MiFID Directive

Over the past decade, from the implementation of MiFID (Markets in Financial Instruments Directive) in Spain in 2007 through to the introduction of MiFID II, which came into force on 1 January 2018, the regulatory framework governing financial markets and investment firms has evolved significantly. This evolution has been driven by two key objectives: increasing market transparency and strengthening investor protection.

In this context, investment firms have been required to implement measures ensuring that their conduct rules, procedures and internal policies comply with the enhanced regulatory requirements.

MiFID II represents a further step in strengthening the relationship between investment firms and their clients, requiring a higher level of investor protection through greater transparency. The regulation introduces significant requirements covering client information, product governance, best execution, inducements, regulatory reporting, and the qualifications and expertise of professionals providing investment services.

Corporate information

Portfolio management agreement Schedule of fees Pre-contractual information – MiFID II Value Tree policies – MiFID II
Engagement policy Engagement policy report

Legal information

Corporate governance framework

Articles of association

Capital at Work A.V., S.A. changed its corporate name to Value Tree A.V., S.A., as recorded in the notarial deed formalising corporate resolutions under protocol number 2529, dated May 2015.

Articles of association