The revised Markets in Financial Instruments Directive (MiFID II) and the accompanying Ordinance (MiFIR) entered into force on 3 January 2018. The various new regulations concern securities, derivatives and money market instruments.

The European Union is pursuing two main objectives with these Europe-wide uniform regulations: Enhancing competition between financial markets and strengthening customer protection. These objectives are to be achieved by increasing market transparency and by establishing harmonised European supervisory rules for the provision of investment services. Against this background, we are obliged to assign customers to legally prescribed categories on which the respective level of protection depends. Steubing AG differentiates between professional clients and eligible counterparties.

In order to ensure the best possible execution of the orders forwarded to us, we have adopted a Best Execution Policy. Please also find enclosed our information sheet "Client Information pursuant to the German Securities Trading Act (WpHG)" and a list of the execution venues to which Steubing AG has access.