Knowledge Base

FAQs: IBLUX Migration to IBCE Restricted Account

Background:

As previously explained, Interactive Brokers Luxembourg SARL ("IBLUX") will no longer provide brokerage services to investors and is ceasing regular operations. In June 2021, we invited IBLUX’s existing clients to transfer their account to another Interactive Brokers entity or to otherwise move their account to a bank or a broker outside of the Interactive Brokers family. Despite being reminded repeatedly, you did not take the actions required to move the assets held in your IBLUX account. As such we are transferring your account to our affiliate, Interactive Brokers Central Europe Zrt ("IBCE") ("Transfer") where your assets will remain under custody in trust until we receive instructions from you. These FAQs provide important factual, legal and regulatory information regarding the Transfer.

1. What does the Transfer mean for me? What terms and conditions will govern my relationship with IBCE following the Transfer?

Following the Transfer, IBCE will be responsible for ensuring the safe custody of your assets. The IBCE General Business Terms [https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4500] ("GBR") will govern your account and assets while they are held under custody in trust at IBCE in this limited capacity. You will not be able to place trades or make other financial decisions on your account and IBCE will not provide any investment services to you unless you expressly agree to the GBR and sign the Client Agreement and complete any other open steps needed to open an IBCE account. IBCE will send you an email following the Transfer with the steps to take to secure your login credentials to access your account at IBCE.

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

If you want to continue doing business with Interactive Brokers, we require your cooperation and action in order for IBCE to provide you investment services. Specifically, we need you to open a new account with IBCE, expressly agree to the GBR and sign the Client Agreement and any other required documents, and provide any additional documents or information requested.

If you do not want to continue doing business with Interactive Brokers, you may instruct IBCE to transfer your assets to another broker or bank, and IBCE will comply with your instructions subject to applicable laws and IB's standard procedures.

3. How will my assets be custodied at IBCE?

Until you agree to and accept the GBR and the Client Agreement and open a brokerage account with IBCE, IBCE will provide custody services in limited scope:

· for any cash balance transferred to IBCE, you will be entitled to the amount of the cash balance in your account base currency on the date it is transferred to IBCE and IBCE will not convert your cash balance to another currency or pay any interest on cash that it holds in custody for you.

· for any financial instruments transferred to IBCE, you will be entitled to those financial instruments and IBCE will not provide any investment services in relation to your financial instruments while they are in IBCE’s custody. For example, IBCE will not take any measures to mitigate losses resulting from market movements. However, in the event your account has insufficient margin, IBCE will take appropriate measures and liquidate positions, without issuing a margin call to you, to bring your account in compliance with margin requirements which are subject to change. More information is provided in FAQ 10.

If you open an IBCE account, Hungarian custody rules will fully apply to your relationship with IBCE. Like the Luxembourg custody rules, the Hungarian conduct of business rules are based on the recast Markets in Financial Instruments Directive, the Markets in Financial Regulation and various delegated directives and regulations (collectively, "MiFID").

4. Am I protected against loss?

The Hungarian Investor Protection Fund according to Act CXX of 2001 on the Capital Market may protect your assets from loss, at an amount up to a maximum of EUR 100,000, should IBCE default and be unable to meet its obligations to you. To be eligible for the Fund, you must have a contractual relationship with IBCE.

The compensation provided by the Fund covers claims arising from contracts entered into within the agreement with IBCE of brokerage activity, securities custody, securities account management and client account management activities performed by IBCE.

Hungary's compensation scheme is similar to the compensation scheme you have access to in Luxembourg. The purpose of the Fund is to pay compensation to you in the event that:

· the Central Bank of Hungary initiates liquidation proceedings of IBCE, or

· a court orders the liquidation of IBCE.

IBCE is a member of the Fund (please see https://bva.hu/en/ipf/ipf-members/).

If you are eligible, 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 Fund will pay you compensation for the amount you have lost up to a maximum of EUR 100,000.

The amount paid by the Fund is:

· 100% up to the limit of the EUR equivalent of one million forints (EUR 2,805 on 5^th September 2021),

· above one million forints: 1 million forints and 90% of the part above one million forints to a maximum of EUR 100,000.

5. How do I make a complaint to IBCE? What if my complaint relates to something that happened while I was a customer of IBLUX?

The GBR sets out how to lodge a complaint with IBCE. The IBCE complaints handling procedures are materially similar to those that apply to your existing relationship with IBLUX, but the scope of the complaint provisions is much narrower as the services provided to you are limited to holding your assets under custody in trust until you submit transfer instructions or become a full IBCE client.

If the substance of your complaint relates to something that happened prior to the Transfer, then you should address your complaint to IBLUX.

6. After the Transfer, will I still have access to the CSSF to file a complaint?

In case of a complaint, investors should follow the complaints procedure as referred to in the IBLUX Customer Agreement. Once the Transfer has taken place, the CSSF will cease to have jurisdiction over any complaints that you may have in respect of IBLUX. However, please be aware that Hungary has a dispute resolution scheme operated by the Central Bank of Hungary in the form of the Financial Arbitration Board ("FAB"). The FAB is a free and independent statutory dispute resolution scheme for financial services. You may be eligible to make a complaint to the FAB if you are a retail customer. Details of FAB can be found on https://www.mnb.hu/en/hungarian-financial-arbitration-board

The FAB can be contacted at:

Postal Address

Financial Arbitration Board

1525 Budapest

Pf. 172

Email

ugyfelszolgalat@mnb.hu

7. How will my personal data be processed and protected? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBLUX 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.

8. Will the range of services be the same?

No. This account has been created solely for the safe custody of your assets while we wait for you to instruct us on where to transfer your assets or elect to become a full IBCE client. As a result, our services are limited to holding your assets and where relevant taking action to ensure you meet applicable margin requirements.

9. Did you liquidate some or all the positions in my account to facilitate the Transfer?

As we previously wrote to you explaining, in many cases we liquidated some or all positions in client accounts back to the account’s base currency to facilitate that Transfer to IBCE. Where positions remain, FAQs 10-11 address how they will be transferred and custodied at IBCE.

10. I have a margin account. Are the margin terms governing my account different following the Transfer to IBCE?

No. Your obligations and responsibilities in connection with your margin account and trading on margin remain following the Transfer as they were at IBLUX. However, you are not able to freely operate the account, including opening of new positions, unless you become a full IBCE client.

Please review the provisions relating to margin in the IBCE Client Agreement [https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4501], as they will apply to your account and assets while they are held under custody in trust at IBCE.

11. What happens to any security I have granted to IBLUX as part of a margin loan?

If you have granted security or collateral to IBLUX this will transfer to IBCE upon the Transfer taking place.

12. Will all account balances be transferred at the same time and what is the timing?

IBCE will support a limited number of deposit currencies. The following ten cash deposit currencies, the "Allowed Deposit Currencies" are: EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK and PLN

Where appropriate to facilitate the Transfer, we converted long cash balances in other currencies to one of the Allowed Deposit Currencies before migration.

In accordance with the client asset protection rules in Hungary, client funds must be protected in the same form that they were received by the broker. This contrasts with your previous broker, IBLUX, whose regulatory client asset rules allowed them to protect your funds in equivalent value in another currency. Short currency balances are unaffected.

All cash balances will be transferred at the same time, and your current account at IBLUX 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 historical statements.

13. Will IBKR’s commissions and fees change when my account is migrated?

IBKR commissions and fees do not vary by the broker your account is maintained with.

However, while your assets are held in custody in trust at IBCE until you either transfer your assets to another financial institution or to a new account with IBCE, IBCE will apply a monthly fee to hold your account initially set at Euro 100. The monthly fee can be amended at any time in IBCE’s sole discretion notification to you, which might be by way of email or IBCE’s website.

In addition, IBCE will not pay interest to you but shall charge interest to you at such interest rates and on credit or debit balances as are then set forth on the IBCE website. IBCE will also charge a currency handling fee for cash balances in currencies that have negative interest rates.

Keep in mind, if the cash balance of your account is insufficient to cover these fees, IBCE may liquidate assets in the same manner IBLUX would liquidate assets before the Transfer.

14. I have other questions about what will and will not be changing following the Transfer?

If you still have questions, please contact IBKR Client Services.

Account Structures

Information Regarding IBUKL ISA (Individual Savings Account)

1. What is an ISA and what benefits does it offer me?

An ISA (Individual Savings Account) is a tax-free savings or investment account that gives you the opportunity to save or invest a certain amount of money every year, without having to pay tax on any growth in your investments or savings. There are 4 types of adult ISA available (stocks & shares ISA, cash ISA, innovative finance ISA , and lifetime ISA). The interest on cash accumulates on a tax-free basis, as does income and capital gains made on investments.

A stocks and shares ISA lets you invest in “qualifying instruments” such as stocks and shares, funds, etc. A stocks and shares ISA is not an investment in its own right. The best way to think of a stocks and shares ISA is as a ‘wrapper’ with which you can shelter your savings and investments from both Income Tax and Capital Gains Tax. The IBUKL Stocks and Shares ISA lets you choose from a range of investments to invest in (see below section 10 ‘What can I invest in?’). You can select and manage your IBUKL Stocks and Shares ISA yourself or arrange for your financial advisor to do so on your behalf (see below section 8 ‘Can I appoint a financial advisor to manage, on a discretionary basis, my IBUKL Stocks and Shares ISA?’).

When deciding which type of ISA to open, you should consider the pros and cons of each so that you can choose the type that best fits with your personal needs, circumstances and financial goals. We offer stocks and shares ISAs only.

Tax treatments depend on your individual circumstances and may change in the future.

2. What ISA types are offered at IBUKL?

Interactive Brokers (U.K.) Limited (IBUKL) only offers stocks and shares ISAs (including, Junior Stocks and Shares ISA). IBUKL does not offer cash ISAs (including, Junior cash ISA).

3. Who is eligible for an IBUKL Stocks and Share ISA?

In accordance with HMRC regulations, any individual who is a resident for tax purposes in the UK and over the age of 18 is eligible to open a stocks and share ISA.

Click on the link for additional details:

https://www.gov.uk/tax-foreign-income/residence

4. How many ISAs can I have?

There is no overall limit on the number of ISA accounts, but you can only subscribe to one type of each ISA in the same tax year. This means if you have already subscribed to a Stocks & Shares ISA with a different provider in the current tax year, you cannot also subscribe to an Interactive Brokers Stocks & Shares ISA.

5. What is a flexible Stocks and Shares ISA?

ISA flexibility refers to whether you’re able to withdraw from your ISA without affecting your annual allowance. A flexible stocks and shares ISA allows the individual to withdraw funds from their stocks and shares ISA and put them back into it, within the same tax year, without affecting their annual ISA allowance.

6. Does IBUKL offer a flexible Stocks and Shares ISA?

No, an IBUKL Stocks and Shares ISA isn't flexible. That means you can take money out, but it'll count towards your annual ISA allowance if you pay it back in the same tax year.

https://www.gov.uk/tax-foreign-income/residence

7. Can you lose your money paid into a Stocks and Shares ISA?

The value of investments you hold in your IBUKL Stocks and Shares ISA and the income received from them can fall as well as rise. As a result, you may get back less than you invested. Past performance is not an indication of future performance, and some investments need to be held for the long term to achieve a return. The IBUKL Stocks and Shares ISA is an execution only service, Interactive Brokers does not provide investment advice. If you need advice about whether an investment is suitable, you need to consult a suitably qualified financial advisor.

8. Can I appoint a financial advisor to manage, on a discretionary basis, my IBUKL Stocks and Shares ISA?

Yes, you can appoint a financial advisor to manage your IBUKL Stocks and Shares ISA on your behalf. Click on the link for additional details:

https://ibkr.info/node/134

9. Can I trade on margin under the IBUKL Stocks and Shares ISA?

No. You can only open an IBUKL Stocks and Shares ISA under a GBP cash account type. A cash account requires that all transactions are made with available cash or long positions.

10. What can I invest in?

Under a stocks and shares ISA you can invest in any of the following investments (also known as 'qualifying investments'):

Shares;
Securities issued by Companies;
Recognised UCITS;
Depository Receipts, American Depository Receipts and American Depository Shares.

Full details can be found on the HM Revenue & Customs (HMRC) website.

Please Note: Ineligible investments

· ISA accounts cannot hold non-qualifying investments.

11. What is a non-qualifying investment in an IBUKL ISA (Individual Savings Account)?

Examples of non-qualifying investments include warrants or delisted securities. On occasion a corporate action (on a qualifying investment) may result in your IBUKL ISA account holding a non-qualifying investment.

12. What happens to non-qualifying investments held in an IBUKL ISA (Individual Savings Account)?

Where such a situation arises, HMRC regulations require IBUKL to remove the non-qualifying investments from the ISA account within 30 calendar days. To do this IBUKL will open a non-ISA account in your name if you do not have one already open and you may be asked to complete that application.

Once the non-ISA account is opened, IBUKL will transfer the non-qualifying investments to ensure we continue to operate your ISA account in accordance with HMRC regulations. If you already have a non-ISA account with IBUKL, then the non-qualifying investments will be transferred to your existing account.

13. What exchanges does IBUKL support?

HMRC recognised exchanges supported by IBUKL:

Country	Exchange
Australia	The Australian Stock Exchange (and any of its stock exchange subsidiaries)
Austria	Vienna Stock Exchange
Belgium	NYSE Euronext Brussels
Canada	Toronto Stock Exchange Montreal Stock Exchange Toronto Venture Exchange (TSX Venture Exchange)
France	MATIF MONEP
Germany	Frankfurt Stock Exchange Stuttgart Stock Exchange
Hong Kong	Hong Kong Stock Exchange
Italy	Italian Stock Exchange (Borsa Italia)
Japan	Tokyo Stock Exchange Osaka Stock Exchange
Lithuania	NASDAQ OMX Vilnius
Mexico	Mexico Stock Exchange
Poland	Warsaw Stock Exchange
Singapore	Singapore Exchange Limited
South Korea	Korea Exchange
Spain	Spanish Stock Exchange (Bolsa de Valores in Madrid)
Switzerland	Swiss Stock Exchange (SIX Swiss Exchange)
United Kingdom	London Stock Exchange
United States of America	BATs Exchange Inc Chicago Board Options Exchange Chicago Stock Exchange International Securities Exchange National Stock Exchange New York Stock Exchange NYSE ARCA NASDAQ OMX PHLX NASDAQ

14. What is the ISA Allowance for 2023/2024 tax year?

Tax year runs from 6 April to the following 5 April. Each tax year’s ISA subscription limit is specific to that year and can be checked on the HMRC website.

For the 2023/24 tax year the annual ISA allowance is £20,000 per person. Any of the ISA allowance that goes unused in the current tax year cannot be rolled over to the subsequent tax year. You can divide this cash allowance across multiple ISAs, provided that not more than 1 of each type of ISA is subscribed to in any given tax year. NB. If you are already subscribed to another stocks and shares ISA in the current tax year, you are not permitted to subscribe to our stocks and shares ISA for the remainder of the tax year.

NB. For each tax year, you can check (via the funding page in Client Portal) how much you have subscribed to your IBUKL Stocks and Shares ISA and the maximum amount that you can contribute to your IBUKL stocks and shares ISA in that tax year, assuming you have not contributed to another ISA away from Interactive Brokers.

15. How do I make subscriptions to my IBUKL Stocks and Shares ISA?

You can make one-off payments (wire transfers deposits) as and when you choose, but the combined total of all payments (or subscriptions) must not exceed any given annual tax year allowance (see section 12. What is the ISA Allowance for 2023/2024 tax year?).

Interactive Brokers accepts wire transfers only, and there is a minimum subscription amount of £1. Your IBUKL Stocks and Shares ISA can only have GBP cash.

16. Can I fund my ISA via Internal Transfer from my existing Interactive Brokers account?

Yes, as long as the existing account is an individual account in the same name, an internal transfer can be requested to fund your ISA account.

Internal transfer from non-ISA to ISA will be considered as a contribution and only allowed if within the yearly contribution limits. Positions cannot be transferred between these accounts.

17. Can I check the tax-year to date contributions i have made into my ISA account?

Yes, if you create a deposit notification for a fund transfer, before selecting "Get Transfer Instructions" on the final page there is a contribution tracker showing how much you have contributed so far during the current tax year.

18. What happens if I exceed my ISA allowance?

If you have accidentally paid too much into your ISAs you won’t get any tax relief on the excess payments you’ve made. The ISA allowance is a combined annual limit across all adult ISA types (e.g. stock & shares ISA, cash ISA, innovative Finance ISA , and lifetime ISAs).

19. What should I do if I exceed my ISA allowance?

In the event you oversubscribe to your ISA (in other words your ISA annual allowance was exceeded), you should not attempt to correct the mistake by withdrawing the excess funds from an ISA (including, but not limited to, your IBUKL Stocks and Shares ISA). Instead, you should call HMRC’s ISA helpline to explain the situation and inform them about the oversubscription. HMRC will advise you on the next steps. NB. The ISA allowance for the tax year 2023/2024 is GBP 20,000 (this is a combined limit across all 4 types of ISA (stock & shares ISA, cash ISA, innovative finance ISA , and lifetime ISAs).

20. What is the annual fee for the IBUKL Stocks and Shares ISA?

There is no annual ISA fee at IBUKL. Other costs and charges apply, see below section 19 for more information.

21. What are the charges for the IBUKL Stocks and Shares ISA?

£3 per month minimum activity fee. (e.g. if you generate 2 pounds of commission in a particular month, you would be charged the remaining balance of 1 pounds as a minimum activity fee. Generate 3 or more pounds in consolidated commission from linked accounts in a month and there will be no fee.)
One free withdrawal per month. Thereafter, £7 withdrawal fee is applicable.

Click here for an overview of our commissions:

https://www.interactivebrokers.co.uk/en/index.php?f=39753&p=stocks

22. What transactions are allowed and what transactions are not allowed in an ISA?

a) Example of allowed transactions

An individual subscribes £15,000 into a stocks and shares ISA, £3,000 into a cash ISA and £2,000 into a lifetime ISA. No more than 1 of each type of ISA was subscribed to in the tax year, and the annual ISA allowance of £20,000 was not exceeded.

b) Example of disallowed transactions

An individual subscribes £10,000 into one stocks and shares ISA, £2,000 into another stocks and shares ISA, and the remaining £8,000 into a cash ISA. While the individual did not exceed the annual ISA allowance of £20,000, they subscribed funds into more than 1 stocks and shares ISA.

23. How do I transfer my stocks and shares ISA from my current ISA manager to IBUKL?

Position/in-specie transfers are now available from certain ISA managers. When requesting a transfer in the client portal supported providers will have a position transfer option within the form.

You will need to submit a transfer instruction to Interactive Brokers (go to Client Portal, Transfer & Pay, then Transfer Existing ISA), and if, in IBUKL’s discretion IBUKL decides to accept the transfer, IBUKL will instruct your existing ISA manager to transfer your investments (where IBUKL supports such investments) and/or cash into your IBUKL Stocks and Shares ISA. Where IBUKL does not support all your investments held at your existing ISA Manager, you can either liquidate these investments yourself prior to submitting your transfer instruction to IBUKL via Client Portal (any cash proceeds of such liquidation will be transferred into your IBUKL Stocks and Shares ISA) or you can instruct IBUKL (as part of your transfer instruction via Client Portal) to do so on your behalf.

Note Interactive Brokers does not support partial transfers, only full account transfer requests can be made.

24. How do I transfer an ISA out of IBUKL to another provider?

Any transfer out request from IBUKL must be requested via the receiving ISA provider. The requesting broker can email a client-signed transfer form to isa-transfer@interactivebrokers.com or the client may attach a completed form to a web ticket.

25. What are the Transfer Charges?

Interactive Brokers does not charge for transfers (the transferring ISA manager may charge you for transferring investments or cash proceeds to us).

26. Can I cancel my IBUKL Stocks and Shares ISA?

You have a legal right to cancel your IBUKL Stocks and Shares ISA if you change your mind but there are time limits on doing so, see below section 25 for more information.

27. How can I cancel my IBUKL Stocks and Shares ISA?

If you want to cancel your IBUKL Stocks and Shares ISA, you must do so within 14 days from the date you receive our email confirming the establishment of your IBUKL Stocks and Shares ISA (a cancellation must be requested from the Client Portal).

Cancellation rights will also apply to the receipt of transfer payments. You have 14 days from the date you receive our email acknowledging the transfer to exercise your right to cancel (a cancellation must be requested from the Client Portal). NB. If you cancel the transfer of your stocks and shares ISA from another ISA manager to IBUKL, that ISA manager may not agree to accept the stocks and shares ISA back. This may result in that stocks and shares ISA being closed, and the tax benefits being lost.

28. How safe is your IBUKL Stocks and Shares ISA?

IBUKL is authorised and regulated by the Financial Conduct Authority (FCA), and is approved by HMRC to act as an ISA manager (including in respect of stocks and shares ISAs).

Under our client terms, and in accordance with the FCA rules relating to client money and assets (Assets), IBUKL will be responsible for holding and protecting your Assets. IBUKL is required to separate your Assets from its own resources. IBUKL is not permitted to use your Assets to carry out its business activities.

In the unlikely event that IBUKL became insolvent, an administrator would be appointed to return your money/assets to you. If there is any shortfall, eligible claims will be covered by the UK Financial Services Compensation Scheme (FSCS). The FSCS is an independent body set up by the UK Government to pay compensation if a UK firm, such as IBUKL is in default and cannot meet any valid claims against it. FSCS claims are limited to £85,000 per client. Please note, the FSCS applies to designated investments and may not cover all investments or transactions (and in particular these protections don’t apply to investment losses). For more information on the FSCS see www.fscs.org.uk.

29. How can I file a complaint with IBUKL?

Customers are actively encouraged to use the WebTicket system for prompt attention.

A copy of our Complaints Procedure is available here https://www.interactivebrokers.com/en/index.php?f=292 You can also direct your ISA specific complaints via email to isa@interactivebrokers.co.uk (Please note that in order to ensure that your complaint is flagged and given the required attention, Interactive Brokers kindly asks you to state "COMPLAINT" in the subject header field of the email).

30. Are Corporate Actions allowed under my IBUKL Stocks and Shares ISA?

Allowed to participate but cannot exceed the annual ISA subscription limit. If it were to exceed the subscription limit, the shares should be transferred to a non-ISA account (see above sections 17 ‘What should I do if I exceed my ISA allowance?’.

31. FX Handling and your IBUKL Stocks and Shares ISA

Interactive Brokers will automatically convert currencies when trading non-GBP denominated securities. To do this, Interactive Brokers will engage in “spot” currency transactions on your behalf in order to settle your buy orders or convert the proceeds of a sell order. For opening orders Interactive Brokers will base the exchange rate off the spot exchange rate at the time of trade plus our 0.03% fee. For closing orders any non GBP balances will be closed at the end of the trading day at the closing exchange rate of the day plus our 0.03% fee.

The below example illustrates the cost in GBP of a $1,000 USD Trade

Example GBP/USD Spot Rate: 1.3432/1.3433

Order Type	FX Conversion Rate inc 0.03% fee	Cost of $1000 USD Trade
Buy	1.3430	£744.61
Sell	1.3435	£744.31

32. What if I have additional questions?

Our customer services team are on hand to help via phone or email. If you have any questions about your IBUKL Stocks and Shares ISA, please contact our dedicated ISA Support team who are available 8am to 6pm GMT Monday to Friday, excluding public holidays.

33. Can I open a Joint ISA account?

ISA account must be individual accounts in accordance with HMRC ISA guidelines at this time.

34. What is a Cash ISA?

Cash ISAs include savings in bank and building society accounts and some National Savings and Investment products.

Please Note : Cash ISAs are not offered by Interactive Brokers.

35. How can I view statements from my previous ISA IBUK since migration to IBUKL?

You can view the IBUK ISA accounts by following these steps in the Client Portal:

Log into Client Portal
Click Performance & Reports followed by Statements under Reports
Then click Add/Edit next to your account number
In the pop out menu that appears, please select the blue filter icon.
Please select ‘Migrated’ and then select the old account.
Now, you can download the reports/activity statements as you normally would.

36. Can I trade fractional shares in an IB UKL ISA account?

It is not possible to trade fractional shares in the IBUKL ISA account in accordance with HMRC ISA guidelines at this time.

37. Can I set up a recurring investment in an IBUKL ISA account?

No, recurring investments are not allowed in an IBUKL ISA account.

Please Note: Recurring investments require fractional shares trading permissions. Fractional shares trading permissions are not allowed in an IBUKL ISA account.

38. Can I use a Referral Link in my IB UKL ISA account?

No, ISA accounts are not eligible for the referral program.

39. Do I need National Insurance Number to open an ISA?

Yes, you will need a National Insurance Number to open an ISA account.

Please Note: If not already listed then you need to enter the National Insurance Number in the Tax ID section of your profile to open a linked ISA account. The system will return an error if you do not.

(Client Portal -> User Menu -> Settings -> Account Settings -> Account Profile -> Profile -> Edit Profile and on the 'Tax Residency' page you may edit the information or remove Tax Residency and add another Tax Residency.)

40. I have UK Citizenship. However, I am resident of Hong Kong. Can I open an IB UKL ISA account?

You can only open an IBUKL ISA account if you are a full tax resident of the United Kingdom with a National Insurance Number.

Account Structures

FAQs: IBCE Pre-Migration Action item Guide

Overview:

As previously noted, IBKR will cease IBLUX’s regulated business, and as a result, will need to make some changes in relation to which legal entity does business with you. It is our intention that all of your accounts, investments and services currently provided to you by IBLUX will instead be provided by IBCE.

Prior to the Proposed Transfer occurring, certain action items must be completed in the Client Portal. These action items may include:

- Submission of Proof of Identity documentation

- Submission of Proof of Address documentation

- Completion of Identity Verification Selfie task

- Investment Portfolio Changes

Please carefully review this FAQ in order to complete the necessary action items and facilitate the Proposed Transfer. For more information on this transfer, please review the FAQs for IBCE.

How do I access pending items in Client Portal?

Follow the below procedure to access pending items in Client Portal:

Log in to Client Portal.
Click the Notifications (bell) icon in the top right corner. The number on the icon shows you how many total unread notifications you have.
A drop-down menu will open showing your Pending Items, Corporate Actions and Messages.
Click Pending Items.
You can open and view any pending item to see the details of the item. Click the View button for the pending item you want to view.

What documents are acceptable for these tasks?

Acceptable documents for Proof of Identity and Proof of Address action items include the following:

Document Category

Acceptable Documents (only one document per category is needed)

Proof of Identity of the Account Holder

Please provide a current and valid document (or documents) that contains the following: full name, date and place of birth, clear photograph, signature of the holder, document number, expiration date, and country of issue. If the information required is on multiple pages, please provide copies of all of those pages.

• Passport

• National Identity Card

• Driver’s License

Proof of Residential Address of the Account Holder

The document must clearly list the applicant's name and the relevant address and must be less than six months old unless otherwise specified. Please provide a scanned version of a hard copy bill.

• Utility Bill: For example, a bill for electricity, gas, water, landline telephone, home broadband, or TV. Mobile phone bills are not acceptable forms of proof of address.

• Council tax bill

• Home insurance bill

• Bank, mortgage or brokerage statement

• Signed and stamped letter from your bank on the bank’s letterhead confirming address

• Credit card statement (not older than six weeks)

• Government issued letters or statements: For example, we would accept a property tax bill, confirmation of residential address from the local authorities or a pension statement. Must be on official government letterheaded paper.

• Resident permit

• Driver’s license or national identity card: If you use your driver's license or national identification card as proof of identity, it cannot also be used as proof of address.

• For HUNGARY only: ADDRESS CARD which shows the current residential address.

What Investment Portfolio Changes do I need to make?

IBCE will support a limited number of deposit currencies. The following ten cash deposit currencies, the “Allowed Deposit Currencies” are:

• EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK and PLN

You will be required to nominate a base currency from the Allowed Deposit Currencies and if you hold long cash balances in other currencies, you will be required to convert those balances to one of the Allowed Deposit Currencies before migration.

Short currency balances are unaffected. You may borrow in any currency that the IBKR group offers.

All cash balances, with the exception of accruals (e.g., interest, dividends) will be transferred at the same time. Once accruals have been settled and posted to cash, they will automatically be swept to IBCE. Once all accruals have been swept, your current account at IBLUX 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 historical statements.

Metals CFDs are offered by IBCE but spot and OTC metals futures are not. You will be requested to trade out of those positions before conversion to an IBCE account.

Account Structures

FAQs: IBIE Pre-Migration Action item Guide

Overview:

Prior to the Proposed Transfer occurring, certain action items must be completed in the Client Portal. These action items may include:

- Submission of Proof of Identity documentation

- Submission of Proof of Address documentation

- Completion of Identity Verification Selfie task

- Investment Portfolio Changes

Please carefully review this FAQ in order to complete the necessary action items and facilitate the Proposed Transfer. For more information on this transfer, please review the FAQs for IBIE.

How do I access pending items in Client Portal?

Follow the below procedure to access pending items in Client Portal:

Log in to Client Portal.
Click the Notifications (bell) icon in the top right corner. The number on the icon shows you how many total unread notifications you have.
A drop-down menu will open showing your Pending Items, Corporate Actions and Messages.
Click Pending Items.
You can open and view any pending item to see the details of the item. Click the View button for the pending item you want to view.

What documents are acceptable for these tasks?

Acceptable documents for Proof of Identity and Proof of Address action items include the following:

Document Category

Acceptable Documents (only one document per category is needed)

Proof of Identity of the Account Holder

• Passport

• National Identity Card

• Driver’s License

Proof of Residential Address of the Account Holder

The document must clearly list the applicant's name and the relevant address and must be less than six months old unless otherwise specified. Please provide a scanned version of a hard copy bill.

• Utility Bill: For example, a bill for electricity, gas, water, landline telephone, home broadband, or TV. Mobile phone bills are not acceptable forms of proof of address.

• Council tax bill

• Home insurance bill

• Bank, mortgage or brokerage statement

• Signed and stamped letter from your bank on the bank’s letterhead confirming address

• Credit card statement (not older than six weeks)

• Resident permit

• Driver’s license or national identity card: If you use your driver's license or national identification card as proof of identity, it cannot also be used as proof of address.

• For HUNGARY only: ADDRESS CARD which shows the current residential address.

What Investment Portfolio Changes do I need to make?

IBIE will offer the same range of products as IBLUX plus some additional products such as (i) Bonds; (ii) OTC Precious Metals, and (iii) OTC Metal Futures. IBIE will also offer the ability to participate in the Stock Yield Enhancement Programme. Please review the Stock Yield Enhancement Programme Agreement if you are interested in participating.

Account Structures

GYIK: IBCE Brexit számlamigráció

Overview:

Ez a dokumentum fontos információkat tartalmaz az Ön számlájának az IBUK-tól vagy az IBLLC-től az IBCE-hez történő javasolt átvitelével kapcsolatban. Kérjük, olvassa végig figyelmesen ezt a dokumentumot, mielőtt a (korábban e-mailben megküldött) Kísérőlevélben leírtak szerint járna el.

Background:

Kérjük, szánjon elegendő időt a GYIK dokumentum elolvasására, amely összefoglalja a keretszabályozás néhány kulcsfontosságú, a javasolt számlaátvitelhez kapcsolódó módosítását (a részleteket ld. lentebb), továbbá választ ad néhány esetlegesen felmerülő általánosabb kérdésre. A GYIK-et érdemes a Kísérőlevéllel és a Kísérőlevélhez csatolt dokumentumokkal együtt olvasni. Amennyiben további kérdése merül fel, kérjük, vegye fel velünk a kapcsolatot a Kísérőlevélben megadott elérhetőségek valamelyikén. Ez a GYIK felváltja a korábban az Ön rendelkezésére bocsátott „GYIK: Brexit számlamigráció" („Eredeti GYIK”) című dokumentumot (FAQS: Brexit Account Migration), mivel új információkat tartalmaz, ezért kérjük, figyelmesen olvassa el az új verziót. A jelen GYIK és az Eredeti GYIK közötti bármilyen ellentmondás esetén a jelen dokumentum az irányadó.

Kifejtés:

Ez a GYIK három részből áll.

A. rész: a javasolt számlaátvitellel (részletezés alább) kapcsolatos legfontosabb tudnivalókat tartalmazza.
B. rész: a javasolt számlaátvitel eredményeként bekövetkező legfontosabb jogi és szabályozási változásokkal foglalkozik.
C. rész: célja, hogy megválaszolja az esetlegesen felmerülő egyéb kérdéseket, és további, gyakorlatiasabb információkat nyújt azzal kapcsolatban, hogy mi fog változni, és mi nem fog változni a javasolt számlaátvitelt követően.

A. RÉSZ – A JAVASOLT SZÁMLAÁTVITEL

1. Mi a jelenlegi helyzet, és mi indokolja a változtatásokat?

Amint azzal Ön is tisztában van, jelenleg az Ön és az Interactive Brokers közötti kapcsolatot az Egyesült Királyságban bejegyzett leányvállalatunk, az Interactive Brokers (U.K.) Limited („IBUK”) kezeli, és az Ön által igénybe vett szolgáltatásokat az IBUK, illetve – az Ön által kereskedett termékektől függően – az Egyesült Államokban működő leányvállalatunk, az Interactive Brokers LLC („IBLLC”) nyújtja. Az IBUK jelenleg úgynevezett pénzügyi szolgáltatási útlevelet használ a szolgáltatások kontinentális Európát érintő részének teljesítésére. Jelenlegi ismereteink szerint a Brexit átmeneti időszakának idei lejártát követően az IBUK elveszíti pénzügyi szolgáltatási útlevelét, és 2021. január 1-jétől az Interactive Brokersnek bizonyos változtatásokat kell végrehajtania arra vonatkozóan, hogy a továbbiakban melyik leányvállalatunk nyújtja majd Önnek szolgáltatásainkat.

2. Melyek a fentiekben előirányzott „változások”?

Alapítottunk Magyarországon egy új Interactive Brokers leányvállalatot, az Interactive Brokers Central Europe Zrt.-t („IBCE”). Javaslatunk szerint a jelenleg az IBUK-val és az IBLLC-vel szerződéses jogviszonyban álló ügyfeleinket áthelyezzük az IBCE-hez. Szándékaink szerint tehát az Ön IBUK-nál és IBLLC-nél vezetett összes jelenlegi számláját és befektetését átvisszük az IBCE-hez, és az IBUK és az IBLLC helyett a továbbiakban az IBCE nyújtja majd szolgáltatásainkat (az egyszerűség kedvéért a továbbiakban „javasolt számlaátvitel”).

3. Mikor megy végbe a javasolt számlaátvitel?

A javasolt számlaátvitelt megelőzően ismét tájékoztatást küldünk majd erről Önnek.

4. Mi az IBCE? Milyen jellegű cégről van szó?

Az IBCE a Magyar Nemzeti Bank által engedélyezett és felügyelt befektetési szolgáltató. Az IBCE szabályozási státuszát és profilját tekintve nagyon hasonlít az IBUK-hoz. Ennek oka, hogy az IBCE és az IBUK egyaránt a pénzügyi eszközök piacairól szóló második irányelv (2014/65/EU irányelv) szerinti engedéllyel rendelkezik. Ez egy uniós szintű jogszabály, amelynek célja a befektetési vállalkozásokra vonatkozó szabályozások minél átfogóbb összehangolása.

Ugyanakkor azonban vannak bizonyos eltérések az IBUK-val és az IBLLC-vel fennálló szerződéses jogviszonyára jelenleg érvényes jogszabályok és azon jogszabályok között, amelyek az IBCE-hez történő számlaátvitelt követően lesznek érvényesek. Ezt részletesebben a GYIK B. részében ismertetjük.

5. Mik az IBCE jogi adatai?

Az Interactive Brokers Central Europe Zrt. részvénytársaságként van bejegyezve (cégjegyzékszám: 01-10-141029), és szerepel a Fővárosi Törvényszék Cégbírósága által vezetett cégjegyzékben. Székhelye: 1075 Budapest, Madách Imre út 13-14.

6. Mi az IBCE szabályozó hatósága és mik az elérhetőségei?

Az IBCE illetékes szabályozó hatósága a Magyar Nemzeti Bank (ugyanúgy, ahogyan az IBUK esetében a Financial Conduct Authority az illetékes szabályozó hatóság). A Magyar Nemzeti Bank elérhetőségei:

Cím

Magyar Nemzeti Bank

1054 Budapest

Szabadság tér 9.

Magyarország

Levelezési cím

Magyar Nemzeti Bank

BKKP Pf. 777

Ügyfélszolgálat, ügyfélpanaszok

Cím: 1013 Budapest, Krisztina krt. 39.

E-mail: ugyfelszolgalat@mnb.hu

Telefon: +36 80 203 776

7. Hol helyezkedik el az IBCE az Interactive Brokers Group szervezeti struktúrájában?

Az IBCE az Interactive Brokers Group 100%-os tulajdonában lévő leányvállalata.

8. Mit jelent rám nézve a javasolt számlaátvitel, és eredményez-e lényeges változásokat?

A javasolt számlaátvitel jelentős változásokat hozhat abban az esetben, ha Ön jelenleg olyan termékekkel kereskedik, amelyek az átvitelt követően korlátozás alá fognak esni. Nagyon fontos, hogy figyelmesen és teljes egészében olvassa el a GYIK-et, hogy megismerje, milyen változások vonatkoznak Önre.

9. Mit kell tennem, ha továbbra is igénybe szeretném venni az Interactive Brokers szolgáltatásait?

Ha továbbra is igénybe szeretné venni az Interactive Brokers szolgáltatásait, akkor az Ön együttműködésére és intézkedésére van szükség.

Kérjük, adja hozzájárulását és fogadja el a javasolt számlaátvitelt és az Ügyfélmegállapodást, a Javasolt átvitel folyamatáról szóló dokumentum „Fontos információk és hozzájárulás” részét, a „Fontos információk” részben található egyéb dokumentumokat, továbbá a Kísérőlevélben ismertetett szabályozási kérdéseket. Ehhez kövesse a Kísérőlevél utasításait.

Szeretnénk felhívni a figyelmét, hogy nem kötelező hozzájárulnia a javasolt számlaátvitelhez, ha úgy érzi, hogy az Önt hátrányosan érintheti. Ugyanakkor tisztában kell lennie azzal, hogy amennyiben visszautasítja azt, előfordulhat, hogy a Brexit átmeneti időszakának lejártát követően nem tudja majd igénybe venni az IBUK szolgáltatásait. Ebben az esetben számlájáról nem indíthat új tranzakciót és nem utalhat át új eszközt. Bármikor dönthet úgy, hogy számláját átviszi egy másik brókercéghez. Ha nem kíván ezzel a lehetőséggel élni, kövesse a Kísérőlevél utasításait.

Akár elfogadja, akár elutasítja a javasolt számlaátvitelt, kérjük, a döntés előtt olvassa el teljes egészében a jelen GYIK-et és a Kísérőlevelet is.

10. Mi történik ezután?

Ha hozzájárul a számlaátvitelhez, kérjük, végezze el a Kísérőlevélben részletezett összes műveletet, és mi előkészítjük számláját az átvitelre. A javasolt átvitelt követően az IBCE tájékoztatást küld Önnek az újonnan létrejött szerződéses jogviszonyról.

B. RÉSZ – JOGI ÉS SZABÁLYOZÁSI VÁLTOZÁSOK, AMELYEKKEL TISZTÁBAN KELL LENNIE

1. Milyen feltételek szabályozzák majd az IBCE-vel való szerződéses jogviszonyomat a javasolt számlaátvitelt követően? Eltérnek-e ezek a jelenleg érvényben lévő feltételektől?

A javasolt számlaátvitelt követően lebonyolított ügyleteket az Ön és az IBCE közötti új ügyfélmegállapodás fogja szabályozni. Az új ügyfélmegállapodás egy példánya megtalálható a Javasolt átvitel folyamatáról szóló dokumentum „Fontos információk” részében. A javasolt átvitel ütemezésével kapcsolatban a fenti A.3 részben talál bővebb információt.

2. Milyen üzletviteli szabályok (beleértve a legjobb végrehajtást) vonatkoznak majd az IBCE-vel való kapcsolatomra? Vannak-e lényeges különbségek az IBCE-vel és az IBUK-val fennálló kapcsolatomra vonatkozó szabályok között?

Van néhány változás, amellyel tisztában kell lennie. Ezeket az alábbiakban ismertetjük.

Ha jelenleg az Ön és az IBUK közötti kapcsolat „számlavezetői” jellegű (azaz Ön index opciókkal, határidős ügyletekkel és határidős opciókkal kereskedik, és az IBUK vezeti a számláját és kezeli a letétbe helyezett eszközeit), akkor jelenleg a Financial Conduct Authority üzletviteli szabályai vonatkoznak Önre. Ezen szabályok nagymértékben a Pénzügyi eszközök piacairól szóló átdolgozott irányelvre, a Pénzügyi eszközök piacairól szóló irányelvre és különböző felhatalmazáson alapuló irányelvekre és rendeletekre (együttesen: „MiFID”) épülnek. A legjobb végrehajtás elvének értelmében – ahol ez alkalmazható –, az IBUK-nak minden szükséges lépést meg kell tennie annak érdekében, hogy az Ön által indított megbízás végrehajtása során a lehető legjobb eredményt érje el.

Ha jelenleg az Ön és az IBUK közötti kapcsolat „közvetítői” jellegű (azaz az előző bekezdésben említettektől eltérő termékekkel kereskedik, és az IBUK-val valamint annak amerikai leányvállalatával, az IBLLC-vel egyaránt szerződéses jogviszonyban áll), akkor jelenleg vegyes üzletviteli szabályok vonatkoznak Önre. Például, az IBLLC-vel való szerződéses jogviszonyára a Financial Conduct Authority üzletviteli szabályai alkalmazandók (bővebben lásd fent). Az IBLLC-hez történő közvetítést követően az IBLLC által végzett tevékenységekre (többek között) az Egyesült Államok Értékpapír- és Tőzsdefelügyeletének (U.S. Securities and Exchange Commission) és az Egyesült Államok Kereskedőbizottságának (U.S. Commodity Futures Trading Commission) vonatkozó szabályai és előírásai alkalmazandók (beleértve a legjobb végrehajtással és a letétkezeléssel kapcsolatos kötelezettségeket is).

Kérjük, vegye figyelembe azt az eshetőséget is, hogy az Ön kereskedési tevékenysége megoszlik e két forgatókönyv között (tehát az Ön számlájának kezelése részben „számlavezetői”, részben pedig „közvetítői” jellegű).

Ezt követően a „számlavezetői” és a „közvetítői” számlakezelés közötti különbségtétel nem érvényesül, és a fentiekben meghatározott minden esetben kizárólag a magyar üzletviteli szabályok vonatkoznak az IBCE-vel fennálló kapcsolatára. Az egyesült királyságbeli Financial Conduct Authority szabályaihoz hasonlóan a magyar üzletviteli szabályok is a MiFID-en alapulnak, és az IBCE-nek a legjobb végrehajtással kapcsolatos kötelezettségei nagyrészt azonosak az IBUK-ra jelenleg vonatkozó kötelezettségekkel.

Véleményünk szerint, bár az Ön és az Interactive Brokers közötti szerződéses jogviszonyra vonatkozó szabályok változni fognak, ezeket a változásokat nem tartjuk jelentősnek, és úgy gondoljuk, hogy az Ön számára nyújtott védelem a továbbiakban sem fog csökkenni ebből kifolyólag.

3. Hogyan fogják kezelni az IBCE-nél letétbe helyezett befektetéseimet jogi/szabályozási szempontból? Vannak-e lényeges különbségek az IBCE-vel és az IBUK-val fennálló kapcsolatomra vonatkozó szabályok között?

A jelenleg alkalmazandó szabályok attól függenek, hogy Ön jelenleg milyen jellegű szerződéses jogviszonyban áll az IBUK-val (lásd a fenti B.2 kérdésre adott választ). Amennyiben az Ön IBUK-számlájának kezelése „számlavezetői” jellegű, a Financial Conduct Authority ügyféleszközökre („CASS”) vonatkozó szabályai alkalmazandók. Ezek a szabályok nagymértékben a MiFID-en alapulnak. Amennyiben az Ön IBUK-nál/IBLLC-nél vezetett számlájának kezelése „közvetítői” jellegű, a letétbe helyezett eszközökre az amerikai letétkezelési szabályok vonatkoznak.

A fentiek értelmében a jövőben a „számlavezetői” és a „közvetítői” jellegű számlakezelés közötti különbségtétel nem érvényesül, és a fentiekben meghatározott minden esetben kizárólag a magyar üzletviteli szabályok vonatkoznak az IBCE-vel fennálló kapcsolatára. Az egyesült királyságbeli Financial Conduct Authority szabályaihoz hasonlóan a magyar üzletviteli szabályok is a MiFID-en alapulnak.

4. Milyen védelmet biztosít az IBCE az esetleges veszteséggel szemben? Vannak-e lényeges különbségek az IBCE-vel és az IBUK-val fennálló kapcsolatomra vonatkozó szabályok között?

Jelenleg azon eszközök védelmét, amelyekkel Ön kereskedésre jogosult, az amerikai Securities Investor Protection Corporation biztosítja 500 000 USD erejéig (amelyből legfeljebb 250 000 USD lehet a készpénz), vagy az egyesült királyságbeli Financial Services Compensation Scheme 50 000 £ erejéig (attól függően, hogy milyen IBUK-számlával rendelkezik – a részleteket lásd a fenti B.2 kérdésre adott válaszban). A javasolt számlaátvitelt követően a tőkepiacról szóló 2001. évi CXX. törvény szerinti Magyar Befektetővédelmi Alap (BEVA) legfeljebb 100 000 EUR összegig biztosíthat védelmet az Ön vagyonára, amennyiben az IBCE fizetésképtelenné válik és nem képes eleget tenni az Önnel szemben fennálló kötelezettségeinek.

A magyarországi befektetővédelmi rendszer hasonlít ahhoz a befektetővédelmi rendszerhez, amelyre Ön az Egyesült Királyságban jogosult. A BEVA célja, hogy kártalanítást fizessen Önnek abban az esetben, ha:

a Magyar Nemzeti Bank felszámolási eljárást kezdeményez az IBCE ellen, vagy
bíróság elrendeli az IBCE felszámolását.

Az IBCE a Befektetővédelmi Alap tagja.

A BEVA által nyújtott kártalanítás az Ügyfél és az IBCE között létrejött megállapodás értelmében az IBCE által végzett brókeri tevékenységre, letétbe helyezett értékpapírok kezelésére, értékpapírszámla-vezetésre és ügyfélszámla-vezetési tevékenységre vonatkozó szerződéses követelésekre terjed ki.

Igényt csak azután lehet benyújtani, hogy a cég megszűnt, eszközeit értékesítették és felosztották a hitelezők között. Kérjük, ellenőrizze a befektetővédelmi rendszer részleteit az esetlegesen alkalmazandó limitek tekintetében – a kártérítés ugyanis nem a teljes veszteségre terjed ki, mivel összege maximált. A BEVA legfeljebb 100 000 EUR összeghatárig fizet kártérítést az Ön által elvesztett összegért. A BEVA az alábbiak szerint fizet kártérítést:

egymillió forintnak megfelelő, EUR-ban kifejezett összeghatárig a veszteség 100%-át (2020. december 12-én 2800 EUR),
egymillió forint felett: 1 millió forint plusz az egymillió forint feletti rész 90%-a, de legfeljebb 100 000 EUR.

5. Hogyan nyújthatok be panaszt az IBCE-hez? Vannak-e lényeges különbségek az IBCE-vel és az IBUK-val fennálló kapcsolatomra vonatkozó szabályok között? Mi történik akkor, ha a panasz olyasvalamire vonatkozik, ami akkor történt, amikor még az IBUK ügyfele voltam?

A panaszbenyújtás módját az IBCE Általános Üzletszabályzata határozza meg. A panaszkezelési eljárások lényegében hasonlóak az IBUK-val fennálló kapcsolatára vonatkozó eljárásokhoz. Ha panasza a javasolt számlaátvitel előtti eseményre vonatkozik, panaszát az IBUK-hoz kell intéznie. Az IBUK a Brexit után sem veszíti el a befektetési vállalkozási engedélyét. Ha a jövőben kapcsolatba szeretne lépni az IBUK-val, azt a jelenlegi elérhetőségei valamelyikén teheti meg, ezek változatlanok maradnak.

6. A javasolt átvitelt követően is jogosult vagyok-e igénybe venni az egyesült királyságbeli Pénzügyi Ombudsmani Szolgálatot (Financial Ombudsman Service)?

Panasz esetén a befektetőknek az ügyfélmegállapodásban részletezett panaszkezelési eljárást kell követniük. Amint azt az eredeti GYIK-ben kifejtettük, a javasolt számlaátvitelt követően az Egyesült Királyság Pénzügyi Ombudsman Szolgálata már nem fog joghatósággal rendelkezni az IBUK ellen esetlegesen benyújtott panaszai tekintetében. Felhívjuk azonban a figyelmét, hogy Magyarországon van lehetőség a jogviták rendezésére a Magyar Nemzeti Bank által működtetett Pénzügyi Békéltető Testület („PBT”) közreműködésével. A PBT a pénzügyi szolgáltatók közötti pénzügyi tárgyú fogyasztói jogviták alternatív, ingyenes és független, jogszabályban rögzített vitarendezési fóruma. Ön jogosult panaszt tenni a PBT-nél, ha lakossági ügyfélnek minősül. A PBT-ről a https://www.mnb.hu/en/hungarian-financial-arbitration-board oldalon tájékozódhat.

A PBT elérhetőségei:

Levelezési cím

Pénzügyi Békéltető Testület

1525 Budapest

Pf. 172

Email

ugyfelszolgalat@mnb.hu

7. Hogyan történik a személyes adataim feldolgozása és védelme? Vannak-e lényeges különbségek ezen a téren az IBCE-vel és az IBUK-val fennálló kapcsolatomra vonatkozó szabályok között?

A részletekért tekintse meg az eredeti GYIK-et. Összefoglalva, nem lesz lényeges változás.

C. RÉSZ – EGYÉB GYAKORLATI KÉRDÉSEK ÉS KÖVETKEZŐ LÉPÉSEK

1. Kihez forduljak a javasolt számlaátvitel előtt, illetve azt követően, ha bármilyen általános kérdésem van?

Kérdéseivel a javasolt számlaátvitelt megelőzően az IBUK-hoz, azt követően pedig az IBCE-hez fordulhat. Bármelyik megoldást választja, mi gondoskodunk arról, hogy kérdését azonnal kezeljük, és segítünk Önnek felvenni a kapcsolatot a megfelelő személlyel vagy részleggel.

2. A kínált termékek köre változatlan?

Az IBCE és az IBUK minden kategóriában ugyanazon termékeket kínálja a fémek és a devizák kivételével. A kínálatban a következő eltérések vannak:

Az IBCE-nél elérhetők a fém CFD-k, az azonnali és határidős OTC fémek azonban nem.
Az értékpapírokkal és származékokkal való kereskedés ugyanazon piacokon lehetséges, de ha az engedélyezett betéti devizáktól (lásd #7) eltérő devizával kereskedik, és a tranzakció pozitív készpénzegyenleget eredményez, akkor a deviza automatikusan átváltásra kerül az alapdevizára. Ha a tranzakció negatív készpénzegyenleget eredményez, az IBCE nem tesz további lépéseket, mivel Ön az IBKR-nél elérhető összes globális devizában jogosult kölcsönfelvételre.
Az IBCE-nél kötött azonnali devizaügyleteknek kapcsolódniuk kell egy befektetési szolgáltatási tranzakcióhoz és az abból eredő pénzforgalomhoz. Ezen szabály teljesítése érdekében Ön a továbbiakban nem kereskedhet devizákkal spekulatív alapon.

További információkért lásd az „IBCE többdevizás számlára vonatkozó devizakorlátozásokról szóló nyilatkozatot”.

3. A szolgáltatások köre változatlan?

Az Ön által jelenleg igénybe vehető szolgáltatásokban két módosítás történik:

Az IBCE értékpapír- és árutőzsdei ügyletekhez kínál finanszírozást, de nem támogatja a kölcsönvett pénzeszközök kiutalását. Ön szabadon kivehet a számlájáról minden rendelkezésre álló, a nyitott pozíciók tartásához nem szükséges készpénzt. Ha további összeget szeretne felvenni, akkor zárhatja pozícióit, és felveheti az ebből eredő bevételt.
A GFIS befektetési kutatási eredményei nem elérhetők az IBCE ügyfelei számára; a GFIS piaci adat- és hírszolgáltatási kínálatát azonban ez nem érinti.

4. Jelenleg OTC-származékokkal kereskedem az IBUK-nál – mi történik a nyitott pozícióimmal?

Nyitott pozícióit az IBUK-tól átvisszük az IBCE-hez. Az IBUK-val a továbbiakban nem fog szerződéses jogviszonyban állni. Küldünk Önnek egy frissített, kiemelt befektetői információkat tartalmazó dokumentumot (KID). (Ennek megtekintéséhez kattintson a Kísérőlevélben a PRIIPs KID oldal linkjére).

5. Mi történik az IBUK/IBLLC-nél megkötött fedezeti hitel biztosítékául szolgáló értékpapírjaimmal?

Az IBUK/IBLLC-nél megkötött fedezeti hitel biztosítékául szolgáló értékpapírjai a javasolt számlaátvitellel átkerülnek az IBCE-hez. A meglévő fedezeti hiteléhez két új szerződés kerül kiállításra:

Befektetési hitelszerződés
Értékpapír-kölcsönzési keretszerződés.

Az IBCE-nél létrehozott új fedezeti számlája a jelenlegihez hasonlóan működik majd, azzal a különbséggel, hogy az IBCE által az Ön nevében indított részvénykölcsönzési ügyletek után nem kamatfizetési kötelezettsége keletkezik, hanem szolgáltatási díjat kell fizetnie az IBCE részére, ami az Ön lakóhelye szerinti országtól függően adófizetési kötelezettséggel is járhat.

6. A számlaátvitelt követően továbbra is ugyanazon kereskedési platformhoz lesz hozzáférésem, vagy történik valamilyen változás az elérhető szoftverekre vonatkozóan?

A számlaátvitel nem lesz hatással az Ön által a kereskedéshez vagy a számlakezeléshez használt szoftverre. Továbbra is hozzáférhet a jelenleg használt technológiához.

7. Az összes számlaegyenleg egyszerre kerül-e átvitelre, és mikor zajlik le ez a folyamat?

Az IBCE korlátozott számú betéti devizát támogat. Az „Engedélyezett betéti devizák” körébe a következő tíz deviza tartozik:

EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK és PLN

Önnek választania kell egy alapdevizát az engedélyezett betéti devizák közül. Ha más pénznemben is rendelkezik pozitív készpénzegyenleggel, ezt/ezeket a számlaátvitel előtt át kell váltania az engedélyezett betéti devizák valamelyikére.

A magyarországi ügyféleszköz-védelmi szabályoknak megfelelően az ügyfél pénzeszközeit ugyanabban a formában kell biztosítani, ahogyan azokat a brókercég megkapta. Ez ellentétben áll az Ön korábbi brókercégére, az IBUK-ra és/vagy az IBL-re vonatkozó szabályokkal: esetükben – a szabályozói ügyféleszköz-védelmi előírások értelmében – az Ön pénzeszközeinek védelme az eredetivel egyenértékű más devizában is biztosítható.

A negatív készpénzegyenlegekre ez nem vonatkozik. Az IBKR-csoport által engedélyezett bármelyik pénznemben vehet fel kölcsönt.

Az elhatárolt tételek (pl. kamatok, osztalékok) kivételével minden készpénzegyenleg egyidejűleg kerül átutalásra. Az elhatárolt tételek az elszámolást és készpénzre könyvelést követően automatikusan átkerülnek az IBCE-hez. Amint az összes elhatárolt tétel átvezetésre került, az IBUK-nál vagy az IBLLC-nél vezetett számlája megszűnik, és kereskedési célokra nem lesz elérhető. A lezárt számlához továbbra is hozzáférhet az Ügyfélportálon keresztül, ahol megtekintheti és kinyomtathatja a korábbi kimutatásokat.

8. Az összes értékpapír-, származékos és árupozíció egyidejűleg kerül átvitelre?

Minden pozíció egyszerre kerül átvitelre az új számlájára, az OTC fém határidős ügyletek és az azonnali fém ügyletek kivételével. Az IBCE-hez történő átvitelt megelőzően ezeket a pozíciókat le kell zárnia.

9. Mi történik a jelenlegi számlámmal az átvitelt követően?

Amint minden elhatárolt tétel készpénzre könyvelése és átvitele megtörténik, jelenlegi számlája megszűnik. A megszűnést követően a régi számla kereskedési célokra nem lesz elérhető, azonban az Ügyfélportálon keresztül továbbra is hozzáférhet a múltbeli kimutatások megtekintése és kinyomtatása céljából.

10. Változnak-e az IBKR jutalékai, kamatai és díjai a számlaátvitelt követően?

Az IBKR kereskedési termékekre vonatkozó jutalékai és díjai nem változnak attól függően, hogy Ön melyik brókercégnél vezeti számláját.

A készpénzegyenlegek kamatai és díjai viszont változnak. Az IBCE nem fizet kamatot a követel egyenlegek után, mivel a befektetési szolgáltatókra vonatkozó magyar törvények tiltják a kamatfizetést. Az IBCE kezelési díjat számít fel a negatív kamatozású pénznemekben tartott készpénzegyenlegek után.

11. Változnak-e kereskedési jogosultságaim a számlaátvitelt követően?

Nem. A számlaátvitelt követően az Ön kereskedési jogosultságai nem változnak az IBCE által támogatott termékek esetében. A fenti 2. pontban leírtaknak megfelelően az azonnali és határidős OTC fémek nem lesznek elérhetőek.

12. A számlaátvitel során a nyitott pozíciók (pl. visszavonásig érvényes (GTC)) is átvitelre kerülnek?

A nyitott pozíciók nem kerülnek átvitelre az új számlára. Javasoljuk ügyfeleinknek, hogy a számlaátvitelt követően azonnal vizsgálják felül megbízásaikat, hogy megbizonyosodjanak arról, hogy a nyitott pozíciók összhangban vannak-e a kereskedési céljaikkal.

13. A számlaátvitelt követően továbbra is az amerikai „Pattern Day Trading” (PDT) szabály hatálya alá fogok tartozni?

Nem. Önre a továbbiakban nem vonatkozik a PDT szabály.

14. Egyetlen, kombinált éves tevékenységkimutatást kapok majd, amely az IBUK és az IBCE számláimon végzett tevékenységet egyaránt tükrözi?

Nem. Külön napi, havi és éves tevékenységkimutatásokat kap az IBUK- és IBCE-számláiról, amelyek az egyes számlák tevékenységét tartalmazzák arra az időszakra vonatkozóan, amíg az adott számla aktív volt. A tevékenységkimutatások az Ügyfélportálon a Jelentések/Adódokumentumok menüpont alatt érhetők el. Az adott számlához tartozó kimutatások eléréséhez ki kell választania a megfelelő számlát.

15. A számlaátvitellel a pozícióim aktuális költségalapja is automatikusan átkerül?

Igen, a számlaátvitel nem változtat pozíciói költségalapján.

16. A számlaátvitelt követően a számlabeállítások változatlanok maradnak?

Az átvitelt követően a számlabeállítások a szabályozás által megengedett legnagyobb mértékben megegyeznek majd a jelenlegi számláéival. Ez többek között az alábbi tényezőket foglalja magában: fedezeti kereskedési jogosultság, piaci adatok, további felhasználók és értesítések. A korlátozás alá eső termékekkel rendelkező ügyfelek átvihetik az új számlára az ilyen pozíciókat (kivéve az OTC fém határidős ügyleteket és az azonnali fém ügyleteket), de nem bővíthetik azokat.

Az OTC fém határidős ügyleteket és azonnali fém ügyleteket le kell zárnia a jelenleg aktív IBUK-számláján.

17. Megváltoznak a bejelentkezési adataim?

Nem. Felhasználóneve, jelszava és a jelenlegi számláján alkalmazott kétlépcsős hitelesítési folyamat a számlaátvitelt követően is aktív marad. Az átvitelt követően azonban új számlájához új számlaazonosítót rendelünk.

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FAQs: IBCE Account Migration

Overview:

This is an important document regarding the proposed transfer of your account from IBLUX to IBCE that requires your attention. Please read the entirety of this document ahead of taking any action referred to in the Covering Letter sent to you via email.

Background:

This FAQs is 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 and why do things have to change?

Interactive Brokers Luxembourg SARL was granted authorisation by the Luxembourg Financial Sector Supervisory Commission (Commission de Surveillance du Secteur Financier, CSSF) to operate as an investment firm in November 2019. At that time, the CSSF imposed a limit of 10,000 accounts on IBLUX, which we accepted with the hope that this limit would be relaxed. As time has passed, we have recognised that our initial aspiration to grow a European business via IBLUX no longer makes sense since the bulk of Interactive Brokers’ European business has moved to other Interactive Brokers entities over the past four months in recognition of Brexit. Therefore, in the coming months, we will cease IBLUX’s regulated business, and as a result, we will need to make some changes in relation to which legal entity does business with you.

2. What are the “changes” envisaged above?

We propose to transfer the business that you currently conduct with IBLUX to our affiliate, Interactive Brokers Central Europe Zrt. (“IBCE”). In other words, it is our intention that all of your accounts, investments and services currently provided to you by IBLUX will instead be provided by IBCE (for convenience we will refer to this as the “Proposed Transfer”).

3. When will the Proposed Transfer occur?

The Proposed Transfer will occur soon after 30th June 2021. We will alert you just before processing the transfer of your account.

4. Who is IBCE? What sort of a firm is it?

IBCE, an investment service provider, is licensed and authorized by the Central Bank of Hungary. IBCE’s regulatory status and profile is very similar to IBLUX’s. This is because both IBCE and IBLUX are authorised pursuant to the second Markets in Financial Instruments Directive (Directive 2014/65/EU). This is an EU-wide piece of legislation the purpose of which is to, as much as possible, harmonise how investment firms are regulated across the EU.

This does not mean there are not some differences between the legislation that applies to your relationship with IBLUX at present and that which will apply once your account is transferred to IBCE. We explain this in more detail in Part B of this FAQs.

5. What are IBCE’s legal details?

Interactive Brokers Central Europe Zrt. is registered as a private company limited by shares (registration number 01-10-141029) and is listed in the Register of Companies maintained by the Metropolitan Court of Registration. Its registered address is Budapest, Madách Imre út 13-14, 1075, phone number is +36 80 088400, and email address is ibce@interactivebrokers.com.

6. Who will regulate IBCE and what are their contact details?

The Central Bank of Hungary will be the competent regulator for IBCE (in the same way that the Luxembourg Financial Sector Supervisory Commission (“CSSF”) is the competent regulator for IBLUX). The Central Bank of Hungary’s contact details are set out below:

Location

Central Bank of Hungary

1054 Budapest

Szabadság tér 9.

Hungary

Postal Address

Magyar Nemzeti Bank

BKKP Pf. 777

Client Service, client complaints

Address: 1013 Budapest, Krisztina krt. 39.

E-mail: ugyfelszolgalat@mnb.hu

Phone: +36 80 203 776

7. Where does IBCE fit with respect to the broader Interactive Brokers group?

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

8. 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 this FAQs carefully and in full and make sure that you understand what the changes are for you.

9. 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. However, you should be aware that if you decide to decline or do nothing, IBLUX will not be able to keep servicing your account after its license is relinquished. As part of the process, your account may be restricted, and your account may be forced closed. You have the ability to transfer the positions in your account to another broker within 30 days of receiving the communication inviting you to transfer your account. 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.

10.What happens next?

If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account for the Proposed Transfer. Following the Proposed Transfer, IBCE 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 IBCE 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 IBCE. A copy of the new Customer Agreement is available in the Important Information section of the Proposed Transfer process. Please see the response to Question A3 above in relation to the timing for the Proposed Transfer.

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

The Luxembourg conduct of business rules currently apply to your account with IBLUX. 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”).

Similar to the Luxembourg conduct of business rules, the Hungarian conduct of business rules are based on MiFID.

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

Luxembourg custody rules currently apply to your accounts with IBLUX. These rules are based heavily on MiFID.

Going forward, Hungarian custody rules will apply to your relationship with IBCE. Like the Luxembourg custody rules, the Hungarian conduct of business rules are based on MiFID.

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

After the Proposed Transfer, the Hungarian Investor Protection Fund according to Act CXX of 2001 on the Capital Market may protect your assets from loss, at an amount up to a maximum of EUR 100,000, should IBCE default and be unable to meet its obligations to you.

Hungary's compensation scheme is similar to the compensation scheme you have access to in Luxembourg. The purpose of the Fund is to pay compensation to you in the event that:

The Central Bank of Hungary initiates liquidation proceedings of IBCE, or
A court orders the liquidation of IBCE.

IBCE is a member of the Fund (please see https://bva.hu/en/ipf/ipf-members/).

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 Fund will pay you compensation for the amount you have lost up to a maximum of EUR 100,000.

The amount paid by the Fund is:

100% up to the limit of the EUR equivalent of one million forints (EUR 2,800 on 12^th May 2021),
Above one million forints: 1 million forints and 90% of the part above one million forints to a maximum of EUR 100,000.

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

The General Business Rules of IBCE sets out how to lodge a complaint with IBCE. The complaints handling procedures are materially similar to those that apply to your existing relationship with IBLUX. If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBLUX.

6. After the Proposed Transfer, will I still have access to the CSSF to file a complaint?

In case of a complaint, investors should follow the complaints procedure as referred to in the Customer Agreement. Once the Proposed Transfer has taken place, the CSSF will cease to have jurisdiction over any complaints that you may have in respect of IBLUX. However, please be aware that Hungary has a dispute resolution scheme operated by the Central Bank of Hungary in the form of the Financial Arbitration Board (“FAB”). The FAB is a free and independent statutory dispute resolution scheme for financial services. You may be eligible to make a complaint to the FAB if you are a retail customer. Details of FAB can be found on https://www.mnb.hu/en/hungarian-financial-arbitration-board

The FAB can be contacted at:

Postal Address

Financial Arbitration Board

1525 Budapest

Pf. 172

Email

ugyfelszolgalat@mnb.hu

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 IBLUX with any questions that you may have prior to the Proposed Transfer, and you should contact IBCE 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?

The differences in the offerings are as follows:

Metals CFDs are offered by IBCE but spot and OTC metals futures are not.
Trading securities and derivatives in all the same markets you can now but if you trade outside of the Allowed Deposit Currencies (see #7) and the transaction results in a long cash balance we will auto-convert to your base currency. If the transaction results in a short cash balance there will be no further action by IBCE as you can borrow in all available IBKR global currencies.

For further information please see “IBCE Multi-Currency Account Foreign Exchange Restrictions Disclosure”.

3. Will the range of services be the same?

These are the changes to the services you are currently offered:

GFIS investment research will not be available to clients of IBCE, but we plan to offer the service in the future. However, GFIS market data and news service offerings are unaffected.

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

Your open positions will be transferred to IBCE and you will face IBCE rather than IBLUX. You will no longer have any legal relationship with IBLUX in relation to those positions. Please follow the link to the PRIIPs KID landing page in the Covering Letter.

5. What happens to any security I have granted to IBLUX as part of a margin loan?

If you have granted security or collateral to IBLUX this will transfer to IBCE upon the Proposed Transfer taking place. You will be presented with two new contracts for your existing margin loan:

Investment Loan Framework contract
Securities Lending Framework contract

These will operate similarly to your existing margin loan account with the only difference being you will pay service fees to IBCE for entering into the stock borrow transaction on your behalf instead of paying interest. This may have tax consequences depending on your country of residence.

6. Will I have access to the same trading platform or be subject to any software changes following migrations?

The migration 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.

7. Will all account balances be transferred at the same time and what is the timing?

IBCE will support a limited number of deposit currencies. The following ten cash deposit currencies, the “Allowed Deposit Currencies” are:

EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK and PLN

Short currency balances are unaffected. You may borrow in any currency that the IBKR group offers.

8. Will all security, derivative, and commodity positions be transferred at the same time?

All positions will be transferred to your new account at the same time except for OTC metals futures and spot metals. You will be requested to trade out of those positions before conversion to an IBCE account.

9. What will happen to my current account following migration?

Your current account will close once all accruals have been posted to cash and transferred to the migrated account. Once closed, it will be inaccessible for trading purposes, however, it will remain accessible via an account selector from the Client Portal for purposes of viewing and printing historical statements.

10. Will IBKR’s commissions and fees change when my account is migrated?

IBKR commissions and fees do not vary by the broker your account is maintained with.

There are changes to the interest and fees on cash balances. IBCE will not pay interest on credit balances as Hungarian law that governs investment service companies prohibits the payment of interest. IBCE will charge a currency handling fee for cash balances in currencies that have negative interest rates.

11. Will my trading permissions change when my account is migrated?

No. Your trading permissions will not change when your account is migrated for products that IBCE supports.

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

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

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

No. Separate daily, monthly, and annual activity statements will be provided for each of your IBLUX and IBCE accounts covering activity during the period each was open. Activity statements will be posted to the Client Portal under the Reports/Tax Docs menu option and you will need to toggle between the two accounts to access their respective statements.

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

Yes, this migration will have no impact upon the cost basis of your positions.

15. Will the migrated account retain the same configuration as the current account?

The configuration of the account following migration 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. In limited instances, an account will be migrated to a jurisdiction where the full scope of product eligibility cannot be offered. Client’s holding restricted products may migrate and maintain or close such positions but won’t be allowed to increase the position.

16. 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 migration. You will, however, be assigned a new account ID for your migrated account.

Account Structures

FAQs: IBIE Account Migration

Overview:

This is an important document regarding the proposed transfer of your account from IBLUX to IBIE that requires your attention. Please read the entirety of this document ahead of taking any action referred to in the Covering Letter sent to you via email.

Background:

This FAQ is 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 and why do things have to change?

2. What are the “changes” envisaged above?

We propose to transfer the business that you currently conduct with IBLUX to our Irish affiliate, Interactive Brokers Ireland Limited (“IBIE”). In other words, it is our intention that all of your accounts, investments and services currently provided to you by IBLUX will instead be provided by IBIE (for convenience we will refer to this as the “Proposed Transfer”).

3. When will the Proposed Transfer occur?

The Proposed Transfer will occur soon after 30th June 2021. We will alert you just before processing the transfer of your account.

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

IBIE was granted authorisation by the Central Bank of Ireland to operate as an investment firm in December 2020. IBIE’s regulatory status and profile will be very similar to IBLUX’s. This is because both IBIE and IBLUX are authorised pursuant to the second Markets in Financial Instruments Directive (Directive 2014/65/EU). This is an EU-wide piece of legislation the purpose of which is to, as much as possible, harmonise how investment firms are regulated across the EU.

This does not mean there are not some differences between the legislation that applies to your relationship with IBLUX at present and that which will apply once your account is transferred to IBIE. We explain this in more detail in Part B of this FAQs.

5. 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. We are still finalising IBIE’s day-to-day contact details, and we will be in touch with these details in due course.

6. Who will regulate 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 Luxembourg Financial Sector Supervisory Commission (“CSSF”) is the competent regulator for IBLUX). 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

7. 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.

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

9. 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.

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.

10.What happens next?

If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account for the Proposed Transfer. Following the Proposed Transfer, 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 new Customer Agreement is available in the Important Information section of the Proposed Transfer process. Please see the response to Question A3 above in relation to the timing for the Proposed Transfer.

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 IBLUX?

Similar to the Luxembourg conduct of business rules, the Irish conduct of business rules are based on MiFID.

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 IBLUX?

Luxembourg custody rules currently apply to your accounts with IBLUX. These rules are based heavily on MiFID.

Going forward, Irish custody rules will apply to your relationship with IBIE. Like the Luxembourg custody rules, the Irish conduct of business rules are based on MiFID. Please consult the Client Assets Key Information Document attached 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 IBLUX?

Ireland’s compensation scheme is similar to the compensation scheme you have access to in Luxembourg. 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 IBLUX? What if my complaint relates to something that happened while I was a customer of IBLUX?

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 IBLUX. If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBLUX.

6. After the Proposed Transfer, will I still have access to the CSSF to file a complaint?

In case of a complaint, investors should follow the complaints procedure as referred to in the Customer Agreement. Once the Proposed Transfer has taken place, the CSSF will cease to have jurisdiction over any complaints that you may have in respect of IBLUX. 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

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 IBLUX 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 IBLUX 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?

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

Your open positions will be transferred to IBIE and you will face IBIE rather than IBLUX. You will no longer have any legal relationship with IBLUX in relation to those positions. Please follow the link to the PRIIPs KID landing page in the Covering Letter to consult the applicable Key Investor Information Document.

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

If you have granted security or collateral to IBLUX 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 migrations?

The migration 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 migrated account.

7. What will happen to my current account following migration?

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 migrated?

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 migrated?

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

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

11. 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 2020 through the date of migration and a second annual statement for your new account which will cover the period starting from the migration date through the end of the year.

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

Yes, this migration will have no impact upon the cost basis of your positions.

13. Will the migrated account retain the same configuration as the current account?

14. Will my login credentials change?

Account Structures

FAQS: IBCE Brexit Account Migration

Overview:

This is an important document regarding the proposed transfer of your account from IBUK and IBLLC to IBCE that requires your attention. Please read the entirety of this document ahead of taking any action referred to in the Covering Letter sent to you via email.

Background:

Please take time to read this FAQs, which summarises some of the key changes to the regulatory framework which will be brought about by the Proposed Transfer (as described below) and provides answers to some of the more general questions that you may have. The FAQs should be read in conjunction with the Covering Letter and the documents that are attached to the Covering Letter. If you require any further information, please get in touch with us using the contact details provided in the Covering Letter. This FAQs supersedes the one previously made available to you titled “FAQs: Brexit Account Migration” (“Original FAQs”) as it reflects new information, and we ask that you read it carefully. To the extent there is any inconsistency between this FAQs and the Original FAQs, please rely on the information contained in this FAQs.

Discussion:

This FAQs is split into three parts.

Part A sets outs 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 and why do things have to change?

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”). At present IBUK utilises what is known as a financial services passport to be able to perform its part of the service provision across continental Europe. Our working assumption is that following the end of the Brexit transitional period later this year, IBUK will lose its financial services passport and that from 1 January 2021 Interactive Brokers will need to make some changes in relation to which legal entity does business with you.

2. What are the “changes” envisaged above?

We have established a new Interactive Brokers legal entity in Hungary, namely, Interactive Brokers Central Europe Zrt. (“IBCE”). We propose to transfer the business that you currently conduct with IBUK and IBLLC to IBCE. In other words, 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 IBCE (for convenience we will refer to this as the “Proposed Transfer”).

3. When will the Proposed Transfer occur?

We will write to you again ahead of the Proposed Transfer.

4. Who is IBCE? What sort of a firm is it?

IBCE, an investment service provider, is licensed and authorized by the Central Bank of Hungary. IBCE’s regulatory status and profile is very similar to IBUK’s. This is because both IBCE and IBUK are authorised pursuant to the second Markets in Financial Instruments Directive (Directive 2014/65/EU). This is an EU-wide piece of legislation the purpose of which is to, as much as possible, harmonise how investment firms are regulated across the EU.

This does not mean there are not some differences between the legislation that applies to your relationship with IBUK and IBLLC at present and that which will apply once your account is transferred to IBCE. We explain this in more detail in Part B of this FAQs.

5. What are IBCE’s legal details?

6. Who will regulate IBCE and what are their contact details?

The Central Bank of Hungary will be the competent regulator for IBCE (in the same way that the Financial Conduct Authority is the competent regulator for IBUK). The Central Bank of Hungary’s contact details are set out below:

Location

Central Bank of Hungary

1054 Budapest

Szabadság tér 9.

Hungary

Postal Address

Magyar Nemzeti Bank

BKKP Pf. 777

Client Service, client complaints

Address: 1013 Budapest, Krisztina krt. 39.

E-mail: ugyfelszolgalat@mnb.hu

Phone: +36 80 203 776

7. Where does IBCE fit with respect to the broader Interactive Brokers Group?

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

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

The Proposed Transfer may have a material impact if you currently trade products that you will be restricted from trading following the transfer. 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.

9. 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 Proposed Transfer and 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. However, you should be aware that if you decide to decline, IBUK may not be able to keep servicing your account at the end of the Brexit transition period. If that happens, your account will be restricted from opening new transactions or transferring 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.

10. What happens next?

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

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

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, Hungarian conduct of business rules will exclusively apply to your relationship with IBCE. Similar to the UK Financial Conduct Authority’s rules, the Hungarian conduct of business rules are based on MiFID and IBCE’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.

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, Hungarian custody rules will exclusively apply to your relationship with IBCE. Like the UK Financial Conduct Authority’s rules, the Hungarian conduct of business rules are based on MiFID.

4. How am I protected against loss? Are there any material differences that will apply to my relationship with IBCE 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 £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 Hungarian Investor Protection Fund according to Act CXX of 2001 on the Capital Market may protect your assets from loss, at an amount up to a maximum of EUR 100,000, should IBCE default and be unable to meet its obligations to you.

Hungary's compensation scheme is similar to the compensation scheme you have access to in the UK, The purpose of the Fund is to pay compensation to you in the event that:

the Central Bank of Hungary initiates liquidation proceedings of IBCE , or
a court orders the liquidation of IBCE.

IBCE is a member of the Fund.

100% up to the limit of the EUR equivalent of one million forints (EUR 2,800 on 12th December 2020),
above one million forints: 1 million forints and 90% of the part above one million forints to a maximum of EUR 100,000.

5. How do I make a complaint to IBCE? Are there any material differences that will apply to my relationship with IBCE 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 General Business Rules of IBCE sets out how to lodge a complaint with IBCE. 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. IBUK will remain authorised as an investment firm post-Brexit. Its current contact information will stay the same 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. As explained in the Original FAQs, once the Proposed Transfer has taken place, 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 Hungary has a dispute resolution scheme operated by the Central Bank of Hungary in the form of the Financial Arbitration Board (“FAB”). The FAB is a free and independent statutory dispute resolution scheme for financial services. You may be eligible to make a complaint to the FAB if you are a retail customer. Details of FAB can be found on https://www.mnb.hu/en/hungarian-financial-arbitration-board

The FAB can be contacted at:

Postal Address

Financial Arbitration Board

1525 Budapest

Pf. 172

Email

ugyfelszolgalat@mnb.hu

Please see the Original FAQs for further information. In summary 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 IBCE 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?

IBCE and IBUK offer the same range of products for all categories except metals and forex. The differences in the offerings are as follows:

Metals CFDs are offered by IBCE but spot and OTC metals futures are not.
Trading securities and derivatives in all the same markets you can now but if you trade outside of the Allowed Deposit Currencies (see #7) and the transaction results in a long cash balance we will auto-convert to your base currency. If the transaction results in a short cash balance there will be no further action by IBCE as you can borrow in all available IBKR global currencies.
Foreign exchange spot trades at IBCE must be connected to an investment service transaction and its resulting cash flows. To comply with this regulation, you will no longer be able to trade currencies on a speculative basis.

For further information please see “IBCE Multi-Currency Account Foreign Exchange Restrictions Disclosure”.

3. Will the range of services be the same?

There are two changes to the services you are currently offered:

IBCE 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.
GFIS investment research will not be available to clients of IBCE; however GFIS market data and news service offerings are unaffected.

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

Your open positions will be transferred to IBCE and you will face IBCE 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).

5. 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 IBCE - upon the Proposed Transfer taking place. You will be presented with two new contracts for your existing margin loan:

Investment Loan contract
Securities Lending Framework contract

6. Will I have access to the same trading platform or be subject to any software changes following migrations?

The migration 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.

7. Will all account balances be transferred at the same time and what is the timing?

IBCE will support a limited number of deposit currencies. The following ten cash deposit currencies, the “Allowed Deposit Currencies” are:

EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK and PLN

In accordance with the client asset protection rules in Hungary, client funds must be protected in the same form that they were received by the broker. This contrasts with your previous broker, IBUK and/or IBL, whose regulatory client asset rules allowed them to protect your funds in equivalent value in another currency.

Short currency balances are unaffected. You may borrow in any currency that the IBKR group offers.

All cash balances, with the exception of accruals (e.g., interest, dividends) will be transferred at the same time. Once accruals have been settled and posted to cash, they will automatically be swept to IBCE. Once all accruals have been swept, your current account at IBUK or IBLLC 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 historical statements.

8. Will all security, derivative and commodity positions be transferred at the same time?

9. What will happen to my current account following migration?

10. Will IBKR’s commissions, interest and fees change when my account is migrated?

IBKR commissions and fees on trading products do not vary by the broker your account is maintained with.

11. Will my trading permissions change when my account is migrated?

No. Your trading permissions will not change when your account is migrated for products that IBCE supports. As discussed in (2) above, spot metals and OTC metal futures will not be available.

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

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

13. Will I be subject to the U.S. Pattern Day Trading ("PDT") Rule once my account is migrated?

No. You will no longer be subject to the PDT rule.

14. Will I receive a single, combined annual activity statement reflecting the activity in both my IBUK and IBCE accounts?

No. Separate daily, monthly and annual activity statements will be provided for each of your IBUK and IBCE accounts covering activity during the period each was open. Activity statements will be posted to the Client Portal under the Reports/Tax Docs menu option and you will need to toggle between the two accounts to access their respective statements.

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

Yes, this migration will have no impact upon the cost basis of your positions.

16. Will the migrated account retain the same configuration as the current account?

The configuration of the account following migration 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. Client’s holding restricted products (with the exception of OTC metals futures and spot metals), may migrate such positions but won’t be allowed to increase the position.

OTC metals futures and spot metals must be closed in your current IBUK account.

17. Will my login credential change?

Interactive Brokers Luxembourg SARL – MiFID Categorisation

Introduction

The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers Luxembourg SARL (IBLUX) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty".

In accordance with MiFID II rules, IBLUX categorises most clients as Retail clients, providing them with a higher degree of protection.

Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.

The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:

1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a retail client must: (i) inform retail clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide retail clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of professional clients. However, IBLUX will not make such differentiation apart from the case specified under point 3 below.

2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which may vary according to the volatility of the underlying asset; (ii) A margin close out rule on an account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis; (iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts. The above requirements do not apply in respect of professional clients.

3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.

4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.

5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.

IBLUX provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBLUX may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product.

6. The Ombudsman: The services of the Ombudsman may not be available to professional clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.

7. Compensation: IBLUX is a member of the Luxembourg investor compensation scheme (Système d’indemnisation des investisseurs, SIIL). The SIIL provides cover for claims resulting from IBLUX inability to meet its obligations to clients in accordance with applicable legal and contractual conditions. The SIIL covers, under the legal conditions place investments up to an amount of 20,000 EURO or equivalent regardless of the number of accounts held by a client.

Re-categorisation as Professional Client

IBLUX allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.

IBLUX will consider re-categorising Retail Clients to Professional Clients in two instances:

1. Per Se Professional Clients can notify IBLUX that they consider that they should have been categorised as Per Se Professionals under the MiFID II rules, because at least one of the following conditions applies:

(i) authorised or regulated to operate in the financial markets; or

(ii) a large undertaking meeting two of the following size requirements on a company basis:

(a) balance sheet total of EUR 20,000,000;
(b) net turnover of EUR 40,000,000;
(c) own funds of EUR 2,000,000;

(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.

2. IBLUX may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBLUX is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.

To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:

1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.

To determine the significant size IBLUX considers the following:

a. During the last four quarters, there were at least forty (40) trades; and
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
d. The account has a net asset value greater than EUR 50,000.

Trades in Spot FX are not considered for the purpose of this calculation.

2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);

3. The Client is an individual accountholder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.

Upon review and verification of the information and supporting evidence provided, IBLUX will re-categorise clients if all relevant conditions are met to satisfaction.

Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBLUX before the relevant request is submitted.

Re-categorisation as Retail Client

Professional Clients can request IBLUX to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).

With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBLUX accepts all such requests.

THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED CLEARED CUSTOMERS ONLY.

NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBLUX’S APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.

Account Structures

IBKR Australia Account Types and Products Offerings

Interactive Brokers Australia Pty Ltd (“IBKR Australia”), which holds an Australian Financial Services License (“AFSL” No. 453554), has been established. IBKR Australia is headquartered in Sydney and has been set up to provide services to our Australian clients. IBKR Australia clients, products and services have some unique characteristics when compared to the Interactive Brokers (“IBKR”) global account and product suite. The purpose of this document is to outline these characteristics of the IBKR Australia offering.

Account Types

IBKR Australia offers both cash accounts and margin accounts to all types of clients, including Individual / Joint account holders as well as trust account holders and corporate clients.

For Self-Managed Superannuation Fund (“SMSF”) account holders, IBKR Australia only offers cash accounts.

Natural Person v Non-Natural Person

Under IBKR Australia clients will be categorised as either natural persons or non-natural persons.

A natural person client would include individuals / joint account holders, as well as trusts with at least one natural person trustee. A non-natural person client would include corporate entities as well as trusts with only non-natural person trustees.

Australian Regulatory Status

Under IBKR Australia clients will be classified as either a retail, wholesale or professional investor. All new clients of IBKR Australia default to being classified as a retail investor unless they produce the required documentary evidence to enable IBKR Australia to treat them as a wholesale or professional investor.

Refer to this link for information regarding Australian regulatory status under IBKR Australia.

Please click [Here] to download the wholesale investor booklet, and click [Here] to download the professional investor booklet.

Cash Accounts

IBKR Australia offer three different types of cash accounts:

Investment account
Trading account
SMSF account (only available to Self-Managed Superannuation Fund)

Investment Account: Similar to the IBLLC Cash account model, the IBKR Australia Investment account does not allow you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

This account is available for all clients except SMSF clients.

Trading Account: While this is also a cash account that does not permit you to have a debit balance, you will be permitted to short stock and trade any of the available option strategies in the Trading Account, provided that you have the requisite trading experience and expertise, which is outlined [Here]. Further, Trading Accounts enable you to trade with unsettled funds.

If you currently have an Investment Account, you can submit a change of account type to change to a Trading Account by logging into the Client Portal and clicking the User menu (head and shoulders icon in the top right corner) followed by Manage Account. Under Configuration, click the Configure tool next to Account Type. This may take 2-3 business days to review.

This account is available for all clients except SMSF clients.

SMSF: This is only available to SMSF clients. This is a cash account that does not permit you to short securities or to borrow funds, i.e. your account cannot have a debit balance. Moreover, only a limited number of options strategies will be available. This account is not eligible for reduced intraday Futures margin.

The options strategies that are available in the Investment Account and the SMSF account are as follows:

Long Call or Put
Covered Calls
Short Put
Call Spread; exdate(long) >= exdate(short)
Put Spread; exdate(long) >= exdate(short)
Long / Short Butterfly
Iron Condor

Margin Accounts

IBKR Australia offers margin accounts that will provide all clients excluding SMSF clients with the ability to create portfolios to the maximum degree of risk taking/leverage allowed by IBKR Australia. Please note that margin accounts offered by IBKR Australia may be different from client to client depending on various factors. Please refer to this link for more information regarding margin accounts offered by IBKR Australia.

CFD Product Offering

As a client of IBKR Australia, provided that you have the requisite trading experience and expertise, which is outlined [Here], you will be able to trade all of exchange traded products available (including local and global stocks, options, futures, bonds, ETFs etc.) through IBKR’s award winning trading platform and software.

In addition, IBKR Australia issue Contracts for Difference (“CFDs”) over global shares, indices, metals and FX. These are only available to IBKR Australia clients. For further information on IBKR Australia's products and services, please see our website.

Refer to this link for information on IBAU’s share CFDs.

Refer to this link for information on IBAU’s index CFDs.

Refer to this link for information on IBAU's metal CFDs.

Refer to this link for information on IBAU’s FX CFDs.

Please note that the Australian Securities and Investment Commission (ASIC) enacted new rules applicable to retail clients trading CFDs, effective 29 March 2021. Wholesale or Professional Investor clients are unaffected. Refer to this link for more information.

FX Offering

IBKR Australia can only support currencies in AUD, USD, HKD, EUR and GBP and you can convert between these currencies. If you have cash balances in currencies other than IBA supported currencies (AUD, USD, HKD, EUR or GBP) these will to be converted into your nominated base currency.

IBAU clients, when permissioned, can trade in any market available across the IBKR network, even those outside the 5 supported currencies above. However, upon your instruction for any market outside the 5 supported currencies, IBKR Australia will automatically execute Forex conversions to ensure non-supported cash balances be cleared.

For example, if an IBKR Australia client using a Cash account wishes to buy JPY denominated securities, as long as the client has sufficient available funds (for a cash account) or sufficient equity (for a margin account), the trade is permitted. To settle the trade, IBKR Australia will convert the existing cash balances into JPY. Similarly at a later date, if the same client wishes to sell their JPY denominated securities, IBKR Australia would automatically convert the JPY proceeds to the base currency by day end, once again leaving no residual JPY cash balances.

If an IBKR Australia client using a margin account has any positive or negative cash balances (if permitted) outside of the 5 supported currencies, it will be automatically converted to base currency by day end.

ASX24

In order to ensure continued compliance with our regulatory obligations, IBKR Australia will NOT accept any other form of collateral except cash for the purposes of determining whether you can trade or hold ASX24 products. If the margin requirements of ASX24 products cannot be met using cash, your account will be subject to automated liquidation.

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Account Structures

A. RÉSZ – A JAVASOLT SZÁMLAÁTVITEL

B. RÉSZ – JOGI ÉS SZABÁLYOZÁSI VÁLTOZÁSOK, AMELYEKKEL TISZTÁBAN KELL LENNIE

C. RÉSZ – EGYÉB GYAKORLATI KÉRDÉSEK ÉS KÖVETKEZŐ LÉPÉSEK

PART A – THE PROPOSED TRANSFER

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

PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS

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