MiFID

General information Complaints and Dispute Resolution

General information

MiFID¹ is the abbreviation of Markets in Financial Instruments Directive. The provisions of the MiFID introduce a coherent legal framework for financial markets and brokerage services in the countries of the European Union, as well as Iceland, Norway and Liechtenstein.

The key objective of the MiFID (both the first one and the second one) is the protection of clients’ interests. This objective is achieved through the increase in the harmonisation of laws in how brokerage services are offered and provided and the increase in the transparency and competitiveness of investment firms’ operations. They are obliged to operate according to the clients’ best interests, thus, honestly, fairly and professionally. Another important obligation of investment firms, clearly stated in the MiFID, is to identify or manage conflicts of interest which can occur among the Bank, a person connected with the Bank and the Bank’s client or group of clients.

The MiFID relates to brokerage services and financial instruments, including shares, bonds, money market instruments, derivatives or investment funds.

The MiFID obliges the Bank to: 

  1. act fairly and professionally, according to the principles of fair trading and in accordance with the best interests of its clients to whom it provides brokerage services;
  2. present comprehensible and clear rules under which brokerage services are provided;
  3. provide comprehensive information about brokerage services which is not misleading;
  4. classify clients by assigning them to one of the three client categories, Retail Client, Professional Client or Eligible Counterparty.
     

You can find the detailed rules for the implementation of the MiFID requirements by DNB Bank Polska S.A. in the documents, as attached:

  1. MiFID Information for the Clients of DNB Bank Polska S.A.
  2. MiFID Client Classification Policy at DNB Bank Polska S.A.
     

MiFID Client Category Change Requests

  1. MiFID Client Category Change Request
  2. MiFID Client Category Change from/to Eligible Counterparty Request
     

 

 

 

 


1 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (OJ L 173 of 12.6.2014, pp. 349-496) (the “MiFID II”) and Regulation (EU) No. 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) No. 648/2012 (the “MiFIR”) along with implementing rules and delegated acts to the MiFID II and MiFIR in the European Union and national provisions implementing them (if required)

Complaints and Dispute Resolution

If the Bank’s client has objections to the services of the sale of treasury products provided by the Bank, it may follow the following complaint procedure.

The Bank provides for the following complaint filing forms:

  • in writing by post within the meaning of Article 3(21) of the Act of 23 November 2012, Postal Law (Journal of Laws, item 1529), to the address:

            DNB Bank Polska S.A.
            ul. Postępu 15c
            02-676 Warsaw
            Transaction Banking Department with a note “Complaint”

  • electronically by email to the relevant email address of the Bank
    • for agreement related issues
    • for valuation and hedging issues
  • by phone contacting your dedicated Dealer.

Filing a Complaint

To facilitate the complaint examination process by the Bank, it is advisable to provide the Client’s details, detailed description of the facts and client’s expectations. However, note that if you have an objection to:

  • Transaction Conditions laid down in the Confirmation;
  • information of the Transaction Portfolio constituting the basis for the Transaction Portfolio Reconciliation;

before filing a complaint, you must follow the procedure described in the documentation.

Complaint Response Deadlines

The Bank will examine the complaint immediately, within the shortest possible period; yet, the complaint response deadline should not be more than 5 business days of when the Bank received the complaint. If the client is not satisfied with the Bank’s complaint resolution, it can appeal against the Bank’s decision or, if the matter is too complicated, it will be examined following a special procedure. Such actions will result in the extension of the deadline set in the first sentence, of which the client will be notified. 
 
Complaint Response Forms

After the complaint is examined, the Bank will notify the client about the result of the complaint procedure. The complaint response is delivered in writing or by email.
If the complaint is denied, the client has the right to file a suit to the appropriate court of general jurisdiction.
The authority supervising the bank’s operations is the Financial Supervision Authority.

 

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