Dear customers,

We hereby notify you that as of 01.11.2007 the Markets in Financial Instruments Directive /MiFID/ entered into force in the European Union, its purpose being to harmonize the regulations, procedures, and requirements associated with transactions with financial instruments within the Community. Adoption of the Directive is dictated by the increased activity of an ever expanding range of investors on the financial markets and by the offering of ever more complicated and heterogeneous financial instruments and services on such markets. This necessitated establishment of a new regulatory framework, which would cover the broad range of services and activities offered to investors, as well as ensure the required level of security warranting a high level of protection to the investors and an opportunity to the investment intermediaries to provide investment services throughout the entire European Community as a single market.

In its capacity of EU member-state, Bulgaria introduces the requirements of the Markets in Financial Instruments Directive /MiFID/ into the local legislation through adoption of the Markets in Financial Instruments Act and Ordinance No 38 on the requirements to the activities of investment intermediaries, which, similarly to MiFID, entered into force as of 01.11.2007.

Policy of Investbank for the execution of client orders according to the requirements of the Law for the markets and financial instruments.
Policy for the resolution of conflicts of interests, applied by Invetbank in the undertaking of financial services as an investment intermediary.
Rules for the categorization of the cliets of Invesbank concering the offered investment and/or supplementary services as an investment intermediary.
General terms and conditions applied to deals with financial instruments, applicable to the contracts with customers of Investbank in its business as an investment intermediary.

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