The Markets in Financial Instruments Directive (MiFID) has been incorporated into French law through application of the Ordinance of 12 April 2007 which modifies the Financial and Monetary Code.
The Directive lays down an overall regulatory framework for the execution of orders which is intended to allow competition between the various trading venues in Europe, such as regulated markets, multilateral trading facilities (MTFs) and the execution of orders by investment services providers (ISP), through systematic internalisation, i.e. where an ISP intervenes between the buyers and sellers of financial instruments, providing thereby an “internal” market.
MIFID, which replaces the Investment Services Directive (ISD), aims to:
- establish competition among order execution venues
- harmonise conditions of investment services offers
- facilitate the use of the “European passport” for investment service providers
It concerns financial instruments and defines the new regulations in terms of:
- rules of conduct and best-execution;
- procedures for assessment and informing investors
- respect for the integrity of the market, transaction reporting and data retention;
- organisational practices to be followed in order to avoid conflicts of interest;
- post-trade transparency
Groupe UFG provides its clients with its Management of Conflicts of Interest Policy, which meets the new regulations.
Management of Conflicts of Interest Policy
The Management of Conflicts of Interest Policy is available
here.
As a result of the new MIFID regulations, reportings of these funds are exclusively reserved to professional clients.
All subscriptions to the fund must be based on the prospectus or the information notice of the fund. These documents are available on demand from UFG Alteram or from the French Financial Markets Authority (AMF), or may be consulted on the company website,
www.ufg-alteram.com. The tax provisions which apply will depend on the individual circumstances of each client and may be subject to future changes.