The House of Representatives voted in favor of amending the Law on Investment Services and Activities and Regulated Markets to achieve a harmonization with a European directive on financial instruments.
The directive aims to enhance transparency in markets, investor protection, supervision and accountability, regulation of new forms of negotiation and technology, as well as limiting the sale of complex and inappropriate products and conflict of interest.
Settings are introduced that facilitate the creation and operation of a centralized database/consolidated transaction card for financial means within the EU, introduce compulsory data contribution by providers to the unified trading bulletin manager and impose strict quality standards and re -define the institution.
It is an investment company that conducts transactions for its own account on a systematic basis outside the organized market, while the definition of quality criteria replaces an older standard of quantitative criteria, which was deemed administratively very burdensome for businesses,
At the same time, new arrangements enhance transparency in trading interruption mechanisms, as organized stock markets must be able to temporarily discontinue or reduce negotiation in the event of significant price fluctuations and publicize the reasons behind such actions as well as the technical characteristics used.
At the same time, they prohibit investment companies from receiving any payment or non -financial benefit from third parties to execute or promote customer orders on a specific execution platform, a regulation that applies to both retail customers and "professional" customers who have chosen to disclaim the level of protection provided to the customers.
