meta_id 3228664

On June 10, 2026, the Cyprus Securities and Exchange Commission (CySEC) issued Circular C785 to Cyprus investment firms regarding product intervention measures applied by the Spanish Securities and Exchange Commission (CNMV) to contract for differences (CFDs) and other leveraged products marketed to retail investors in Spain. The circular clarifies that the CNMV maintains its position that Spot Quoted Futures (SQFs) must be treated as CFDs for regulatory purposes in Spain and are therefore subject to product intervention measures outlined in both the CNMV Resolution of 2019 and the CNMV Resolution of July 11, 2023. This classification extends to SQFs, perpetual futures, and analogue products. CySEC emphasises that Cyprus investment firms marketing, distributing, or selling CFDs and other leveraged products to retail investors in Spain must comply with these CNMV resolutions as interpreted and applied under Spain's national legal framework. The circular follows CySEC's previous guidance issued in Circular C602 on October 12, 2023, which addressed similar regulatory requirements. Cyprus investment firms operating in the Spanish market should review their product offerings and distribution practices to ensure full compliance with the CNMV's product intervention measures. Firms must implement appropriate actions and measures to adhere to the applicable resolutions, particularly regarding the treatment of SQFs and other leveraged instruments. Non-compliance with these requirements may expose firms to regulatory action by both the CNMV and CySEC. Investment firms should consult the CNMV Resolution of July 11, 2023, for detailed requirements and take immediate steps to align their operations accordingly.