The EU legislative framework, Markets in Financial Instruments Directive II (MiFID II), came into effect on 3 January 2018, superseding MiFID (November 2007). MiFID II is relevant for Singer Capital Markets as we provide services to clients in relation to financial instruments; its aim is to strengthen investor protection and improve the functioning of financial markets making them more efficient, resilient and transparent.

MiFID II brought new requirements, in order to meet this aim, which included:

• New reporting requirements to provide greater transparency;
• Unbundling of research from other products and services firms provide;
• New product governance requirements for manufacturers and distributors;
• The prominence of trading on MTFs and OTFs, plus the introduction of SIs; and
• Revisions to best execution and cost and charges disclosure requirements.