Self-employed advisor
EAFN as a natural person
“The EAFN is the only firm type that lets you advise as a natural person after Law 6/2023. It is the natural route for a self-employed advisor who operates only in Spain.”
EAFN Authorization (CNMV): How to Get Authorized in Spain
A national financial advisory firm (EAFN) is the firm type created by Law 6/2023 to provide investment advice in Spain only, and the only one open to natural persons. We prepare your CNMV application: regulatory fit, capital, fit and proper, FOGAIN, MiFID II and AML/CFT.
- Capital: €50,000 or liability insurance
- Open to natural persons
- FOGAIN membership
- No EU passport
100% Free
Need EAFN authorization? Free assessment
Tell us about your business model and we will tell you whether you fit as an EAFN or an EAF, or need another CNMV firm type.
- Minimum initial capital
- €50,000
- EAF capital
- €75,000
- Law that creates the EAFN
- Law 6/2023
- Supervisor
- CNMV
Services
What EAFN authorization by the CNMV involves
Six building blocks that make up a solid, consistent and defensible application to register as an EAFN.
Assessment
Regulatory fit: EAF vs EAFN
We analyze whether your model fits as an EAFN (Spain only, no EU passport) or needs to be an EAF (a full investment firm with a passport). That decision drives capital, solvency and the entire application.
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MiFID IICNMVNatural personScope
Application
Application and CNMV manual
We prepare the authorization manual (4 chapters), the program of activities, the good repute and governance questionnaires, and all the official forms for the EAFN register.
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Program of activitiesCNMV manualGood repute
Fit and proper
Good repute and governance
Fit and proper questionnaires for the principal and the substitute, evidence of commercial and professional good repute, experience and effective time commitment.
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PrincipalSubstitute
Capital
Capital, liability insurance and FOGAIN
€50,000 of initial capital or a combination with professional liability insurance, plus mandatory membership of the Investment Guarantee Fund.
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€50,000FOGAIN
MiFID II
Conflicts, suitability and conduct
Conflicts of interest policy, client suitability test, record of recommendations, inducements, transparency of information and complaints handling.
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SuitabilityConflicts
AML/CFT
AML/KYC for EAFNs
AML risk assessment, a KYC policy tailored to advisory services, monitoring, an OCI with a SEPBLAC representative, and team training.
Learn more →
SEPBLACOCI
Profiles
A different application for every financial advisor
Self-employed advisors, boutique firms, natural-person EAFs that must migrate after the reform, or wealth managers who prefer a simplified regime: every project has its own nuances and specific requirements.
Boutique firm
EAFN as a legal entity
“For a mid-sized advisory firm operating only in Spain, the EAFN avoids the EAF’s IFD solvency requirements without sacrificing credibility.”
Migration
Natural-person EAF required to migrate
“Natural-person EAFs no longer have a place as investment firms (ESIs). Moving to an EAFN is mandatory and requires an orderly process so you do not lose operations or clients.”
Wealth manager
Domestic wealth advisory
“Wealth managers with clients resident in Spain and no need for an EU passport can operate under a simplified regime without giving up control and transparency.”
Why it matters
Why is EAFN authorization critical?
Advising on investments without CNMV authorization, confusing an EAFN with an EAF or improvising internal control blocks operations, exposes you to penalties and damages your relationships with clients and providers.
The most common mistake: starting out as a “financial consultant” without first establishing whether the actual activity requires CNMV authorization. That confusion surfaces when the first clients are already signed up.
Confusing an EAFN with an EAF means oversizing capital and solvency (€75,000 + IFD vs €50,000 + liability insurance) or being unable to operate outside Spain if you choose the wrong firm type.
The fit and proper status of the principal and the substitute is a core part of the authorization. Without demonstrable good repute, experience and effective time commitment, the application gets stuck in requests for information.
Very serious infringementImmediate cessation
Providing advisory services without prior CNMV authorization can lead to the immediate halt of the activity.
Financial penaltiesSubstantial
Fines and personal liability for the principal and directors for providing investment services without a license or without joining FOGAIN.
Commercial riskOperational lockout
Custodian banks, brokers, platforms and institutional clients require an active CNMV authorization before bringing an advisor into their network.
Does your model fit as an EAFN or as an EAF?
Before opening the application, you should confirm whether the actual activity requires an EAFN, an EAF or a traditional investment firm. Getting this decision right at the outset avoids months of requests for information and redesigns.
Frequently asked questions
EAFN: common questions
What is an EAFN?
The EAFN (national financial advisory firm) is a legal form created by Law 6/2023 on Securities Markets and Investment Services (LMVSI) to provide investment advice exclusively in Spain.
Unlike the EAF, the EAFN is not an investment firm (ESI): it has its own regime, with no EU passport and lighter prudential requirements. It requires authorization and registration in the CNMV register.
How does an EAFN differ from an EAF?
Both provide the same investment advice service, but under very different regimes:
- EAFN: not an investment firm, operates only in Spain (no EU passport), capital of €50,000 or equivalent liability insurance, exempt from IFD solvency requirements. Can be a natural person or a legal entity.
- EAF: an investment firm, operates with an EU passport, capital of €75,000, subject to prudential requirements (IFD). Legal entities only.
Both require CNMV authorization, mandatory FOGAIN membership and compliance with MiFID II conduct rules. You can find the details of the other firm type in EAF: what it is and its requirements.
Who needs EAFN authorization?
Any natural person or legal entity that provides investment advice (personalized recommendations on financial instruments) in Spain on a professional and regular basis, without an EU passport and without needing the full investment firm regime.
The most common profiles are the self-employed financial advisor and the mid-sized boutique firm working with clients resident in Spain. If you are unsure where the line lies, we explain it in can you advise without a license?
What services can an EAFN provide?
The core service is investment advice: personalized recommendations on one or more financial instruments, presented as suitable for the client after an analysis of their profile.
It may also provide ancillary services such as reports and analysis, corporate advice and advice on capital structure. What it cannot do is execute orders, manage portfolios on a discretionary basis or hold client money or securities.
What are the minimum capital and financial requirements?
The minimum initial capital is €50,000, which can be replaced in whole or in part by professional liability insurance with sufficient cover.
Unlike the EAF, the EAFN is not subject to the prudential regime of the IFD (Investment Firms Directive 2019/2034), so it does not bear additional solvency and own funds requirements. It must, however, join FOGAIN.
Why is FOGAIN membership mandatory?
The Investment Guarantee Fund (FOGAIN) protects investors by covering certain cases of insolvency of investment service providers, with general cover of up to €100,000 per investor. Since Law 6/2023, membership is mandatory for both EAFs and EAFNs.
Membership requires initial and annual contributions calculated according to the business model. We explain it in FOGAIN: membership and cover.
Can I be an EAFN as a natural person?
Yes. The EAFN is the only firm type in the current framework that allows you to provide financial advice as a natural person, since natural-person EAFs no longer have a place in the investment firm regime after Law 6/2023.
Registration in the CNMV register has specific features for natural persons: a good repute and governance questionnaire for the principal, the appointment of a substitute and personal professional liability insurance cover.
How long does CNMV authorization take?
The CNMV has a statutory time limit to decide, counted from the filing of the complete application. In practice, what sets the real length of the project is not that time limit but the number of rounds of requests to remedy deficiencies: each one effectively restarts the internal clock of the process.
What prolongs the process most are internal contradictions between the program of activities, the MiFID policies and the fit and proper evidence. An application that is consistent from the first submission drastically reduces requests for information.
What documents does the CNMV require?
The EAFN application includes, among other documents:
- Authorization manual in 4 chapters following the CNMV template.
- Program of activities describing the service, clients, channels and projections.
- Good repute and governance questionnaire for the principal and the substitute.
- Proof of capital or professional liability insurance.
- Internal policies: conflicts of interest, suitability, record-keeping of evidence, complaints, AML/CFT and conduct.
- AML/CFT manual, appointment of the OCI and the SEPBLAC representative.
- Outsourcing plan, if applicable.
Can an EAFN have tied agents?
As a general rule, EAFNs that are legal entities can rely on agents for the promotion and marketing of the advisory service and to bring in business, but not to advise on the firm’s behalf.
The agent regime differs by firm type, and the exact scope of the functions that can be delegated is not the same for all of them. If your model depends on a large sales network, validate the fit before choosing a firm type.
I am a natural-person EAF. What do I need to do?
Law 6/2023 abolished the natural-person EAF: from its entry into force, natural-person EAFs must convert into EAFNs (keeping their status as natural persons) or set up a company to continue as an EAF.
The migration requires notifying the CNMV, adapting the manual and policies to the new regime, joining FOGAIN and adjusting the contractual documentation with clients. It is an orderly process, but it needs planning so your operations are not interrupted.
What happens after authorization?
The most important phase begins: operating as a supervised entity with ongoing compliance, internal control and record-keeping of evidence.
- Final registration in the CNMV register and FOGAIN membership.
- Maintaining MiFID II policies and the record of recommendations.
- Operational AML/CFT controls and reporting to SEPBLAC.
- Managing technology risk, business continuity and incident logging, to the extent applicable to the entity.
- Notifying the CNMV of material events and significant changes.
- Periodic audits and ongoing training for the principal and employees.
Authorization is not the destination; it is the starting point. See post-authorization obligations.
Scope of activity
What an EAFN can and cannot do
The scope of the EAFN is clearly defined by Law 6/2023 and the MiFID II rules. You should be clear about it before designing your business model.
Services an EAFN CAN provide
Investment advice
A personalized recommendation to the client on one or more specific financial instruments, presented as suitable for their profile.
Advice on capital structure
Advice to companies on industrial strategy and corporate transactions such as mergers and acquisitions.
Reports and analysis
General investment research and financial analysis on instruments, sectors or markets.
Related ancillary services
Ancillary services linked to advice (reports, analysis), always within the authorized scope.
Services an EAFN CANNOT provide
Discretionary portfolio management
It cannot manage client portfolios on their behalf. That requires a broker-dealer (sociedad de valores) or securities broker (agencia de valores) license.
Receiving and executing orders
It cannot receive, transmit or execute orders in financial instruments. That activity requires another type of investment firm.
Holding client money or securities
Under no circumstances may it hold client money or securities on its balance sheet, not even temporarily.
EU passport
It cannot provide services outside Spain under the EU passport regime. That ability is reserved for EAFs and other investment firms.
Does your model need portfolio management or order execution? Then it is not an EAFN: you probably need a full investment firm. And if your plan involves clients in other EU countries, first compare EAF vs securities broker.
Comparison
EAFN vs EAF: which one suits you
Both firm types provide the same financial advice service, but the legal regime is completely different. Here are the key differences at a glance.
| Feature | EAFN — National advisory firm | EAF — Financial advisory firm |
|---|---|---|
| Legal nature | Not an investment firm · own regime | Investment firm (ESI) |
| Minimum capital | €50,000 or equivalent liability insurance | €75,000 |
| Natural person | Yes, allowed | No (legal entities only) |
| EU passport | No (Spain only) | Yes (rest of the EU) |
| Solvency / IFD | Exempt | Subject to the IFR/IFD prudential regime |
| FOGAIN | Mandatory since Law 6/2023 | Mandatory since Law 6/2023 |
| Tied agents | Promotion and client acquisition only | Different regime: requires case analysis |
| Authorized services | Advice + ancillary services | Advice + ancillary services |
| Supervision | CNMV | CNMV |
| Project duration | Depends on the quality of the application | Longer: the prudential regime is added |
| Typical profile | Self-employed advisor · boutique firm, Spain only | Firm with EU clients or a broader structure |
Figures under Law 6/2023 (LMVSI) and the IFR/IFD prudential regime. Each case requires an individual analysis of the scope and of the specific services to be provided.
Typical cases
Which firm type fits your project?
Six common profiles and the regulatory firm type that usually suits them. The final decision depends on the specific services offered and the geographic reach.
Self-employed financial advisor
An independent professional advising clients resident in Spain. No agents, no portfolio management, no EU passport.
Ideal firm type: natural-person EAFN, capital of €50,000 or liability insurance, FOGAIN.
Boutique advisory firm
A small or mid-sized company advising clients in Spain. No need for a passport or for agents who advise on its behalf.
Ideal firm type: EAFN as a legal entity; it avoids the EAF’s IFR/IFD prudential requirements.
Wealth manager with EU clients
A wealth advisory firm with clients resident in other European countries. It needs the freedom to provide services.
Ideal firm type: EAF, capital of €75,000 and the IFR/IFD regime, with an EU passport.
Existing natural-person EAF
A financial advisor who was already operating as a natural-person EAF before Law 6/2023 and is required to convert into an EAFN.
Action required: CNMV notification, policy adjustments, FOGAIN membership, contract updates.
Firm with portfolio management
A project that combines advice with discretionary portfolio management or receiving and executing orders.
Ideal firm type: a securities broker (agencia de valores) or a broker-dealer (sociedad de valores); it does not fit as an EAFN or as an EAF.
Family office
A family office that advises only the members of one family and related vehicles. Exceptions may apply.
Analysis: depending on volume and services, it may require an EAFN or an EAF, or fall outside the regulatory perimeter. See EAF vs family office.
Can’t find your model here? Tell us about your project and we will tell you exactly which firm type you need and why.
Cost and decision
How much does an EAFN cost, and which firm type do you need?
On the left, the real cost drivers. On the right, a 5-question interactive test that tells you whether your project fits as an EAFN, an EAF or a full investment firm.
Capital or liability insurance
€50,000 or insurance
Initial capital of €50,000, or full or partial replacement with professional liability insurance with cover appropriate to the activity profile.
Membership and contribution
Initial + annual contribution
Mandatory membership of the Investment Guarantee Fund after CNMV authorization. An initial contribution plus an annual fee calculated according to the business model.
Legal and regulatory advice
Variable
Regulatory fit, authorization manual (4 chapters), program of activities, internal policies and responses to CNMV requests for information.
Fit and proper and key functions
Recurring
Principal, substitute, OCI with a SEPBLAC representative. Evidence of good repute, experience and effective time commitment for the CNMV.
Ongoing compliance
Recurring, annual
Periodic CNMV reporting, audit, MiFID II training, maintaining recommendation records, AML monitoring and regulatory updates.
The hidden cost: confusing an EAF with an EAFN
Months + capital
Applying for an EAF when an EAFN would have been enough means putting up €25,000 more in capital and complying with the prudential regime. Applying for an EAFN when you need an EU passport blocks expansion.
Operational guide
Practical guide: how to get EAFN authorization
EAFN authorization is not just a paperwork exercise: it is a system that must show consistency between the advisory model, the principal’s fit and proper status, MiFID II controls and record-keeping. These are the 10 key steps.
Choosing the firm type: EAFN, EAF or investment firm
The CNMV will not accept activity disguised as pure advice: it checks whether the actual activity requires an EAFN (Spain), an EAF (EU) or a broader investment firm. Without clarity here, the application falls apart.
Demonstrable good repute
The good repute and governance questionnaire for the principal and the substitute is a core element. Without a track record, experience and time commitment, the authorization stalls.
Authorization is just the beginning
FOGAIN, recommendation records, a living MiFID policy, operational AML/KYC and periodic reporting to the CNMV are permanent obligations from day 1.
EAFN checklist: preparation in 10 steps
- Regulatory fit: confirm whether the model requires an EAFN, an EAF or a full investment firm (broker-dealer or securities broker).
- Natural person or legal entity: incorporate a company if appropriate and design the organizational chart.
- Capital or liability insurance: pay in the initial capital (€50,000) or take out equivalent professional liability insurance.
- Fit and proper status of the principal and the substitute: CVs, commercial and professional good repute, experience and effective time commitment.
- Program of activities: a consistent description of the service, clients, channels, model and projections.
- CNMV authorization manual: drafting the four chapters following the official template.
- MiFID II policies: conflicts of interest, client suitability, record of recommendations, inducements, complaints and claims.
- AML/CFT block: risk assessment, KYC, monitoring, OCI with a SEPBLAC representative, and training.
- Electronic filing through the CNMV Electronic Registry and handling of requests for information.
- Final registration, mandatory FOGAIN membership and start of ongoing compliance.
If you want to organize your application from scratch or review the current status of your project, see EAF: what it is and its requirements, the guide on how to set up an EAF step by step or our CNMV authorization practice area.
The EAFN in operation
From assessment to application: how an EAFN is built
A solid EAFN authorization is not a dossier of PDFs: it is a set of consistent decisions (regulatory fit, fit and proper, MiFID II, AML/CFT and ongoing compliance) showing that the project can operate as a supervisable entity from day 1.
1) FitFit: EAFN, EAF or investment firm
The goal is not to apply for authorization as fast as possible: it is to make sure the chosen firm type is the right one for the real model. That decision drives capital, solvency and the entire application.
- Analysis of the service actually provided
- EAFN vs EAF vs investment firm comparison
- National or European scope
2) ApplicationCNMV application: manual and program
The supervisor checks consistency between the program of activities, the authorization manual, the MiFID policies, fit and proper status and evidence of real operational capacity. Internal contradictions are the main cause of requests for information.
- Authorization manual (4 chapters)
- Detailed program of activities
- Official CNMV forms
3) Fit and properFit and proper: principal and substitute
The good repute and governance questionnaire for the principal (and, where applicable, the substitute) is a core element. The CNMV requires demonstrable good repute, experience and effective time commitment.
- Principal’s questionnaire
- Substitute’s questionnaire
- Evidence of experience and time commitment
4) ComplianceOngoing compliance: without it, the authorization does not survive
MiFID II, AML/KYC, recommendation records, conflict controls and reporting turn the EAFN into a genuinely supervisable entity: follow-up, corrections and living evidence from day 1.
Tip: the CNMV’s first reviews usually ask for a sample of recommendations, evidence of client suitability and the incident and complaints log.
Quick decisionPractical map: which firm type does your project need?
Spain only
EAFN: advice within Spain, natural person or legal entity, capital of €50,000 or liability insurance.
EU / passport
EAF: EU passport, legal entities only, capital of €75,000, IFR/IFD regime applies.
Portfolios / orders
Full investment firm: broker-dealer or securities broker. It does not fit as an EAFN or as an EAF.
EAFN playbook
The EAFN in practice
Regulatory fit
A reasoned analysis showing that the actual activity fits as an EAFN and not as an EAF or another investment firm.
Fit report, service description and a documented EAFN/EAF/investment firm comparison.
Program of activities
A consistent description of the service, client profile, channels, advisory process and projections.
Detailed written report, financial projections and description of the advisory workflow.
Fit and proper
Good repute, experience and effective time commitment of the principal and, where applicable, the substitute.
Official questionnaires, CVs, MiFID II certifications and evidence of track record.
MiFID II and conduct
Conflicts policy, client suitability, record of recommendations and properly managed inducements.
MiFID manual, conflicts policy, suitability test templates and record of recommendations.
AML/CFT
The firm’s own AML risk assessment, a KYC policy and monitoring proportionate to the client profile.
AML/CFT manual, KYC policy, risk assessment, appointment of the OCI and the SEPBLAC representative.
Common mistakes that delay or block authorization
Spot them before filing the application to avoid costly requests for information.
- Confusing an EAFN with an EAF and oversizing capital, solvency or the prudential regime.
- Submitting fit and proper evidence without proving real experience and effective time commitment.
- A MiFID II policy copied from another project without adapting it to the client profile.
- Forgetting FOGAIN membership after authorization, or budgeting for it poorly.
- Failing to separate, conceptually, advice from product distribution.
Common mistakes
6 mistakes that cost months in the authorization process
Most applications drag on because of the same recurring mistakes. These are the ones we see most often, and how to avoid them.
1
Applying for an EAF when you need an EAFN (or vice versa)
The project applies for an EAF, taking on more capital and the prudential regime, when an EAFN would have been enough. Or it applies for an EAFN when the plan is to operate outside Spain, and the EU passport is blocked. Result: the application has to be redone and months are lost.
How to avoid it: spend the first weeks on a signed regulatory fit report that analyzes the actual service, geographic reach, agents and ancillary services.
2
Natural-person EAF that does not migrate to an EAFN
After Law 6/2023, natural-person EAFs no longer have a place in the investment firm regime. Failing to notify the migration to an EAFN exposes you to ex officio removal from the register and suspension of operations.
How to avoid it: an express notification to the CNMV, adjusting policies to the new regime, joining FOGAIN and updating client contracts on time.
3
Fit and proper without demonstrable effective time commitment
The principal is listed as a full-time director of several entities or has no real track record in financial advice. The CNMV requires proven good repute, experience and effective time commitment.
How to avoid it: plan the principal’s real time commitment before the application, complete MiFID II training and document the track record with objective evidence.
4
MiFID II policy copied from another project
A standard MiFID manual is submitted without tailoring it to the real client profile, the type of financial instruments recommended or the fee model. Result: cascading requests for information.
How to avoid it: conflicts, suitability and record-of-recommendations policies specific to the model. A fee model that is aligned (independent or not) and declared consistently.
5
Forgetting FOGAIN membership
Since Law 6/2023, every EAFN must join FOGAIN after authorization. Missing this milestone blocks actual operations and means regularizing at extra cost.
How to avoid it: plan FOGAIN membership as part of the authorization project, not as a separate later milestone. Budget for the initial and annual contributions.
6
Generic AML/KYC without a risk assessment of the model
A standard AML manual is submitted with no firm-specific risk assessment, no adaptation to the real client type, and no formal appointment of the OCI or the SEPBLAC representative.
How to avoid it: an AML risk assessment specific to the advisory activity, a KYC policy adapted to the real client profile and the formal appointment of the OCI and the representative.
Why us
Why advisors and firms trust Molina Law Boutique
A boutique law firm specializing in financial regulation. We work exclusively on projects that need CNMV or Bank of Spain authorizations and regulatory compliance: that focus is what makes the difference.
50+
Regulated entities advised
EAFs, EAFNs, investment firms, payment fintechs, EMIs and AML obliged entities. We know the CNMV’s real criteria, not just regulatory theory.
100%
Regulatory focus
We are not a general law firm with a financial markets department: financial regulation is our only work. That focus translates into speed, precision and results.
24 h
Real responsiveness and availability
We answer inquiries in under 24 hours and work closely with the client’s team. No gatekeeping assistants and no juniors without context: you deal directly with the person in charge.
E2E
From assessment to living compliance
We support you from regulatory fit to post-authorization reporting: fit and proper, MiFID II, AML, recommendation records and ongoing regulatory updates.
Working glossary
Key concepts: EAFN authorization
If you are structuring an EAFN before the CNMV, these terms appear in the application, in the internal policies and in your dealings with the supervisor. Understanding them well helps you build a consistent project.
EAFNBasics
National financial advisory firm
A legal form created by Law 6/2023 to provide investment advice only in Spain, without an EU passport and exempt from IFD prudential requirements.
Governed by: Law 6/2023 (LMVSI) · MiFID II.
EAFEU advice
Financial advisory firm
An investment firm specializing in advice, with an EU passport, legal entities only and subject to IFR/IFD prudential requirements. Minimum capital of €75,000.
Useful for: firms with EU clients.
ESIInvestment services
Investment firm
A broad category that includes broker-dealers, securities brokers, portfolio management companies and EAFs. The IFR/IFD prudential regime applies.
Framework: Law 6/2023 + MiFID II.
CNMVSupervisor
Spanish National Securities Market Commission
The Spanish authority responsible for authorizing, supervising and sanctioning EAFNs, EAFs and other investment firms. It keeps the official public registers of authorized entities.
EAFN register searchable online.
FOGAINGuarantee
Investment Guarantee Fund
A fund that protects investors against the insolvency of the service provider, with general cover of up to €100,000 per investor. Membership mandatory for EAFNs and EAFs since Law 6/2023.
Initial contribution + annual fee.
LMVSICore law
Law 6/2023 on Securities Markets
The Law on Securities Markets and Investment Services, which creates the EAFN, reorganizes investment firms and aligns the Spanish framework with the European prudential regime.
In force since 2023.
MiFID IIConduct
Markets in Financial Instruments Directive II
The European conduct framework for investment services: client suitability, conflicts of interest, inducements, transparency of information, record of recommendations.
Core element of the EAFN manual.
IFR/IFDPrudential
Prudential regime for investment firms
The European capital and solvency framework applicable to investment firms, including the EAF. It does not apply to EAFNs.
Main reason for the EAFN exemption.
SuitabilityClient
MiFID II suitability test
Mandatory assessment of the client before providing advice: knowledge, experience, financial situation, objectives and risk tolerance.
Evidence that can be filed and reviewed.
OCI / SEPBLACAML/CFT
Internal control body and representative
The OCI is the internal body responsible for AML/CFT. A representative to SEPBLAC, the Spanish anti-money laundering authority, must be appointed.
Mandatory for EAFNs and EAFs.
AgentsNetwork
Agents for promotion and client acquisition
In an EAFN that is a legal entity, agents may promote, market and bring in business, but not advise on the entity’s behalf.
The regime differs by firm type.
RetrocessionsInducements
Third-party inducements
Payments received from asset managers or other entities in connection with the distribution of their products. How they are managed and disclosed determines whether the advice can be independent.
MiFID II: mandatory transparency.
Contact
Book a call
Tell us about your project and we will explain how to structure your EAFN authorization before the CNMV in a practical way and with the shortest possible processing time.
Official resources
Legislation and supervision: the sources that apply
The laws, authorities and public registers that govern EAFN activity in Spain. Keep them at hand throughout the authorization process.
BOE — Official State Gazette
Law 6/2023 on Securities Markets
Consolidated text of the Law on Securities Markets and Investment Services, which creates the EAFN and reorganizes the investment firm regime.
View on the BOE CNMVEAFN authorization templates and procedure
Official CNMV documentation: description of the procedure, authorization manual, forms, good repute questionnaires and program of activities templates.
View CNMV templates CNMVOfficial EAFN Register
Public register of all EAFNs authorized in Spain. Useful to check entities before doing business with them, or as a benchmark for your own application.
View the EAFN register FOGAINInvestment Guarantee Fund
Official information on membership, initial and annual contributions, and FOGAIN cover. Membership mandatory for EAFNs and EAFs since Law 6/2023.
View FOGAIN EUR-Lex — European UnionDirective 2014/65/EU — MiFID II
European conduct framework for investment services. Client suitability, conflicts of interest, inducements, transparency and record of recommendations.
View MiFID II SEPBLACAML and CFT
The Spanish authority responsible for preventing money laundering and terrorist financing. It receives reports from the OCI.
View SEPBLACLast updated: August 4, 2026
EAFN regulatory framework in Spain: Law 6/2023 and MiFID II
The EAFN (national financial advisory firm) is a legal form created by Law 6/2023 of March 17 on Securities Markets and Investment Services. Its purpose is to allow financial advice to be provided within Spain without having to take on all the prudential requirements of the European investment firm regime. Authorization and supervision are the responsibility of the CNMV.
Legal nature and differences from the EAF
The EAFN is not an investment firm (ESI): it has its own regime. This exempts it from the IFR/IFD capital and solvency requirements that the EAF must meet (€75,000 of capital and additional prudential requirements). In return, the EAFN cannot operate with an EU passport: its activity is limited to Spain. If your plan involves clients in other countries, look at the EAF firm type or the process of converting an EAFN into an EAF.
Capital, liability insurance and FOGAIN membership
The minimum initial capital is €50,000, which can be replaced in whole or in part by professional liability insurance with sufficient cover. Since Law 6/2023, FOGAIN membership is also mandatory for EAFNs, with initial and annual contributions calculated according to the business model and general cover of up to €100,000 per investor.
Natural persons and legal entities
The EAFN is the only firm type in the current framework that allows financial advice to be provided as a natural person, since natural-person EAFs no longer have a place in the investment firm regime after the reform. EAFNs that are legal entities can also rely on agents to promote the business and bring in clients, but not to advise on the firm’s behalf.
MiFID II, suitability and record of recommendations
Although the EAFN is not an investment firm, it remains subject to conduct rules similar to those of the EAF: a conflicts of interest policy, the client suitability test, record of recommendations, management of inducements, transparency of information and complaints and claims procedures. The quality of these controls matters as much as the formal correctness of the application, and it keeps mattering afterwards: see the post-authorization obligations.
This content is for general information purposes only and does not constitute legal advice. The legislation cited may have been amended after the update date shown; always check the version in force or contact us to analyze your specific case.