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Directive 2004/39/EC of the European Parliament and of the Council, of 21 April 2004, on markets in financial instruments, known as MiFID (Markets in Financial Instruments Directive) sets out a series of measures that have resulted in substantial changes to the regulation of financial markets in the European Union.
The main aims of this Directive are:
- Improve investor protection measures.
- Modernise financial markets.
- Adapt the companies providing investment services to the new operating and capital equity requirements.
- Enhance the authority of the Spanish National Securities Market Commission.
This Directive was transposed into Spanish law under Law 47/2007, of 19 December, amending Law 24/1988, of 28 July on the Securities Market.
The process of adapting to this legislation has required that everybody at Banca March make significant efforts with a view to offering its customers the instruments providing a reasonable level of security regarding their investments.
To find out further details about the conditions in which investment services are provided by Banca March, please consult the following documents:
- Contract regulating the provisions of investment and ancillary services
- Appendix on the deposit and administration of stocks and shares
- Appendix on ongoing advisory services
- Appendix on discretionary and individualised portfolio management
- Appendix on one-off advisory services
- Informational booklet on maximum tariffs on stock market services and transactions
To safeguard the proprietary rights of customers, in particular in the case of insolvency, and ensure the segregation of the financial instruments of Banca March customers, the Products and Safeguarding Policy is in place. In turn, in relation to the deposit of foreign financial instruments pertaining to our customers at different CITIGROUP INC subsidiaries, and with a view to demonstrating the future ability of these institutions to make payment, the credit rating of the parent company is available for consultation. You can also consult the information in relation to the consolidated accounts..
To guarantee this precondition, Banca March has chosen to assign its customers the maximum degree of protection, classifying them as retail customers, offering them the highest level of customer protection.
To find out more about the benefits of the application of MiFID, please find the General Information Guide, produced by Banca March and the Informative Guide, published by the CNMV.
Regarding conflicts of interest, the Bank has a Conflicts of Interest Policy which details the measures applied to avoid and deal with conflicts of interest, in accordance with the provisions of articles 33 to 43 of the Delegated Regulation (EU) 2017/565 of the Commission, of 25th April 2016, of article 208bis of the consolidated text of the Securities Market Law, approved by Royal Legislative Decree 4/2015, of 23rd October, and of article 61 of Royal Decree 217/2008, of 15th February, on the legal regime of investment services companies.
Fees, commissions or other non-monetary benefits that Banca March, S.A. pays or receives from third parties as part of the provision of an investment service to its customers are incentives. With a view to ensuring that the incentives paid or received from third parties strictly comply with the legal duty to act in a diligent and transparent manner, and in the interests of customers, Banca March has established an Incentives Policy, the main aspects of which can be consulted in the MiFID General Information Guide. (View incentives table summary)
Before making any investment decision regarding financial instruments, it is essential that you consider the characteristics and risks associated with the type of financial instrument that you are arranging. To this end, we have prepared a document that sets out the characteristics and principal risks of the main financial instruments, Banca March, S.A. range of products, characteristics and risks. We recommend that you read this document carefully, in addition to any other document you may be provided with before arranging the financial instruments.
Banca March, S.A. has approved an Order execution policy, which defines the importance assigned to the price, costs, speed and probability in execution and settlement, to volume, nature of the transaction and any other element that may be relevant to the best possible execution of the order. Furthermore, MiFID II requires that institutions summarise and publish the main centres of execution and/or brokers used to place customer orders and information on the quality of the execution obtained on a yearly basis for each financial instrument class. View the report on the main execution centres and brokers and quality of the execution obtained by Banca March, S.A.
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