The Markets in Financial Instruments Directive

Please find below NatWest Markets N.V's ("NWM N.V.") offering relating to the provision of research and analytical services for EU investment firms under the MiFID2 inducements regime.

If you have any questions please contact mifid2@natwestmarkets.com or your normal sales contact at NWM N.V.

*NOTE TO UK-based NatWest Markets Plc clients:

From 1 March 2022, the FCA introduced an exemption from the requirement for UK FCA firms to pay for some types of research. Details can be found here: PS21/20: Changes to UK MiFID's conduct and organisational requirements | FCA. NatWest Markets Plc does not intend to charge clients for Desk Strategy services unless required to by regulation. Our Desk Strategy Subscription service provides access to our desk strategists (Analysts). NatWest does not offer any Equity Research and we provide written materials including Desk Strategy on our Agile platform for free and make them available to any EU/UK investment firm. We consider the access to Analysts compromised in the Desk strategy services we supply to UK firms to be eligble for the FCA FICC Research exemption described above (please note, this view is specific to NWM Plc and may differ to other financial institutions and their product offering).

Therefore, for NatWest Markets Plc the paid subscription service is not required for UK (and non-EU) firms. However, for any reason, if you are a UK firm and still wish to pay for the subscription service, please use the non-EU clients online form or PDF below to subscribe.

*Note that firms based within the EU remain subject to EU MiFID II inducements regime and shold continue to pay seperatley for such services.

Background for EU Clients

MiFID II, effective from 3 January 2018, means that EU investment firms may not be able to receive ‘research’ or other benefits for free unless it is considered a minor non-monetary benefit.

Our approach is to:

Provide written materials including desk strategy on our Agile Markets platform for free and make them available to any EU investment firm; and
Charge a single annual subscription of £2,000 (excluding VAT) to cover access to our desk strategists and our analytics tool kit (if an EU investment firm wishes access to these services).

Subscribe to Desk Strategy

The Adobe eSigntechnology link below allows you to submit the EU clients subscription request electronically. You and NWM Plc or NWM N.V. will receive a copy of the completed agreement once you have filled in the details online and your email address has been verified.

Alternatively, please download the PDF form then email the completed version to mifid2@natwestmarkets.com.

Useful Links

MiFID II Q&A Briefing Paper (PDF)

Subscribe to Strategy Service (Non-EU clients opting to subscribe) (PDF)

Subscribe to Strategy Service (EU clients) (PDF)

Subscribe to Strategy Service (EU clients) (online) (Adobe Document sign)

Further Information for EU clients

NWM N.V. does not provide independent research but our desk strategy and some of our detailed sales notes fall within the definition. We have considered guidance from ESMA and our written material that is in scope of the rules will be provided for free to any EU investment firm that registers on our agile markets platform.

However, conversations and events with our strategists must still be paid for by EU firms included under MIFID II. This be through an annual subscription of £2,000 per year (excluding VAT).

The service will include meetings and conversations with our Desk Analysts across all asset classes, client events, and access to our analytics tool kit.
The cost of service takes in to account the internal basic costs of retaining skilled analysts, the time analysts are likely to spend in meetings and conversations and producing specific conversation materials, the number of clients likely to receive the service and the cost element for making the analytics tool kit available to clients.
NWM N.V. feels that this is a fair assessment and a competitive price that will allow you and other clients to continue to access our Desk Analysts and analysis tool kit.
Please be aware that access to US and Japanese analysts may be restricted due to regional laws and we are waiting for regulatory guidance on these matters.
NWM N.V. considers that conversations with Sales representatives are not a chargeable service, and these can continue on their current basis.

In the event that you are subject to the rules but do not wish to have access to Desk Analysts, or you are not subject to the rules at all, then please contact us at mifid2@natwestmarkets.com to confirm this position.