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Purpose of MiFID
The measures introduced by the regulations aim to limit the opacity of markets, regardless of the products traded (shares, bonds, derivatives). Pre- and post-trade transparency is thus at the center of the device, materialized by higher requirements in terms of publication of transactions and reporting to supervisors.
Investor protection is a priority. Measures to provide clients with standardized and detailed information, ex ante and ex post, on costs and charges are a key element of the implemented devices. The introduction of a product governance and client knowledge system within the organizations, aims to offer clients the best product for their profile, its needs and objectives. The rules of professional conduct aim in particular to prevent conflicts of interest with regard to the remuneration of brokers, by introducing a strict framework or even prohibitions in certain situations, thus recalling the fundamental nature of the primacy of the client’s interest.
MiFID II Packs
Natixis is required to classify its clients into three distinct categories (“MiFID categorisation”) according to criteria set by MiFID II:
- Retail Client or Non-Professional Client (in the UK and France respectively),
- Professional Client, or
- Eligible Counterparty.
The conditions under which Natixis provides investment services to its clients, depending on the category to which they belong, are set out in the MiFID II Packs. Below you will find the MiFID II Packs corresponding to each category of clients.
Best Execution Policy
As part of the European directive MiFID, Natixis is required to establish a policy for the execution of orders for the benefit of its professional and non-professional clients. The execution rules adopted are listed in detail in the documents available on our website. This execution policy is accompanied, in some cases, by an obligation of best execution which involves the implementation of measures within Natixis guaranteeing the best execution of orders for each client (assessed by costs and speed). We monitor continuously the effectiveness of our rules for the execution of orders and of our Execution Policy, to identify and implement improvements if needed. Also, Natixis reviews its Execution Policy on a regular basis to ensure that nothing affects its ability to continue to get the best results for its clients.
Top 5 execution venues and entities reportings (MiFID II – RTS 28)
COMPLIANCE > BLOC TÉLÉCHARGEABLE > TOP 5 EXECUTION VENUES AND ENTITIES REPORTINGS (RTS 28)
Managing conflicts of interest
The primacy of the client's interest is a cornerstone of the ethics of Natixis. It is one of the founding principles of its activity visible in the policy of each of its institutions. It helps to prevent and manage conflicts that may arise during the provision of investment services between the interests of the institutions (or their staff) and those of a client or between a client's interests and those of another client. To detect potential conflicts of interests, the Compliance function implemented organizational measures, administrative procedures for the treatment and control of operations along with IT tools.
Information on the fees, commissions or non-monetary benefits
Natixis would like to inform its clients (existing or potential) that within the context of its capital markets business, Natixis may receive from or pay to third parties (e.g. introducing brokers, distributors, brokers, asset managers) certain commissions, fees or non-monetary benefits in connection with the provision of investment or ancillary services. Upon request, Natixis may communicate to its clients any additional information relating to these remunerations, commissions or non-monetary benefits.
