FAQs: Account Migration from IB LLC to IBSJ
Overview:
This is an important document regarding the proposed transfer of your account from Interactive Brokers LLC (“IB LLC”) to Interactive Brokers Securities Japan, Inc. (“IBSJ”) that requires your attention. Please read the entirety of this document before deciding whether to accept or decline the Invitation sent to you via email.
Background:
This FAQ document summarizes 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 general questions that you may have. The FAQs should be read in conjunction with the Invitation. If you require any further information, please contact us via the details provided in the Invitation.
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 related to 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 are things changing?
Interactive Brokers Securities Japan, Inc. (“IBSJ”) was granted authorization by the Kanto Local Finance Bureau to operate as a Japanese securities firm in October 2005. At that time, we attempted to leverage the strength of Interactive Brokers Group (and its ability to provide clients access to global markets) by offering an account structure that would allow clients to access markets worldwide as well as the Japanese market, all through a single domestic account. In the course of establishing this structure, we realized our goal to provide access to overseas markets from a single domestic account would entail a degree of complexity due to differences in settlement in non-JPY currencies and Japanese domestic regulations. Therefore, we implemented an account structure to offer overseas (non-Japanese domesticated) products through IBSJ’s affiliated broker-dealer based in the U.S., Interactive Brokers LLC (“IB LLC”), intermediated by IBSJ, while offering Japanese domestic products through an IBSJ account.
IBSJ is now modifying this approach and will begin providing access to Japanese and Global markets directly, through a single IBSJ account. As a result, IB LLC will no longer support intermediated client accounts by IBSJ.
2. What “changes” will Japanese clients experience?
We propose to transfer the business that you currently conduct with IB LLC to IBSJ. In other words, it is our intention that the accounts, investments and services currently provided to you by IB LLC will instead be provided by IBSJ (for convenience we will refer to this as the “Proposed Transfer”).
3. When will the Proposed Transfer occur?
The Proposed Transfer is scheduled to commence soon after February 1, 2023. We will alert you just before processing the transfer of your account.
4. Who is IBSJ? What type of firm is it?
IBSJ is a Japanese online securities broker which is regulated by Kanto Local Finance Bureau under the Registration No.187 for its financial business and regulated by Ministry of Economy, Trade and Industry (METI) / Ministry of Agriculture, Forestry and Fisheries (MAFF) for its commodity derivative business.
5. What are IBSJ’s legal details?
IBSJ is registered as a private company limited by shares and is listed in the Register of Companies maintained by Tokyo legal affairs bureau. Its registered address is Kasumigaseki Building 25F, 2-5 Kasumigaseki 3-Chose, Chiyoda-ku, Tokyo, 100-6025 Japan.
IBSJ’s website is available at: https://www.interactivebrokers.co.jp/en/home.php
6. Who will regulate IBSJ and where are their details?
As set out above, Kanto Local Finance Bureau (KLFB) is the competent financial business regulator for IBSJ while Ministry of Economy, Trade and Industry (METI) / Ministry of Agriculture, Forestry and Fisheries (MAFF) are the regulators for IBSJ’s commodity derivative business. IBSJ is also a member of Japan Securities Dealers Association (JSDA) and the Commodity Futures Association of Japan (CFAJ).
The details for the regulator and the self-regulatory organizations above are set out in the links below:
Kanto Local Finance Bureau (KLFB)
https://lfb.mof.go.jp/kantou/
https://lfb.mof.go.jp/kantou/
Ministry of Economy, Trade and Industry (METI)
Ministry of Agriculture, Forestry and Fisheries (MAFF)
Japan Securities Dealers Association (JSDA)
The Commodity Futures Association of Japan (CFAJ)
7. Where does IBSJ fit in the broader Interactive Brokers group?
IBSJ 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?
It is very important that you read this FAQs carefully and make sure that you understand what the changes are for you. Initially, upon transferring your account, IBSJ will have a limited product offering. However, IBSJ plans to extend its offering (as further explained in Part C) and will notify you of new products you can trade.
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 signed consent and action.
Specifically, we require 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 Invitation, the Important Information and Consent sections of the Proposed Transfer process. You can do this by following the instructions in the Invitation.
To be clear, you do not have to agree to the Proposed Transfer. However, please be aware that if you decide to decline or do nothing, IB LLC will not be able to keep servicing your account after the proposed account transfer period. 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 either IBSJ or another broker by April 28, 2023. If you wish to decline, please follow the instructions in the Invitation.
In either case, we ask that you read the entirety of this FAQ and the Invitation 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 Invitation and we will prepare your account for the Proposed Transfer. If you already have an IBSJ account, your assets held in the IB LLC account will be consolidated into the IBSJ account following the Proposed Transfer. Following the Proposed Transfer, IBSJ will write to you with further information about the consolidated structure.
PART B – LEGAL AND REGULATORY CHANGES THAT YOU SHOULD BE AWARE OF
1. What terms and conditions will govern my relationship with IBSJ 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 IBSJ. 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 IBSJ?
The U.S. conduct of business rules apply to IB LLC accounts. These rules are based on the regulations and rules set by the U.S. Securities and Exchange Commissions (“SEC”).
The IBSJ account will be subject to Japan conduct of business rules, which include regulations and rules set by Financial Service Agency (“FSA”), Japan Securities Dealers Association (“JSDA”) and the Commodity Futures Association of Japan (“CFAJ”).
3. How will investments that I custody with IBSJ be held from a legal/regulatory perspective? Are there any material differences that will apply to my agreement with IBSJ compared to those that apply to my existing agreement with IB LLC?
U.S. law and regulations regarding custody of securities and customer funds apply to your accounts with IB LLC. These include rules set by the U.S. Securities & Exchange Commission (“SEC”) and the Financial Industry Regulatory Authority (“FINRA”). The US custody rules require that any cash and fully-paid securities held by IB LLC on your behalf must be held segregated from the assets of IB LLC.
Going forward, Japan custody rules will apply to your agreement with IBSJ. Similar to the U.S. custody rules, the Japan conduct of business rules are based on the regulations on segregation of customers assets set by Financial Instruments and Exchange Act (further explain below in Question B4).
4. How am I protected against loss? Are there any material differences that will apply to my relationship with IBSJ compared to those that apply to my existing relationship with IB LLC?
IBSJ’s compensation scheme is different from the compensation scheme you have access to at IB LLC.
Currently, your eligible assets are protected from loss under the U.S. Securities Investor Protection Corporation at an amount of up to USD 500,000 (subject to a cash sublimit of USD 250,000).
After the Proposed Transfer, in the unlikely event of IBSJ’s failure, a certain amount of money is protected by the Japan Investor Protection Fund. The investor protection mechanism is as follows:
(1) Segregated custody by securities firms
When investors trade financial instruments (stocks or other securities), they entrust their assets such as money and financial instruments to a securities firm. If the securities firm keeps the assets entrusted by the customer separate from the securities firm's own assets, the customer's assets will be returned to the customer even if the securities firm fails.
This practice of keeping assets entrusted by customers separate from the securities firm's own assets is called segregated custody. This concept is central to investor protection, and segregated custody is required of all securities companies under the Financial Instruments and Exchange Law.
(2) Japan Investor Protection Fund
Under this segregated custody system, even if a securities firm files for bankruptcy protection, the assets entrusted by customers will be returned to them in full. However, for instances where the securities firm is unable to smoothly return the full amount for any reason, a compensation system is in place through the Japan Investor Protection Fund, which provides compensation up to 10 million yen per customer.
However, as explained in section (1) above, the Japan Investor Protection Fund regulation serves to prevent such a situation from occurring because the assets entrusted by customers will be returned to them if they are kept in the segregated custody of securities companies.
Please note that the Japan Investor Protection Fund (similar to the US rules) does not compensate for losses incurred by clients due to a drop in the market value of securities.
5. How do I make a complaint to IBSJ? Are there any material differences that will apply to my agreement with IBSJ compared to those that apply with IB LLC? What if my complaint relates to something that dates to when I was a customer of IB LLC?
The new Customer Agreement sets out how to file a complaint with IBSJ. The complaints handling procedures are materially similar to those that apply to your existing agreement with IB LLC. If the substance of your complaint relates to something that occurred prior to the Proposed Transfer, then you should address your complaint to IB LLC.
6. After the Proposed Transfer, will I still have access to the US regulators to file a complaint?
In case of a complaint, clients should follow the complaints procedure as referred to in the Customer Agreement. Once your account is transferred to IBSJ, the US regulators will cease to have jurisdiction over any complaints you may have in respect to IB LLC. However, please be aware that Japan has a dispute resolution process in the form of the Financial Instruments Mediation Assistance Center (FINMAC), a non-profit organization, to resolve complaints and disputes between customers and IBSJ regarding covered issues. Please refer to the following link for the details of FINMAC.. https://www.finmac.or.jp/english/
7. How will my personal data be processed and protected? Are there any material differences that will apply to my agreement with IBSJ compared to those that apply to my existing agreement with IB LLC in this context?
Your data will be processed and protected in accordance with the IBSJ Privacy Policy. which can be found at: https://ndcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4102&lang=ja. There will be no material change to how your data is protected now.
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 general questions?
Generally speaking, you should contact IB LLC with any questions that you may have prior to the Proposed Transfer, and you should contact IBSJ with any questions that you may have after the Proposed Transfer takes place. Regardless of who you contact at Interactive Brokers, we will ensure your query is promptly dealt with and we will make best efforts to expediate any issues related to the account migration.
2. Will the range of products offered be the same?
The range of products offered by IBSJ will not be the same as what is currently offered at IB LLC. Initially, IBSJ will offer:
· Fully-paid trading in overseas (non-Japanese domesticated) stocks, ETFs and exchange listed bonds that can be offered in Japan; and
· The Japanese domestic listed stocks and derivatives, Japanese stock CFDs, and some Japanese yen-denominated overseas derivatives that IBSJ has historically offered.
All unsupported holdings in your IB LLC account need to be closed out before your account can transfer to IBSJ. If you hold any product other than those stated above, please take the time to close out such positions before the Proposed Transfer to allow for a smooth transfer of your account and to avoid any account restrictions.
IBSJ plans to expand the types of other overseas products that it offers in the coming months. We will update these FAQs with additional details as we do.
3. What currencies are supported at IBSJ?
Initially, IBSJ will only support Japanese yen (JPY). If you hold long or short positions in any currency other than JPY in your IB LLC account, you may convert those balances to JPY before the Proposed Transfer or IBSJ will automatically convert the balances to JPY once your account transfers.
At a later stage, IBSJ may support additional currencies, and you will be notified with additional details at that time.
4. What happens if I already have an account at IBSJ?
If you have an existing account with IBSJ, the assets in your IB LLC account will be transferred to your IBSJ upon the Proposed Transfer taking place. If you do not have an IBSJ account, we will create a new one for you.
5. Will I have access to the same trading platform or be subject to any software changes following the transfer of my account?
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 transferred account.
7. What will happen to my current account following the transfer of my account to IBSJ?
Once all accruals have been swept, your current IB LLC 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 IBSJ’s commissions and fees change when my account is transferred?
No. IBSJ commissions and fees do not vary from the ones charged by IB LLC for your current account. However, since IBSJ is a Japanese securities broker, Japanese consumption tax will be added to all fees.
9. Will my trading permissions change when my account is transferred?
Your trading permissions will not change when your account is transferred for products that are supported by IBSJ. Unsupported trading permissions by IBSJ will not migrate to the IBSJ account.
10. 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. You must resubmit any orders when your account is migrated.
11. Will I receive a single, combined annual activity statement at year end?
You will receive an annual statement for your existing IB LLC account which will cover the period starting 1 January 2023 through the date of transfer and a second annual statement for your new account at IBSJ which will cover the period starting from the migration date through the end of the year ending December 2023.
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?
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 market data, additional users, and alerts.
14. 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. If you have an existing IBSJ account, your account number will not change. If you do not have an IBSJ account and we create a new one for you, you will receive a a new account ID.
È possibile avere un conto cointestato con più di due persone fisiche?
IB offre tre tipi di conti cointestati: “Comunione con diritto di reversibilità”, “Comunione pro indiviso” e infine “Comunione dei beni”. Ciascuno di questi tipi di conto cointestato è disponibile solamente per due titolari di conto.
I richiedenti interessati ad aprire un conto con più titolari (ovvero più di due) potranno prendere in considerazione l’ipotesi di forme quali la società, la partnership, la LLC (limited liability company) o anche altre strutture legali diverse dalla società costituite disponibili presso IB. Ti ricordiamo che in genere la documentazione per dimostrare la costituzione di una società viene richiesta nel momento in cui si compila la richiesta di apertura di un conto.
Le persone fisiche che non risiedono negli Stati Uniti sono soggette a ritenute alla fonte?
Overview:
Le informazioni relative agli obblighi fiscali vengono segnalate nel rispetto delle disposizioni dell’amministrazione finanziaria del tuo paese di residenza. Verrà inoltre tenuto conto della normativa di altri paesi, qualora i prodotti di trading siano soggetti a ritenute fiscali previste dai criteri fissati dai singoli paesi. In assenza di indicazioni specifiche emanate dall’amministrazione finanziaria, IBKR non effettua alcuna ritenuta fiscale sui proventi della vendita di titoli. Nel rispetto di quanto imposto dalla legislazione fiscale degli Stati Uniti d’America, per esempio, siamo tenuti a trattenere le tasse statunitensi sui dividendi versati dalle società statunitensi a soggetti stranieri ad un tasso del 30%. Nel caso in cui esista un trattato fiscale tra gli Stati Uniti e il tuo paese, il tasso potrebbe essere più basso. Inoltre, il reddito proveniente da interessi sugli investimenti non è soggetto ad alcuna ritenuta statunitense. Tutte le ritenute fiscali riguardanti soggetti che non sono cittadini americani e per la maggior parte delle entità verrà segnalato nel Modulo 1042-S al termine di ogni anno. Per maggiori informazioni, ti invitiamo a fare riferimento al documento noto come Publication 901 dell’IRS (Agenzia delle Entrate negli USA) oppure a contattare il tuo consulente fiscale di fiducia.
Informazioni sui conti vincolati per titoli sanzionati
Overview:
Nel caso in cui tu possieda titoli soggetti alle sanzioni complessive imposte dall’Ufficio di controllo dei beni stranieri (OFAC) - agenzia governativa del Dipartimento del Tesoro degli Stati Uniti – verrà aperto un conto vincolato intestato a te.
Perché possiedo un conto vincolato?
Abbiamo creato un “conto vincolato” per te in modo che tu possa mantenere le posizioni sui titoli sanzionati; in questo modo tali asset sono separati dagli altri investimenti che possiedi nel rispetto delle norme fissate dalle sanzioni.
Che cos’è un conto vincolato?
Questo conto vincolato verrà usato solamente per titoli sanzionati che non possono essere negoziati o trasferiti.
Posso annullare il mio conto vincolato?
No. Non ti sarà possibile annullare il tuo conto vincolato fino a quando possiederai dei titoli sanzionati.
Come posso fare per accedere al mio conto vincolato?
I conti vincolati sono visibili nel Portale Clienti in maniera del tutto identica a quella degli altri conti posseduti dai clienti. La modalità di accesso al nuovo conto vincolato sarà del tipo “sola lettura” e ti sarà possibile ottenere gli estratti conto e i report.
Posso guadagnare interessi/dividendi sugli asset presenti nel conto vincolato?
No. IBKR non riceve alcun interesse o dividendo dall’emittente. IBKR deve rispettare la norma che vieta l'elaborazione di qualsiasi pagamento di dividendi relativi ai titoli sanzionati.
In che maniera gli asset nel conto vincolato possono avere un impatto sul VPN (Valore patrimoniale netto) del mio conto?
Il tuo conto vincolato è collegato ai tuoi conti regolari ma, dato che i titoli presenti in quel conto sono soggetti a sanzioni, il capitale del conto vincolato non viene considerato come parte del valore patrimoniale degli altri conti.
In che modo gli asset nel conto vincolato possono avere un impatto sui miei limiti di margine?
Tutti i titoli sanzioni non sono marginabili e non possono essere usati come garanzia per supportare altre posizioni.
Come posso fare per generare estratti conto relativi al conto vincolato?
Potrai generare gli estratti conto attraverso il Portale Clienti in maniera del tutto identica a come si fa per i conti regolari.
Posso generare degli estratti conti separati o combinati per i miei conti?
Sì. Gli estratti conto potranno essere generati nello stesso modo in cui di solito si procede per i conti multipli tradizionali.
Posso scaricare dalle tasse gli asset presenti nel conto vincolato?
L’impatto di tipo fiscale degli asset presenti nel tuo conto vincolato potrebbe variare in base al Paese nel quale ti trovi. Interactive Brokers consiglia ai propri clienti di consultare un esperto in materia fiscale per comprendere bene la legislazione specifica e l’impatto fiscale dei titoli sanzionati.
Il mio conto vincolato sarà soggetto alle stesse protezioni previste per il mio conto di brokeraggio presso IBKR?
Sì. I tuoi asset resteranno nel conto vincolato ma avranno comunque le stesse protezioni che si applicano al tuo conto di brokeraggio presso IBKR.
About Escrow Accounts for Sanctioned Securities
Overview:
An escrow account was opened in your name if you own securities that are subject to comprehensive sanctions imposed by the US Treasury Department's Office of Foreign Asset Control ("OFAC").
Why do I have an escrow account?
We created an “escrow account” for you to hold positions in sanctioned securities so they are segregated from your other holdings in accordance with sanctions regulations.
What is an escrow account?
This escrow account will be used only to hold your sanctioned securities, which cannot be traded or transferred.
Can I cancel my escrow account?
No, you are not able to cancel your escrow account so long as you hold sanctioned securities.
How do I access my escrow account?
Escrow accounts will be visible in Client Portal in the same way as all other accounts owned by the clients. You will have read only access to the new escrow account and obtain statements & reports.
Do I earn any interest / dividends on the assets held in escrow?
No, IBKR is not allocated the interest or dividend from the custodian and is prohibited from processing dividend payments on sanctioned securities.
How do assets held in escrow affect my account’s NAV?
Your escrow account is linked to your regular account(s) but its equity is not considered part of the value of your non-escrow account(s), as these securities are subject to sanctions.
How do assets held in escrow affect my margin limits?
All sanctioned securities are non-marginable and cannot be used as collateral to support other positions.
How do I generate statements for the escrow account?
You can generate statements through Client Portal just as you would for your regular account.
Can I generate separate and combined statements for my accounts?
Yes, statements should be generated in the same way you would if you held multiple non-escrow accounts.
Can I write off assets held in escrow from my taxes?
The tax impact of your escrowed assets may vary by your location. Interactive Brokers recommends you consult with a local tax professional to understand the specific tax impacts of these sanctioned securities.
Is my escrow account subject to the same protections as my IBKR brokerage account?
Yes, your assets will remain in the escrow account but have the same protections as your IBKR brokerage account.
Information Regarding IBUK JISA (Junior Individual Savings Account)
1. What is a Junior ISA and what benefits does it offer your child?
Junior ISAs (Individual Savings Accounts), or JISAs, were introduced as a replacement for Child Trust Funds (CTFs). A Junior ISA is a tax-free savings or investment account to save or invest in for your child. There are two types of Junior ISA: a Junior cash ISA that pays interest, and a Junior stocks and shares ISA that lets you invest in “qualifying instruments” such as stocks and shares, funds, etc. The interest on cash accumulates on a tax-free basis, as does income and capital gains made on investments.
A Junior stocks and shares ISA is not an investment in its own right. The best way to think of a Junior stocks and shares ISA is as a ‘wrapper’ with which you can shelter your child’s savings and investments from both Income Tax and Capital Gains Tax. The IBUK Junior Stocks and Shares ISA lets you choose from a range of investments to invest in for your child (see below section 12 ‘What can I invest in for my child?’). You can select and manage your child’s IBUK Junior Stocks and Shares ISA yourself or arrange for your financial advisor to do so on your behalf (see below section 9 ‘Can I appoint a financial advisor to manage, on a discretionary basis, my child’s IBUK Junior Stocks and Shares ISA?’).
2. What ISA types are offered at IBUK?
Interactive Brokers (U.K.) Limited (IBUK) only offers stocks and shares ISAs (including, Junior Stocks and Shares ISA). IBUK does not offer cash ISAs (including, Junior cash ISA).
3. Who is eligible for a Junior ISA?
Your child is eligible for a Junior ISA if they’re under the age of 18, and resident in the UK. You can also open a Junior ISA for your child if you are a crown employee serving overseas.
A child cannot hold both a CTF (Child Trust Fund) account and a Junior ISA. This is relevant to anyone under 18 who was born between 1 September 2002, when CTFs were introduced, and 3 January 2011 when they came to an end. If your child holds a CTF account, you cannot open an IBUK Junior ISA since IBUK does not support CTF transfers, other Junior ISA providers may accommodate your Junior ISA request.
4. How many Junior ISAs can a child have?
A child can have no more than one Junior cash ISA and one Junior stocks and shares ISA at any one time (don’t have to be with the same provider). A child cannot hold both a CTF (Child Trust Fund) account and a Junior ISA.
5. Who can open a Junior ISA and who is the registered contact?
You can open a Junior ISA for a child if you’re their parent or legal guardian. The parent or legal guardian opening the account will be the ‘registered contact’, but the money will not be accessible to them and will always belong to the child. The child normally won’t be able to access the money until their 18th birthday, at which point their Junior ISA is converted into an ‘adult’ ISA.
As the registered contact for a Junior ISA, you are the only person authorised to make decisions about the management of the account. You’ll also need to keep IBUK informed if the child’s personal details change, e.g., if they change their name, address, contact number, etc.
6. How do I change the registered contact for an IBUK Junior Stocks and Shares ISA?
You should use the Interactive Brokers change of registered contact form (via Client Portal) to change the registered contact for an IBUK Junior Stocks and Shares ISA. The existing registered contact must sign this application to authorise this change unless where certain exemptions apply.
NB. IBUK will not allow a child to be the Registered Contact upon their 16th birthday, other ISA providers may allow this (i.e., once the child reaches the age of 16, the child can apply to become the Registered Contact).
For more information on how to change a registered contact please contact our dedicated ISA Support team who are available 8am to 6pm GMT Monday to Friday, excluding public holidays (see below section 30 ‘What if I have additional questions?’)
7. Who owns the Junior ISA and what happens when the child turns 18?
All payments made into a Junior ISA belong to the child (i.e., all payments made into the Junior ISA are a gift to the child and as such cannot be repaid to the subscriber if at a later date the subscriber changes their mind). The parent or guardian who opened the Junior ISA acts as the registered contact, but they can’t access the money once it has been deposited, unless there are exceptional circumstances (see below section 11 ‘Can I make withdrawals from a Junior Stocks and Shares ISA?’). When your child turns 18, the IBUK Junior Stocks and Shares ISA will automatically become an ‘adult’ IBUK Stocks and Shares ISA (i.e., when the child turns 18, account ownership is automatically transferred to them). As an adult, they’ll become the account holder, responsible for managing their account and able to withdraw monies. For more information on how this transfer of control (from the registered contact to the child (upon the child’s 18th birthday)) works, please contact our dedicated ISA Support team who are available 8am to 6pm GMT Monday to Friday, excluding public holidays (see below section 30 ‘What if I have additional questions?’)
8. Can you lose your child’s money paid into a Junior Stocks and Shares ISA?
The value of investments your child holds in the IBUK Junior 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 in for your child. 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 IBUK Junior 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.
9. Can I appoint a financial advisor to manage, on a discretionary basis, my IBUK Junior Stocks and Shares ISA?
Yes, you can appoint a financial advisor to manage the IBUK Junior Stocks and Shares ISA on your behalf. Click on the link for additional details:
10. Can I trade on margin under the IBUK Junior Stocks and Shares ISA?
No. You can only open an IBUK Junior 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.
11. Can I make withdrawals from a Junior Stocks and Shares ISA?
No, unless exceptional circumstances exist. All payments made into the IBUK Junior Stocks and Shares ISA are a gift to the child and so cannot normally be withdrawn until the child turns 18. NB. withdrawals are permitted if the child is terminally ill or has died in accordance with the ISA Regulations.
12. What can I invest in for my child?
Under a Junior 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.
13. What exchanges does IBUK support?
HMRC recognised exchanges supported by IBUK:
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Country
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Exchange
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Australia
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The Australian Stock Exchange (and any of its stock exchange subsidiaries)
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Austria
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Vienna Stock Exchange
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Belgium
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NYSE Euronext Brussels
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Canada
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NYSE Euronext Brussels
Montreal Stock Exchange
Toronto Venture Exchange (TSX Venture Exchange)
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France
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MATIF
MONEP |
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Germany
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Frankfurt Stock Exchange
Stuttgart Stock Exchange
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Hong Kong
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Hong Kong Stock Exchange
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Italy
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Italian Stock Exchange (Borsa Italia)
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Japan
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Tokyo Stock Exchange
Osaka Stock Exchange
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Lithuania
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NASDAQ OMX Vilnius
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Mexico
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Mexico Stock Exchange
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Poland
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Warsaw Stock Exchange
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Singapore
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Singapore Exchange Limited
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South Korea
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Korea Exchange
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Spain
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Spanish Stock Exchange (Bolsa de Valores in Madrid)
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Switzerland
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Swiss Stock Exchange (SIX Swiss Exchange)
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United Kingdom
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London Stock Exchange
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United States of America
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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
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14. What is the Junior ISA Allowance for 2022/2023 tax year?
Tax year runs from 6 April to the following 5 April. Each tax year’s Junior ISA subscription limit is specific to that year and can be checked on the HMRC website.
NB. For each tax year, you can check (via the funding page in Client Portal) how much you have subscribed to your child’s IBUK Junior Stocks and Shares ISA and the maximum amount that you can contribute to your child’s IBUK Junior stocks and shares ISA in that tax year, assuming you have not contributed to another Junior ISA away from Interactive Brokers.
For the 2022/23 tax year, the Junior ISA annual subscription limit is £9,000. This is a combined annual limit across both types of Junior ISA: cash, and stocks and shares. The subscription limit can be split in any way between cash, and stocks and shares Junior ISAs each tax year.
15. How do I make subscriptions to my IBUK Junior 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 14. What is the 2022/2023 Junior ISA Allowance?).
Interactive Brokers accepts wire transfers only, and there is a minimum subscription amount of £1. Your child’s IBUK Junior Stocks and Shares ISA can only have GBP cash.
Although other Junior ISA providers might have different terms, only parent or legal guardian can pay into your child’s Junior ISA with IBUK.
16. Does Interactive Brokers have any mechanisms in place to ensure customers do not exceed the Junior ISA allowance for the relevant tax year?
Yes. Interactive Brokers has in place internal controls to prevent customers from exceeding the Junior ISA allowance by splitting the customers’ payments (once received by Interactive Brokers) as follows:
- crediting the allowable subscription to the customer’s IBUK Junior Stocks and Shares ISA; and
- crediting the potential over-contribution amount as follows:
- if you already have other account(s) with IBUK, Interactive Brokers will credit the potential over-contribution amount to such account(s);
- if you don’t have other account(s) with IBUK, Interactive Brokers will open a new non-ISA cash only (GBP) account on your behalf and credit the potential over-contribution amount to this new and additional account.
In either case, Interactive Brokers will notify you (via a pop-up message in the Client Portal, email and Message Center message) of the above actions and you will always have the possibility of withdrawing the potential over-contribution from your other non-ISA account(s) with IBUK (as described above).
Worked example:
Assuming your child has only one type of Junior ISA which is an IBUK Junior Stocks and Shares ISA. The annual Junior ISA allowance for 2022/2023 tax year is GBP 9,000. You initially contribute GBP 8,000.
For the same tax year (2022/2023) you then send GBP 2,000 to Interactive Brokers and request such funds to be credited to your child’s IBUK Junior Stocks and Shares ISA.
If Interactive Brokers actioned your request and credited the full amount (GBP 2,000) to your child’s IBUK Junior Stocks and Shares ISA, you would have exceeded your child’s Junior ISA allowance for the tax year 2022/2023 by GBP 1,000 (as the maximum you can contribute for the tax year 2022/2023 is GBP 9,000).
Instead, to prevent over-contribution, upon receipt of your funds Interactive Brokers will carry out the following actions:
(1) credit your funds (GBP 2,000) to your existing other non-ISA account(s) with IBUK (if you already have one or more accounts).
(2) if you don’t already have an existing other account(s) with IBUK, Interactive Brokers will open a new cash only (GBP) non-ISA account on your behalf and credit your funds (GBP 2,000) to this new and additional account.
(3) Interactive Brokers will then automatically transfer GBP 1,000 from your other non-ISA account with IBUK to your child’s IBUK Junior Stocks and Shares ISA.
17. What happens if I exceed my child’s Junior ISA allowance?
If you have accidentally paid too much into your child’s Junior ISAs your child won’t get any tax relief on the excess payments you’ve made. The Junior ISA allowance is a combined annual limit across both types of Junior ISA: cash, and stocks and shares.
18. What should I do if I exceed my child’s Junior ISA allowance?
In the event you oversubscribe to your child’s Junior ISA (in other words your child’s Junior ISA annual allowance was exceeded), you should not attempt to correct the mistake by withdrawing the excess funds from a Junior ISA (including, but not limited to, your IBUK 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 Junior ISA allowance for the tax year 2022/2023 is GBP 9,000 (this is a combined limit across both types of Junior ISA: cash, and stocks and shares).
19. What is the annual fee for the IBUK Junior Stocks and Shares ISA?
There is no annual Junior ISA fee at IBUK. Other costs and charges apply, see below section 20 for more information.
20. What are the charges for the IBUK Junior Stocks and Shares ISA?
£1 per month minimum activity fee.
One free withdrawal per month. Thereafter, £7 withdrawal fee is applicable.
Click on the link for an overview of our commissions:
21. How do I transfer my child’s Junior Stocks and Shares ISA from my current ISA manager to IBUK?
You will need to submit a transfer instruction to Interactive Brokers (via the transfer & pay funding page in Client Portal), and if, in IBUK’s discretion IBUK decides to accept the transfer, IBUK will instruct your existing ISA manager to transfer the investments (where IBUK supports such investments) and/or cash into your child’s IBUK Junior Stocks and Shares ISA. Where IBUK does not support all the investments held at your existing ISA Manager, you can either liquidate these investments yourself prior to submitting your transfer instruction to IBUK via Client Portal (any cash proceeds of such liquidation will be transferred into your child’s IBUK Junior Stocks and Shares ISA) or you can instruct IBUK (as part of your transfer instruction via Client Portal) to do so on your behalf. NB. IBUK does not accept the transfer of a Child Trust Fund (CTF) over to a Junior Stocks and Shares ISA, other Junior ISA providers might support such transfer service.
Transfers between an ‘adult’ ISA and Junior ISA are not permitted.
22. How do I transfer a Junior ISA out of IBUK to another provider?
Any transfer out request from IBUK must be requested via the transfer & pay funding page in Client Portal.
23. 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).
24. Can I cancel my IBUK Junior Stocks and Shares ISA?
You have a legal right to cancel your child’s IBUK Junior Stocks and Shares ISA if you change your mind but there are time limits on doing so, see below section 25 for more information.
25. How can I cancel my child’s IBUK Junior Stocks and Shares ISA?
If you want to cancel your child’s IBUK Junior Stocks and Shares ISA, you must do so within 14 days from the date you receive our email confirming the establishment of your child’s IBUK Junior 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 child’s Junior Stocks and Shares ISA from another ISA manager to IBUK, that ISA manager may not agree to accept the Junior Stocks and Shares ISA back. This may result in that Junior Stocks and Shares ISA being closed, and the tax benefits being lost.
26. How safe is your child’s IBUK Junior Stocks and Shares ISA?
IBUK is authorised and regulated by the Financial Conduct Authority, and is approved by HMRC to act as an ISA manager (including in respect of Junior Stocks and Shares ISA). Your account is held with IBUK’s US affiliate, Interactive Brokers LLC, regulated by the US SEC and CFTC and member of the SIPC (www.sipc.org) compensation scheme.
Your child’s IBUK Junior Stocks and Shares ISA will not be covered by the Financial Services Compensation Scheme (FSCS) in the UK. Instead, your eligible assets are protected from loss under the US SIPC at an amount of up to USD 500,000 (subject to a cash sublimit of USD 250,000). As with all securities firms, this coverage protects against the failure of a broker-dealer, not against the loss of market value of securities. You will not get any compensation only because the value of your investments falls.
IBUK and Interactive Brokers LLC are part of the Interactive Brokers Group. The Interactive Brokers Group, Inc. is a listed public company trading on U.S. markets under the symbol “IBKR” with a market capitalization of over USD 30 billion, as of Nov 17, 2021. On a consolidated basis, IBG LLC exceeds USD 10 billion in equity capital, over USD 6.2 billion in excess of regulatory requirements. IBG LLC's owners are the public company, Interactive Brokers Group, Inc. and the firm's employees and their affiliates. Client money is segregated in special bank or custody accounts, which are designated for the exclusive benefit of clients of Interactive Brokers. Interactive Broker’s client equity as of Oct 30, 2021 was USD 380.9 billion.
27. How can I file a complaint with IBUK?
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).
28. Are Corporate Actions allowed under my child’s IBUK Junior Stocks and Shares ISA?
Allowed to participate but cannot exceed the annual Junior ISA subscription limit. If it were to exceed the subscription limit, the shares should be transferred to a non-ISA account (see above sections 18 ‘What should I do if I exceed my child’s Junior ISA allowance?’ and 16 ‘Does Interactive Brokers have any mechanisms in place to ensure customers do not exceed the Junior ISA allowance for the relevant tax year?’.
29. FX Handling and the IBUK Junior 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 proceed of a sell order. Interactive Brokers will base the exchange rate off the spot exchange rate at the time of trade 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 |
30. 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 IBUK Stocks and Shares ISA, please contact our dedicated ISA Support team who are available 8am to 6pm GMT Monday to Friday, excluding public holidays.
Domande Frequenti: Migrazione del conto da IBLUX al conto limitato presso IBIE
Background:
Come spiegato in precedenza, Interactive Brokers Luxembourg SARL ("IBLUX") non fornirà servizi di brokeraggio agli investitori e terminerà le proprie operazioni. Nel giugno del 2021 abbiamo invitato i clienti di IBLUX a trasferire i loro conti presso un’altra entità di Interactive Brokers oppure presso una banca o un broker esterno alla famiglia Interactive Brokers. Nonostante le nostre ripetute comunicazioni, non hai intrapreso alcuna decisione per trasferire i tuoi asset detenuti presso il tuo conto IBLUX. Di conseguenza provvederemo a trasferire il tuo conto presso la nostra affiliata Interactive Brokers Ireland Limited ("IBIE") –tramite la procedura detta “Trasferimento” – dove i tuoi asset verranno custoditi fino a quando non riceveremo tue istruzioni relative al trasferimento. Queste Domande Frequenti forniscono informazioni importanti per quanto riguarda il Trasferimento e aspetti di natura legale e normativa emersi a seguito di questa procedura.
1. Quali conseguenze ci saranno per me a seguito del Trasferimento? Quali sono i termini e le condizioni che regolano la mia relazione con IBIE a seguito del Trasferimento?
Una volta completato il trasferimento, il tuo conto IBLUX verrà chiuso e IBIE sarà responsabile per quanto riguarda la custodia in sicurezza dei tuoi asset. Il documento relativo ai termini (disponibile in lingua inglese "Account Terms") regolerà i tuoi conti e i tuoi asset per tutta la durata della loro detenzione in un trust presso IBIE. Non ti sarà possibile piazzare delle transazioni o prendere altre decisioni finanziarie relative al tuo conto e IBIE non fornirà alcun tipo di servizio per l’investimento a meno che tu non abbia firmato il Contratto Clienti IBIE e abbia completato tutti i passaggi necessari per aprire un conto presso IBIE. IBIE ti invierà una e-mail con la descrizione dei vari passaggi per proteggere le tue credenziali di accesso al tuo conto su IBIE.
2. Cosa devo fare per continuare a operare con Interactive Brokers?
Se desideri continuare ad operare con Interactive Brokers, ti chiediamo di collaborare e seguire le seguenti indicazioni per fare in modo che IBIE possa offrirti i servizi per l’investimento. Nello specifico ti chiediamo di aprire un nuovo conto presso IBIE e dare il tuo consenso e firmare il Contratto Clienti e qualunque altro documento richiesto.
Se non vuoi continuare ad operare con Interactive Brokers, potrai dare istruzioni a IBIE affinché i tuoi asset vengano trasferiti presso un altro broker o un’altra banca. IBIE seguirà le tue istruzioni nel rispetto della normativa vigente.
3. Come verranno custoditi i miei asset presso IBIE??
Fino a quando non avrai dato il tuo consenso e accettato il Contratto Clienti e avrai aperto un conto di brokeraggio presso IBIE, la società provvederà dei servizi di custodia limitati a quanto segue:
· per qualunque saldo di liquidità trasferito presso IBIE, avrai diritto all’importo del saldo di liquidità nella valuta di base del tuo conto nel giorno in cui verrà trasferito presso IBIE; IBIE non convertirà il tuo saldo di liquidità in un’altra valuta né pagherà degli interessi sulla liquidità che detiene per conto tuo.
· per qualunque strumento finanziario trasferito presso IBIE, avrai diritto a quegli strumenti finanziari e IBIE non fornirà alcun tipo di servizio in relazione ai tuoi strumenti finanziari mentre sono in custodia presso IBIE. Ad esempio, IBIE non prenderà alcuna iniziativa per mitigare le perdite derivanti dai movimenti del mercato. Tuttavia, nel caso in cui il tuo conto non abbia sufficienti asset per rispettare i requisiti di margine, IBIE prenderà le decisioni che riterrà più adatte e liquiderà le posizioni, senza emettere una margin call per te; ciò verrà fatto per ristabilire il rispetto dei requisiti di margine. Maggiori informazioni sono disponibili nella risposta 10.
Nel caso in cui tu decida di aprire un conto IBIE, e le regole di custodia previste dalla legge irlandese saranno applicate alla tua relazione commerciale con IBIE. Maggiori informazioni sono disponibili nel documento di IBIE dal titolo Client Assets Key Information Document. Così come le regole di custodia del Lussemburgo, le norme del codice di condotta professionale irlandese si basano sul modello della Direttiva Relativa ai Mercati degli Strumenti Finanziari, in base alla Direttiva sull’Regolamentazione dei Mercati Finanziari dell’UE e di altre direttive e regolamenti (collettivamente, "MiFID").
4. Come vengo tutelato da eventuali perdite? Ci saranno differenze di rilievo nel mio futuro rapporto con IBIE rispetto a quello attuale che ho con IBLUX?
A seguito del Trasferimento, le norme dell'Ireland Investor Compensation Scheme verranno applicate al tuo conto. Lo schema di compensazione dell’Irlanda è simile allo schema di compensazione al quale hai accesso nel Lussemburgo. Il fine dello Schema di Compensazione degli Investitori d’Irlanda (Irish Investor Compensation Scheme) è quello di pagare compensazioni (entro certi limiti) se hai investito soldi o utilizzato strumenti d’investimento in uno nei seguenti casi:
· Una società fallisce e non può restituire i tuoi soldi o investimenti; e
· Una decisione della Banca Centrale d’Irlanda o una sentenza di un tribunale vengono emesse in applicazione del Investor Compensation Act 1998.
Lo schema è gestito dall’Investor Compensation Company DAC (ICCL). IBIE fa parte di questo schema.
Lo schema copre prodotti di investimento, inclusi i seguenti:
- Azioni di società pubbliche e private
- Quote relative a schemi di investimento collettivi
- Polizze vita (inclusi i fondi “unit-linked”)
- Polizze assicurative diverse da quelle vita
- Conti obbligazionari legati all'andamento di indici azionari (c.d. "tracker bonds")
- Future e opzioni
Normalmente è possibile richiedere una compensazione solamente dopo che una società è andata in fallimento ed i suoi asset sono stati liquidati e distribuiti a coloro cui sono dovuti. Ti invitiamo a controllare i dettagli dello schema e dei limiti applicabili - non tutte le perdite sono coperte in quanto vi sono limiti ai livelli di compensazione. L’ICCL le pagherà una compensazione del 90% sull'importo della perdita subita, fino ad un massimo di 20,000 euro.
5. Come posso inoltrare un reclamo a IBIE? Cosa devo fare se il mio reclamo si riferisce a qualcosa che è accaduto quando ero un cliente di IBLUX?
Le procedure sono sostanzialmente simili a quelle che si applicano al tuo attuale rapporto con IBLUX. Tuttavia l’ampiezza delle norme relativa ai reclami è più limitata in quanto i servizi forniti sono ristretti alla sola custodia degli asset affidati a noi fino alla ricezione delle istruzioni di trasferimento oppure fino a quando non diventerai un cliente di IBIE a tutti gli effetti. Tutti i reclami formali dovrebbero essere fatti in una delle seguenti modalità: (i) tramite WebTicket nella Gestione Conto sul sito web di IBIE; (ii) tramite una lettera inviata al seguente indirizzo: Complaints Handling, Compliance Department, IBIE Dublin Landings, North Wall Quay, North Dock, Dublin 1, Ireland; in alternativa (iii) tramite email a questo indirizzo: complaints@interactivebrokers.ie.
Nel caso in cui l'oggetto del reclamo faccia riferimento a fatti avvenuti prima del Trasferimento, allora dovrai inoltrare il reclamo presso IBLUX.
6. A seguito del Trasferimento, avrò ancora accesso al CSSF per sporgere un reclamo?
Nel caso di un reclamo, gli investitori saranno tenuti a seguire le procedure di reclamo definite nel Contratto Clienti. Una volta che il Trasferimento avrà avuto luogo, il CSSF cesserà di avere giurisdizione su ogni reclamo che tu possa avere nei riguardi di IBLUX. Ti ricordiamo tuttavia che l’Irlanda ha uno schema di risoluzione delle dispute anche noto come Financial Services and Pensions Ombudsman (“FSPO”). L’FSPO è un organismo libero e indipendente per la risoluzione di dispute legate ai servizi finanziari. Potresti avere i requisiti per sporgere un reclamo presso FSPO se verrà considerato “ricorrente idoneo”. Maggiori informazioni sui criteri di questa figura sono disponibili presso il sito www.fspo.ie. Di seguito i contatti per l’FSPO:
Indirizzo postale
Financial Services and Pensions Ombudsman
Lincoln House,
Lincoln Place
Dublin 2
D02 VH29
Telefono
+353 (0)1 567 7000
Info@fspo.ie
7. Come saranno gestiti e protetti i miei dati personali? Ci sono differenze di rilievo nel mio rapporto con IBIE rispetto al mio attuale rapporto con IBLUX in questo contesto?
I tuoi dati saranno trattati e protetti ai sensi della Politica sulla Privacy del Gruppo Interactive Brokers. Maggiori dettagli sono disponibili a questo indirizzo: https://www.interactivebrokers.com/en/index.php?f=305. Non vi saranno cambiamenti sostanziali rispetto al rapporto che hai al momento.
8. La gamma dei servizi offerti rimarrà la stessa?
No. Questo conto è stato creato esclusivamente per la custodia in sicurezza dei tuoi asset mentre attendiamo istruzioni da parte tua su dove trasferire gli asset. Di conseguenza i servizi sono ristretti alla sola detenzione dei tuoi asset e, ove applicabile, al mantenimento dei requisiti di margine.
9. Avete liquidato alcune o tutte le posizioni presenti nel mio conto per facilitare il Trasferimento?
Come descritto in precedenza, in molti casi abbiamo liquidato alcune o tutte le posizioni nei conti dei nostri clienti convertendoli nella valuta base del conto per facilitare il Trasferimento verso IBIE. Per le posizioni rimanenti, le risposte alle domande 10-11 forniscono maggiori dettagli su come vengono trasferiti e custoditi presso IBIE.
10. Ho un conto a margine. I termini relative al margine per quanto riguarda il mio conto saranno differenti a seguito del Trasferimento verso IBIE?
No. I tuoi obblighi e responsabilità rispetto al tuo conto a margine e il trading a margine a seguito del Trasferimento resteranno identici a quelli che avevi presso IBLUX. Tuttavia, in base ai termini attuali del conto, non sarai in grado di operare liberamente e questo include l’apertura di nuove posizioni, a meno che tu non diventi un cliente di IBIE a tutti gli effetti. Per maggiori informazioni ti preghiamo di consultare il documento Account Terms.
11. Cosa succede ai titoli che ho dato in garanzia ad IBUK a fronte di un prestito a margine?
Se hai dato titoli o liquidità in garanzia ad IBLUX, questi saranno trasferiti presso IBIE a seguito del Trasferimento.
12. I saldi del conto saranno trasferiti nel medesimo momento e quale sarà la tempistica?
Tutti i saldi di liquidità verranno trasferiti nello stesso momento e il tuo conto con IBLUX verrà chiuso e non sarà più possibile accedere al conto per fare trading. Tuttavia, il conto rimarrà accessibile tramite il selettore di conto nel Portale Clienti per visualizzare e stampare i rendiconti cronologici.
13. Le commissioni, gli interessi e le tariffe di IBKR cambieranno dopo il trasferimento?
Le commissioni e le tariffe di IBKR non variano in base al broker presso cui il conto viene mantenuto.
Tuttavia mentre i tuoi asset sono detenuti in custodia fiduciaria presso IBIE in attesa che tu provveda a trasferirli presso un’altra istituzione finanziaria oppure ad aprire un conto IBIE, la società applicherà una commissione mensile per il mantenimento del tuo conto fissata inizialmente a EUR 100. La commissione mensile potrà in qualunque momento essere modificata a discrezione di IBIE a seguito di notifiche che potranno essere comunicate tramite il sito web di IBIE.
Inoltre IBIE non pagherà interessi ai propri clienti ma richiederà il pagamento di interessi in base ai tassi d'interesse fissati sui saldi di credito e quelli di debito in base a quanto illustrato sul sito web di IBIE.
Ti ricordiamo che nel caso in cui il saldo di liquidità non sia sufficiente, IBIE potrà liquidare i tuoi asset nello stesso modo in cui IBLUX avrebbe agito prima del Trasferimento.
14. Cosa fare nel caso di ulteriori domande su cosa cambierà e cosa resterà identico dopo il Trasferimento?
Nel caso di ulteriori domande, ti preghiamo di contattare il Servizio Clienti di IBKR.
Domande Frequenti: Migrazione del conto da IBLUX al conto limitato presso IBCE
Background:
Come spiegato in precedenza, Interactive Brokers Luxembourg SARL ("IBLUX") non fornirà servizi di brokeraggio agli investitori e terminerà le proprie operazioni. Nel giugno del 2021 abbiamo invitato i clienti di IBLUX a trasferire i loro conti presso un’altra entità di Interactive Brokers oppure presso una banca o un broker esterno alla famiglia Interactive Brokers. Nonostante le nostre ripetute comunicazioni, non hai intrapreso alcuna decisione per trasferire i tuoi asset detenuti presso il tuo conto IBLUX. Di conseguenza provvederemo a trasferire il tuo conto presso la nostra affiliata Interactive Brokers Central Europe Zrt (IBCE") –tramite la procedura detta “Trasferimento” – dove i tuoi asset verranno custoditi fino a quando non riceveremo tue istruzioni relative al trasferimento. Queste Domande Frequenti forniscono informazioni importanti per quanto riguarda il Trasferimento e aspetti di natura legale e normativa emersi a seguito di questa procedura.
1. Quali conseguenze ci saranno per me a seguito del Trasferimento? Quali sono i termini e le condizioni che regolano la mia relazione con IBIE a seguito del Trasferimento?
A seguito del Trasferimento, IBCE sarà responsabile della custodia in sicurezza dei tuoi asset. Il documento, disponibile in lingua inglese, dal titolo General Business Terms di IBCE [https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4500] (d’ora in avanti "GBR") regolerà i tuoi conti e i tuoi asset fino a quando questi saranno in custodia in un trust presso IBCE. Non ti sarà possibile piazzare delle transazioni o prendere altre decisioni finanziarie relative al tuo conto e IBCE non fornirà alcun tipo di servizio per l’investimento fino a quando non darai il consenso ai termini del GBR e avrai firmato il Contratto Clienti. IBCE ti invierà una email a seguito del Trasferimento con i passaggi per proteggere le tue credenziali di accesso al tuo conto presso IBCE.
2. Cosa devo fare per continuare a operare con Interactive Brokers?
Se desideri continuare ad operare con Interactive Brokers, ti chiediamo di collaborare e seguire le seguenti indicazioni per fare in modo che IBCE possa offrirti i servizi per l’investimento. Nello specifico ti chiediamo di aprire un nuovo conto presso IBCE, e dare il tuo consenso ai termini del documento GBR e firmare il Contratto Clienti e qualunque altro documento richiesto ed infine fornire tutti i documenti o le informazioni richieste.
Se non vuoi continuare ad operare con Interactive Brokers potrai dare istruzioni a IBCE affinché i tuoi asset vengano trasferiti presso un altro broker o un’altra banca. IBCE seguirà le tue istruzioni nel rispetto della normativa vigente.
3. Come verranno custoditi i miei asset presso IBCE?
Fino a quando non avrai preso atto e accettato i termini del GBR e del Contratto Clienti e successivamente avrai aperto un conto di brokeraggio con IBCE, IBCE offrirà alcuni servizi in modalità limitata:
· per qualunque saldo di liquidità trasferito presso IBCE, avrai diritto all’importo del saldo di liquidità nella valuta di base del tuo conto nel giorno in cui verrà trasferito presso IBCE; IBCE non convertirà il tuo saldo di liquidità in un’altra valuta né pagherà degli interessi sulla liquidità che detiene per conto tuo.
· per qualunque strumento finanziario trasferito presso IBCE, avrai diritto a quegli strumenti finanziari e IBCE non fornirà alcun tipo di servizio in relazione ai tuoi strumenti finanziari mentre sono in custodia presso IBCE. Ad esempio, IBCE non prenderà alcuna iniziativa per mitigare le perdite derivanti dai movimenti del mercato. Tuttavia, nel caso in cui il tuo conto non abbia sufficienti asset per rispettare i requisiti di margine, IBCE prenderà le decisioni che riterrà più adatte e liquiderà le posizioni, senza emettere una margin call per te; ciò verrà fatto per ristabilire il rispetto dei requisiti di margine. Maggiori informazioni sono disponibili nella risposta 10.
Nel caso in cui tu decida di aprire un conto IBCE, e le regole di custodia previste dalla legge ungherese saranno applicate alla tua relazione commerciale con IBCE. Così come per le regole di custodia del Lussemburgo, le norme del codice di condotta professionale ungherese si basano sul modello della Direttiva Relativa ai Mercati degli Strumenti Finanziari, in base alla Direttiva sull’Regolamentazione dei Mercati Finanziari dell’UE e di altre direttive e regolamenti (collettivamente “MiFID”).
4. Come vengo tutelato da eventuali perdite?
In base alla normativa CXX del 2001 sul Mercato dei capitali, il Fondo di Protezione degli Investitori dell’Ungheria potrebbe proteggere i tuoi asset da perdite fino ad un importo massimo di EUR 100,000 nel caso in cui IBIE vada in default e non sia in grado di rispettare i suoi obblighi nei tuoi confronti. Per avere l'idoneità e quindi la protezione del Fondo dovrai avere un rapporto contrattuale con IBCE.
La compensazione fornita dal Hungarian Investor Protection Fund copre i reclami sorti da contratti stipulati con l'accordo di IBCE per servizi di broker, custodia dei titoli, gestione di conti con titoli, e infine gestione di attività dei conti di clienti eseguiti da IBCE.
Lo schema di compensazione dell’Ungheria è simile allo schema di compensazione al quale hai accesso nel Lussemburgo. Lo scopo del Fondo è quello di fornire compensazione nei seguenti casi:
· la Banca Centrale d'Ungheria dia l'avvio al processo di liquidazione di IBCE, oppure
· un'ordinanza emessa da un tribunale stabilisca la liquidazione di IBCE.
IBCE è membro del Hungarian Investor Protection Fund (vedi https://bva.hu/en/ipf/ipf-members/).
Una volta appurata la tua idoneità, potrai richiedere una compensazione solamente dopo che una società è andata in fallimento ed i suoi asset sono stati liquidati e distribuiti ai debitori. Ti invitiamo a controllare i dettagli dello schema e dei limiti applicabili - non tutte le perdite sono coperte in quanto vi sono limiti ai livelli di compensazione. Il Fondo potrà rimborsare fino a 100,000 EUR della somma da te investita.
L'ammontare della somma pagata dal Fondo sarà:
· Il 100% dell’investimento per un limite equivalente a 1 milione di fiorini (al 5 settembre 2021 la cifra corrisponde a 2,805 EUR),
· Per cifre superiori a 1 milione di fiorini: 1 milione di fiorini e il 90% della parte superiore al limite di 1 milione di fiorini fino ad un massimo di 100,000 EUR.
5. Come posso inoltrare un reclamo a IBCE? Cosa devo fare se il mio reclamo si riferisce a qualcosa che è accaduto quando ero un cliente di IBLUX?
Il documento GBR stabilisce come sporgere un reclamo presso IBCE. Il documento GBR stabilisce come sporgere un reclamo presso IBCE. Le procedure sono sostanzialmente simili a quelle che si applicano al tuo attuale rapporto con IBLUX. Tuttavia l’ampiezza delle norme relativa ai reclami è più limitata in quanto i servizi forniti sono ristretti alla sola custodia degli asset affidati a noi fino alla ricezione delle istruzioni di trasferimento.
Nel caso in cui l'oggetto del reclamo faccia riferimento a fatti avvenuti prima del Trasferimento, allora dovrai inoltrare il reclamo presso IBLUX.
6. A seguito del Trasferimento, avrò ancora accesso al CSSF per sporgere un reclamo?
Nel caso di un reclamo, gli investitori saranno tenuti a seguire le procedure di reclamo definite nel Contratto Clienti. Una volta che il Trasferimento avrà avuto luogo, il CSSF cesserà di avere giurisdizione su ogni reclamo che tu possa avere nei riguardi di IBLUX. Ti ricordiamo tuttavia che l’Ungheria ha uno schema di risoluzione delle controversie gestito dalla Banca Centrale d’Ungheria noto in inglese come Financial Arbitration Board ("FAB"). La FAB è un organismo libero e indipendente per la risoluzione di controversie legate ai servizi finanziari. Potresti avere i requisiti per sporgere un reclamo presso la FAB se verrà considerato cliente retail. Maggiori dettagli sulla FAB sono disponibili a questa pagina: https://www.mnb.hu/en/hungarian-financial-arbitration-board
È possibile contattare la FAB utilizzando i seguenti contatti:
Indirizzo postale
Financial Arbitration Board
1525 Budapest
Pf. 172
ugyfelszolgalat@mnb.hu
7. Come saranno gestiti e protetti i miei dati personali? Ci sono differenze di rilievo nel mio rapporto con IBCE rispetto al mio attuale rapporto con IBLUX in questo contesto?
I tuoi dati saranno trattati e protetti ai sensi della Politica sulla Privacy del Gruppo Interactive Brokers. Maggiori dettagli sono disponibili a questo indirizzo: https://www.interactivebrokers.com/en/index.php?f=305. Non vi saranno cambiamenti sostanziali rispetto al rapporto che hai al momento.
8. La gamma dei servizi offerti rimarrà la stessa?
No. Questo conto è stato creato esclusivamente per la custodia in sicurezza dei tuoi asset mentre attendiamo istruzioni da parte tua su dove trasferire gli asset. Di conseguenza i servizi sono ristretti alla sola detenzione dei tuoi asset e, ove applicabile, al mantenimento dei requisiti di margine.
9. Avete liquidato alcune o tutte le posizioni presenti nel mio conto per facilitare il Trasferimento?
Come descritto in precedenza, in molti casi abbiamo liquidato alcune o tutte le posizioni nei conti dei nostri clienti convertendoli nella valuta base del conto per facilitare il Trasferimento verso IBCE. Per le posizioni rimanenti, le risposte alle domande 10-11 forniscono maggiori dettagli su come vengono trasferiti e custoditi presso IBCE.
10. Ho un conto a margine. I termini relative al margine per quanto riguarda il mio conto saranno differenti a seguito del Trasferimento verso IBCE?
No. I tuoi obblighi e responsabilità rispetto al tuo conto a margine e il trading a margine a seguito del Trasferimento resteranno identici a quelli che avevi presso IBLUX. Tuttavia, in base ai termini attuali del conto, non sarai in grado di operare liberamente e questo include l’apertura di nuove posizioni, a meno che tu non diventi un cliente di IBCE a tutti gli effetti.
Ti invitiamo a consultare le disposizioni relative al margine nel Contratto Clienti IBCE [https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4501]. Tali disposizioni di fatto si applicano al tuo conto e ai tuoi asset mentre saranno in custodia fiduciaria presso IBCE.
11. Cosa succede ai titoli che ho dato in garanzia ad IBUK a fronte di un prestito a margine?
Se hai dato titoli o liquidità in garanzia ad IBLUX, questi saranno trasferiti presso IBCE a seguito Trasferimento.
12. I saldi del conto saranno trasferiti nel medesimo momento e quale sarà la tempistica?
IBCE supporterà un numero limitato di valute per i depositi. IBCE supporterà un numero limitato di valute per i depositi. Qui di seguito sono elencate le cosiddette “Valute autorizzate per versamenti”: EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK e PLN.
Dove necessario, per facilitare il Trasferimento, abbiamo convertito i saldi di liquidità long in altre valute rispetto alle “Valute autorizzate per versamenti” prima della migrazione del conto.
Nel rispetto di quanto stabilito dalle regole sulla protezione degli asset in Ungheria, i fondi dei clienti devono essere protetti nella stessa forma nella quale sono stati ricevuti dal broker. Questa norma è in contrasto con il tuo precedente broker (ossia IBLUX) le cui norme sulla protezione degli asset consentivano la protezione di fondi nel valore equivalente seppure in una valuta differente. I saldi short in altre valute non subiranno cambiamenti.
Tutti i saldi di liquidità verranno trasferiti nello stesso momento e il tuo conto con IBLUX verrà chiuso e non sarà più possibile accedere al conto per fare trading. Tuttavia, il conto rimarrà accessibile tramite il selettore di conto nel Portale Clienti per visualizzare e stampare i rendiconti cronologici.
13. Le commissioni, gli interessi e le tariffe di IBKR cambieranno dopo il trasferimento?
Le commissioni e le tariffe di IBKR non variano in base al broker presso cui il conto viene mantenuto.
Tuttavia mentre i tuoi asset sono detenuti in custodia fiduciaria presso IBCE in attesa che tu provveda a trasferirli presso un’altra istituzione finanziaria oppure ad aprire un conto IBCE, la società applicherà una commissione mensile per il mantenimento del tuo conto fissata inizialmente a EUR 100. La commissione mensile potrà in qualunque momento essere modificata a discrezione di IBCE a seguito di notifiche che potranno essere comunicate tramite il sito web di IBCE.
Inoltre IBCE non pagherà interessi ai propri clienti ma richiederà il pagamento di interessi in base ai tassi d'interesse fissati sui saldi di credito e quelli di debito in base a quanto illustrato sul sito web di IBCE. IBCE applicherà una semplice commissione di gestione per i bilanci attivi in valute che hanno tassi d’interesse negativi.
Ti ricordiamo che nel caso in cui il saldo di liquidità non sia sufficiente, IBCE potrà liquidare i tuoi asset nello stesso modo in cui IBLUX avrebbe agito prima del Trasferimento.
14. Cosa fare nel caso di ulteriori domande su cosa cambierà e cosa resterà identico dopo il Trasferimento?
Nel caso di ulteriori domande, ti preghiamo di contattare il Servizio Clienti di IBKR.
FAQs: IBLUX Migration to IBIE 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 to 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 Ireland Limited ("IBIE") ("Transfer") where your assets will remain in safe custody until we receive transfer 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 IBIE following the Transfer?
Following the Transfer, IBIE will be responsible for ensuring the safe custody of your assets and the following terms ("Account Terms") will govern your account and assets. You will not be able to place trades or make other financial decisions on your account and IBIE will not provide any investment services to you unless you sign the IBIE Customer Agreement and complete any other open steps needed to open an IBIE account. IBIE will send you an email following the Transfer with the steps to take to secure your login credentials to access your account at IBIE.
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 IBIE to provide you investment services. Specifically, we need you to open a new account with IBIE, agree to and sign the Customer 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 IBIE to transfer your assets to another broker or bank, and IBIE will comply with your instructions subject to applicable laws and IB's standard procedures.
3. How will my assets be custodied with IBIE?
Until you agree to and accept the Customer Agreement and open a brokerage account with IBIE, IBIE will provide custody services in limited scope:
· for any cash balance transferred to IBIE, you will be entitled to the amount of the cash balance in your account base currency on the date it is transferred to IBIE and IBIE 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 IBIE, you will be entitled to those financial instruments and IBIE will not provide any investment services in relation to your financial instruments while they are in IBIE’s custody. For example, IBIE will not take any measures to mitigate losses resulting from market movements. However, in the event your account has insufficient margin, IBIE 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 IBIE account, Irish custody rules will fully apply to your relationship with IBIE. Further information is provided in the IBIE Client Assets Key Information Document. Like the Luxembourg custody rules, the Irish 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? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBLUX?
After the Transfer, the Ireland Investor Compensation Scheme may apply to your account. 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? What if my complaint relates to something that happened while I was a customer of IBLUX?
The IBIE 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 IBIE's holding your assets in safe custody until you submit transfer instructions or become a full IBIE client. All formal complaints should be made using one of the following means: (i) by WebTicket in Account Management on the IBIE website; (ii) by letter to Complaints Handling, Compliance Department, IBIE Dublin Landings, North Wall Quay, North Dock, Dublin 1, Ireland; or (iii) by email to complaints@interactivebrokers.ie.
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 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.
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 IBIE 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 positions in client accounts, back to the account’s base currency, to facilitate that Transfer to IBIE. Where positions remain, FAQs 10-11 address how they will be transferred and custodied at IBIE.
10. I have a margin account. Are the margin terms governing my account different following the Transfer to IBIE?
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 IBIE client. Please review the Account Terms for more information.
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 IBIE upon the Transfer taking place.
12. Will all account balances be transferred at the same time and what is the timing?
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 safe custody at IBIE until you either transfer your assets to another financial institution or to a new account with IBIE, IBIE will apply a monthly fee to hold your account initially set at Euro 100. The monthly fee can be amended at any time in IBIE’s sole discretion notification to you, which might be by way of email or IBIE’s website.
In addition, IBIE 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 IBIE website.
Keep in mind, when the cash balance of your account is insufficient to cover these fees, IBIE 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.
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 5th 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
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.
