From 1 November 2007 the Directive 2004 39 CE(in Spanish) (PDF 293,46 KB.), of 21 April, regarding markets in financial instruments (MiFID), came into force, later applied by the Directive 2006 73 CE(in Spanish) (PDF 225,49 KB.), of 10 August, regarding the organisational requirements and the conditions for investment companies, and terms defined for this purpose.
These Directives were transposed to Spanish law by the Law 47-2007(in Spanish) (PDF 361,47 KB.), of 19 December, modifying Law 24/1988, of 28 July, on the Securities Market, and the Royal Decree 217-2008(in Spanish) (PDF 208,86 KB.), of 15 February, on the legislation governing investment companies and other entities providing investment services.
In March 2008 the National Commission for the Securities Market (CNMV) and the Committee of European Securities Regulators (CESR) published important guides to the MiFID.
- CNMV: Your rights as an investor. Discover the protection MiFID offers(in Spanish) (PDF 2,31 MB.)
- CESR: A consumer's guide to MiFID. Investing in financial products (PDF 541,83 KB.)
As a result of the need to increase the degree of protection for users of investment products and services, which have become considerably more complex in recent years, the application of a new regulatory framework on markets and financial instruments based on the Directiva MiFID II(in Spanish) (PDF 1,75 MB.) (Directive 2014/65/EU), the MiFIR Regulation(in Spanish) (PDF 1,18 MB.) (Regulation 600/2014/EU) and a set of 29 Delegated Acts, which develop the aforementioned Directive and Regulation, came onto force on 3rd January 2018.
The reform envisages changes in two distinct areas, related to (i) investor protection (increasing the transparency to investor requirements and greater control and governance of the entities providing investment services) and (ii) the functioning of the markets (infrastructures and transparency).
The CNMV (National Securities Market Commission) has prepared an informative MiFID II - MiFIR portal, presenting all aspects of this reform.
MiFID II obliges financial entities to include a wide range of regulations which must be followed for the provision of investment services, as well as improving the information levels to be provided to the investors.
Caixa Rural Altea has developed the following Precontractual information(in Spanish) (PDF 241,84 KB.), which we make available here.
Grupo Cooperativo Cajamar has also provided a Policy of Execution and management of orders(in Spanish) (PDF 503,01 KB.) and another Conflicts of interests management Policy in Provision of Investment Services(in Spanish) (PDF 494,88 KB.) which are to be strictly followed. We also make available a detailed description of the Products or financial instruments from our catalogue affected by the MiFID(in Spanish) (PDF 692,5 KB.), including a description of their inherent risks.
As another essential element for adequate information regarding commissions and expenses connected to investment services and the financial products or instruments offered by Grupo Cooperativo Cajamar, we present below the maximum rates charged by our entity, registered and published on the National Commission for the Securities Market's website.
- Brochure of maximum fees about operations and services on the market..
- Maximum FX rate insurance fees(in Spanish) (PDF 345,01 KB.)
- Incentives received from third parties(in Spanish) (PDF 434,26 KB.)
Clients wanting further information can receive the advice they need in any Grupo Cooperativo Cajamar office, where we can also inform them of any significant relevant changes.