As XTB, we support all activities of local regulators aimed at protecting the rights and interests of investors. From our point of view, the changes in the CNMV (Comisión Nacional del Mercado de Valores) guidelines regarding the ban on advertising and any marketing activities related to CFDs (contract for difference) on the local market will help clean the local market of unfair practices that negatively affected the image of the entire industry.

We have not conducted any significant advertising activities related to CFDs in Spain for almost two years, hence the impact of the new regulation on XTB’s operating activities is assessed as minor. In recent years, our marketing activities on this market have focused primarily on the promotion of the stock offer and educational activities. In connection with the CNMV guidelines, we have adapted our websites, social media activities, principles of cooperation with partners and payment methods offered to customers. All these changes have already been implemented.

Since the introduction of the CNMV guidelines, we do not see any significant changes in terms of the pace of acquiring new customers in this region. In our opinion, in the long term, this regulation will contribute to further strengthening XTB’s market position in Spain, also because the product offer of our local competition is limited. Soon, customers from this region will be able to use our new – passive product. On the other hand, XTB’s marketing strategy on the Spanish market will not change significantly. At the beginning of 2024, we are planning a large advertising campaign related to our new concept of communication with clients.