The Markets in Financial Instruments Directive (MiFID) is the EU legislation that regulates firms who provide services to clients linked to financial instruments, and the venues where those instruments are traded. MiFID was applied in Malta from November 2007 but is now being revised to improve the functioning of financial markets considering the financial crisis and to strengthen investor protection. The changes are coming into effect on 3rd January 2018, with the new legislation being known as MiFID II. CrescoFX is authorised and regulated by the FCA and is required to comply with MiFID II.
What is MiFID II?
MiFID II is the updated version of the original Markets in Financial Instruments Directive (MiFID) which was implemented back in 2007 and designed to regulate financial markets within the EU.
From 3rd January 2018, European Regulators will enforce MiFID and MiFID II to all member states in the EU with the aim to make the European financial markets safer, more transparent and competitive.
The MiFID II framework has a primary focus on Data and requires financial service providers, such as CRESCOFX, to ensure that they are able to record, to report and store data responsibly.
This includes, but not limited to:
1. Client Classifications – National Client Identifiers
All clients of financial service providers must be identified using the most appropriate National Client Identifier (NCI).
Clients of CRESCOFX will receive email correspondence regarding the additional information they are required to submit, the supplied identifiers will be subsequently used as a requirement under MiFID II.
2. Legal Classifications – Legal Entity Identifiers
Entities eligible to be reported with a Legal Entity Identifier (LEI) should be reported with a LEI, this includes CRESCOFX’s corporate customers. If corporate customers are unable to provide a suitable LEI number, then they will be unable to continue trading with CRESCOFX.
3. Transaction Reporting
MiFID Transaction reports are used to monitor for market abuse, the release of MiFID II will introduce a greater emphasis on transaction data as well as enhanced coverage around the client and associated counterparties.
The coverage of reportable instruments has also increased to cover:
• All equities and bonds listed on regulated European markets
• Derivatives contracts of all equities and bonds listed on regulated European markets
What do I need to do?
In preparation for the enhanced Markets in Financial Instrument Directive (MiFID II) due to take effect on January 3rd 2018, CRESCOFX are required to verify your nationality if you wish to trade Index, equity, bond and commodity CFD products.
Therefore, If you are a national of (or have dual nationality) of any of the listed countries (see below) we require you to provide a copy of your corresponding National Client Identifier (NCI) document(s) when we request it from you.
You can send copy of the relevant NCI document(s) to our accounts team on email@example.com.
National Client Identifier Table
|Belgian National Number – Numéro de registre national – Rijksregisternummer
Bulgarian Personal Number
National Passport Number
National Identification Number – Rodné číslo
Personal Identify Code – CPR
Personal Identification Code – Isikukood
Tax identification number – Código de identificación fiscal
Personal Identity Code
UK National Insurance Number
Personal ID – 10 DSS digit investor share
Personal Identification Number – Osobni identifikacijski broj (OIB)
Personal Identify Code – Kennitala
Fiscal Code – Codice fiscale
National Identity Card Number -Personenidentifikationsnummer (PEID)
Personal code – Asmens kodas
Personal code – Personas kodas
National Identification Number
National Identity Card Number – Persoonsnummer
Personal ID – Foedselsnummer
Poland – PESEL / Numer identyfikacji podatkowej Or Tax Number (Numer identyfikacji podatkowej)
Tax Number – Número de Identificação Fiscal
National Identification Number – Cod Numeric Personal
Personal Identify Number – Personnummer
Personal Identification Number – EMŠO: Enotna Matična Številka Občana
Personal Number – Rodné číslo
For Nationals of countries outside of the EU / EEA, provide a copy of your valid passport