Markets in Financial Instruments Directive II (MiFID II) and Swiss FinSA Regulatory Information
The revised Markets in Financial Instruments Directive II (MiFID II) and the accompanying Markets in Financial Instruments Regulation (MiFIR) is a European Directive that came into force on 3 January 2018.
It is a comprehensive regulatory regime which affects how firms carry out investment business and ancillary activities, organise their internal systems and controls, and conduct business with their customers across the European Economic Area.
The Swiss Financial Services Act (FinSA) seeks to protect clients of financial service providers and to establish comparable conditions for the provision of financial services by financial service providers, and thus contributes to enhancing the reputation and competitiveness of Switzerland’s financial centre. FinSA applies to persons providing financial services commercially in Switzerland or for clients in Switzerland. The Act establishes the requirements for honesty, diligence, and transparency in the provision of financial services and governs the offering of financial instruments. Financial instruments are defined to include equities (including participation certificates, dividend rights certificates, convertible bonds) and debt securities, derivatives, units in collective investment schemes, structured products, and certain types of deposits. FinSA was enacted in 2020 and its provisions come fully into force after a transition period ending 1 January 2022.
BNY Mellon is required to provide information to our clients about certain of these MiFID II and Swiss FinSA provisions. Updates to this information will be published on this webpage.