MiFID II
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MiFID II

The Markets in Financial Instruments Directive (MiFID) is the EU legislation that regulates firms who provide services to clients linked to financial instruments, and the venues where those instruments are traded. MiFID was applied in the UK from November 2007, but is now being revised to improve the functioning of financial markets in light of the financial crisis and to strengthen investor protection. The changes are coming into effect on 3rd January 2018, with the new legislation being known as MiFID II. GKFX is authorised and regulated by the Financial Conduct Authority in the UK and is required to comply with MiFID II.

What is MiFID II?
 

MiFID II is the updated version of the original Markets in Financial Instruments Directive (MiFID) which was implemented back in 2007 and designed to regulate financial markets within the EU.

From 3rd January 2018, European Regulators will enforce MiFID and MiFID II to all member states in the EU with the aim to make the European financial markets safer, more transparent and competitive.

The MiFID II framework has a primary focus on Data and requires financial service providers, such as GKFX, to ensure that they are able to record, to report and store data responsibly.

This includes, but not limited to:

1. Client Classifications - National Client Identifiers

All clients of financial service providers must be identified using the most appropriate National Client Identifier (NCI).

Clients of GKFX will receive email correspondence regarding the additional information they are required to submit, the supplied identifiers will be subsequently used as a requirement under MiFID II.

2. Legal Classifications - Legal Entity Identifiers

Entities eligible to be reported with a Legal Entity Identifier (LEI) should be reported with an LEI, this includes GKFX’s corporate customers. If corporate customers are unable to provide a suitable LEI number then they will be unable to continue trading with GKFX.

3. Transaction Reporting

MiFID Transaction reports are used to monitor for market abuse, the release of MiFID II will introduce a greater emphasis on transaction data as well as enhanced coverage around the client and associated counterparties.

The coverage of reportable instruments has also increased to cover:

• All equities and bonds listed on regulated European markets
• Derivatives contracts of all equities and bonds listed on regulated European markets

What do I need to do?
 

In preparation for the enhanced Markets in Financial Instrument Directive (MiFID II) due to take effect on January 3rd 2018, GKFX are required to verify your nationality if you wish to trade Index, equity, bond and commodity CFD products.

Therefore, If you are a national of (or have dual nationality) of any of the listed countries (see below) we require you to provide a copy of your corresponding National Client Identifier (NCI) document(s) when we request it from you.

You can send copy of the relevant NCI document(s) to our accounts team on mifid2@gkfx.com.

National Client Identifier Table

 
Nationality National Client Identifier
Belgium Belgian National Number - Numéro de registre national – Rijksregisternummer
Bulgaria Bulgarian Personal Number
Cyprus National Passport Number
Czech Republic National Identification Number - Rodné číslo
Denmark Personal Identify Code - CPR
Estonia Personal Identification Code - Isikukood
Spain Tax identification number - Código de identificación fiscal
Finland Personal Identity Code
UK UK National Insurance Number
Greece Personal ID - 10 DSS digit investor share
Croatia Personal Identification Number - Osobni identifikacijski broj (OIB)
Iceland Personal Identify Code - Kennitala
Italy Fiscal Code - Codice fiscale
Lichtenstein National Identity Card Number -Personenidentifikationsnummer (PEID)
Lithuania Personal code - Asmens kodas
Latvia Personal code - Asmens kodas
Malta National Identification Number
Netherlands National Identity Card Number - Persoonsnummer
Norway Personal ID - Foedselsnummer
Poland Poland - PESEL / Numer identyfikacji podatkowej Or Tax Number (Numer identyfikacji podatkowej)
Portugal Tax Number - Número de Identificação Fiscal
Romania National Identification Number - Cod Numeric Personal
Sweden Personal Identify Number - Personnummer
Slovenia Personal Identification Number - EMŠO: Enotna Matična Številka Občana
Slovakia Personal Number - Rodné číslo
For Nationals of countries outside of the EU / EEA, provide a copy of your valid passport
 
FAQs

What happens if I do not have the required information?

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What are CFDs?

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GKFX is a registered trademark of GKFX Financial Services Limited © 2017 GKFX Financial Services Limited – all rights reserved.

RISK WARNING

All financial products traded on margin carry a high degree of risk to your capital. They are not suited to all investors and you can lose more than your initial deposit. Please ensure that you fully understand the risks involved, and seek independent advice if necessary. ​Apple, iPad, and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. App Store is a service mark of Apple Inc. Android is a trademark of Google Inc.See our full Risk Warning and Terms of Business for further details.

Our products are traded on margin and carry a high degree of risk. Losses can exceed your initial deposit.

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