Exclusive: Spain looking to ban Cyprus and UK CFD brokers

FNG Exclusive… FNG has learned that Spanish financial regulator CNMV is looking at taking fairly drastic action against foreign Forex and CFD brokers, which might include the outright banning of many brokers from providing service to Spanish traders.

The (potential) action would not be against the websites of offshore brokers, whom the regulator already often tries to warn against and in some instances block, but rather against licensed brokers from other EU countries which have been using the MiFID EU cross-country license passport. The passporting system allows brokers (and other financial institutions) to be licensed in one country (typically their home country), and then “passport” that license and provide services in all other EU jurisdictions.

EU license passport – is it going away?

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