The CNMV has begun using artificial intelligence to review the advertising of fund managers. In an initial sample of 40 entities, it has detected issues in 10 of them, which must rectify their communications.
The National Securities Market Commission (CNMV) has launched a system based on artificial intelligence to supervise the advertising that fund managers disseminate on their websites and in the media. The agency announced on Monday that, in the first phase, it has analysed a sample of 40 management companies and found issues in 10 of them.
The use of AI is part of the Helix Plan, the CNMV's digital transformation programme. Although the automation of control is still in its early stages, the supervisor claims that it has already led to improvements in the efficiency of its supervisory tasks, and it plans to enhance its use in the future.
The review focused on verifying that the advertising information is clear, balanced, and impartial, and does not convey misleading or confusing messages to investors. Specifically, the CNMV has checked that potential benefits or returns are not highlighted without including warnings about the associated risks. It has also analysed whether the use of historical or estimated returns complies with regulatory requirements.
The reviewed entities belong to two categories: Management Companies of Collective Investment Institutions (SGIIC) and Management Companies of Closed-End Investment Entities (SGEIC). All of them market their products directly to retail investors, making them particularly relevant for the protection of the end customer.
The CNMV has demanded that the ten entities with issues rectify the detected weaknesses and strengthen their internal controls over the information they disseminate going forward. The agency has announced that it will monitor the effectiveness of the corrective measures adopted.
For the individual investor, this action represents an additional guarantee that the advertising they receive about investment funds meets standards of clarity and truthfulness. The CNMV reminds that any message promising high returns without mentioning the risks may indicate a practice not in line with regulations.
The use of artificial intelligence in financial supervision is not new, but its application to advertising control represents a step forward in the regulator's digitalisation. The CNMV hopes to extend this technology to other areas of its activity within the framework of the Helix Plan.
The affected entities now have the obligation to correct their communications and demonstrate that their internal controls are sufficient to prevent future non-compliance. The supervisor has not revealed the names of the sanctioned managers, but their identification could be known if the deficiencies persist and sanctioning files are opened.
This initiative occurs in a context of increasing regulatory attention towards the advertising of financial products, especially those aimed at retail investors. The CNMV had already issued prior warnings about the need for information to be balanced and not misleading.
“The automation of control, although still in its early stages, has led to improvements in the efficiency of the CNMV's work in this area, so its use will continue to be enhanced,” the agency states in its announcement.
For fund managers, the recommendation is clear: review their advertising materials and ensure that they include all required risk warnings, as well as that past returns are presented in a non-misleading manner. The CNMV will continue to use AI to monitor compliance, meaning inspections will be more frequent and thorough.
The deadline for the affected entities to implement corrections has not been specified, but the supervisor's monitoring will be ongoing. Investors, for their part, can consult the CNMV's website for guides on the advertising of financial products to know their rights.
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