We set up your network of tied agents in line with Law 6/2023 (Art. 130) and Royal Decree 813/2023: power of attorney, fit and proper check, registration of the powers of attorney with the Commercial Registry and notification to the CNMV, which enters the agent in its register of agents. Registration is a requirement to start operating, and the investment firm (empresa de servicios de inversión, ESI) is fully and unconditionally liable for the agent’s actions.
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Six building blocks that structure the appointment and registration of a tied agent of an investment firm or a national financial advisory firm (EAFN), from channel design to registration in the CNMV register and oversight of the agency relationship.
We analyze whether a tied agent, an employee in your sales network or a branch suits you best, and we define the scope of the power of attorney: which services the agent may promote, bring in clients for or advise on, on your behalf.
We prepare the agent’s notarial power of attorney with the right scope and register it beforehand with the Commercial Registry, a mandatory step before notifying the CNMV.
We verify that the agent has the good repute, knowledge, skills and experience required by Article 164 of Law 6/2023. The investment firm itself must check this before registering the agent.
We file the notification online through the CNMV’s electronic office so that it enters the agent in its register. Without that registration, the agent cannot start operating.
We draft the agency agreement, with exclusivity and conduct obligations, and organize the records of agency relationships that the investment firm must keep.
We bring the agent into the MiFID conduct of business rules and anti-money laundering procedures: identification to the client, showing the power of attorney and controls over the delegated activity.
Investment firms that want to grow without opening offices, EAFNs that need to bring in business, professionals who want to work as agents or banks offering investment services: the tied agent model connects them all, with its own rules for each.
"A tied agent allows a broker-dealer (sociedad de valores) or securities broker (agencia de valores) to grow commercially without opening branches, bringing in clients and distributing its services through third parties that act exclusively for it."
"A national financial advisory firm that is a legal entity can appoint agents, but only to promote and market its advice and bring in business, not to provide the advice."
"An individual or legal entity with good repute, knowledge and experience can operate as a tied agent of an investment firm, exclusively and under the firm’s responsibility, once registered with the CNMV."
"A bank authorized to provide investment services can also appoint agents, but they are registered in the Bank of Spain register, not in the CNMV register."
Putting an agent to work before registration, overlooking exclusivity or neglecting the agent’s fit and proper status exposes the investment firm, which is fully and unconditionally liable for its agent’s actions.
Registration in the CNMV register of agents is a necessary requirement for the agent to start operating. Operating before registration is an irregularity.
The CNMV has up to 3 months from receipt of the notification to register the agent. Build this into your commercial planning.
Exclusivity: the agent may act for only one investment firm or EAFN (or several in the same group). It cannot provide services to competing entities.
The investment firm is liable for the agent: the firm is fully and unconditionally responsible to clients for its agent’s actions. Selection and oversight are not a formality.
Agent fit and proper requirements (Art. 164): without proven good repute, knowledge and experience, the agent cannot be registered or operate.
Identification to the client: the agent must disclose its status, identify the investment firm it represents and show the notarial power of attorney to anyone who asks.
Before anyone starts bringing in clients, you should choose the right channel, define the scope of the power of attorney and plan the CNMV registration. That way the network grows without exposing the investment firm or holding back the agents.
An individual or legal entity that acts on behalf of and under the full and unconditional responsibility of a single investment firm (or an EAFN that is a legal entity, or an authorized credit institution) to promote its services, bring in clients and, depending on the scope of the power of attorney, advise on the instruments offered.
Its regime is set out in Article 130 of Law 6/2023 and Royal Decree 813/2023.
It can promote the firm’s services, bring in clients, receive and transmit orders and, if the power of attorney covers it, advise on the instruments it markets. It cannot represent the investor or carry out conflicting activities.
When the principal is an EAFN, the agent only promotes and brings in clients: it cannot provide the advisory service itself.
Yes. The agent must act exclusively for a single investment firm or EAFN that is a legal entity, or for several in the same group. It cannot represent different, competing entities at the same time.
Those in Article 164(1) of Law 6/2023: sufficient good repute, knowledge, skills and experience to provide an agent’s services and communicate information accurately to the client. The investment firm itself must check this before registering the agent.
The investment firm or EAFN (legal entity) must:
The CNMV has up to 3 months to complete the registration.
No. Registration in the CNMV register is a necessary requirement for the agent to start operating. Having an agent bring in clients before registration is an irregularity that exposes the firm.
The principal investment firm or EAFN, fully and unconditionally. That is why selection, the power of attorney, the agency agreement and ongoing oversight of the delegated activity are essential.
The concept is the same, but the register differs: agents of an investment firm or EAFN are registered in the CNMV register; agents of a credit institution authorized to provide investment services are registered in the Bank of Spain register, which notifies the CNMV.
The agent has a commercial relationship (agency) with the investment firm, works with its own organization and is registered with the CNMV. An employee in the sales network has an employment relationship and is part of the firm’s internal structure, without registration as an agent.
Both. It can be a self-employed professional or a company. In any case, it must meet the good repute, knowledge and experience requirements and act exclusively for the entity it represents.
No. Financial advisory firms (EAF) and EAFNs cannot be agents of another investment firm, EAFN (legal entity) or credit institution. They can, however, appoint their own agents to promote and bring in business.
When the relationship ends, the firm must execute a deed revoking the power of attorney, register it with the Commercial Registry and notify the CNMV immediately so that it is recorded in the relevant register.
Yes. A Spanish investment firm can use tied agents established in another Member State. For the purposes of the cross-border regime, a tied agent established outside Spain is treated as a branch.
MiFID II (Directive 2014/65/EU), which defines a “tied agent” (agente vinculado in Spanish) as a person acting on behalf of a single firm under its full and unconditional responsibility. Law 6/2023 transposes that framework into Spanish law.
An investment firm can expand its network in several ways. Each involves a different relationship, register and allocation of liability. This comparison helps you choose the channel.
Compared with other arrangements, the tied agent combines operational independence with exclusivity and the firm’s liability. These are its key features.
Before granting anyone a power of attorney, we choose the channel and define the scope of the power of attorney. That way you avoid exposing the investment firm or holding up the agent’s activity because of a formal defect.
| Arrangement | Relationship with the investment firm | Where it is registered | Who is liable |
|---|---|---|---|
| Tied agent (of an investment firm / EAFN) | Commercial (agency), exclusive | CNMV register of agents | The investment firm, fully and unconditionally |
| Employee / in-house sales network | Employment, internal structure | No registration as an agent | The investment firm, as employer |
| Branch | The investment firm’s own establishment | CNMV register (branches) | The investment firm (it is the firm itself) |
| Credit institution agent | Agency with a bank offering investment services | Bank of Spain register | The credit institution |
Indicative table for information purposes. The tied agent regime derives from Article 130 of Law 6/2023 and Arts. 14–16 of Royal Decree 813/2023; specific requirements, registers and time limits may vary and should be checked case by case with legal advice. This page is for information only and does not constitute legal advice.
Bringing in an agent is not just signing an agreement: it means granting a power of attorney with the right scope, proving the agent is fit and proper and registering the agent with the CNMV before it operates. The order of the steps protects the investment firm.
An agent, an employee and a branch are not the same. Choosing the arrangement and defining the scope of the power of attorney (what the agent will be able to do) is the first decision in the project.
The firm must check the agent’s good repute, knowledge and experience (Art. 164) before registering the agent. It is not a CNMV formality.
Registration in the CNMV register is a requirement to start. With a time limit of up to 3 months, you need to plan for it in your commercial calendar.
Is your investment firm not authorized yet? See investment firm authorization, the broker-dealer (sociedad de valores), the securities broker (agencia de valores) or financial advisory firm (EAF) licenses. For how this fits with the conduct of business rules, see MiFID investment advice.
Bringing in a tied agent is a sequence of steps that protect the investment firm (channel, fit and proper check and power of attorney, Commercial Registry, notification to the CNMV and start of activity). This is the full process.
1) ChannelAgent, employee or branch. Once the arrangement is chosen, the scope of the power of attorney is defined: which services the agent may promote, bring in clients for or advise on, on behalf of the investment firm.
2) Fit and proper + power of attorneyThe investment firm checks the agent’s good repute, knowledge and experience (Art. 164) and grants the notarial power of attorney with the agreed scope.
3) Commercial RegistryThe agent’s powers of attorney are registered with the Commercial Registry beforehand. This is a mandatory step before notifying the CNMV.
4) CNMV + startThe investment firm notifies the CNMV online, and the CNMV enters the agent in its register within up to 3 months. Only then can the agent start operating, identifying itself and showing the power of attorney.
Quick decisionAgent of a broker-dealer or securities broker: CNMV register of agents.
Agent of an EAFN (legal entity): CNMV register, for promotion and client acquisition only.
Agent of a credit institution offering investment services: Bank of Spain register.
Act for a single investment firm or EAFN, or several in the same group.
Agency agreement with an exclusivity clause.
Not acting as the client’s representative or incurring a conflict of interest.
Declaration and provisions in the agency agreement.
Commercial and professional reputation of the agent (Art. 164).
Certificates and declarations provided to the investment firm.
Knowledge, skills and experience to provide the service.
Proven qualifications and professional track record.
Disclose its status and the entity it represents.
Showing the notarial power of attorney to anyone who asks.
Anticipate them so you are not held liable for the actions of a poorly onboarded agent.
If you are going to set up or expand your agent network, these terms appear in the power of attorney, the agency agreement and your dealings with the CNMV.
An individual or legal entity that acts on behalf of and under the full and unconditional responsibility of a single investment firm or EAFN to promote services, bring in clients and, depending on the power of attorney, give advice.
Notarial power of attorney that the investment firm grants to the agent, defining the scope of its activity. It must be registered with the Commercial Registry before the CNMV is notified.
Public register in which the CNMV enters the agents of investment firms and EAFNs. Registration is a necessary requirement for the agent to start operating.
The agent may act for only one investment firm or EAFN, or for several in the same group. It cannot represent competing entities at the same time.
The principal investment firm or EAFN is fully liable to clients for its agent’s actions. Hence the importance of selection and oversight.
Good repute, knowledge, skills and experience required of the agent by Article 164 of Law 6/2023. The investment firm must check them before registering the agent.
National financial advisory firm (empresa de asesoramiento financiero nacional). If it is a legal entity, it can appoint agents, but only to promote and bring in business, not to provide the advice.
The set of channels through which an investment firm distributes its services: tied agents, employees, branches or agreements. Each has its own regime and liability.
The tied agent concept in Directive 2014/65/EU: a person acting on behalf of a single investment firm under its full and unconditional responsibility.
A practical guide to building your agent network without exposing the investment firm: which channel to choose, how to grant the agent a power of attorney, what fit and proper evidence is needed and how to register the agent with the CNMV before it starts bringing in clients.
Tell us whether you want to bring in one or more agents, or become an investment firm’s agent yourself, and we will explain the requirements, the power of attorney and the CNMV registration timelines.
A tied agent is an individual or legal entity that acts on behalf of and under the full and unconditional responsibility of a single investment firm, EAFN (legal entity) or authorized credit institution. Its regime is set out in Article 130 of Law 6/2023 on Securities Markets and Investment Services, implemented by Arts. 14–16 of Royal Decree 813/2023. It transposes the MiFID II tied agent concept.
The agent must act exclusively for a single investment firm or EAFN (or several in the same group), not represent investors or incur conflicts of interest, and meet the good repute, knowledge, skills and experience requirements of Article 164(1) of Law 6/2023. The firm itself is responsible for checking this fit and proper status before registering the agent.
The investment firm or EAFN (legal entity) must first register the agent’s powers of attorney with the Commercial Registry and notify the CNMV, online through its electronic office, so that it enters the agent in the register of agents. Registration in the CNMV register is a necessary requirement for the agent to start operating, and the CNMV has up to 3 months to complete it. When the relationship ends, the firm must execute a deed of revocation, register it and notify the CNMV.
EAFNs that are legal entities can appoint agents, but only to promote and market their advice and bring in business, not to provide the advisory service itself. Agents of a credit institution authorized to provide investment services are registered in the Bank of Spain register, which notifies the CNMV.
The concept comes from MiFID II (Directive 2014/65/EU). A Spanish investment firm can use tied agents established in another Member State; for the purposes of the cross-border regime, an agent established outside Spain is treated as a branch.
Key legislation, linked to the official text:
Legislation and links reviewed in .