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Disclosures

MiFID II Disclosures

The Market in Financial Instruments Directive and Markets in Financial Instruments Regulation (“MiFID II”) comes into effect from 3 January 2018. MiFID II replaces the original Markets in Financial Instruments Directive (“MiFID”) which has been in force since 2007. MiFID II introduces a broad range of provisions, which includes among them:

  • Building on MiFID market structure provisions, prescribing rules relating to the operation of Regulated Markets, Multilateral Trading Facilities and the newly specified Organised Trading Facilities and requiring mandatory venue trading for certain in-scope equities and OTC derivatives;
  • Enhancing the Systematic Internaliser regime and pre- and post-trade price transparency rules for equity financial instruments and extending these to equity-like and non-equity financial instruments;
  • Expanding the transaction reporting requirements to a broader set of financial instruments, introducing quality of execution and top 5 venue reporting requirements and commodities position limit monitoring and reporting requirements;
  • Enhancing rules on product governance, suitability and appropriateness, client assets, inducements (including research) and costs and charges disclosure;
  • Introducing obligations relating to indirect clearing and straight through processing of cleared derivatives, algorithmic/high frequency trading systems and controls and increased record keeping requirements.

MiFID II requires Goldman Sachs to provide certain information and disclosures to its clients. These disclosures are set out below. Please note that this information may be updated from time-to-time.

Disclosures for Goldman Sachs Legal Entities regulated under MiFID II

Complaints Handling Policy [PDF, 101 KB]

Conflicts of Interest Policy [PDF, 7 KB]

Information Statement Relating to Risks in Connection with Title Transfer Collateral Arrangements [PDF, 163 KB]

Third Party Inducements [PDF, 18 KB]

 

Goldman Sachs International

General Disclosures

Systematic Internaliser Commercial Policy – Equity/Equity-like Instruments [PDF, 128 KB]

Systematic Internaliser Commercial Policy – Non-Equities Instruments [PDF, 139 KB]


Securities Division and/or Investment Banking Division Clients

EMEA Securities Division Best Execution Policy [PDF, 293 KB]

Equity Venues in EMEA [PDF, 461 KB]

FICC Venues in EMEA [PDF, 190 KB]

Information on Nature and Risks of Investments for Professional Clients [PDF, 208 KB]

Clearing Services Cost Disclosure Statement [PDF, 243 KB]

Clearing Member Risk Disclosures [PDF, 448 KB]

Direct Client Risk Disclosures [PDF, 361 KB]

Indirect Clearing General Terms and Conditions (Clearing Member) [PDF, 200 KB]

Indirect Clearing General Terms and Conditions (Direct Client) [PDF, 308 KB]

Summary of the Product Governance Policy [PDF, 82 KB]

Summary of the Goldman Sachs Allocation Policy [PDF, 80 KB]


Private Wealth Management (PWM) Clients

  • Private Wealth Management Best Execution Policy for Goldman Sachs International, Goldman Sachs AG , Goldman Sachs International Bank and any other trading subsidiary of The Goldman Sachs Group, Inc. in the European Economic Area
  • Private Wealth Management Product Information and Risks Booklet

 

Goldman Sachs International Bank

EMEA Securities Division Best Execution Policy [PDF, 293 KB]

Equity Venues in EMEA [PDF, 461 KB]

FICC Venues in EMEA [PDF, 190 KB]

Information on Nature and Risks of Investments for Professional Clients [PDF, 208 KB]

 

Goldman Sachs Asset Management International (GSAMI)

 

Goldman Sachs AG

EMEA Securities Division Best Execution Policy [PDF, 293 KB]

Equity Venues in EMEA [PDF, 461 KB]

FICC Venues in EMEA [PDF, 190 KB]

Information on Nature and Risks of Investments for Professional Clients [PDF, 208 KB]

Wichtige Hinweise für Professionellen Kunden nach WpHG [PDF, 43 KB]

Wichtige Hinweise für Privatkunden nach WpHG [PDF, 45 KB]

 

Goldman Sachs Paris et Cie

EMEA Securities Division Best Execution Policy [PDF, 293 KB]

Equity Venues in EMEA [PDF, 461 KB]

FICC Venues in EMEA [PDF, 190 KB]

Information on Nature and Risks of Investments for Professional Clients [PDF, 208 KB]

 

Other Goldman Sachs Entities

Goldman Sachs & Co. LLC – Clearing Member Risk Disclosures and General Terms and Conditions [PDF, 267 KB] 

Goldman Sachs & Co. LLC – Direct Client Risk Disclosures and General Terms and Conditions [PDF, 251 KB] 

Goldman Sachs Bank AG - Direct Client Disclosure Document [PDF, 488 KB]