Incus Capital loses its authorization: what its clients should do now

Key data

Incus Capital AV SA can no longer act as an authorized financial intermediary in Spain. The Comisión Nacional del Mercado de Valores (CNMV) has published its official deregistration from the securities agencies register through a resolution dated March 6, 2026, published in the BOE on March 23, 2026 (reference BOE-A-2026-6779).

This is not a minor administrative change. For any company, investor or counterparty that operated through Incus Capital, the situation requires an immediate review of contracts, open positions and assets under management or custody by this entity.

What does this regulation establish?

The CNMV resolution formalizes the deregistration of Incus Capital, AV, SA as an authorized securities agency. In practical terms, this implies:

• Incus Capital loses its authorization to act as a financial intermediary in Spain.
• Any intermediation activity carried out by this entity after March 6, 2026 has no legal coverage.
• The deregistration has immediate effects on all clients and counterparties that maintained active commercial relationships with the entity.
• The entity's liquidation procedure, supervised by the CNMV, is activated.

Securities agencies are entities authorized to receive and transmit client orders, execute transactions on behalf of third parties and provide investment advisory services, among other regulated activities. The loss of authorization implies the immediate cessation of all these activities.

Economic and operational impact

The deregistration of a securities agency generates a direct impact on several levels for those who operated with it:

• Open positions: Investments or positions managed or intermediated by Incus Capital are left in a state of operational uncertainty until the liquidation process is completed.
• Existing contracts: Intermediation, management or advisory contracts signed with Incus Capital lose their legal basis for execution. Each contract must be reviewed to determine pending obligations and client rights.
• Operational continuity: Companies and investors that relied on Incus Capital to execute operations in financial markets must urgently seek an alternative intermediary authorized by the CNMV.
• Legal risk: Any operation executed through Incus Capital after March 6, 2026 could lack legal validity and expose the parties to claims or litigation.

Who is affected?

This resolution directly affects:

• Individual investors who had accounts, portfolios or positions managed or intermediated by Incus Capital AV SA.
• Companies and institutional investors that used Incus Capital as an intermediary for operations in financial markets.
• Financial counterparties that maintained contracts or collaboration agreements with Incus Capital within the framework of its activity as a securities agency.
• Financial advisors and wealth managers who channeled their clients' operations through this entity.
• Finance departments and CFOs of companies that used Incus Capital's intermediation services for corporate operations.

Practical example

An industrial company with an active intermediation contract with Incus Capital for the management of its treasury in fixed-income markets finds itself, as of March 6, 2026, in the following situation:

• Purchase or sale orders it attempts to execute through Incus Capital have no legal backing, as the entity has lost its authorization.
• Assets that Incus Capital may have held in custody or in the process of liquidation must be claimed through the procedure established by the CNMV.
• The finance department must identify a new intermediary authorized in the CNMV register to avoid interrupting treasury operations.
• The existing contract with Incus Capital must be reviewed by legal counsel to determine whether early termination clauses apply and what claim rights the company has.

This scenario applies equally to individual investors with managed portfolios or to funds that used Incus Capital as a broker or execution intermediary.

What should companies do now?

1. Verify the status of positions and assets: Identify all open positions, assets in custody or in the process of liquidation that were linked to Incus Capital AV SA.
2. Review existing contracts: Analyze with your legal counsel all contracts signed with Incus Capital to determine pending obligations, claim rights and applicable termination clauses.
3. Contact the CNMV: Reach out to the CNMV to learn about the official liquidation procedure for Incus Capital and the asset protection mechanisms available to affected parties.
4. Find an authorized alternative intermediary: Consult the CNMV's official register of authorized entities to identify a securities agency or investment services firm that can replace Incus Capital in your regular operations.
5. Do not execute new operations through Incus Capital: Any intermediation activity carried out by Incus Capital after March 6, 2026 has no legal backing. If you receive proposals or communications from this entity to execute operations, do not act on them and report it to the CNMV.
6. Document all communications: Keep all documentation related to your relationship with Incus Capital (contracts, statements, trade confirmations) to facilitate any claims in the liquidation process.

Official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, please consult a qualified professional. Source: https://www.boe.es/diario_boe/txt.php?id=BOE-A-2026-6779