MiFID

The European Directive MIFID (Markets in Financial Instruments Directive) came into effect on 1 November 2007 in all countries of the European Union and the main objectives of this rule are the following ones:

* Increase the protection of clients who receive investment services over financial instruments, by means of the establishment of conduct rules to be fulfilled by the financial entities in order to act in the best interest of its clients.

* Introduce a common legal framework and contribute to build a unique market in order to render uniform financial services of all countries of European Union.

* Achieve a competition increase between the different entities which render financial services.

In relation to investor’s protection regime, MIFID, adds important changes in the conduct rules for rendering investment services to clients. In this manner, this Directive creates a new clients and financial products categorisation and improves the information regime provided by the entities which render financial services.

In this respect, Riva y García provides, by means of the document attached, the general information about the rendering of its services, the client categorisation, as well as the information about safeguarding of assets, conflicts of interest, best execution and financial products. With all this information the clients will understand better the nature and risks of the services rendered by Riva y García.