Pursuant to article 29 of Law 4514/2018 "Markets for financial instruments and other provisions" (only available in Greek), which incorporated MiFID II into Greek legislation and repealed the previous Law 3606/2007, tied agents may promote the services of the credit institution, on whose behalf they act under its full and unconditional responsibility, solicit business or receive and transmit orders from clients or potential clients, place financial instruments and provide advice in respect of such financial instruments and services offered by that credit institution. Tied agents may not hold client money or financial instruments on behalf of clients. Law 4514/2018 provides, inter alia, the "passport" for tied agents through the notification procedure by the competent authority of the home Member State.
The Bank of Greece Executive Committee's Act 146/13.7.2018 "Terms and conditions for the registration of persons providing services on behalf of credit institutions as tied agents of Article 29 of Law 4514/2018, in a register maintained by the Bank of Greece" (only available in Greek) stipulates the rules and conditions for the provision of services by tied agents established in Greece on behalf of credit institutions.
In the context of providing information to interested parties, the Bank of Greece publishes in the relative webpage, a list of the following categories of tied agents:
- tied agents established in Greece that provide services in Greece by acting on behalf of credit institutions established either in Greece or in another EEA member state exercising the right of establishment ("passport").
- tied agents established in other EEA Member States acting on behalf of a credit institution established in the same EEA Member State (home Member State of the credit institution) that provide services in Greece under the freedom to provide services ("passport").
It should be noted that the entries in the tied agents register under Article 29 of Law 3606/2007, made in accordance with Title I of the Bank of Greece Governor’s Act 2600/28.11.2007, remain in force and, if necessary, the obliged persons have to adapt to the new provisions of the Bank of Greece Executive Committee's Act 146/13.7.2018.