Regulatory

INVESTOR PROTECTION

Staying abreast of legal developments and offer you adequate investor protection is one of our key preoccupations.

MiFID II

Providing to you a suitable and reliable service is always the focus of our concerns and, for this reason, we would like to inform you about the impact that the new EU Directive 2014/65 (“MiFID II”) has on our banking relationship.

The aim of MiFID II is to enhance your protection, when investing in financial instruments, through four major pillars, namely:

  • reinforcing investor protection
  • increasing transparency to investors
  • reinforcing corporate governance and internal controls
  • enhancing financial markets structure.

From a practical perspective, applying MiFID II modifies the way you interact with our Bank when it comes to financial investments. The increased level of information, protection and transparency introduced by this new regulation result in different new investment processes and reporting, based on the kind of services you require to receive from our Bank.

More specifically:

If you originate your own investment decisions, each time you initiate an investment you are provided with:

  • a detailed information about the product and its embedded risks (KID – “Key Information Document”), if it is a structured product, a derivative or an investment fund
  • a pre-trade warning about the appropriateness of the product, if it is considered as complex and not in line with your knowledge and experience of financial products
  • the above mentioned information allow you to confirm or cancel your investment decision with an appropriate level of risk knowledge
  • the Bank will execute your investment instructions only after your validation
  • in case of investments in products with a high level of risk (leveraged financial instruments or other contingent liability transactions), you are also be informed if their value decreases by more than 10% (and any additional multiple of 10%).

If you enter into an Advisory Mandate, each time our Bank provides you with a recommendation (buy, sell or hold):

  • you receive a pre-trade report about the suitability of the recommendation in respect to your risk profile and investment strategy
  • this report allows you to confirm or not the execution of the recommendation with an appropriate knowledge about the effects that the recommendation will have on your entire portfolio
  • the Bank proceeds with the execution of the proposed transaction if any only after your validation.

In case you enter into a Discretionary Management Mandate, you are periodically provided with:

  • a suitability assessment of your portfolio in respect to your risk profile and investment strategy as well as a comparison with relevant benchmarks
  • a formal notification in case the total value of your portfolio decreases by more than 10% (and any additional multiple of 10%).

The investment process under the MiFID II regime has become for the whole financial industry more complex than before. Our Bank has adopted as required its investment process in order to ensure that your investments are in line with your risk profile and your investment strategy.

In the framework of MiFID II, our Bank opted for acting as “Non Independent Advisor”, which means that we may provide advisory services on financial products issued or provided by entities which have close links with our Bank.

Our Bank is committed to observe the most stringent standards of transparency and information created by this new Directive. A first effect will be the production of an annual report detailing all costs and charges linked to the investments services acquired from the Bank, the investment products themselves and potential third party payments. Moreover, the Bank will publish annually a list of the five execution venues most used when executing client orders, as well as information on the quality of the execution.

Implementing MiFID II may lead to some amendments to our current contractual documentation and to the related charges. Should this be the case, you will be shortly contacted by your Client Relationship Officer.

Should you need further information about MiFID II and its implementation, please do not hesitate to contact your Client Relationship Officer.

RTS 28 disclosure

Information on Conflicts of Interest Policy

PSD

The Payment Services Directive (PSD) sets legal rules for providing effective and non-discriminatory access to payment systems for all payment services users. Key objectives of the PSD are the harmonisation of payment services in order to achieve a single market in the European Economic Area (EEA), the increase in transparency and security for clients.

Special Provisions for Payment Services

For any further question relating to this information, please do not hesitate to contact your Client Relationship Officer.

KIID

In order to enable all types of investors to take informed investment decisions and to ensure comparability between UCITS of each EU Member State, the UCITS IV Directive requires banks to make the "Key Investor Information Document (KIID)" available to investors. This document, which includes appropriate information about the essential characteristics of the UCITS in a non-technical and comprehensible style, replaces the Simplified Prospectus from July 1, 2012 on.

Clients of EFG Bank (Luxembourg) S.A. may find the latest version of the KIID pertaining to their personal investment under www.finesti.com or under the below websites of the various management companies, for example by entering the ISIN number of their investment.

KIID weblinks

Nothing contained on this page should be considered as an offer, an invitation to offer or a recommendation to enter into any transaction or to invest into any UCITS fund or any other financial instrument in any jurisdiction. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information contained in the KIIDs by EFG Bank (Luxembourg) S.A. or its personnel and no liability is accepted by such persons for the accuracy of any such information.

For any further question relating to this information, please do not hesitate to contact your Client Relationship Officer.

General conditions EN DE FR
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Recording of telephone conversations

With effect from June 7, 2012, a voice recording system has been implemented on fixed telephone lines of EFG Bank (Luxembourg) S.A.

The intended purpose of the system is to provide both counterparts with additional legal security with regard to negotiations, instructions or transactions. Recordings shall help to avoid and/or clarify misunderstandings or serve as a proof in case of litigation. As required by the Luxembourg personal data protection rules, the system and its implementation have been duly authorized by the relevant local authority, the CNPD (Commission Nationale pour la Protection des Données).

Following EFG Bank (Luxembourg) S.A.'s retention policy, the recorded data will be destroyed after an archival storage of 3 years.