Regulation

MAIN APPLICABLE LEGISLATION
• Royal Legislative Decree 4/2015, of October 23rd, approving the combined text of the Securities Exchange Act.
• Royal Decree 217/2008, of February 15th, regarding the legal status of investment firms.
• Regulation (EU) No 648/2012 (EMIR).
• National Securities Market Commission Circular 2/2014, of June 23th, on the exercise of various regulatory options for solvency for investment service firms and their consolidated groups.
• National Securities Market Commission Circular 5/2009, of November 25th, regulating the Auditor’s Annual Report on Client Asset Protection.
• National Securities Market Commission Circular 1/2014, of February 26th on requirements for internal organisation and for control functions in firms providing investment services.
• Law 10/2010 of April 28th, on prevention of money laundering and the finance of terrorism.
• Royal Decree 304/2014, of May 5th, approving the Regulations of Law 10/2010, of April 28th, on prevention of money laundering and the finance of terrorism.
• Organic Law 15/1999, of December 13th, on personal data protection.
• Royal Decree 1720/2007, of December 21st, approving the Regulations of Law 15/1999.
• Ministerial Order ECO/734/2004 of March 11th 2004, on Finance Company Customer Care Departments and Services and the Customer Ombudsman.

MiFID (Market in Financial Instruments Directive)
The Market in Financial Instruments Directive (MiFID) was incorporated in Spanish law through a change in the Securities Exchange Act by Law 47/2007. The new regulations particularly affect the following:

• Client classification
• Best Execution
• Suitability
• Transparency
• Reporting to Clients
• Conflicts of interest