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, 120 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, 134 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]

Best Execution RTS 28 Best Efforts Report 30 April 2018 – Professional Report [PDF, 674 KB]

Best Execution RTS 28 Best Efforts Report 30 April 2018 – Retail Report [PDF, 617 KB]

Best Execution RTS 28 Report 30 April 2019 – Professional Report [PDF, 564 KB]

Best Execution RTS 28 Report 30 April 2019 – Retail Report [PDF, 526 KB]

Best Execution RTS 28 Report 30 April 2019 – Retail Report – RFQ Venues [PDF, 322 KB]

Best Execution RTS 27 Execution Quality Report Q1 (Jan) 2018 – GSI Revised Report [ZIP, 15 MB]

Best Execution RTS 27 Execution Quality Report Q1 (Feb) 2018 – GSI Revised Report [ZIP, 16 MB]

Best Execution RTS 27 Execution Quality Report Q1 (Mar) 2018 – GSI Revised Report [ZIP, 16 MB]

Best Execution RTS 27 Execution Quality Report Q2 (Apr) 2018 [ZIP, 14 MB]

Best Execution RTS 27 Execution Quality Report Q2 (May) 2018 [ZIP, 16 MB]

Best Execution RTS 27 Execution Quality Report Q2 (Jun) 2018 [ZIP, 17 MB]

Best Execution RTS 27 Execution Quality Report Q3 (Jul) 2018 [ZIP, 26 MB]

Best Execution RTS 27 Execution Quality Report Q3 (Aug) 2018 [ZIP, 27 MB]

Best Execution RTS 27 Execution Quality Report Q3 (Sep) 2018 [ZIP, 25 MB]

Best Execution RTS 27 Execution Quality Report Q4 (Oct) 2018  [ZIP, 28 MB]

Best Execution RTS 27 Execution Quality Report Q4 (Nov) 2018 [ZIP, 26 MB]

Best Execution RTS 27 Execution Quality Report Q4 (Dec) 2018 [ZIP, 23 MB]

Cash 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 International and Goldman Sachs Bank Europe SE Cost Disclosure Statement (Direct Clearing) [PDF, 243 KB]

Goldman Sachs International Clearing Member Risk Disclosures (Direct and Indirect Clearing) [PDF, 358 KB]

Goldman Sachs International Direct Client Risk Disclosures (Indirect Clearing) [PDF, 376 KB]

Goldman Sachs International Clearing Member Indirect Clearing General Terms and Conditions   [PDF, 192 KB]

Goldman Sachs International Direct Client Indirect Clearing General Terms and Conditions  [PDF, 312 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]

Best Execution RTS 28 Best Efforts Report 30 April 2018 – Professional Report [PDF, 514 KB]

Best Execution RTS 28 Report 30 April 2019 – Professional Report [PDF, 476 KB]

Best Execution RTS 28 Report 30 April 2019 – Professional Report - SFTs [PDF, 412 KB]

Best Execution RTS 27 Execution Quality Report Q1 2018 – Sigma X MTF Revised Report [ZIP, 6 MB]

Best Execution RTS 27 Execution Quality Report Q2 2018 – Sigma X MTF [ZIP, 8 MB]

Best Execution RTS 27 Execution Quality Report Q3 2018 – Sigma X MTF [ZIP, 9 MB]

Best Execution RTS 27 Execution Quality Report Q4 2018 – Sigma X MTF [ZIP, 10 MB]

Cash 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)

GSAMI Execution Policy [PDF, 417 KB]

Best Execution RTS 28 Best Efforts Report 30 April 2018 – Professional Report [PDF, 494 KB]

Best Execution RTS 28 Report 30 April 2019 – Professional Report [PDF, 692 KB]

Best Execution RTS 28 Report 30 April 2019 – Professional Report - SFTs [PDF, 494 KB]

Best Execution RTS 28 Report 30 April 2019 – Professional Report – RFQ Venues [PDF, 325 KB]

 

Goldman Sachs Bank Europe SE

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

Best Execution RTS 28 Best Efforts Report 30 April 2018 – Professional Report [PDF, 692 KB]

Best Execution RTS 28 Best Efforts Report 30 April 2018 – Retail Report [PDF, 676 KB]

Best Execution RTS 28 Report 30 April 2019 – Professional Report [PDF, 516 KB]

Best Execution RTS 28 Report 30 April 2019 – Retail Report [PDF, 526 KB]

Cash 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 Bank Europe SE Clearing Member Risk Disclosures (Direct and Indirect Clearing) [PDF, 373 KB]

Goldman Sachs Bank Europe SE Direct Client Risk Disclosures (Indirect Clearing) [PDF, 328 KB]

Goldman Sachs Bank Europe SE Direct Client Indirect Clearing General Terms and Conditions [PDF, 194 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]

Best Execution RTS 28 Best Efforts Report 30 April 2018 – Professional Report [PDF, 556 KB]

Best Execution RTS 28 Report 30 April 2019 – Professional Report  [PDF, 483 KB]

Cash 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]