What is MiFID?

The Markets in Financial Instruments Directive (“MiFID”) is a new body of regulation mandated by the European Union, intended to enhance and harmonize investor protection and increase transparency and competition in the European markets. It establishes a consistent regulatory framework across the European Economic Area (“EEA”), and will change the way the capital markets operate across Europe in terms of both individual participants and the market infrastructure. MiFID introduces new and more extensive requirements with which investment firms must comply.

When and where will MiFID be implemented?

MiFID is to be transposed into the national laws of EEA states (EU member states together with Norway, Iceland and Liechtenstein) by 1st November 2007.  Cyprus enacted the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) implementing directives 2004/39/EC and 2006/73/EC of the European Parliament and of the Council on 26th October 2007.

Immediate implications of MiFID for our clients

The implementation of MiFID will have a significant impact on Hellenic Bank Group and how we do business and interact with our clients. MiFID touches on each key stage of our relationship with you as a client of Hellenic Bank Group, and will impact upon the following key areas:

• Best Execution
• Order Handling
• Client Categorisation
• Terms of Business and Client Agreements
• Suitability and Appropriateness
• Client notifications
• Pre and Post Trade Transparency
• Transaction Reporting
• Safeguarding Client Financial Instruments and Funds; and
• Conflicts of Interest.

Whilst the changes being brought in by this EU directive are significant, we wish to make the transition to the post-MiFID landscape as smooth as possible for our existing clients.

Further information on MiFID

For additional information, please browse through our "Attachments" section on this page for further details. Alternatively, please call your usual contact at Hellenic Bank.