{"id":61269,"date":"2023-06-05T11:42:46","date_gmt":"2023-06-05T10:42:46","guid":{"rendered":"https:\/\/www.diaphanum.es\/sin-categoria\/de-veritat-pensen-que-saprovara-mifid-iii-perque-tot-siga-igual\/"},"modified":"2026-02-17T11:39:11","modified_gmt":"2026-02-17T10:39:11","slug":"de-veritat-pensen-que-saprovara-mifid-iii-perque-tot-siga-igual","status":"publish","type":"post","link":"https:\/\/www.diaphanum.es\/ca\/blog\/de-veritat-pensen-que-saprovara-mifid-iii-perque-tot-siga-igual\/","title":{"rendered":"De veritat pensen que s&#8217;aprovar\u00e0 Mifid III perqu\u00e8 tot siga igual?"},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"color: #137a89; font-size: 14px;\"><strong>Publicaci\u00f3<\/strong>: 15 novembre 2023 &#8211;  <\/span><\/p>\n<p>Els incentius (especialment les  <strong>retrocessions<\/strong>  que perceben les entitats financeres per col\u00b7locar fons d&#8217;inversi\u00f3 a la seva clientela) s\u00f3n una clara font de conflictes d&#8217;inter\u00e8s que distorsionen la prestaci\u00f3 de serveis d&#8217;inversi\u00f3 en el millor inter\u00e8s dels clients.<\/p>\n<p>Tot i que la Comissi\u00f3 Europea apuntava inicialment en el seu Retail Investment Strategy (futura directiva MiFID III), a una prohibici\u00f3 total d&#8217;aquests incentius, finalment ha sucumbit a les pressions dels grans de la ind\u00fastria i aquesta prohibici\u00f3 haur\u00e0 d&#8217;esperar, malgrat fer-se ress\u00f2 d&#8217;una enquesta de l&#8217;Eurobar\u00f2metre que afirma que nom\u00e9s el 38% dels consumidors creuen que l&#8217;assessorament que reben d&#8217;intermediaris financers es presta en el seu millor inter\u00e8s.<\/p>\n<h2>Mesures per a la protecci\u00f3 d&#8217; inversors<\/h2>\n<p>No obstant aix\u00f2, les autoritats europees aprofundiran en la implantaci\u00f3 de mesures en defensa dels inversors, de manera que:<\/p>\n<ul>\n<li style=\"list-style: square !important;\">A m\u00e9s dels serveis d&#8217;assessorament independent i gesti\u00f3 discrecional de carteres, no es podran cobrar incentius en els serveis de nom\u00e9s execuci\u00f3 (recepci\u00f3 i transmissi\u00f3 d&#8217;ordres i comercialitzaci\u00f3).<\/li>\n<li style=\"list-style: square !important;\">Nom\u00e9s podran cobrar incentius sota la modalitat de l&#8217;assessorament no independent (curiosa contradicci\u00f3), sota el compliment d&#8217;uns requisits m\u00e9s exigents que els actuals i que estan pendents de desenvolupament.<\/li>\n<li style=\"list-style: square !important;\">En particular, no es pot percebre incentius en la modalitat d&#8217; assessorament puntual per producte, llevat que s&#8217; inclogui en l&#8217; avaluaci\u00f3 una \u00e0mplia gamma de productes i es recomanin sempre els m\u00e9s idonis i beneficiosos per a l&#8217; inversor en funci\u00f3 del cost.<\/li>\n<li style=\"list-style: square !important;\">Precisament una major transpar\u00e8ncia i detall en els costos dels productes i la seva incid\u00e8ncia en la rendibilitat \u00e9s un altre dels pilars de les noves regles del joc. Caldr\u00e0 demostrar que el cost t\u00e9 valor (Value for Money) per al client. <\/li>\n<\/ul>\n<h2>\u00bfPodran els agents financers continuar prestant els seus serveis als clients amb el mateix grau de llibertat que fins ara?<\/h2>\n<p>Sembla dif\u00edcil. Aquest nou escenari sens dubte suposa un repte per a les entitats i els seus professionals (amb els quals la nova normativa ser\u00e0 m\u00e9s exigent quant a formaci\u00f3 i compet\u00e8ncia) acostumats a les comissions passives. Sembla dif\u00edcil que les entitats tradicionals puguin prestar aquest assessorament no independent qualificat amb plenes garanties, per la qual cosa probablement optaran per potenciar el servei de gesti\u00f3 discrecional de carteres, limitant aix\u00ed la capacitat d&#8217;interacci\u00f3 i vinculaci\u00f3 de la seva for\u00e7a comercial (especialment la dels seus agents financers) amb els clients.  <\/p>\n<p>Un cop transcorreguts tres anys des de l&#8217;entrada en vigor (\u00bf2025?) de la directiva MiFID III, la Comissi\u00f3 Europea valorar\u00e0 l&#8217;efectivitat de les noves mesures proposades per tal<strong>d&#8217;ajudar els inversors l&#8217;acc\u00e9s a un assessorament veritablement independent lliure de conflictes d&#8217;inter\u00e8s<\/strong>. Potser llavors es convencer\u00e0 de la conveni\u00e8ncia de prohibir definitivament els incentius, i a la quarta haur\u00e0 arribat la ven\u00e7uda. <\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-59024 aligncenter\" src=\"https:\/\/www.diaphanum.es\/wp-content\/uploads\/mifid-3_-%C2%BFUna-aprobacion-con-cambios-o-mas-de-lo-mismo_.jpg\" alt=\"\" width=\"533\" height=\"800\"><\/p>\n<p><strong>Fernando H. Est\u00e9vez <\/strong><br \/>\nSecretaria General a la <strong><a href=\"https:\/\/www.diaphanum.es\/ca\/seu-central\/\">seu central de Madrid<\/a> <\/strong> <span style=\"color: #ffffff;\">[\/vc_column_text][\/vc_column][\/vc_row]<\/span>[vc_row type=&#8221;full_width_background&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; bg_color=&#8221;#137a89&#8243; scene_position=&#8221;center&#8221; top_padding=&#8221;3%&#8221; bottom_padding=&#8221;3%&#8221; top_padding_tablet=&#8221;7%&#8221; bottom_padding_tablet=&#8221;7%&#8221; top_padding_phone=&#8221;10%&#8221; bottom_padding_phone=&#8221;9%&#8221; bottom_margin=&#8221;-8%&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; class=&#8221;carajo&#8221; advanced_gradient_angle=&#8221;0&#8243; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221; gradient_type=&#8221;default&#8221; shape_type=&#8221;curve&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text css=&#8221;.vc_custom_1681287152965{padding-bottom: 1% !important;}&#8221;]<strong><span style=\"font-size: 1.7em; color: #ffffff;\">Necessita m\u00e9s informaci\u00f3?<\/span><\/strong><\/p>\n<div style=\"color: #ffffff; font-size: 16px; margin-top: -10px;\">Ompli el formulari i ens posarem en contacte amb vost\u00e8 per resoldre els seus dubtes.<\/div>\n[\/vc_column_text][vc_column_text css=&#8221;.vc_custom_1681222143552{padding-right: 2% !important;padding-left: 0.5% !important;}&#8221;]<div class=\"wpforms-container wpforms-container-full formulario-blog\" id=\"wpforms-58800\"><form id=\"wpforms-form-58800\" class=\"wpforms-validate wpforms-form wpforms-ajax-form\" data-formid=\"58800\" method=\"post\" enctype=\"multipart\/form-data\" action=\"\/ca\/wp-json\/wp\/v2\/posts\/61269\" data-token=\"66810052c275e359c6e20762519d6980\"><noscript class=\"wpforms-error-noscript\">Activeu el JavaScript al navegador per a poder completar el formulari.<\/noscript><div class=\"wpforms-field-container\"><div id=\"wpforms-58800-field_2-container\" class=\"wpforms-field wpforms-field-name\" data-field-id=\"2\"><label class=\"wpforms-field-label\" for=\"wpforms-58800-field_2\">Nombre <span class=\"wpforms-required-label\">*<\/span><\/label><input type=\"text\" id=\"wpforms-58800-field_2\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][2]\" required><\/div><div id=\"wpforms-58800-field_1-container\" class=\"wpforms-field wpforms-field-email\" data-field-id=\"1\"><label class=\"wpforms-field-label\" for=\"wpforms-58800-field_1\">Correo <span class=\"wpforms-required-label\">*<\/span><\/label><input type=\"email\" id=\"wpforms-58800-field_1\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][1]\" required><\/div><div id=\"wpforms-58800-field_3-container\" class=\"wpforms-field wpforms-field-textarea\" data-field-id=\"3\"><label class=\"wpforms-field-label\" for=\"wpforms-58800-field_3\">Mensaje <span class=\"wpforms-required-label\">*<\/span><\/label><textarea id=\"wpforms-58800-field_3\" class=\"wpforms-field-medium wpforms-field-required\" name=\"wpforms[fields][3]\" required><\/textarea><\/div><div id=\"wpforms-58800-field_5-container\" class=\"wpforms-field wpforms-field-checkbox\" data-field-id=\"5\"><label class=\"wpforms-field-label wpforms-label-hide\" for=\"wpforms-58800-field_5\">Casillas de verificaci\u00f3n <span class=\"wpforms-required-label\">*<\/span><\/label><ul id=\"wpforms-58800-field_5\" class=\"wpforms-field-required\"><li class=\"choice-1 depth-1\"><input type=\"checkbox\" id=\"wpforms-58800-field_5_1\" name=\"wpforms[fields][5][]\" value=\"Aceptar la pol\u00edtica de privacidad\" required ><label class=\"wpforms-field-label-inline\" for=\"wpforms-58800-field_5_1\">Aceptar la pol\u00edtica de privacidad<\/label><\/li><\/ul><div class=\"wpforms-field-description\">Para m\u00e1s informaci\u00f3n: <a href=\"https:\/\/www.diaphanum.es\/politica-de-privacidad\/\"  target=\"_blank\">pol\u00edticas de privacidad<\/a> <\/div><\/div><\/div><div class=\"wpforms-submit-container\" ><input type=\"hidden\" name=\"wpforms[id]\" value=\"58800\"><input type=\"hidden\" name=\"wpforms[author]\" value=\"7\"><button type=\"submit\" name=\"wpforms[submit]\" class=\"wpforms-submit boton-formulario-contacto-evercom\" id=\"wpforms-submit-58800\" value=\"wpforms-submit\" aria-live=\"assertive\" data-alt-text=\"Enviando...\" data-submit-text=\"Enviar\">Enviar<\/button><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.diaphanum.es\/wp-content\/plugins\/wpforms\/assets\/images\/submit-spin.svg\" class=\"wpforms-submit-spinner\" style=\"display: none;\" width=\"26\" height=\"26\" alt=\"\"><\/div><\/form><\/div>  <!-- .wpforms-container -->[\/vc_column_text][\/vc_column][\/vc_row]\n<p>&nbsp;<\/p>\n[vc_row type=&#8221;in_container&#8221; full_screen_row_position=&#8221;middle&#8221; column_margin=&#8221;default&#8221; column_direction=&#8221;default&#8221; column_direction_tablet=&#8221;default&#8221; column_direction_phone=&#8221;default&#8221; scene_position=&#8221;center&#8221; text_color=&#8221;dark&#8221; text_align=&#8221;left&#8221; row_border_radius=&#8221;none&#8221; row_border_radius_applies=&#8221;bg&#8221; overflow=&#8221;visible&#8221; overlay_strength=&#8221;0.3&#8243; gradient_direction=&#8221;left_to_right&#8221; shape_divider_position=&#8221;bottom&#8221; bg_image_animation=&#8221;none&#8221;][vc_column column_padding=&#8221;no-extra-padding&#8221; column_padding_tablet=&#8221;inherit&#8221; column_padding_phone=&#8221;inherit&#8221; column_padding_position=&#8221;all&#8221; column_element_spacing=&#8221;default&#8221; background_color_opacity=&#8221;1&#8243; background_hover_color_opacity=&#8221;1&#8243; column_shadow=&#8221;none&#8221; column_border_radius=&#8221;none&#8221; column_link_target=&#8221;_self&#8221; column_position=&#8221;default&#8221; gradient_direction=&#8221;left_to_right&#8221; overlay_strength=&#8221;0.3&#8243; width=&#8221;1\/1&#8243; tablet_width_inherit=&#8221;default&#8221; tablet_text_alignment=&#8221;default&#8221; phone_text_alignment=&#8221;default&#8221; animation_type=&#8221;default&#8221; bg_image_animation=&#8221;none&#8221; border_type=&#8221;simple&#8221; column_border_width=&#8221;none&#8221; column_border_style=&#8221;solid&#8221;][vc_column_text]\n","protected":false},"excerpt":{"rendered":"<p>Publicaci\u00f3: 15 novembre 2023 &#8211; Els incentius (especialment les retrocessions que perceben les entitats financeres per col\u00b7locar fons d&#8217;inversi\u00f3 a la seva clientela) s\u00f3n una clara font de conflictes d&#8217;inter\u00e8s&#8230;<\/p>\n","protected":false},"author":7,"featured_media":61241,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[83],"tags":[],"class_list":{"0":"post-61269","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-blog"},"acf":[],"_links":{"self":[{"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/posts\/61269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/comments?post=61269"}],"version-history":[{"count":2,"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/posts\/61269\/revisions"}],"predecessor-version":[{"id":61271,"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/posts\/61269\/revisions\/61271"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/media\/61241"}],"wp:attachment":[{"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/media?parent=61269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/categories?post=61269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.diaphanum.es\/ca\/wp-json\/wp\/v2\/tags?post=61269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}