In connection with the information appearing in recent days regarding the potential impact of the guidelines published by the Spanish CNMV (Comisión Nacional del Mercado de Valores) on our business, we would like to remind of key information relevant from the point of view of our clients and investors:
1. The guidelines published by the CNMV on July 18, 2023 refer to the prohibition of advertising CFDs, but do not refer to the rules of offering this product to clients or to advertising activities for other products. For XTB this means that we will continue to actively conduct advertising activities on the Spanish market.
2. The local Spanish regulations have been reviewed by the European Securities and Markets Authority (ESMA). According to this opinion, there are no preconditions which allow to state that similar regulations should be introduced on other markets.
3. Nothing changes in our business and advertising strategy. As in previous years, we will focus on promoting the rest of our products from our offer, building awareness of the XTB brand and educational activities as well as building financial knowledge among our clients.
4. We are consistently implementing our business strategy and expanding our product offerings in all markets of our activity. Through our platforms we offer the opportunity to invest in, among others, stocks, ETFs or Fractional Shares.
5. We are constantly developing the offer for our clients. We are currently finalizing the work related to launch of a new product for a long-term, passive investment.
At the same time, as XTB, we support all activities of local regulators, whose aim is to protect the rights and interests of investors. From our point of view, the new CNMV guidelines will strengthen our competitive position in the long term and will allow us to clear the local market of unfair practices that have negatively impacted the image of the entire industry.