MiFID (Markets in Financial Instruments Directive) is the European Directive on markets in financial instruments.
The basic aim of MiFID is to provide customers with an appropriate level of investment protection, fair competition in the financial sector, and ensuring transparency of investment firms and banks on financial instruments markets in the European Union.
In the context conducted by Western Union International Bank GmbH, Sp. o.o. Branch in Poland (hereinafter referred to WUIB) activity MiFID provisions have an impact on our customers, among others by introducing provisions relating to:
Products covered by MiFID in WUIB
MiFID requirements apply to the following financial instruments on offer WUIB:
All the above transactions are concluded with WUIB within the brokerage service "purchase or sale of self-employed financial instruments".
Classification of customers
According to the MiFID in order to ensure an adequate level of protection of clients of financial institutions, WUIB obliged to assign one of three categories: Retail Client, Professional Client or Eligible Counterparty.
The highest level of protection Retail clients are entitled to, and the lowest Eligible Contractors. As part of the WUIB services, all Customers of instruments covered by MiFID are subject to individual classification and are informed about the assigned level of protection. Detailed information on. How to classify customers are in Przewodniku Uslug Finansowych.
Adequacy offered by WUIB products covered by the MiFID
Before entering into a contract for the provision of investment advisory services WUIB ask the client or potential client to provide basic information regarding the level of knowledge about investing in financial instruments, investment experience, financial situation and investment objectives needed to assess whether a financial instrument which is the subject offered brokerage services and brokerage service, to be provided on the basis of the concluded agreement, are suitable for the client, taking into account the individual situation. The customer provides the information in a form filled out by the Client Client Profile.
Information on the Bank's policy to provide services and how to communicate with customers
MiFID requires the Bank to provide customers with detailed information about the Bank, the principles of the provision of services with special emphasis on policy, management of conflicts of interest, how to implement the orders and methods of contact with the bank and how to file complaints.
All the above information is available in the section Client Documents, which in addition includes the following information: