Legal

Legal notice

Last revised: internal draft, November 2026.

Notice: this text is a draft written by Foro's product team from how the platform is meant to work, not by a lawyer. The sections marked [PENDING] need corporate details and professional review before the launch on 5 October 2026.

1. Who runs this site

Under article 10 of Spanish Law 34/2002 of 11 July, on Information Society Services and Electronic Commerce (LSSI-CE), this website (foro.es, or whichever domain applies) is owned by:

Registered name: [PENDING: the company's legal name]
Tax ID (NIF/CIF): [PENDING]
Registered office: [PENDING]
Companies register entry: [PENDING: Registro Mercantil, volume, folio, sheet]
Contact: [PENDING: contact email]

2. What this site is for

Foro is a platform where Spanish companies, listed and private, answer their investors. It publishes company profiles, investor questions with their answers and audio content, built from each company's official documents: inside information and other relevant information filed with the CNMV, accounts, annual reports, investor presentations and other material the companies themselves put out. Companies can answer and communicate with their shareholders from their panel.

3. Foro is not an investment services firm

This is the most important point in this notice, and it applies to everything published on Foro, in any format (company profile, podcast, answer to a question):

Foro is not an investment services firm, a broker or a securities company, and it is not authorised or registered with the Spanish securities regulator (CNMV) to provide investment services or ancillary services within the meaning of the consolidated Securities Market Act approved by Royal Legislative Decree 4/2015, or of Law 6/2023 of 17 March on Securities Markets and Investment Services.
Nothing published on Foro is investment advice, a personal recommendation within the meaning of article 2 of Regulation (EU) No 596/2014 on market abuse (MAR), or an offer, invitation or recommendation to buy, sell or hold any financial instrument.
Foro's content is journalism and information, and nothing else. It is built from public, cited sources, and it never includes a view on whether a security will rise or fall, a price target, or a buy or sell recommendation.
Foro's answers to investor questions are built exclusively from the company's official documents, with the source cited. Answers from the company itself are its own and are shown labelled as such. The screening system described on the AI transparency page automatically rejects any question seeking a directional opinion, a price target, a valuation, or information the company has not published.
Any investment decision you make is yours alone. Before investing, we suggest you consult an authorised financial adviser and read the official documents filed with the CNMV.

4. Registration and qualified investor self-certification

Foro lets some users self-certify as qualified investors by answering a questionnaire based on the criteria in MiFID II (Directive 2014/65/EU) and its Spanish implementation. This self-certification is the user's own declaration, not a documentary or due diligence check by Foro. It only determines what content that user sees inside the platform, and it does not establish professional client or eligible counterparty status with anyone else.

5. Intellectual and industrial property

The text, trade marks, logos, design and structure of Foro belong to [PENDING: registered name] or are used under licence. The logos of listed companies shown on Foro are the registered trade marks of their respective owners and are shown purely to identify and inform, which implies no commercial relationship, sponsorship or endorsement by those companies unless expressly stated. Reproducing Foro's editorial content in whole or in part without express authorisation is prohibited, other than quotation with a link to the original source.

6. Disclaimer

Foro takes the greatest care over the accuracy and currency of what it publishes, and always cites its public source. Even so, it does not guarantee that the content is free of errors and is not responsible for decisions a user makes on the basis of it. Information can be out of date between the moment a company discloses something and the moment it reaches Foro.

7. Governing law and jurisdiction

This legal notice is governed by Spanish law. For any dispute arising from access to or use of this website, the parties submit to the courts of [PENDING: judicial district], unless consumer protection rules set a different mandatory forum.

See also our privacy policy, our cookie policy, the page on editorial independence and the one on how we use artificial intelligence.

This is a translation provided for convenience. The Spanish version is the one that governs.