Discussion:

The FAQs are split into three parts.

• Part A sets out key information in relation to the Proposed Transfer (as described below).
• Part B covers key legal and regulatory topics that arise as a result of the Proposed Transfer (as described below).
• Part C aims to answer any other questions that you may have and provides some further and more practical information in relation to what will and will not be changing following the Proposed Transfer (as described below).

PART A – THE PROPOSED TRANSFER

1.    What is the situation currently?

As you will be aware, at present, your relationship with Interactive Brokers is led by our entity based in the United Kingdom, specifically Interactive Brokers (U.K.) Limited (“IBUK”) and the services provided to you are provided by IBUK and, depending on the products you do business in, our US affiliate Interactive Brokers LLC (“IBLLC”).  

2.    What is Interactive Brokers requesting?

We are inviting all clients domiciled in the European Economic Area (“EEA”) to transfer their accounts to one of our brokers based in Europe.

We propose to transfer the relationship that you currently have with IBUK and IBLLC to Interactive Brokers Ireland Limited (“IBIE”), an Interactive Brokers investment firm located in Ireland.  It is our intention that all of your accounts, investments and services currently provided to you by IBUK and IBLLC will instead be singularly provided by IBIE (for convenience we will refer to this as the “Proposed Transfer”).

3.    Who is IBIE? What sort of a firm is it?

IBIE is an investment firm regulated by the Central Bank of Ireland and authorised pursuant to the second Markets in Financial Instruments Directive (Directive 2014/65/EU).  IBIE is an affiliate of IBUK and IBLLC.

4.    What are IBIE’s legal details?

Interactive Brokers Ireland Limited is registered as a private company limited by shares (registration number 657406) and is listed in the Register of Companies maintained by the Irish Companies Registration Office. Its registered address is 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland.  IBIE can be contracted by telephone at 00800-42-276537 or electronically through the IBIE website at www.interactivebrokers.ie.

5.    Who regulates IBIE and what are their contact details?

As set out above the Central Bank of Ireland is the competent regulator for IBIE (in the same way that the Financial Conduct Authority is the competent regulator for IBUK). IBIE is included in the Central Bank of Ireland’s register of authorised firms under number 423427. The Central Bank of Ireland’s contact details are set out below:

Location
The Central Bank of Ireland
New Wapping Street
North Wall Quay
Dublin 1
D01 F7X3

Contact Numbers
Phone: +353 (0)1 224 6000
Fax: +353 (0)1 224 5550

Postal Address
Central Bank of Ireland
P.O. Box 559
Dublin 1

Public Helpline
E-mail: enquiries@centralbank.ie
Lo-Call: 1890 777 777
Phone: +353 (0)1 224 5800

6.    Where does IBIE fit with respect to the broader Interactive Brokers group?

IBIE is a wholly-owned subsidiary that sits within the broader Interactive Brokers Group.

7.    What does the Proposed Transfer mean for me? Will there be any material impacts?

We do not anticipate any material impacts for you as a result of the Proposed Transfer.  Nonetheless, it is very important that you read these FAQs carefully and in full and make sure that you understand what the changes are for you.

8.    What do I have to do if I want to continue doing business with Interactive Brokers?

If you would like to continue to do business with Interactive Brokers, we require your cooperation and action.

Specifically, we need you to consent and agree to the Customer Agreement and other Documents available under the Important Information section of the Proposed Transfer process and to the regulatory matters outlined in the Covering Letter, the Important Information and Consent sections of the Proposed Transfer process.  You can do this by following the instructions in the Covering Letter.

To be clear, you do not have to consent to the Proposed Transfer if you feel that you may be adversely affected by it.  You have the option of transferring your positions to another broker or closing your positions and transferring any cash balance to another account.

If you do not take action by December 7, 2022, your account will be restricted from opening new transactions or transferring in new assets.  You always have the ability to transfer your account to another broker. If you wish to decline, please follow the instructions in the Covering Letter.

In either case, we ask that you read the entirety of this FAQs and the Covering Letter before deciding to consent to or decline the Proposed Transfer.

9.    What happens next?

If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account to be transferred to IBIE. Once your account is transferred, IBIE will write to you with further information about your new relationship with them.

PART B – LEGAL AND REGULATORY CHANGES THAT YOU SHOULD BE AWARE OF

1.    What terms and conditions will govern my relationship with IBIE following the Proposed Transfer? Are these different to the ones that currently apply?

Trades that you conduct after the Proposed Transfer will be governed by the new Customer Agreement between you and IBIE.  A copy of the IBIE Customer Agreement is available in the Important Information section of the Proposed Transfer process.  

2.    What conduct of business rules (including best execution) will apply to my relationship with IBIE? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBUK?

There are some changes to be aware of, which we explain below.

If you do business with IBUK on a “carried” basis (in other words, you trade index options, futures and futures options and IBUK carries your account and custodies your assets) then the Financial Conduct Authority’s conduct of business rules currently apply to you.  These rules are based heavily on the recast Markets in Financial Instruments Directive, the Markets in Financial Regulation and various delegated directives and regulations (collectively, “MiFID”).  In relation to best execution, where it applies, IBUK must take all sufficient steps to achieve the best possible result for you when we execute your order.

If you currently do business with IBUK on an “introduced” basis (in other words, you trade products outside of those mentioned in the previous paragraph and you have a relationship with both IBUK and its US affiliate, IBLLC) a mix of conduct of business rules will currently apply to you. For instance, with respect to the introduction of your business to IBLLC, the Financial Conduct Authority’s conduct of business rules will apply (see above in relation to these).  Once introduced to IBLLC, the relevant U.S. Securities and Exchange Commission and U.S. Commodity Futures Trading Commission rules and regulations (among others) will apply to IBLLC’s role (including its obligations in relation to best execution and custody).

Please note that it is of course possible that your business is split across these two scenarios (in other words some of your business is conducted on a “carried” basis while some of it is conducted on an “introduced” basis).

Going forward, the distinction between “carried” and “introduced” business will no longer apply and in each case set out above, Irish conduct of business rules will exclusively apply to your relationship with IBIE.  Similar to the UK Financial Conduct Authority’s rules, the Irish conduct of business rules are based on MiFID and IBIE’s obligations in relation to best execution will largely mirror those that currently apply to IBUK.

In our view, while the rules that apply to our relationship will change, we do not consider such changes to be material or to result in a lesser degree of protection being afforded to you.

3.    How will my investments that I custody with IBIE be held from a legal/regulatory perspective? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBUK?

The rules that currently apply depends on the sort of business that you presently have with IBUK (please see the response to Question B2 above).  Where you conduct “carried” business with IBUK, the Financial Conduct Authority’s client asset (or “CASS”) rules will apply.  These rules are based heavily on MiFID.  Where you conduct “introduced” business with IBUK and IBLLC, the US custody rules will apply to your custody assets.

Going forward, as set out above, the distinction between “carried” and “introduced” business will no longer apply and in each case set out above, Irish custody rules will exclusively apply to your relationship with IBIE.  Like the UK Financial Conduct Authority’s rules, the Irish conduct of business rules are based on MiFID.  Please consult the Client Assets Key Information Document provided in the Important Information section in relation to the Irish custody regime.

4.    How am I protected against loss? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBUK?

Currently, your eligible assets are protected from loss either under the US Securities Investor Protection Corporation at an amount of up to USD 500,000 (subject to a cash sublimit of USD 250,000) or the UK Financial Services Compensation Scheme at an amount up to GBP 50,000 (which regime applies depends on the relevant segment of your IBUK account, as explained in the response to Question B2 above).  After the Proposed Transfer, the Irish Investor Compensation Scheme, which is administered by The Investor Compensation Company DAC, may protect your assets from loss should IBIE default and be unable to meet its obligations to you.

Ireland’s compensation scheme is similar to the compensation scheme you have access to in the UK, albeit with a lower limit.  The purpose of the Irish Investor Compensation Scheme is to pay compensation to you (subject to certain limits) if you have invested money or investment instruments in either of the following cases:

• A firm goes out of business and cannot return your investments or money; and
• A Central Bank of Ireland determination or a court ruling has been made under the Investor Compensation Act 1998.

The Investor Compensation Company DAC (ICCL) administers the scheme. IBIE will be a member of the scheme.

The scheme covers investment products including:

• Public and private company shares
• Units in collective investment schemes
• Life insurance policies (including unit-linked funds)
• Non-life insurance policies
• Tracker bonds
• Futures and options

Usually, you can only make a claim after a firm goes out of business and its assets have been liquidated and distributed to those who are owed money. Please check the details of the schemes for any limits that apply – not all losses will be covered as there are maximum levels of compensation.  The ICCL will pay you compensation for 90% of the amount you have lost, up to a maximum of €20,000.

5.    How do I make a complaint to IBIE? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBUK? What if my complaint relates to something that happened while I was a customer of IBUK?

The new Customer Agreement sets out how to lodge a complaint with IBIE.  The complaints handling procedures are materially similar to those that apply to your existing relationship with IBUK.  If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBUK. Its current contact information will stay the same and can be found at interactivebrokers.co.uk should you need to contact IBUK.

6.    After the Proposed Transfer, will I still have access to the Financial Ombudsman Service?

In case of complaint, investors should follow the complaints procedure as referred to in the Customer Agreement.  Once your account is transferred to IBIE, the UK Financial Ombudsman Service will cease to have jurisdiction over any complaints that you may have in respect of IBUK.  However, please be aware that Ireland has a dispute resolution scheme in the form of the Financial Services and Pensions Ombudsman (“FSPO”).  The FSPO is a free and independent statutory dispute resolution scheme for financial services.  You may be eligible to make a complaint to the FSPO if you are an “eligible complainant”.  Details of who are “eligible complainants” can be found on www.fspo.ie.  The FSPO can be contacted at:

Postal Address
Financial Services and Pensions Ombudsman
Lincoln House,
Lincoln Place
Dublin 2
D02 VH29

Telephone
+353 (0)1 567 7000

Email
Info@fspo.ie

7.    How will my personal data be processed and protected? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBUK in this context?

Your data will be processed and protected in accordance with the Interactive Brokers Group Privacy Policy which can be found at: https://www.interactivebrokers.com/en/index.php?f=305. There will be no material change.

PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS

1.    Who should I contact before the Proposed Transfer takes place and after the Proposed Transfer if I have any questions in the ordinary course?

Generally speaking, you should contact IBUK with any questions that you may have prior to the Proposed Transfer, and you should contact IBIE with any questions that you may have following the Proposed Transfer taking place.  Regardless of who you contact at Interactive Brokers, we will ensure your query is promptly dealt with and we will help you to connect with the right person or department.

2.    Will the range of products offered be the same?

Our current expectation is that the same range of products will be offered by IBIE as are offered by IBUK.  

There might be a restriction on Foreign Exchange transactions that would create a negative balance or would increase a preexisting negative balance in either component currency.  However, the same currency pairs can be traded as Forex CFD.  Contracts For Difference are complex instruments, and we invite you to carefully review the CFD risk warnings before trading these instruments following the transfer of your account.

Please note that IBIE offers financing for securities and commodities trades but cannot support withdrawals of borrowed funds.  You will be free to withdraw any free cash not needed to support your open positions.  If you would like to withdraw additional funds, you can sell positions and withdraw the proceeds.

In limited instances where clients hold restricted products, clients may transfer and maintain or close such positions but won’t be allowed to increase the position.

3.    I currently trade OTC derivatives with IBUK – what will happen to my open positions?

Your open positions will be transferred to IBIE and you will face IBIE rather than IBUK.  You will no longer have any legal relationship with IBUK in relation to those positions.  We will separately provide you with an updated Key Investor Information Document (please follow the link to the PRIIPs KID landing page in the Covering Letter).

4.    What happens to any security I have granted to IBUK/IBLLC as part of a margin loan?

If you have granted security or collateral to IBUK/IBLLC this will transfer to IBIE upon the Proposed Transfer taking place.

We do not anticipate you needing to take any steps to reflect the change in beneficiary, although we may need to take some administrative steps of our own to update security registers with the change in details.  This should, however, not affect our priority or otherwise affect the date from which the security is valid.

5.    Will I have access to the same trading platform or be subject to any software changes following the transfer of my account?

The transfer of your account will have no impact upon the software you use to trade or administer your account.  The technology will remain the same as it is today.

6.    Will all account balances be transferred at the same time?

All balances, with the exception of accruals (e.g., interest, dividends) will be transferred at the same time.  Once accruals have been posted to cash, they will automatically be swept to the transferred account.  

7.    What will happen to my current account following the transfer of my account?

Once all accruals have been swept, your current account will be closed and inaccessible for trading purposes.  You will still be able to access this closed account via the Client Portal for purposes of viewing and printing archived activity and tax statements.

8.    Will IBKR’s commissions and fees change when my account is transferred?

No.  IBKR commissions and fees do not vary by the broker your account is maintained with.

9.    Will my trading permissions change when my account is transferred?

No.  Your trading permissions will not change when your account is transferred.

10.     Will open orders (e.g., Good-til-Canceled) be carried over when my account is transferred?

Open orders will not be carried over to the new account, and we recommend that clients review their orders immediately following the transfer of their account to ensure that the open orders are consistent with their trading intentions.

11.     Will I be subject to the U.S. Pattern Day Trading Rule if my account is transferred?

Accounts maintained with IBUK are subject to the U.S. Pattern Day Trading (PDT) rule as the accounts are introduced to and carried by IBLLC, a U.S. broker.  The PDT rules restricts accounts with equity below USD 25,000 to no more than 3 Day Trades within any 5-business day period.

As accounts transferred to IBIE will not be introduced to IBLLC, they will not be subject to the PDT rule.

12.     Will I receive a single, combined annual activity statement at year end?

No.  You will receive an annual statement of your existing account which will cover the period starting 1 January 2022 through the date your account was transferred and a second annual statement for your new account which will cover the period starting from the transfer date through the end of the year.

13.     Will the current cost basis of positions be carried over when my account is transferred?

Yes, the transfer of your account will have no impact upon the cost basis of your positions.

14.     Will the transferred account retain the same configuration as the current account?

The configuration of the account following transfer will match that of the current account to the extent permissible by regulation.  This includes attributes such as margin capability, market data, additional users, and alerts.  

15.     Will my login credentials change?

No.  Your username, password, and any 2-factor authentication process in place for your existing account will remain active following transfer.  You will, however, be assigned a new account ID for your transferred account.

INTRODUCTION

Interactive Brokers Group (« IB ») et sa filiale au Royaume-Uni, Interactive Brokers (U.K.) Limited (« IBUK ») se sont préparés à la fin de la période de transition du Brexit, actuellement prévu pour le 31 décembre 2020, et ont prévu diverses dispositions pour nos clients européens. Notre priorité est d'assurer une transition ininterrompue et la continuité de nos services à nos clients avec le moins de perturbations et changements possibles. Les clients concernés par cet événement recevront des notifications précisant les changements et les délais. Retrouvez ci-dessous le Forum aux questions concernant la migration des comptes d'IBUK vers un de nos autres courtiers européens.

FAQ 

Q : Quelles mesures sont prises par IBKR pour assurer la continuité des services de courtage lors de la transition, le 1 janvier 2021 ?

R : En 2018, IBKR a fondé Interactive Brokers Luxembourg SARL (« IBLUX ») qui a obtenu une autorisation réglementaire en 2019. De plus, nous sommes en train de créer deux nouveaux courtiers dans l'Union européenne : Interactive Brokers Ireland Limited (« IBIE ») et Interactive Brokers Central Europe Befektetési ZRt (« IBCE »).

Nous avons l'intention de déplacer tous les clients touchés par le Brexit dans un des ces courtiers localisé dans l'Union européenne (« courtiers UE ») avant le 31 décembre 2020.   Les transferts vers IBIE et IBCE se feront sous réserve de l'obtention d'une licence de la part des autorités nationales compétentes.

Q : Auprès de quel courtier IBKR mon compte sera-t-il déplacé ?

R : Nous n'avons pas encore pris de décision quant à la répartition des comptes vers IBLUX, IBIE et IBCE.  Nous prévoyons que la majorité des clients en Europe de l'Ouest seront déplacés vers IBIE, ceux en Europe centrale et de l'Est vers IBCE et une minorité vers IBLUX. D'autres facteurs seront pris en compte notamment le type de compte et le positions.

Tous les clients recevront un message leur indiquant le courtier auquel ils ont été affectés avant de recevoir la demande de migration.

Q : Quels client sont concernés par cette migration ?

R : Les clients concernés sont les personnes résidant au sein de l'Union européenne ou les comptes d'entité formée dans un pays de l'Union européenne. La majorité de ces comptes sont avec Interactive Brokers (U.K.) Limited (« IBUK »).

Q : Comment obtenez-vous l'accord des clients ?

R : Vous recevrez un e-mail vous demandant de vous connecter à votre Portail Client quand vous serez prêt à déplacer votre compte. Une fois connecté(e), les informations nécessaires et l'Accord client, auxquels vous pourrez donner votre accord en ligne, vous seront fournis. Les clients ne répondant pas à l'e-mail initial recevront des e-mails de rappel.

Q : Que se passera-t-il si je ne fais rien ?

R : Si vous ne répondez pas à nos demandes pour donner votre accord, votre compte recevra les mêmes restrictions de trading et de transfert que si vous décidiez de ne pas donner votre accord. Veuillez également noter que votre compte restera sujet aux mêmes conditions générales que votre accord actuel (notamment les politiques de frais et marges) jusqu'au moment où il aura été déplacé vers un courtier UE désigné, transféré à un courtier externe à IBKR ou fermé.

Q : Que se passera-t-il si je ne suis pas d'accord avec le transfert ?

R : Si vous n'êtes pas d'accord avec le transfert de vos comptes vers le courtier UE désigné, votre compte se verra restreint dans l'ouverture de nouvelles transactions ou le transfert de fonds et/ou positions supplémentaires. Ces restrictions ne vous empêcheront pas de transférer votre compte en dehors d'IBKR.

Q : Mes identifiants vont-ils changer ?

R : Non. Votre nom d'utilisateur, votre mot de passe et toute authentification à 2 facteurs existant pour votre compte restera actif après la migration. Cependant, vous recevrez un nouveau numéro de compte pour votre compte déplacé.

Q : Aurai-je accès aux mêmes plateformes de trading ou y aura-t-il des changements de logiciels à prévoir après la migration ?

R : La migration n'aura pas d'impact sur le logiciel que vous utilisez pour trader ou gérer votre compte. L'offre technologique restera la même.

Q : Les soldes de compte seront-ils tous transférés en même temps ?

R : Tous les soldes, à l'exception des provisions (ex : intérêts et dividendes) seront transférés en même temps. Les provisions seront transférées lorsqu'elles auront été générées. Dans le cas d'intérêts, les provisions sont généralement annulées, et les liquidités sont envoyées la première semaine du mois suivant la provision. Dans le cas de dividendes, la provision est annulée, et les liquidités compensatoires sont envoyées à la date à laquelle l'émetteur paye le dividende.

Q : Qu'arrivera-t-il à mon compte actuel après la migration ?

R : Votre compte actuel sera fermé quand toutes les provisions seront liquidités et transférées sur le compte déplacé. Une fois fermé, il sera inaccessible pour trading, mais il restera accessible à partir d'un sélecteur de compte dans le Portail Client pour consulter ou imprimer des relevés.

Q : Les commissions et frais seront-ils différents lorsque mon compte sera déplacé ?

R : Non. Les commissions et frais IBKR ne varient pas en fonction du courtier chez qui vous êtes.

Q : Mes autorisations de trading vont-elles changer lorsque mon compte sera déplacé ?

R : Vos autorisations de trading resteront les mêmes à l'exception des comptes déplacés vers IBLUX qui ne pourront pas effectuer de transactions de devises à effet de levier en raison de restriction réglementaires. Bien que nous ne pensons pas que des restrictions similaires s'appliqueront pour les comptes IBIE et IBCE, nous vous informerons de tout changement avant de vous demander de migrer.

Q : Les ordres ouverts (ex. Good-til-Canceled) seront-ils transférés lorsque mon compte sera déplacé ?

R : Les ordres ouverts seront transférés vers le nouveau compte, cependant, nous recommandons aux clients de vérifier leurs ordres immédiatement après la migration pour s'assurer qu'ils sont toujours conformes à leurs intentions de trading.

Q : Serais-je sujet à la règle de Pattern Day Trading des États-unis quand mon compte sera déplacé ?

R : Les comptes détenus par IBUK sont sujets à la règle de Pattern Day Trading des États-unis (PDT) car les comptes sont introduits et retenus par IBL, un courtier aux États-Unis. La règle PDT restreint les comptes de moins de 25,000 USD à moins de 3 jours de trading sur une période de 5 jours ouvrés.

Les comptes déplacés vers IBLUX, IBIE ou IBCE n'étant pas introduits par IBL, ils ne seront pas sujets à la règle PDT.

Q : Vais-je recevoir un seul relevé de compte annuel à la fin de l'année ?

R : Non.  Vous recevrez un relevé annuel pour votre compte existant pour la période du 1 janvier 2020 à la date de migration et un deuxième relevé pour votre nouveau compte pour la période entre la date de migration et le 31 décembre 2020.

Q : Le coût de base actuel des positions sera-t-il transféré lorsque mon compte sera déplacé ?

R : Oui, la migration n'aura aucun impact sur le coût de base de vos positions.

Q : La configuration du compte déplacé sera-t-elle la même que le compte actuel ?

R : Après la migration, la configuration du compte correspondra à celle du compte actuel dans les limites de la réglementation. Les attributs concernés sont la capacité de marge, les données de marché, les utilisateurs supplémentaires et les alertes.  En de rares occasions, un compte sera déplacé vers une juridiction où l'étendue de l'admissibilité des produits ne peut être proposée. Les clients détenant ces produits restreints pourront se déplacer et maintenir ou clôturer ces positions mais ne pourront pas les augmenter.

Q : Que se passera-t-il si IBKR n'obtient pas l'accord réglementaire nécessaire pour déplacer les comptes avant le 31 décembre 2020 ?

R : IBLUX, même approuvé, est sujet à des contraintes importantes sur la taille autorisée de l'entreprise et une licence pour IBIE et IBCE est donc nécessaire pour terminer la migration avant le 31 décembre 2020. S'il est déterminé qu'aucune licence ne sera reçu à temps, nous contacterons les clients pour leur expliquer ce qu'il adviendra de leur compte à la fin de la période de transition du Brexit.

Q : Après la migration, , pourrai-je toujours adresser mes plaintes au UK Financial Ombudsman Service ?

R:  Les clients d'IBUK peuvent avoir des plaintes non résolues à leur entière satisfaction, traitées par le UK Financial Ombudsman Service. Une fois que le compte sera déplacé vers IBLUX, IBIE ou IBCE, le UK Financial Ombudsman Service ne pourra plus s'appliquer et nous vous informerons de tout service de remplacement. Veuillez noter que la migration n'aura pas d'impact sur notre traitement interne des plaintes.

Q : Quel sera l'impact de la migration sur la protection des données ?

R : La migration de votre compte d'IBUK  vers IBLUX, IBIE ou IBCE ne changera pas la manière dont nous protégeons vos données personnelles, conformément aux règles de protection des données. IBLUX, IBIE et IBCE prendront tous la responsabilité de protéger vos données et continueront de se conformer à nos normes élevées concernant la protection de vos données personnelles.

Q : Quel sera l'impact de la migration sur la protection de mon compte ?

R : L'assurance protection disponible pour nos clients dans la cas d'une défaillance de la part d'un courtier est généralement moins favorable dans l'Union européenne par rapport au Royaume-uni ou au États-Unis.

Actuellement, à condition qu'ils répondent aux exigences, les clients IBUK peuvent être protégés par rapport aux services d'investissement par le UK Financial Services Compensation Scheme (« UK FSCS ») pour un montant pouvant aller jusqu'à 50,000 £. Les clients IBUK étant tenus par notre courtier aux États-Unis, IBL, le segment de titres de leur compte peut être admissible pour assurance par la Securities Investor Protection Corporation (« SIPC ») à un montant pouvant aller jusqu'à 500,000 USD (sujet à une sous-limite de trésorerie de 250,000 USD).

Avec les courtiers UE, IBLUX, IBIE et IBCE, les demandeurs admissibles peuvent pouvoir demander une compensation pouvant aller jusqu'à 20,000 EUR. Plus d'informations sur le plan applicable, la couverture et les plaintes vous seront transmises en même temps que notre demande de transfert.  

Étant donnée la capitalisation totale de 8.25 milliards USD du groupe Interactive Brokers, ainsi que les politiques de marge prudentes, appliquées par tous les courtiers, qui comprennent des vérification de pré-crédit pour acceptation d'ordres et des liquidations automatiques des comptes n'étant pas en conformité avec nos marges, nous pensons que cette migration n'aura pas d'impact sur la sécurité des actifs des clients.

Normal 0 false false false EN-US X-NONE X-NONE -->

On 3 September 2020, a new European Directive, the Shareholders Rights Directive II ("SRD II"), will enter into force introducing important regulatory changes for intermediaries. SRD II aims to encourage long-term shareholder engagement in European shares by introducing new requirements, including:

• Obligations for all intermediaries in the chain of custody to provide shareholders information to issuers on demand and no later than the business day immediately following the date of receipt of the request;
• Requirements for intermediaries to make available meeting announcements or any other information which an issuer is required to provide to shareholders to enable a shareholder to exercise its rights
• Requirements for intermediaries to facilitate the ability of shareholders to participate in meetings by passing on a shareholder's participation instructions (for example a vote or request to attend the meeting), without delay.

Note that the Directive applies to any intermediary, whether based in the EEA or not. Accordingly, IBKR may in the future forward any request to provide shareholders information that IBKR may receive from issuers (or other appointed entities) whose share is owned through the IBKR accounts of an intermediary or their clients.

Upon receipt of these requests, intermediaries will be required to provide shareholders information directly to the issuers no later than the business day immediately following the date of receipt of the request.

Information to Disclose

• Full name;
• Contact details (address, email address);
• Unique identifiers;
• Number of shares held;
• Category/classes of shares held (Only if explicitly requested);
• Dates from which the shares are held (Only if explicitly requested);
• Depository location;
• Vote-eligible shares.

Requests Thresholds

Member states can establish that the right of the issuer to obtain the shareholders information is only effective with regard to holding of a minimum percentage of voting rights, which where set cannot exceed 0.5%.

Requests Handling

IBKR will send these requests in a standardised electronic format. Shareholders information shall be provided directly to the issuer (or other third party entity appointed) in the format prescribed by SRD II. We recommend that intermediaries review the Commission Implementing Regulation (EU) 2018 1212, which details the regulatory formats.

IBKR has appointed a third party provider, Mediant, to facilitate the requests handling. To use their services, they can be contacted directly at SRDTabulations@mediantonline.com.

Alternatively, intermediaries should ensure that they have alternative ways to reply to these requests for information after 3 September 2020.

Introduction

You can request IBKR Australia perform your Australian short position reporting obligations on your behalf.

What is a short position?

A short position arises where the quantity of an eligible product that you hold is less than the quantity of the eligible product that you have an obligation to deliver, such as when you engaged in short selling an ASX-listed security and borrowed securities from IBKR to cover your delivery obligation.

When do I have a reporting obligation?

Short sellers have an obligation to report certain short positions to the Australian Securities & Investments Commission (ASIC). Reporting on short positions that are below the thresholds set by ASIC is optional. A short position does not need to be reported to ASIC when:

• The value of the position is AUD 100,000 or less; and
• The position is 0.01% or less of the total quantity of securities or products on issue for that security or product.

Otherwise, the short position must be reported.

The following table provides a convenient summary of when a short position must be reported (“Reportable Short Position”):

What you need to know about short position reporting:

It is important that any clients trading or wishing to trade eligible products understand that they may have an obligation to report their Reportable Short Positions to ASIC daily.

This obligation applies to any short sellers with a Reportable Short Position under the rules whether inside or outside of Australia. By default, IBKR Australia does not report Reportable Short Positions on your behalf, so you must arrange for the reporting of your short positions (if required).

IBKR Australia, along with many third-party firms, can provide this service to you subject to applicable terms and conditions.

If you would like IBKR Australia to perform your short position reporting for eligible products held in your IBKR account, please enrol in the service via Client Portal. Currently, this service is offered at no additional cost to IBKR Australia clients.

Please note:

• If your account does not allow shorting of securities, there is no need to sign up for this service.
• IBKR Australia will only offer the option to report all short positions and not only your Reportable Short Positions.

If you enroll in the IBKR short position reporting service:

• You must not hold any other eligible products with any other bank, broker or custodian because our systems use the positions in your IBKR account to determine whether you have a reportable short position. We cannot accurately calculate your short position if you hold eligible positions elsewhere.
• You must ensure that the information you provide us is complete and accurate in all respects, as we are required to provide ASIC with certain personal information about you.
• The obligation to report your short positions is always yours and is not transferred to IBKR under any circumstance (i.e. IBKR does not become responsible for your short position reporting obligations);
• If, for any reason, we are unable to report your short positions to ASIC before the deadline or at all, we will endeavour to inform you as early as possible so that you can make alternative arrangements. However, we make no warranties that you will receive the notification prior to the reporting deadline.

How do I apply?

To apply, all you need to do is log in to your account via the Client Portal, navigate to the Settings > Account Settings menu, click on the “ASIC Short Position Reporting” icon and follow the prompts.

As part of this process, you will need a unique identifier. For Australian applicants, this can be your ACN or ARBN. For overseas clients this can be your SWIFT BIC. Alternatively, you may register with ASIC to obtain a unique identity code.

Upon electing IBKR Australia to perform this short position reporting obligation on your behalf, you must warrant that the reportable short positions held with IBKR Australia represent your entire portfolio in applicable Reportable Short Positions and acknowledge that IBKR Australia will rely on this representation and warranty in good faith on each occasion that it makes a short position report to ASIC on your behalf.

Where can I get more information?

Clients seeking more information on their short position reporting obligations should refer to the following resources:

• ASIC Regulatory Guide 196, which contains an overview of the applicable short selling rules and disclosure requirements.
• ASIC Info Sheet 98, which provides an overview of how to submit short position reports to ASIC via FIX and a list of vendors who may be able to assist you with your short position reporting obligations if you don’t elect to enrol in the IBKR short position reporting service.