Ancillary services - MiFID Directive Provision

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MiFID 2 Anatomy™

MiFID 2: Less fondly known as EU Directive 2014/65/EU (EUR Lex) | MiFID 1

Articles: 16(7) (Recording of Communications)
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Those services listed in Section B of Annex I to MiFID, being (dans une Nutshell)

  • Custody: safekeeping and administration of financial instruments for the account of clients, including custodianship and related services such as cash/collateral management
  • Margin lending: “granting credits or loans to an investor to allow him to carry out a transaction in one or more financial instruments, where the firm granting the credit or loan is involved in the transaction”
  • Advisory: “advice to undertakings on capital structure, industrial strategy and related matters and advice and services relating to mergers and the purchase of undertakings”;
  • FX: foreign exchange services where these are connected to the provision of investment services;
  • Investment research: investment research and financial analysis or other forms of general recommendation relating to transactions in financial instruments;
  • Underwriting: services related to underwriting; and
  • Investment services relating to commodities that underly derivatives, where connected with investment services: Just don’t go there. Just reading it will make your heart sink.