The Minister of Economy and Enterprise, Nadia Calviño, today urged the Congress plenary session to validate the Royal Decree Law that transposes the European regulation of MIFID II to give total transparency and protection to the investor and advance in an accurate regulatory framework.
The Plenary of the Congress votes today the validation of this regulation that modifies the rewritten text of the Securities Market Law, in order to adapt it to the complexity of the markets after the recent economic crisis and that could be processed as draft Law for receive amendments from parliamentary groups.
Calviño has warned that the transposition is urgent as the deadline expired on July 3, 2017, and the European Commission has already filed an application with the EU Court of Justice for non-compliance, with the corresponding proposal for a penalty.
However, it has affected that the Government has already begun to process the regulation that will develop the standard to complete the transposition of the European directive Mifid II and that will be "fully completed" by the end of the year.
"We are doing everything to give security and certainty to economic agents and to strengthen the protection of citizens," said the minister, after explaining that among other measures the level of demand and specification is reinforced on the information to the client or is prohibited that investment services companies charge their clients incentives or retrocessions for portfolio services when there are no justified improvements in service.
The rule will give more clarity on financial products and the heads of entities management bodies will be responsible for seeing the procedures for each of the financial products and what is their nature in relation to each client.