Documents

Fees and commissions (inducements)

Providing investment services the Bank does not accept from persons other than the Client nor provide to persons other than the Client, any benefits apart from standard fees and commissions for the service, unless they serve the purpose of improving quality of the rendered services.

Accepting or granting a commission cannot, nevertheless, stand in contrast with proper service performance in the Customer’s interest and information about accepting or granting the commission must be provided to the Customers.

Rules of the Bank's conduct in above-described situations, are provided in the "Policy for accepting and providing fees, commissions and non-cash benefits in Bank Millennium S.A."

Order execution policy

Concluding transactions on financial instruments and products and providing services of accepting and delivering orders, the Bank follows the "Orders execution policy in Bank Millennium S.A."


The policy stipulates principles of provision of following services:

  • conclusion by the Bank of transactions with Clients based on detailed transaction terms and conditions agreed with Clients (execution only), with the exception of FX spot transactions,
  • execution by the Bank of Clients' orders based on the principle of best execution,
  • accepting and executing Clients' orders, acting in the Client's best interest.

Regulations

Fulfilling its obligations and legal requirements the Bank concludes agreements with Clients as regards investment products, following prior assessment of appropriateness of these products from the point of view of the Client's knowledge and experience as well as investment risk with respect to investment products.

In case of Clients from the retail, Prestige and Private Banking segment, starting from 17 June 2010, the Bank accept or deliver orders concerning:

  • mutual funds,
  • shares and other securities (concerns Clients from the Private Banking segment and Clients who have accounts in Millennium Dom Maklerski),
  • purchase of structured products (including investment deposits),
  • purchase of debt securities,
  • concluding life insurance policies with mutual funds,

only after prior conclusion in writing, in the Bank's outlets, of a "Framework Agreement on provision of financial services". The detailed terms and conditions, under which the above-mentioned services are provided, are stipulated in the "Regulations on provision of financial services for natural persons by Bank Millennium S.A."

In case of Biznes segment and Corporate Banking Customers, starting from 17 May 2010 the Bank accepts and sends instructions concerning mutual funds only after prior signing of the written “Agreement on Accepting and Sending Instructions Concerning Mutual Funds”.

The detailed terms and conditions of provision of this service are stipulated in the "Regulations on accepting and delivering orders of Biznes and Corporate Banking Clients as regards Mutual Funds by Bank Millennium S.A."