Spain implements Mifid

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MADRID – On November 29, the Spanish Parliament finally approved the Act that amends the Securities Market Act to implement the EU’s Markets in Financial Instruments Directive and the Level 2 directives.

The approved act is expected to be published in the official gazette this week and will come into force the day after it is published. After publication, investment advice will qualify as a core service reserved exclusively to licensed investment firms and credit institutions.

The new act includes an interim provision giving licensed investment firms six months within which to adapt to the terms of the amended Act. It does not, however, capture non-licensed firms that currently provide investment advice.

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