Cyprus financial regulator CySEC has issued a circular to CIF licensed brokers on the island regarding the new rules recently enacted in Spain for forex and binary options trading. As was reported at LeapRate back in late March, Spanish regulator CNMV issued new rules for brokers who offer leverage of more than 10x to Spain-based clients , or who offer any type of binary options trading. In particular, the CNMV now requires brokers to expressly warn retail investors resided in Spain about the risk and complexity of the abovementioned products.

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The CNMV considers that these warnings, which include a handwritten statement made by the client or alternatively a recorded oral or typewritten statement , are needed to ensure that all Spanish investors have the same level of protection and also to ensure a level playing field for all participants in the Spanish market.

The CySEC warning highlights the increasing complexity of operating an EU-licensed, MiFID-passported brokerage in Europe today. With different country regulators setting different rules and standards CySEC , FCA , AMF , BaFIN … , each broker must ensure that their advertising material and products match each individual market. The full text of the CySEC circular reads as follows: Cyprus Investment Firms FROM: Cyprus Securities and Exchange Commission DATE: In particular, the CNMV requires firms to expressly warn retail investors resided in Spain about the risk and complexity of the abovementioned products.

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