities in Spain.
For further information:
The CNMV warns accordingly that the following entities are not authorised to provide investment services in Spain.