MiFID Spain

The Markets in Financial Instruments Directive (MiFID) is the EU regulation governing finance markets and financial instruments, transposed into Spanish law via Securities Market Law 24/1988 of 28 July and Royal Decree 217/2008 of 15 February on the legal system applicable to investment services companies.

The directive chiefly strives to:

  • Afford greater protection to customers, especially small investors, by established codes of conduct and protocols governing organisation and control.
  • Introduce a regulatory framework to standardise the provision of investment services in European Union Member States.

The MiFID directive entails the following for customers taking up investment services: (i) mandatory classification of the customer and notification of the classification allocated; (ii) assessment of suitability or advisability, depending on the investment service provided, the customer classification and the type of financial instrument involved; (iii) the application of specific policies to carry out orders and manage conflicts of interests etc.

This section provides you with updated information supplied to S3’s customers concerning investment services, and S3 advises you to read it.