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.

Information on the providing of investment services-(PDF 268 KB) ("MiFID Brochure") which gives a detailed description and includes important information on how Banco Santander applies the securities regulation and provides investment services.


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 1.4MB).


Change of MiFID classification - (PDF 34 KB) application form.


Information on Incentives: cases of fees, commissions and non-monetary benefits paid or received by Banco Santander to or from third party institutions, relating to the providing of services with respect to financial instruments. (Table of Incentives - (PDF 144.99 KB)).


Order Execution Policy - (PDF 420.56 KB), or improved implementation, of Banco Santander.


Annual information on the trading venues and intermediaries - (PDF 1.04 MB) that execute the orders of customers (Year 2019)


Annual information on the trading venues and intermediaries - (PDF 1.29 MB) that execute the orders of customers (Year 2018)


Expenditures and costs - (PDF 87 KB) in the most usual securities market transactions.



Quarterly information on the quality of execution of operations

Third quarter 2018 - (XLS - 12MB)
Fourth quarter 2018 - (XLS - 12,1MB)
First quarter 2019 - (XLS - 12,8MB)
Second quarter 2019 - (XLS - 11,5MB)
Third quarter 2019 - (XLS - 13MB)
Fourth quarter 2019 - (XLS - 18,4MB)
First quarter 2020 - (XLS - 9.71 MB)
Second quarter 2020 - (XLS - 9.30 MB)

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

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