MiFID II entered into force on 3 January 2018 and BNP Paribas Securities Services has paid specific attention to this historical launch. As a custodian, this is the first time we are facing such a wide-ranging directive, with many impacts across commercial, operational and functional teams.
The European Markets in Financial Instruments Directive (“MiFID II”) represents a very important change in financial markets, even if its implementation applies as a continuation of MiFID I.
This new directive will ensure greater investor protection, expanded asset class coverage and structural market reforms. It is applicable for firms previously exempted from MiFID I. MiFID II will dramatically change almost the entire marketplace, with far-reaching impacts on everyone engaged in the dealing and the processing of financial instruments.
To learn more, please read our recent articles on MiFID II:
Under the Markets in Financial Instruments Regulation (“MIFIR”) adopted in 2014 and applicable as of 3 January 2018, one of the changes being made to the MIFID I directive includes additional requirements for investment firms regarding the provision of information to clients.
As such, BNP Paribas Securities Services is required to provide information to its clients about the bank and its services.
We sent a Disclosure Pack to all clients with general content about this directive. It is completed with a customised communication pack including the client classification and details on our complaints handling process at each location level.
However, despite this, you may feel that we have not fully met your expectations.
So if you are ever unhappy about something, please let us know, and give us the opportunity to put things right.
Client feedback and complaints in particular is key to our continuous improvement process. Therefore, rest assured that we treat them as a top priority.
Your privileged point of contact for all feedback, positive or negative, is your Client service manager or Relationship Manager in the country where you hold your account(s).
You can contact him/her over the phone or by e-mail, at his/her usual e-mail address at your convenience.
You could also raise your issue or complaint to your Client service manager or Relationship Manager by post, using the address of the BNP Paribas Securities Services entity of which you are a client.
BNP Paribas Securities Services applies a structured and formal complaint handling process.
Your complaints will be acknowledged swiftly in writing. We will keep you informed of the progress of the measures being taken to resolve the complaints and we will provide a substantive response as soon as reasonably possible afterwards.
Once the investigation has been completed, we will notify you of the result and where appropriate, what remedial action or redress we intend to take as a result.
We will also notify you of the options open to you, including the possibility to refer your complaint to an alternative dispute resolution entity or to a financial ombudsman, and the possibility for you to take civil action.
Our organisation welcomes all feedback, positive or otherwise, and we will always be thankful for the time you take to share your concerns with us.
We value your complaints as opportunities for us to learn and to constantly improve in order to meet your expectations.