MIFID II
The Markets in Financial Instruments Directive (“MiFID”) is one of the cornerstones of EU financial services law, setting out which investment services and activities should be licensed across the EU and the organizational and conduct standards that those providing such services should comply with.

MiFID came into force on 1st of November 2007 and was implemented in Cyprus by the European Communities (Markets in Financial Instruments) Regulations, 2007 as amended (the “MiFID Regulations”).

MiFID established a regulatory framework for the provision of investment services by investment firms and in this way established for the first time an effective single financial services market in the EEA.

The terms of MiFID made provision for a mandatory post implementation review and the European Commission (the “Commission”) published a paper consulting on amendments to MiFID in December 2010.

Following that consultation period, the Commission published draft legislative proposals in the form of (i) a revised Directive which is an amendment and restatement of MiFID, (the “MiFID II Directive”) and; (ii) a new Regulation which sets out requirements relating to trade transparency and the mandatory trading of derivatives on organized venues, (the “MiFID II Regulation”).To this end, Cyprus enacted the Investment Services and Activities and Regulated Markets Law of 2007 (Law 144(I)/2007) implementing directives 2004/39/EC, 2006/73/EC and now 2014/65/EC of the European Parliament and of the Council on 3rd of January 2018.

Affected clients will need to provide additional information to Prochoice Chrimatisitiriaki Ltd in order to continue trading through their accounts when the new reporting requirements become effective on 3 January 2018. Prochoice Chrimatisitiriaki Ltd will be requesting the required information electronically to facilitate its collection.

Scope of MiFIR Transaction Reporting Obligations
MiFIR Transaction Reporting applies to European Economic Area (EEA) Investment Firms and also to EEA Investment Firms affiliates to execute orders. As a client of Prochoice Chrimatisitiriaki Ltd that uses our platform you may be required to provide additional information to allow the proper transaction reports to be filled.
EEA Investment Firms are obliged to report complete and accurate details of transactions executed in financial instruments covered by MiFIR to the relevant National Competent Authority (NCA) no later than the close of the next day. 

Information to be reported
The reporting fields have increased. The new information requirements now include, among other items:
Detailed identification of the buyer and the seller for each transaction.  In particular, the Regulation requires he provision of Legal Entity Identifiers (LEI) for legal entities and National Identifiers for natural persons (based on their countries citizenship).

You can visit for more details Regulation (EU) No 600/2014

Further MiFID  II Information:

 ORDER EXECUTION POLICY
 CLIENT CATEGORIZATION POLICY
 CONFLICTS OF INTEREST POLICY
 COMPENSATION FUND OF CYPRIOT INVESTMENT FIRMS (CIF)
 COMPLAINTS HANDLING POLICY
 COMPLAINT FORM
 PRIVACY STATEMENT
 MiFID II INFORMATION PACKAGE
 RISKS DISCLOSURE
 SUMMARY OF SAFEGUARDING OF CLIENTS ASSETS