MiFid will eliminate sales of 'complex' products to retail, says CNMV

Implementation of the Markets in Financial Instruments Directive (MiFid) will eliminate sales of 'complex' structured products to retail investors without advice in Spain. That's according to Maria Jose Gomez Yubero, head of supervision at Spanish regulator Comision Nacional del Mercado de Valores (CNMV), who was the keynote speaker at the Structured Products Espana conference in Madrid today.

"Investment products have to be 'non-complex' under MiFid, otherwise the sales of these to retail investors will need to be done under the MiFid appropriateness test," Yubero said. The criteria for complex products, set by The Committee of European Securities Regulators (CESR), is a 'fair assessment' that will increase consumer protection, Yubero added.

Under the definition, "non-complex instruments cannot carry any derivatives and providers have to offer continuous liquidity at market prices