You are about to purchase a product that is not simple and may be difficult to understand, CNMV

The Spanish National Securities Market Commission (Comisión Nacional del Mercado de Valores - CNMV) has approved Circular 1/2018 on warnings related to financial instruments. The new circular establishes that contracts for difference (CFDs) and binary options; complex financial instruments classed as own capital of credit institutions, such as convertible debt, perpetual debt and, in certain cases, subordinated debt; and certain complex structured products and OTC derivatives (referenced to ill