MiFID

MiFID (Markets in Financial Instruments Directive) is a European directive that deals with the market for financial instruments and products. It creates legal rules for banks, brokerage houses and other entities that carry out brokerage activities within the European Union, as well as Iceland, Norway and Liechtenstein.

The introduction of MiFID has 3 objectives:

  • strengthening and harmonise client protection across all entities that carry out brokerage activities
  • improving the consistency and transparency of information about investment products
  • increasing competition in the market for financial instruments

How MiFID affects working with our Brokerage Office

  • MiFID obliges us to provide you with some information before you use our services. These include:

    • a description of our services
    • a description of the financial instruments and products we offer
    • a description of investment risks

    Information about the Brokerage Office of Bank Millennium S.A. and the services we provide (in Polish) link otwiera się w nowym oknie

  • Each customer is assigned to one of the three categories listed in MiFID:

    • retail customers - they are entitled to the broadest scope of protection from us
    • professional customers - have the knowledge and experience to correctly assess the risks associated with their investment decisions. They have a narrower scope of protection than retail clients
    • eligible counterparties - have extensive knowledge of the operation of financial markets, instruments and products. They have the narrowest scope of protection

    You have the right to request a change to a previously granted category.

  • We test the suitability of the financial instruments and products we offer to retail clients.

    The purpose of the test is to identify the financial instruments and products that are best suited to your capabilities and needs. We take into account your knowledge and experience of investing.

    Based on this information, we carry out an assessment of suitability. We do this before we sign a contract with you. You can also complete the survey at any time after you have signed the contract. We may also ask you to update the information we need for the assessment.

    The suitability assessment can be carried out:

    • at the Brokerage’s Customer Service Desk,
    • at the Brokerages website,
    • at the Brokerage Service Point (in the Financial Centre of Bank Millennium).

    In the case of transactions concluded with Professional Customers, we recognise that the client in question has the necessary knowledge and experience in relation to the transaction in question and is able to properly assess the investment risk involved.

    Therefore, an assessment of the suitability of the financial instruments and products offered is not required for this group of Customers.

  • To protect your transactions, we take care to counteract conflicts of interest.

    Information on the policy of counteracting conflicts of interest in Biuro Maklerski Banku Millennium S.A. (in Polish)link otwiera się w nowym oknie

  • When concluding transactions in financial instruments and when accepting and transmitting orders, we are guided by the principles of the ”Order Execution Policy and Acting in the Best Interest of the Client applied by the Brokerage Office of Bank Millennium S.A.

    Order execution policy and acting in the best interest of the client applied by the Brokerage Office of Bank Millennium S.A. (in Polish) link otwiera się w nowym oknie

Legal disclaimer

All information contained in this TRADING PUBLICATION is for information purposes only and constitutes neither an offer within the meaning of the Civil Code Act of 23 April 1964, nor a recommendation, nor an invitation addressed to anyone (or any group of persons) to conclude transactions on the financial instruments presented herein. In particular, the information does not constitute investment, financial, tax, legal or any other advice.

The terms and conditions set out in this publication are indicative. Any prices and/or example transactions are for illustrative purposes only and do not constitute an offer to deal on such terms or an indication that a transaction on such terms is possible. Furthermore, no calculations or results presented in this publication are a guarantee of future returns. The actual terms and conditions of a transaction in financial instruments will be based on market conditions established at the time of the transaction. All preliminary price quotes and analyses contained in this publication have been prepared based on assumptions and parameters reflecting the Brokerage's assessment or selection. The Brokerage makes no warranty as to the accuracy, completeness or reasonableness of these quotes or analyses.

The risk of using the information contained in this publication, particularly with regard to making investment decisions based on it, is borne solely by the recipient.

Financial transactions involve risks, presented in the "Detailed information on the Brokerage Office of Bank Millennium S.A. and services provided under the concluded agreement", available at the Customer Service Point, Brokerage Service Point and on the website of the Brokerage Office www.millenniumbm.pl.

Anyone who purchases a financial instrument accepts and is liable for tax obligations under the applicable legislation. Given the above risks and circumstances, clients of the Brokerage should have the necessary knowledge and experience to assess the nature of any financial transaction under consideration and the risks involved. If in any doubt, clients should seek the services of a tax, legal or investment adviser. The Brokerage will provide any additional information reasonably requested by the client to enable them to assess the risks and nature of the transaction.

The dissemination, distribution and trading of certain financial instruments or products may be subject to restrictions with respect to certain persons and countries, in accordance with the relevant legislation. The offering of financial instruments and trading in them may only be carried out in compliance with the relevant legislation.