The MiFID is the markets in financial instruments directive, transposed in Spain through Securities Market Act 24/1988 of 28th July, and Royal Decree 217/2008 of 15th February, concerning the legal system applicable to investment service companies.

Its objectives can be summarized as follows:

To provide a higher level of protection for customers, especially the retail investor, through the establishment of rules of conduct and protocols relating to organisation and control.

The introduction of a common regulatory framework to unify the providing of investment services in EU countries.

For customers to whom investment services are provided, the MiFID regulation entails the following: (i) the necessary customer classification and notification of the classification assigned; (ii) evaluation of suitability or advisability in terms of the investment service given, the classification of the customer and the type of financial instrument in question; (iii) the application of specific policies for the execution of orders and the handling of conflicts of interest, etc.

In this section, you will find the updated information given by Banco Santander to its customers when providing investment services, and we recommend that you read it.

Pursuant to the application of Directive 2014/65/UE on markets in financial instruments (MiFID II) and implementing legislation, we have updated our MiFID prospectus. The new prospectus, which entered into force on 3 January 2018, is available via this link - (PDF 4.09 MB).

Change of MiFID classification - (PDF 670.16 KB) application form.

Order Execution Policy - (PDF 2.8 MB), or improved implementation, of Banco Santander.

Order Execution Policy Annex - (PDF 188.29 KB)

Annual information on the trading venues - (PDF 440.51 KB) that execute the orders of customers (Year 2021).

Annual information on intermediaries - (PDF 354.17 KB) that execute the orders of customers (Year 2021).

Annual information on the trading venues - (PDF 852.35 KB) that execute the orders of customers (Year 2020)

Annual information on intermediaries - (PDF 657.16 KB) that execute the orders of customers (Year 2020)

Systematic Internalizer Trade Politics – (PDF 189.5 KB)

Quarterly information on the quality of execution of operations

First quarter 2020 - (XLS - 9.71 MB)
Second quarter 2020 - (XLS - 9.30 MB)
Third quarter 2020 - (XLS - 8.67 MB)
Fourth quarter 2020 - (XLS - 8.60 MB)

Information about the quality of execution oftransactions published by the execution venues - (PDF 450.95 KB)