From 1 November 2007 the Directiva 2004 39 ce, of 21 April, regarding markets in financial instruments (MiFID), came into force, later applied by the Directiva 2006 73 ce, of 10 August, regarding the organisational requirements and the conditions for investment companies, and terms defined for this purpose.
These Directives were transposed to Spanish law by the Law 47-2007, of 19 December, modifying Law 24/1988, of 28 July, on the Securities Market, and the Royal Decree 217-2008, of 15 February, on the legislation governing investment companies and other entities providing investment services.
In March 2008 the National Commission for the Securities Market (CNMV) and the Committee of European Securities Regulators (CESR) published important guides to the MiFID.
- CNMV: Your rights as an investor. Discover the protection MiFID offers
- CESR: A consumer's guide to MiFID. Investing in financial products
Furthermore, in July 2008, the National Stock Exchange Commission (CNMV) published Practical effects of the new investor protection MiFID. Users can thus check out the most frequent questions asked by small shareholders and investors at the Investors Service Office in the months that followed the Directive's coming into effect.
One of the main aims of the MiFID is to increase the degree of protection for clients of investment services, as a consequence of the growing complexity of the investment products and services on the market. Thus, the MiFID obliges financial entities to include a wide range of regulations which must be followed for the provision of investment services, as well as improving the information levels to be provided to the investors.
Cajamar Caja Rural has developed the following Precontractual information (in Spanish) (PDF 1.21 MB.), which we make available here.
Cajamar Caja Rural has also provided a Policy of Execution and management of orders (PDF 1.04 MB.) and another Conflicts of interests management Policy in Provision of Investment Services which are to be strictly followed.
We also make available a detailed description of the Products or financial instruments from our catalogue affected by the MiFID, including a description of their inherent risks.
As another essential element for adequate information regarding commissions and expenses connected to investment services and the financial products or instruments offered by Cajamar Caja Rural, we present below the maximum rates charged by our entity, registered and published on the BNational Commission for the Securities Market's website.
- Brochure of maximum fees about operations and services on the market. (in Spanish).
- Maximum FX rate insurance fees
- Incentives received by third parties
Clients wanting further information can receive the advice they need in any Cajamar Caja Rural office, where we can also inform them of any significant relevant changes.