MIFID II Directive

The initial Directive of the European Parliament and of the Council on markets in financial instruments (hereinafter MiFID) came into force in 2007. This directive is binding for all the European Union member states and its aim is to make financial markets more efficient, resilient and transparent, and to ensure the highest level of investor protection.

On 3 January 2018, the MiFID II Directive came into force with additional requirements aimed at improving the efficiency of the financial markets, transparency and strengthening the protection of investors.

The Law on Financial markets of the Republic of Latvia ensures MiFID II compliance in Latvia.

MiFIR Regulation

Regulation of the European Parliament and of the Council on markets in financial instruments (hereinafter MiFIR) is binding for all the European Union member states. MiFIR contains rules and guidelines for transaction execution and financial instrument trade transparency.

If you use, have used or plan to use any of the investment services offered by the bank, MiFID II, MiFIR and the national legislation influences your cooperation with our bank as well. In order to ensure as transparent and effective cooperation related to financial instruments as possible, Luminor invites you to familiarize yourself with the information provided herein.

FAQ

What is Client Classification Policy? 

In line with MIFiD requirements, the Client Classification Policy stipulates that a status of a Retail customer, a Professional customer or an Eligible counterparty should be assigned to each client. The aim of the Client Classification Policy is to define the criteria of clients’ classification, the order of changing the status, as well as the level of protection corresponding to each client’s status. Clients which are classified as Retail customers are provided with the highest level of investors’ protection.

What is Order Execution Policy?

The Order Execution Policy defines the guidelines for order execution, so that clients’ orders are executed on the most favourable conditions for the client. The policy also describes the order execution procedure of the bank. The client must give his consent to the bank’s Order Execution Policy to trade financial instruments.

What is Conflicts of Interest Policy?

The Conflicts of Interest Policy stipulates all necessary and possible actions to identify and mitigate possible conflicts of interest, which could be harmful to clients’ interests in transactions related to investment services and/or ancillary investment services.

Payments from third parties

Luminor informs you that it receives payments from third parties (inducements) for clients’ investments in specific investment products. Bank emphasizes that the aim of these payments is to increase the value of service provided to clients and they do not influence the bank’s obligation to achieve the best possible results for clients when providing investment services to them. The list of investment funds and the amount of inducements that Luminor receives for the distribution of investment fund shares can be found in Inducement Policy for the Provision of Investment and Ancillary Services.

 

Top 5 Execution Venues and Entities

2021

Top 5 Execution Venues

Retail Clients  PDF  Excel
Professional Clients  PDF  Excel

Top 5 Execution Entities

Retail Clients  PDF  Excel 
Professional Clients    PDF  Excel

2020

Top 5 Execution Venues

Retail Clients  PDF  Excel
Professional Clients  PDF  Excel

Top 5 Execution Entities

Retail Clients  PDF  Excel 
Professional Clients    PDF  Excel

2019

Top 5 Execution Venues

Retail Clients  PDF  Excel
Professional Clients  PDF  Excel

Top 5 Execution Entities

Retail Clients  PDF  Excel 
Professional Clients    PDF  Excel

2018

Top 5 Execution Venues

Retail Clients  PDF  Excel
Professional Clients  PDF  Excel

Top 5 Execution Entities

Retail Clients  PDF  Excel 
Professional Clients    PDF  Excel

2017

Top 5 Execution Venues

Retail Clients  PDF  Excel
Professional Clients  PDF  Excel

Top 5 Execution Entities

Retail Clients  PDF  Excel 
Professional Clients    PDF  Excel

Previous versions of the documents

 General terms for the Discretionary Portfolio Management Service Agreement valid till 01.03.2021.

Client Classification Policy:
 Effective till 01.01.2019
 Effective till 31.01.2018
 Effective till 01.10.2017
 Effective till 18.03.2013
 Effective till 6.05.2014

Conflicts of Interest Policy:
 Effective till 02.07.2020
 Effective till 27.05.2019
 Effective till 01.01.2019
 Effective till 14.02.2018
 Effective till 01.10.2017
 Effective till 6.05.2013
 Effective till 18.03.2013

Policy for execution of orders in financial instruments:
 Effective till 19.06.2021
 Effective till 01.01.2019
 Effective till 31.01.2018
 Effective till 01.10.2017
 Effective till 03.08.2016
 Effective till 16.06.2015
 Effective till 06.05.2013
 Effective till 18.03.2013

Summary of policy for execution of orders in financial instruments:
 Effective till 19.06.2021

Order Execution Venues:
 Effective till 01.01.2019
 Effective till 31.01.2018
 Effective till 01.10.2017
 Effective till 03.08.2016
 Effective till 04.06.2014

Inducement Policy for the Provision of Investment and Ancillary Services:
 Effective till 20.12.2021
 Effective till 01.01.2019

Information on the investment service provider and services provided:
 Effective till 30.09.2021
 Effective till 01.01.2019

 Application For Non-independent Investment Advice, valid from 01.11.2019 to 30.07.2020

Ex-ante Costs & Charges disclosure:
 Effective till 02.11.2021

The statement on principle adverse sustainability impacts of Luminor
The statement on principle adverse sustainability impacts of Luminor