As of 1 November 2007, the EU directive "Markets in Financial Instruments Directive" (MiFID) comes into force in the EEA area. This directive aims to improve investor protection across national borders and to establish a single European market for financial services.

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Based on MiFID, a new Norwegian Securities Trading Act has been adopted. The new rules lay down new requirements relating to the organisation and operations of investment firms and will influence DNB Markets' relations with its clients. Among other things, the new rules will affect the following areas:
  • Classification of all clients
  • New business terms and client agreements
  • Guidelines for the execution of orders
  • Assessment of suitability and appropriateness
  • Identification of interest conflicts
Up until 1 November, current agreements and legislation will apply. The changes resulting from the MiFID directive are considerable, but will mainly affect internal conditions in the investment firms. DNB Markets wishes to make the transition to the new set of rules as simple as possible for its clients.

What consequences will MiFID have for your company?

When the new Securities Trading Act comes into force, investment firms must categorise all clients as either retail or professional, including eligible counterparties, based on specific criteria. The degree of investor protection, including information and investment advice requirements, varies according to the degree of professionalism.

Collection of information about our clients
A consequence of MiFID is that we must meet formal requirements with respect to our knowledge about individual customers before we can offer our services. Depending on classification, we must obtain information about experience and expertise, financial information, investment purposes and the risk profile. If we have not registered the necessary information by 1 November, we will unfortunately not be able to offer your company investment advice services after this date. The process of collecting necessary information from our clients will begin in October.

Download DNB Markets' General Business Terms (pdf). 

Requirement to provide clients with information
As a result of the new Securities Trading Act, DNB Markets has amended our general business terms. We have also enclosed our Order execution policy. In this document, we describe how we will fulfil our obligation to ensure that the best result is achieved in the execution of client orders.