From 1 November 2007 the Directive 2004 39 CE, of 21 April, regarding markets in financial instruments (MiFID), came into force, later applied by the Directive 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.
As a result of the need to increase the degree of protection for users of investment products and services, which have become considerably more complex in recent years, the application of a new regulatory framework on markets and financial instruments based on the Directiva MiFID II (Directive 2014/65/EU), the MiFIR Regulation (Regulation 600/2014/EU) and a set of 29 Delegated Acts, which develop the aforementioned Directive and Regulation.
The reform envisages changes in two distinct areas, related to (i) investor protection (increasing the transparency to investor requirements and greater control and governance of the entities providing investment services) and (ii) the functioning of the markets (infrastructures and transparency).
The CNMV (National Securities Market Commission) has prepared an informative MiFID II - MiFIR portal, presenting all aspects of this reform.
MiFID II 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.
Grupo Cooperativo Cajamar has also provided a Policy of Execution and management of orders 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(in Spanish) (PDF 288,64 KB.), including a description of their inherent risks.
Clients wanting further information can receive the advice they need in any Grupo Cooperativo Cajamar office, where we can also inform them of any significant relevant changes.