Comisión Nacional del Mercado de Valores (CNMV), Spain’s securities markets watchdog, today published a statement stating that it has added retail forex broker Banco CFD to its warning list and advised the public not to invest with this entity.
Banco CFD offers investors a range of services in the forex and CFD markets. The company’s website was found to be currently unavailable, although it has maintained a fairly recent Twitter presence. There is, however, no indication as to the brokerage’s current operational status.
Regardless, the CNMV has blacklisted the company because it is not authorised to provide investment services or provide auxiliary services including investment advice in Spain, as detailed in the Securities Markets Law.
Spain’s Financial Watchdog
Spain’s CNMV ensures the protection of investors by promoting the dissemination of as much information as necessary to achieve this purpose. To this end, its role is to inform investors that investing through unregistered companies may pose a high risk of substantial capital losses since they operate outside of the controls of supervisory authorities.
The addition of Banco CFD is part of the watchdog’s continued attempts to halt the activities of unauthorised financial services entities soliciting their services to the public. Today’s latest addition follows the inclusion of a further forex broker, Your Trade Choice, which was added to the CNMV’s back in July, as reported by Finance Magnates.