Markets in Financial Instruments Directive (MiFID) refers to all institutions providing investment services to Customers in the European Union. The main objective of the Directive is to facilitate the security of investors’ interest, harmonise the provision of investment services, ensure transparency of financial markets and increase competition in the financial sector in the European Union. In the Republic of Latvia the requirements of the MiFID are transposed into the Financial Instrument Market Law.
Usage of investment services in the Bank is related with the following documents:
In order to meet the investor rights protection requirements, the obligation of the Bank is to determine the Customer’s knowledge and experience on investment services, its financial position, education and professional experience, and the aims the Customer wishes to achieve through the investments. In case the specified information is not received by the bank, it may reject the applicant being awarded a Customer status, reject processing the agreement of providing the respective service or reject accepting a financial instruments transaction Order for execution. Existing investors, who already use certain investment services agreement may submit an executed and signed Customer’s questionnaire on usage of investment services to any Customer service unit, send by fax at 67 005 690 or scan and send via e-mail to firstname.lastname@example.org.
Customer status determination and status change policy
In accordance with the MiFID’s requirements, the Bank has developed the Customer’s status determination and status change policy which includes Customer classification principles, criteria, process for status change, as well describes the relevant level of protection applicable to each status. In the document „Information on required Customer’s status determination” the Customer can find out the opportunities and possible consequences of certain Customer’s status.
The Bank shall make its Order execution policy publicly available in order to inform Customers about the principles that are adhered to in execution of Customer transactions and the transaction execution procedure..
The Bank has developed principles to ensure that in the provision of investment services conflicts of interests are identified and prevented or resolved thereby ensuring equal and fair treatment of all Customers.
To protect our Customers’ interests and warn Customers about the most common risks related to investment services, the Bank has drawn up an informative material about the risks involved in investment services.