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Glossario

Non-complex financial instruments (MIFID)

Categoria — Nozioni Generali
The list of non-complex financial instruments is strictly defined by the EU Directive "On Markets in Financial Instruments" (MiFID). In accordance with this directive, such instruments include:

    Shares admitted to trading on an EU-regulated market, or an equivalent foreign market, and on a multilateral trading platform (MTF). The exceptions are shares that include a derivative financial instrument;
    Bonds or other debt securities that are admitted to trading on an EU-regulated market or an equivalent foreign market or multilateral trading platform (MTF). The exceptions are bonds that include a derivative financial instrument or structure that makes it difficult for the client to understand the risk;
    Money market instruments. The exceptions are those in which a derivative instrument or structure is embedded that makes it difficult for the client to understand the risk;
    Investment fund certificates. The exceptions are certificates of structured investment funds (structured funds) specified in Article 36 of European Regulation No. 583/2010;
    Structured deposits. The exceptions are deposits that have a structure built into them that makes it difficult for the client to understand the risk.


Other simple financial instruments that meet the following conditions:

  • Financial instruments on which actions are not tied to other financial instruments, rates, profitability, etc.;

  • Financial instruments that may be frequently put into circulation, repurchased, or sold at prices publicly available to market participants;

  • Financial instruments that do not imply any real or potential liability for the client that exceeds the cost of acquiring the instrument;

  • Financial instruments that do not contain terms, rules, or conditions that could fundamentally change the nature or risk of investing;

  • Financial instruments that do not include any explicit or implicit exit fees resulting in a lack of liquidity of the investment, even though it may be technically possible to sell, redeem, or otherwise dispose of them;

  • Financial instruments of which information about their characteristics is publicly available and easily understandable. That is, it allows the average private client to make informed decisions.


Example: Hungary, TB 0% 21dec2022, HUF (91D)
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