European Brokerage · glossary
A service that passes on the client’s own orders without advice or checking that the investment suits them. MiFID II allows it only for simple products, such as shares and UCITS ETFs, with a warning. Each order must be the client’s own idea, so app picks “for you” break it. Clause 3.1 · Chapter 4
Explained in Chapter 4, Opening an Account: Execution-Only, Appropriateness and Advice, of European Brokerage.
Thalvia offers an execution-only service: it passes on the client’s own orders and gives no advice. For shares and ETFs, MiFID II lets it do that without checking what the client knows. For the leveraged notes, the client must first pass a test in the app. And the app must never tell a client what to buy, because that would be advice, a service Thalvia is not licensed to give.Read Chapter 4, Opening an Account: Execution-Only, Appropriateness and Advice →
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