European regulation that governs financial markets in order to increase transparency, protect investors, and promo
MiFID II information letter - 45,26 KB pdf
From 1 November 2007, the Directive 2004 39 CE - 293,46 KB pdf , of 21 April, regarding markets in financial instruments (MiFID), came into force and became applicable in the European Union. It was later implemented by the Directive 2006 73 CE - 225,49 KB pdf , of 10 August, concerning organisational requirements and operating conditions for investment firms, as well as the terms defined for such purposes.
These Directives were transposed into Spanish law by Law 47 2007 - 361,47 KB pdf , of 19 December, which amended Law 24/1988, of 28 July, on the Securities Market, and by Royal Decree 217-2008 - 208,86 KB pdf , of 15 February, on the legal regime governing investment firms and other entities providing investment services.
In March 2008, the National Securities Market Commission (CNMV) and the Committee of European Securities Regulators (CESR) published informative guides on MiFID.
As a result of the need to increase the level of protection for users of investment products and services, which have become significantly more complex in recent years, the application of a new regulatory framework on markets and financial instruments came into force on 3 January 2018. This framework is based on the MiFID II Directive - 1,75 MB pdf (Directive 2014/65/EU), the MiFIR Regulation - 1,18 MB pdf (Regulation 600/2014/EU), and a set of 29 Delegated Acts developing the aforementioned Directive and Regulation.
The reform envisages changes in two distinct areas relating to (i) investor protection (increasing transparency requirements for investors and strengthening control and governance of entities providing investment services) and (ii) the functioning of markets (infrastructure and transparency).
The CNMV has prepared an informative MiFID II – MiFIR portal outlining all aspects of this reform.
MiFID II obliges financial institutions to incorporate a broad range of rules to which they must adhere when providing investment services, as well as to improve the level of information provided to investors.
Cajamar Caja Rural has developed the following Pre-contractual information - 409,42 KB pdf , which we make available to you.
Grupo Cooperativo Cajamar has adopted, for strict compliance purposes, a Policy on Order Execution and Management - 503,01 KB pdf and a Policy on the Management of Conflicts of Interest in the Provision of Investment Services - 494,88 KB pdf . Furthermore, MiFID II requires entities to summarise and publish on an annual basis, for each class of financial instrument, the main execution venues and/or intermediaries used for the execution of client orders, as well as information on the quality of execution obtained. Please access the Report on the main execution venues and intermediaries and the quality of execution obtained - 291,13 KB pdf .
We also make available a detailed description of the products or financial instruments from our catalogue affected by MiFID - 692,5 KB pdf , including a description of their inherent risks.
As another essential element for adequate information, regarding commissions and expenses related to investment services and the financial products or instruments offered by Grupo Cooperativo Cajamar, you may access below the maximum fees chargeable by our entity, registered and published on the website of the National Securities Market Commission.
Any client wishing to obtain further information may do so at any Grupo Cooperativo Cajamar office. In addition, through this same channel we will keep you informed of any significant developments in this area.
