Tied agents

Pursuant to Article 29 of Law 4514/2018 "Markets in financial instruments and other provisions", which transposed Directive 214/65/EU (MiFID II) to Greek legislation and repealed previously applicable Law 3606/2007, credit institutions may appoint tied agents for the purposes of promoting their investment services, soliciting business or receiving/transmitting orders from clients or potential clients, placing financial instruments and providing advice in respect of such financial instruments and services offered by those credit institutions. A credit institution that decides to appoint a tied agent remains fully and unconditionally responsible for any action or omission on the part of the tied agent when acting on behalf of that credit institution.

Tied agents may not hold money and/or financial instruments of clients except on behalf of the credit institution for which they are acting. Law 4514/2018 envisages, inter alia, a passport notification process for tied agents, whereby credit institutions intending to use a tied agent established in another EEA Member State are required to notify the competent authority of the home Member State thereof, and the latter acknowledges receipt.

Bank of Greece Executive Committee Act 146/13.7.2018 "Terms and conditions for the registration of tied agents providing services on behalf of credit institutions under Article 29 of Law 4514/2018 in a public register maintained by the Bank of Greece" (only available in Greek) specifies the requirements for the provision of services by tied agents established in Greece on behalf of credit institutions.

With a view to providing information to interested parties, the Bank of Greece publishes on this webpage a list of the following categories of tied agents:

  • tied agents established in Greece that provide services in Greece on behalf of credit institutions based either in Greece or in another EEA Member State under the right of establishment (passporting regime); and
  • tied agents established in another EEA Member State that provide services in Greece on behalf of a credit institution based in that EEA Member State (home Member State of the credit institution) under the freedom to provide services (passporting regime).

It should be noted that existing registrations of tied agents in the public register referred to in Article 29 of Law 3606/2007 that have been made in accordance with Title I of Bank of Greece Governor’s Act 2600/28.11.2007 remain valid, subject to any modifications necessary under the new provisions of Bank of Greece Executive Committee Act 146/13.7.2018.

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