The Cyprus Securities and Exchange Commission (CySEC) warned in a statement on 4 April that Cyprus investment firms should adhere to a circular (No. 010/2023 - Financial Intermediaries on Advertising) issued by the Portuguese Securities and Exchange Commission (the CMVΜ), regarding advertising by financial intermediaries in Portugal.
In particular, the CMVM's circular (No. 010/2023 - Financial Intermediaries on Advertising) requested that the financial intermediaries registered with the CMVM and financial intermediaries carrying out financial intermediation activities in Portugal through the freedom to provide services should ensure that they do the following:
1. the advertising they carry out includes their “entity identification”, regardless of the
channel used,
2. all the information provided is complete, truthful, current, clear, objective, and lawful and
3. where they refer, in their advertisements, to potential benefits of an investment service or
financial instrument, they must also correctly and clearly state the relevant risks of that
investment service or financial instrument.
George Theocharides, chairman of the Cyprus Securities and Exchange Commission stated: "CySEC urges all CIFs that are advertising the provision of financial services and/or financial instruments to investors in Portugal to take, where necessary, appropriate actions and measures to adhere to the CMVM’s Circular."
