Markets in Financial Instruments Directive

MiFID II Disclosures

The Market in Financial Instruments Directive and Markets in Financial Instruments Regulation (“MiFID II”) comes into effect from 3 January 2018. MiFID II replaces the original Markets in Financial Instruments Directive (“MiFID”) which has been in force since 2007. MiFID II introduces a broad range of provisions, which includes among them:

Building on MiFID market structure provisions, prescribing rules relating to the operation of Regulated Markets, Multilateral Trading Facilities and the newly specified Organised Trading Facilities and requiring mandatory venue trading for certain in-scope equities and OTC derivatives;

Enhancing the Systematic Internaliser regime and pre- and post-trade price transparency rules for equity financial instruments and extending these to equity-like and non-equity financial instruments;

Expanding the transaction reporting requirements to a broader set of financial instruments, introducing quality of execution and top 5 venue reporting requirements and commodities position limit monitoring and reporting requirements;

Enhancing rules on product governance, suitability and appropriateness, client assets, inducements (including research) and costs and charges disclosure;

Introducing obligations relating to indirect clearing and straight through processing of cleared derivatives, algorithmic/high frequency trading systems and controls and increased record keeping requirements.

MiFID II requires Goldman Sachs to provide certain information and disclosures to its clients. These disclosures are set out below. Please note that this information may be updated from time-to-time.

Disclosures for Goldman Sachs Legal Entities regulated under MiFID II

Complaints Handling Policy [PDF, 120 KB]

Conflicts of Interest Policy [PDF, 7 KB]

Information Statement Relating to Risks in Connection with Title Transfer Collateral Arrangements [PDF, 163 KB]

Third Party Inducements [PDF, 18 KB]

Goldman Sachs International

General Disclosures

EMEA Equity Trading Venue – Rules and Regulations

Goldman Sachs Global Banking & Markets Clients

EMEA Goldman Sachs FICC and Equities Best Execution Policy [PDF, 293 KB]

Cash Equity Venues in EMEA [PDF, 461 KB]

FICC Venues in EMEA [PDF, 190 KB]

Information on Nature and Risks of Investments for Professional Clients [PDF, 208 KB]

Goldman Sachs International and Goldman Sachs Bank Europe SE Cost Disclosure Statement for Direct Clearing [PDF, 431 KB]

Goldman Sachs International Clearing Member Risk Disclosures (Direct and Indirect Clearing) [PDF, 358 KB]

Goldman Sachs International Direct Client Risk Disclosures (Indirect Clearing) [PDF, 376 KB]

Goldman Sachs International Clearing Member General Terms and Conditions and Cost Disclosure Statement for Indirect Clearing [PDF, 192 KB]

Goldman Sachs International Direct Client General Terms and Conditions and Cost Disclosure Statement for Indirect Clearing [PDF, 312 KB]

Summary of the Product Governance Policy [PDF, 82 KB]

Summary of the Goldman Sachs Allocation Policy [PDF, 80 KB]

Systematic Internaliser Commercial Policy – Equity/Equity-like Instruments [PDF, 119 KB]

Private Wealth Management (PWM) Clients

Private Wealth Management Best Execution Policy for Goldman Sachs International, Goldman Sachs Bank Europe SE , Goldman Sachs International Bank and any other trading subsidiary of The Goldman Sachs Group, Inc. in the European Economic Area
- English
- Italian
- Spanish
- French
Private Wealth Management Product Information and Risks Booklet
- English
- Italian
- Spanish
- French