The Directive 2004/39/EC on Markets in Financial Instruments was incorporated in Romanian legislation with the following regulations: National Securities Commission (NSC) nr.2/2006 Regulation on regulated markets and alternative trading systems, Regulation no. 31/2006 supplementing the NSC regulations to implement the provisions of European Directives and Regulation. 32/2006 regarding financial services investment (hereinafter referred to as MiFID legislation).
 
This MiFID Legislation is setting out the conduct of business rules of investment firms providing investment services or carrying out investment activities. Furthermore, it establishes the organizational requirements of the firms providing investment advices and the framework for a regulatory regime regarding the clients’ orders execution in respect with the high quality execution in the regulated markets, aiming mainly at the investor’s protection.
 
The provisions of the MiFID Legislation apply to Investment Firms, Brokerage Firms, and Intermediaries as well as to regulated markets and their designated operators. Furthermore, some of these provisions also apply to Mutual Funds Management Companies and to Credit Institutions, when such institutions provide one or more investment services or perform investment activities. The provisions of MiFID do not apply to specific persons and legal entities set out in MiFID Legislation.
 
Please access below the Bank’s “Order Execution Principles” and the "MiFID Information Package" which includes information on the policies followed by the Bank as well as information relating to the investment services and financial instruments offered by the Bank.

Order Execution Principles

MiFID Information Package