Appropriateness Tests
Due to both Spanish and EU regulations, we, Hugo Broker Agencia de Valores, S.L., independent of the testing requirements of the trading platforms we offer, are obliged to assess your appropriateness to trade (complex) investment products by offering an APT test. We inform you that given the characteristics of these transactions, Hugo Broker AV is obliged to assess the suitability of this transaction for you; that is to say, to assess whether, in our opinion, you have the necessary knowledge and experience to understand the nature and risks of the instrument you wish to trade. By failing to provide the information necessary to make such an assessment, you lose this protection for retail investors. By failing to make such an assessment, the institution cannot form an opinion as to whether or not this transaction is suitable for you.
Nota: nuestras pruebas APT en línea solo están disponibles en inglés; si necesita una versión traducida, solicítenos una después de abrir su cuenta.
Take your APT Tests
The tests may be accessed with the buttons to the right. In case you don’t take the tests we do not have sufficient information to consider whether you have the necessary knowledge and experience and understand the risks associated with complex products. We are therefore unable to consider whether such products are appropriate for you.
By completing these tests, we assess your understanding of each product and determine if it’s suitable for trading. If you trade products that you are not appropriate for, you may be incurring risks that you do not fully understand. We therefore recommend that you do not trade these products. If you do proceed in trading complex products, you acknowledge that you understand that these products are not appropriate for you but you still want to trade these products at your own risk.
Once you finish a test, you can either opt for another product test or close this page either manually, or by pressing the RETURN button below.
The below financial products are not simple and may be difficult to understand. The Comisión Nacional del Mercado de Valores (CNMV) generally considers it unsuitable for acquisition by retail customers due to its complexity.
FAQs
We have to internally assess the appropriateness of our clients based on their understanding and knowledge of complex financial products, as mandated by regulation. Our internal APT tests have no affect your appropriateness status to trade complex products on your investment platform.
We highly discourage our clients from trading complex financial products available on our investment platforms without first taking our internal APT test.
Your APT test results will automatically be emailed to you after completing your test. If you do not receive it, please contact us so we may forward it to you again.
You may request your APT test results again from us at any time.
Complex Shares: shares listed on Over The Counter (OTC) exchanges can be considered complex because of their risk, low liquidity and high price volatility.
Complex Bonds: bonds can be considered complex if they are perpetual (e.g. Rabobank 6.5) callable, convertible or index-linked for example.
Complex ETFs: Exchange Traded Funds (ETFs), ETCs, and ETNs can be considered complex if they short-sell an index or theme, employ leverage or invest in alternative assets such as commodities or property for example.
Complex Mutual Funds: mutual Funds can be considered complex if they short-sell a theme, employ leverage or invest in alternative assets such as commodities or property for example.
Options: are by default considered complex.
Futures: are by default considered complex.
CFDs: are by default considered complex.
FX: is by default considered complex.
Warrants: are by default considered complex.
Turbos: are by default considered complex.
Certificates: are by default considered complex.
