Interactive Brokers Ireland Limited – MiFID Categorisation

Introduction
 
The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers Ireland Limited (IBIE) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty". 
 
In accordance with MiFID II rules, IBIE categorises most clients as Retail clients, providing them with a higher degree of protection.
 
Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.
 
The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:
 
1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a retail client must: (i) inform retail clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide retail clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of professional clients. However, IBIE will not make such differentiation apart from the case specified under point 3 below.
 
2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which vary according to the volatility of the underlying; (ii) A margin close out rule on a per account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis;
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts. The above requirements do not apply in respect of professional clients.
 
3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.
 
4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.
 
5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.  
 
IBIE provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBIE may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product. 
 
6. The Financial Services and Pensions Ombudsman (FSPO): The services of the FSPO in Ireland may not be available to professional clients, unless they are, for example, a consumer, or a limited company, sole trader, a trust, a club, a charity or a partnership, subject to certain turnover limitations.
 
7. Compensation: IBIE is a member of the Irish Investor Compensation Scheme. You may be entitled to claim compensation from that scheme if IBIE cannot meet its obligations to you. This will depend on the type of business and the circumstances of the claim; compensation is only available for certain types of claimants and claims in respect of certain types of business. Eligibility for compensation from the scheme is determined under the rules applicable to the scheme.
 
Re-categorisation as Professional Client
 
IBIE allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.
 
IBIE will consider re-categorising Retail Clients to Professional Clients in two instances:
 
1. Per Se Professional Clients can notify IBIE that they consider that they should have been categorised as Per Se Professionals under the MiFID II rules, because at least one of the following conditions applies:

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

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

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

(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.
 
2. IBIE may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBIE is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.
 
To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:
 
1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.
 
To determine the significant size IBIE considers the following:
 
a. During the last four quarters, there were at least forty (40) trades; and
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
d. The account has a net asset value greater than EUR 50,000.
 
Trades in Spot FX are not considered for the purpose of this calculation.
 
2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);
 
3. The Client is an individual accountholder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.
 
Upon review and verification of the information and supporting evidence provided, IBIE will re-categorise clients if all relevant conditions are met to satisfaction.

Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBIE before the relevant request is submitted.
 
Re-categorisation as Retail Client
 
Professional Clients can request IBIE to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).
 
With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBIE accepts all such requests.
 
THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED CLEARED CUSTOMERS ONLY.
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBIE’s APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.
 

Interactive Brokers Central Europe Zrt. – MiFID Categorisation

Introduction

The European Union legislative act known as the Markets in Financial Instruments Directive, or MiFID, as amended by MiFID II, requires Interactive Brokers Central Europe Zrt. (IBCE) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty". 
 
In accordance with MiFID II rules, IBCE categorises most clients as Retail clients, providing them with a higher degree of protection.
 
Only those clients that are either regulated entities or funds managed by regulated fund managers, are categorised as Per Se Professional Clients.
 
The main differences in regulatory protections afforded to Professional Clients as compared with Retails Clients are:
 
1. Description of the nature and risks of packaged investments: A firm that offers an investment service with another service or product or as a condition of the same agreement with a retail client must: (i) inform retail clients if the risks resulting from the agreement are likely to be different from the risks associated with the components when taken separately; and (ii) provide retail clients with an adequate description of the different components of the agreement and the way in which its interaction modifies the risks. The above requirements do not apply in respect of professional clients. However, IBCE will not make such differentiation apart from the case specified under point 3 below.
 
2. Investor protection measures on the provision of Contracts for Differences (“CFDs”): The European Securities and Markets Authority (“ESMA”) introduced product intervention measures on the provision of CFDs to retail investors. The measures include: (i) New leverage limits on the opening of a position, which vary according to the volatility of the underlying; (ii) A margin close out rule on a per account basis that standardises the percentage of margin at which providers are required to close out one or more open CFDs; (iii) Negative balance protection on a per account basis;
(iv) A restriction on the incentives offered to trade CFDs; and (v) A standardised risk warning, including the percentage of losses on a CFD provider’s retail investor accounts. The above requirements do not apply in respect of professional clients.
 
3. Communication with clients: A firm must ensure that its communications with all clients are fair, clear and not misleading. However, the way in which a firm may communicate with professional clients (about itself, its services and products, and its remuneration) may be different from the way in which the firm communicates with retail clients. A firm’s obligations in respect of the level of details, medium and timing of the provision of information are different depending on whether the client is a retail or professional client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KID”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to professional clients.
 
4. Depreciation in value reporting: A firm that holds a retail client account that includes positions in leveraged financial instruments or contingent liability transactions must inform the retail client, where the initial value of each instrument depreciates by 10 per cent and thereafter at multiples of 10 per cent. The above requirements do not apply in respect of professional clients.
 
5. Appropriateness: When assessing appropriateness for non-advised services, a firm may be required to determine whether the client has the necessary experience and knowledge in order to understand the risks involved in relation to the product or service offered or demanded. Where such an appropriateness assessment requirement applies in respect of a client, the firm may assume that a professional client has the necessary experience and knowledge in order to understand the risks involved in relation to those particular investment services or transactions, or types of transaction or product, for which the client is classified as a professional client. A firm may not make such an assumption for a retail client and must determine that a retail client does have the necessary level of experience and knowledge.  
 
IBCE provides non-advised services and is not required to request information or adhere to the assessment procedures for a professional client when assessing the appropriateness of a given service or product as with a retail client, and IBCE may not be required to give warnings to the professional client if it cannot determine appropriateness with respect to a given service or product. 
 
6. Compensation: IBCE is a member of the Hungarian Investor Protection Funds. Retail Clients may be entitled to claim compensation from the Fund in the event that i/ the Central Bank of Hungary initiates liquidation proceedings of IBCE or ii/ a court orders the liquidation of IBCE. The compensation provided by the Fund cover 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. Eligibility for compensation from the Fund is determined under the rules applicable to the scheme.
 
Re-categorisation as Professional Client
 
IBCE allows its Retail Clients to request to be re-categorised as Professional Clients. Clients are notified of their Client Category and can check it at any time from Account Management, under Settings> Account Settings> MiFID Client Category. From this same screen, Clients can also request to change their MiFID Category.
 
IBCE will consider re-categorising Retail Clients to Professional Clients in two instances:
 
1. Per Se Professional Clients can notify IBCE that they consider that they should have been categorised as Per Se Professionals under the MiFID II rules, because at least one of the following conditions applies:

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

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

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

(iii) an institutional investor whose main activity is to invest in financial instruments. This includes entities dedicated to the securitisation of assets or other financing transactions.
 
2. IBCE may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBCE is reasonably assured that, in light of the nature of the transactions or services envisaged, the Client is capable of making its own investment decisions and understand the risks involved. Clients who do not meet the requirements to be categorised as Per Se Professional Clients can still request to be categorised as Elective Professional Clients.
 
To obtain such re-categorisation, Retail Clients must provide evidence that they satisfy at least two (2) of the following criteria:
 
1. Over the last four (4) quarters, the Client conducted trades in financial instruments in significant size at an average frequency of ten (10) per quarter.
 
To determine the significant size IBCE considers the following:
 
a. During the last four quarters, there were at least forty (40) trades; and
b. During each of the last four (4) quarters, there was at least one (1) trade; and
c. The total notional value of the top forty (40) trades of the last four (4) quarters is greater than EUR 200,000; and
d. The account has a net asset value greater than EUR 50,000.
 
Trades in Spot FX are not considered for the purpose of this calculation.
 
2. The Client holds a portfolio of financial instruments (including cash) that exceeds EUR 500,000 (or equivalent);
 
3. The Client is an individual accountholder or a trader of an organisation account who works or has worked in the financial sector for at least one year in a professional position which requires knowledge of products it trades in.
 
Upon review and verification of the information and supporting evidence provided, IBCE will re-categorise clients if all relevant conditions are met to satisfaction.

Retail Clients requesting to be re-categorised as Professional Accounts must read and understand the warning provided by IBCE before the relevant request is submitted.
 
Re-categorisation as Retail Client
 
Professional Clients can request IBCE to be re-categorised as Retail Clients, from the same Account Management page described above (under Settings> Account Settings> MiFID Client Category).
 
With the sole exception of regulated entities or funds managed by regulated fund managers, which are categorised as Per Se Professional Clients, IBCE accepts all such requests.
 
THIS INFORMATION IS GUIDANCE FOR INTERACTIVE BROKERS FULLY DISCLOSED CLEARED CUSTOMERS ONLY.
NOTE: THE INFORMATION ABOVE IS NOT INTENDED TO BE A COMPREHENSIVE, EXHAUSTIVE NOR A DEFINITIVE INTERPRETATION OF THE REGULATION, BUT A SUMMARY OF IBCE’s APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.
 

Domande Frequenti: Brexit

In questa pagina troverai le risposte alle domande più comuni riguardo la Brexit, incluse quelle relative al trasferimento del tuo conto presso uno nei nostri broker in Europa e chiarimenti circa l'operatività del tuo conto dopo il trasferimento.

Per cominciare, seleziona una delle entità di IBKR indica qui di seguito. Scegli l'entità presso la quale verrà mantenuto il tuo conto dopo la Brexit.

 

FAQs - Brexit

Answers to the most commonly asked questions relating to Brexit, including the transfer of an account to one of our European brokers and account operation following the transfer can be found through this page.

To start, select the IBKR entity below that your account will be maintained with post-Brexit.

Domande Frequenti: IBCE e Trasferimento dei conti legato alla Brexit

Overview: 

Questo è un importante documento che richiede la sua attenzione riguardante la proposta di trasferimento del conto da IBUK ed IBLLC ad IBCE. La preghiamo di leggere per intero questo documento prima di intraprendere qualsiasi azione cui si fa riferimento nella Lettera di Presentazione a lei inviata per email.

 

Background: 

La preghiamo di prendersi il tempo necessario per leggere queste Domande Frequenti, il quale riassume alcuni dei cambiamenti più rilevanti riguardanti la regolamentazione in conseguenza della Proposta di trasferimento (descritta sotto) e fornisce risposte ad alcune domande comuni a riguardo. La invitiamo a leggere queste Domande Frequenti unitamente alla Lettera di Presentazione e gli altri documenti ad essa allegati. Per qualsiasi altra informazione, la preghiamo di contattarci tramite i link inclusi nella Lettera di Presentazione. Queste Domande Frequenti sostituiscono il documento precedente dal titolo "Domande frequenti: Trasferimento del conto nel contesto della Brexit" ("Domande Frequenti iniziali") in quanto questa nuova versione include informazioni più recenti. La invitiamo a leggere con attenzione tutto il documento. In caso di discrepanze tra queste Domande Frequenti e le Domande Frequenti iniziali, la preghiamo di fare riferimento alle informazioni contenute in questo documento.

 

Discussione: 

Queste documento sulle Domande Frequenti è suddiviso in tre parti. 

  • La Parte A fornisce informazioni di base sulla Proposta di Trasferimento (come descritto più avanti).
  • La Parte B include tematiche legali e normative emerse a seguito della Proposta di trasferimento (come descritto più avanti).
  • La Parte C contiene risposte ad altre domande e fornisce ulteriori informazioni pratiche in merito a cosa cambierà e cosa rimarrà invariato a conseguenza della Proposta di trasferimento (come descritto più avanti). 

 

PARTE A – PROPOSTA DI TRASFERIMENTO

 1. Qual è la situazione attuale e come mai è necessario un cambiamento?

Come saprà, al momento, la sua relazione con Interactive Brokers si basa sulla nostra entità legale situata nel Regno Unito, Interactive Brokers (U.K.) Limited (“IBUK”), e i servizi a lei forniti provengono da IBUK e, in base ai prodotti su cui opera, dalla nostra filiale USA, Interactive Brokers LLC (“IBLLC”). Al momento IBUK utilizza quello che è chiamato "passaporto dei servizi finanziari" per fornire i propri servizi in Europa continentale. La nostra ipotesi è che al termine del periodo di transizione Brexit più avanti questo anno, IBUK non potrà più usufruire del passaporto dei servizi finanziari e dal 1 gennaio 2021 Interactive Brokers necessiterà di alcuni cambiamenti con riferimento a quale entità legale potrà operare con lei. 

 

2. Quali sono i "cambiamenti" previsti sopra?

Abbiamo costituito una nuova entità legale di Interactive Brokers in Ungheria, ossia Interactive Brokers Central Europe Zrt   (“IBCE”).  La nostra proposta è quella di trasferire la sua operatività dalle attuali IBUK ed IBLLC a IBCE.  In altre parole, la proposta è che tutti i suoi conti, investimenti e servizi attualmente forniti da IBUK ed IBLLC saranno forniti da IBCE (per comodità faremo riferimento a questo cambio di procedura con l'espressione “Proposta di trasferimento”).

 

3. Quando avrà luogo la Proposta di trasferimento? 

Avremo cura di contattarla nuovamente prima della Proposta di Trasferimento. 

 

4. Che cos’è l’IBCE? Di che tipo di società si tratta?

IBCE è una compagnia che fornisce servizi per l’investimento dotata di licenza e autorizzazione della la Banca Centrale d’Ungheria.  Il profilo di IBCE è molto simile a quello di IBUK. Questo in quanto sia IBCE che IBUK sono autorizzate sulla base della seconda Direttiva sui Mercati degli Strumenti Finanziari (Direttiva 2014/65/UE). Si tratta di una normativa UE che ha il fine, per quanto possibile, di armonizzare la regolamentazione delle società di investimenti su tutto il territorio dell’Unione Europea. 

Tuttavia, questo non implica che non vi sia alcuna differenza tra le normative che si applicano alla sua attuale relazione con IBUK e IBLLC e quelle che si applicheranno dopo che il suo conto sarà stato trasferito presso IBCE.  Spiegheremo in dettaglio questo aspetto nella Parte B di queste Domande Frequenti. 

 

5. Quali sono i dettagli legali di IBCE? 

Interactive Brokers Central Europe Zrt. Interactive Brokers Central Europe Zrt è registrata come società per azioni (numero di registrazione 01-10-141029) ed è inserita nel registro delle imprese presso il Tribunale Metropolitano di Registrazione. Sede legale: Madách Imre út 13-14, 1075 Budapest.

 

6. Chi regolamenterà IBCE e quali sono i contatti? 

La Banca Centrale d’Ungheria sarà l'ente regolatore rilevante di IBCE (come la Financial Conduct Authority è il regolatore rilevante di IBUK).  Di seguito trova i contatti della Banca Centrale d'Ungheria: 

Sede

Banca Centrale d'Ungheria

1054 Budapest

Szabadság tér 9.

Ungheria

 

Indirizzo postale

Magyar Nemzeti Bank

BKKP Pf. 777

 

Servizio Clienti, gestione reclami 

Indirizzo: 1013 Budapest, Krisztina krt. 39.

E-mail: ugyfelszolgalat@mnb.hu

Telefono:  +36 80 203 776

 

 7. Come si colloca IBCE nell'ambito del Gruppo Interactive Brokers? 

IBCE è una filiale interamente controllata facente parte del Gruppo Interactive Brokers.

 

8. Quale impatto ha per me la Proposta di trasferimento? Ci saranno delle conseguenze di particolare rilievo? 

La Proposta di trasferimento potrebbe avere un impatto materiale se al momento lei opera con prodotti finanziari sui quali verranno poste delle limitazioni a seguito del trasferimento.  È molto importante che legga queste Domande Frequenti per intero e si assicuri di comprendere quali saranno i cambiamenti.

 

9. Cosa devo fare se desidero continuare ad operare con Interactive Brokers? 

Se desidera continuare ad operare con Interactive Brokers abbiamo bisogno della sua cooperazione ed intervento. 

In particolare, abbiamo bisogno del suo consenso ed accettazione per i seguenti documenti: 1) Accordo Cliente; 2) Documenti disponibili nella sezione Informazioni Importanti della procedura del Trasferimento proposto; 3) elementi normativi delineati nella Lettera di Presentazione e 4) delle sezioni Informazioni Importanti e Consenso della procedura della Proposta di trasferimento. Può fare questo seguendo le istruzioni indicate nella Lettera di Presentazione. 

Per chiarezza lei non deve necessariamente accettare la Proposta di trasferimento se ritiene che questa abbia un impatto negativo nei suoi confronti. Tuttavia, deve comprendere che se decide di non accettare questa proposta, IBUK probabilmente non sarà in grado di continuare a fornire i propri servizi sul suo conto al termine del periodo di transazione Brexit. Se questo accade, il suo conto sarà limitato e non avrà modo di aprire nuove posizioni o trasferire nuovi asset. Le sarà comunque sempre possibile trasferire i suoi asset verso un broker differente. Se desidera respingere la proposta, la preghiamo di seguire le procedure descritte nella Lettera di Presentazione. 

In ogni caso, le chiediamo di leggere nella sua interezza queste Domande Frequenti come pure la Lettera di Presentazione prima di decidere se accettare o respingere la Proposta di trasferimento.

 

10. Quali sono i prossimi passi? 

Se accetta il trasferimento, la preghiamo di eseguire le azioni descritte nella Lettera di Presentazione, quindi prepareremo il suo conto per la Proposta di trasferimento.  A seguito del trasferimento, IBCE la contatterà fornendole ulteriori informazioni riguardo la sua nuova relazione con IBCE.

 

PARTE B – CAMBIAMENTI LEGALI E NORMATIVI DI CUI ESSERE CONSAPEVOLI

 

1. Quali termini e condizioni governeranno la sua relazione con IBCE a seguito della Proposta di trasferimento?? Vi sono differenze rispetto a quelle attualmente in vigore? 

Le negoziazioni da lei eseguite dopo la Proposta di trasferimento saranno regolate dal nuovo Accordo Cliente tra lei ed IBCE.  Una copia del nuovo Accordo Cliente è disponibile nella sezione Informazioni Importanti della procedura della Proposta di trasferimento.  La preghiamo di fare riferimento alla domanda A3 nella sezione precedente per i dettagli sulla tempistica della Proposta di trasferimento.

 

2. Quali norme di comportamento (tra cui la "migliore esecuzione") si applicheranno alla mia relazione con IBCE? Ci saranno differenze di rilievo nel mio rapporto con IBCE rispetto al mio attuale rapporto con IBUK? 

Ci sono alcuni cambiamenti di cui essere consapevoli; questi vengono descritti nei paragrafi successivi. 

Se opera con IBUK su base “carried” (in altre parole, lei negozia opzioni su indici, future e opzioni su future e IBUK mantiene il suo conto e opera come custode dei suoi asset) allora si applicano le norme di comportamento della Financial Conduct Authority.  Queste regole sono largamente basate sulla riadattata Direttiva sui Mercati degli Strumenti Finanziari, la Regolamentazione dei Mercati Finanziari e varie direttive e normative delegate (nel loro insieme, “MiFID”).  In relazione alla "migliore esecuzione", quando applicabile, IBUK deve mettere in atto tutte le azioni necessarie per ottenere il miglior risultato possibile per lei quando eseguiamo i suoi ordini. 

Se al momento opera con IBUK su base "introduced" (in altre parole, lei negozia prodotti differenti da quelli menzionati nel precedente paragrafo e mantiene una relazione sia con IBUK che con la filiale USA, IBLLC) verrà applicato un misto di norme di comportamento. Per esempio, con riferimento alla introduzione della sua operatività a IBLLC, si applicheranno le norme di comportamento della Financial Conduct Authority (vedere sopra).  Una volta introdotto ad IBLLC, si applicheranno — al ruolo di IBLLC (inclusi i suoi obblighi di "migliore esecuzione" e custodia) — le normative e le regolamentazioni rilevanti della U.S. Securities and Exchange Commission e della U.S. Commodity Futures Trading Commission (tra le altre). 

Si noti che è possibile che la sua operatività sia suddivisa tra questi due scenari (in altre parole, parte della sua operatività è condotta su base "carried" e parte è condotta su base "introduced"). 

In futuro, non si applicherà più la distinzione tra operatività "carried" e "introduced", e in entrambi gli scenari descritti sopra la sua relazione con IBCE sarà soggetta alle norme di condotta ungheresi. Allo stesso modo delle regole del UK Financial Conduct Authority, le regole di condotta ungheresi si basano sul MiFID e gli obblighi di legge di IBCE in merito alla “miglior esecuzione” rispecchieranno in gran parte quelli attualmente in vigore per IBUK. 

Riteniamo che, sebbene le regole che si applicano alla nostra relazione cambieranno, tali cambiamenti non saranno di particolare rilievo né implicheranno un minore livello di protezione nei suoi confronti.

 

3. Come saranno custoditi i miei investimenti presso IBCE da un punto di vista legale/normativo? Ci saranno differenze di rilievo nel mio rapporto con IBCE rispetto al mio attuale rapporto con IBUK? 

Le regole attualmente in vigore dipendono dal tipo di operatività che lei intrattiene al momento con IBUK (vedere la risposta alla Domanda B2 sopra).  Quando lei opera su base "carried", si applica la normativa sugli Asset dei Clienti della Financial Conduct Authority (o "CASS").  Queste regole si basano largamente sul MiFID.  Invece, quando lei opera su base "introduced" con IBUK e IBLLC, vengono applicate le normative di custodia USA. 

In futuro, come menzionato sopra, la distinzione tra operatività "carried" e "introduced" non sarà più rilevante in entrambi i casi descritti sopra, si applicheranno solamente le regole di custodia dell’Ungheria alla sua relazione con IBCE.  Così come le normative della Financial Conduct Authority del Regno Unito, anche le regole ungheresi si basano sulla MiFID. 

 

4. Come sono protetto dalle perdite? Ci saranno differenze di rilievo nel mio rapporto con IBCE rispetto al mio attuale rapporto con IBUK? 

Attualmente i suoi asset idonei sono protetti da perdite tramite la Securities Investor Protection Corporation degli Stati Uniti per una somma massima di 500,000 USD (a condizione di un sottolimite cash di 250,000 USD) oppure tramite il Financial Services Compensation Scheme del Regno Unito per una somma massima di 50,000 GBP (quale regime si applica dipende dal segmento del conto IBUK, come spiegato sopra in B2).  Dopo la Proposta di trasferimento, i suoi asset saranno protetti da perdite tramite il Fondo Ungherese di Protezione degli Investitori secondo quanto stabilito dalla Legge CXX del 2001 sul mercato dei capitali in caso di fallimento e incapacità di IBCE a far fronte ai propri obblighi nei suoi confronti. 

Lo schema di compensazione dell’Ungheria è simile allo schema di compensazione cui lei ha accesso nel Regno Unito. 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. 

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.

Normalmente è possibile richiedere una compensazione solamente dopo che una società è andata in fallimento ed i suoi asset sono stati liquidati e distribuiti ai debitori. La invitiamo a leggere i dettagli degli schemi relativi ai limiti di copertura; non tutte le perdite sono infatti coperte in base ai livelli massimi di compensazione stabiliti. Il Fondo potrà rimborsarle fino a 100,000 EUR della somma da lei investita. L'ammontare della somma pagata dal Fondo sarà:

  • Il 100% dell’investimento per un limite equivalente a 1 milione di fiorini (al 12 dicembre 2020 la cifra corrisponde a 2,800 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 presso la IBCE? Ci saranno differenze di rilievo nel mio rapporto con IBCE rispetto al mio attuale rapporto con IBUK? Cosa devo fare se il mio reclamo si riferisce a qualcosa che è accaduto quando ero un cliente di IBUK? 

Le regole di condotta generali di IBCE stabiliscono le modalità per sporgere un reclamo presso IBCE. Le procedure di gestione dei reclami sono in pratica molto simili a quelle valide per il suo attuale rapporto con IBUK. Se nella sostanza il suo reclamo si riferisce a eventi precedenti alla Proposta di trasferimento, allora dovrà inoltrare il reclamo presso IBUK. IBUK resterà autorizzata a operare società d'investimento dopo la Brexit.  Nel caso in cui abbia bisogno di contattare IBUK, restano invariati gli attuali indirizzi email e i numeri di telefono.

 

6. A seguito della Proposta di trasferimento, avrò ancora accesso al Financial Ombudsman Service? 

Nel caso di reclami, gli investitori devono seguire la procedura secondo quanto indicato nell'Accordo Cliente.  Come illustrato nelle Domande Frequenti iniziali, una volta che la Proposta di trasferimento ha avuto luogo, il Financial Ombudsman Service cesserà di avere giurisdizione su ogni eventuale reclamo che lei possa avere nei confronti di IBUK. Tuttavia, la informiamo che l'Ungheria ha uno schema per la risoluzione di dispute gestito dalla Banca Centrale d'Ungheria. Si tratta del Financial Arbitration Board (“FAB”). Questo organismo gestisce uno schema libero e indipendente per la risoluzione di dispute relative ai servizi finanziari. Nel caso in cui lei sia un cliente retail, potrebbe avere i requisiti per poter sporgere un reclamo presso il FAB. Maggiori dettagli sul FAB sono disponibili presso il seguente sito: https://www.mnb.hu/en/hungarian-financial-arbitration-board.

 È possibile contattare il FAB utilizzando i seguenti contatti: 

Indirizzo postale

Financial Arbitration Board

1525 Budapest

Pf. 172

 

Email

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 IBUK in questo contesto? 

La invitiamo a consultare le Domande Frequenti iniziali per maggiori informazioni. In generale, non vi saranno cambiamenti di rilievo.

 

PARTE C – ALTRE DOMANDE DI NATURA PRATICA E PROSSIMI PASSI

 

1. Chi posso contattare prima che la Proposta di trasferimento abbia luogo e successivamente per domande sulla mia operatività quotidiana? 

In linea di principio, dovrebbe contattare IBUK per qualsiasi domanda prima della Proposta di trasferimento e IBCE per ogni eventuale domanda dopo la Proposta di trasferimento.  A prescindere da chi contatterà presso Interactive Brokers, ci assicureremo che le sue domande siano gestite con rapidità e la aiuteremo ad entrare in contatto con la persona o il dipartimento più idoneo ad assisterla.

 

2. I prodotti di investimento offerti rimarranno gli stessi? 

IBCE e IBUK offrono la stessa gamma di prodotti per tutte le categorie eccetto metalli e forex. Le differenze in termini di offerta per queste 2 tipologie sono le seguenti: 

  • IBCE offre CFD su Metalli ma non include contratti spot e future OTC su metalli.
  • È possibile fare trading su titoli e derivati in tutti i mercati ai quali ha accesso oggi ma se effettua trading con valute non incluse nell’elenco “Valute autorizzate per versamenti” (si veda il punto 7) e la transazione risulterà essere un saldo cash long, noi provvederemo a riconvertire la cifra nella sua valuta base. Qualora la transazione sia un saldo cash short non vi saranno ulteriori azioni da parte di IBCE in quanto le sarà sempre possibile ottenere prestiti in tutte le valute disponibili presso IBKR.
  • Le transazioni Forex spot presso IBCE devono essere legate ad una transazione di servizi d’investimento e ai relativi flussi di cassa. Per adempiere a tale norma non sarà più possibile fare trading con valute su base speculativa. 

Per maggiori informazioni la invitiamo a consultare il documento dal titolo “IBCE Multi-Currency Account Foreign Exchange Restrictions Disclosure”.

3. La gamma dei servizi disponibili rimarrà invariata? 

Vi saranno due cambiamenti relativi ai servizi attualmente offerti: 

  • IBCE offre finanziamento per il trading di titoli e commodity ma non può sostenere il prelievo o prestito di fondi. Le sarà possibile prelevare gratuitamente qualunque somma che non serva a sostenere le sue posizioni aperte.  Se desidera avere la possibilità di fondi aggiuntivi, potrà vendere le posizioni e prelevare i ricavi di tale vendita.
  • Le ricerche su investimenti del GFIS (Global Financial Information Systems) non saranno più disponibili per i clienti di IBCE; tuttavia i dati di mercato e le ultime notizie a cura del GFIS faranno parte dei servizi offerti.

 

4. Al momento faccio trading di derivati OTC con IBUK – cosa succederà alle mie posizioni aperte? 

Le sue posizioni saranno trasferite presso IBCE e lei avrà come controparte IBCE invece di IBUK.  Pertanto lei non avrà più alcun rapporto di natura legale con IBUK con riferimento a queste posizioni.  Le forniremo in sede separata un Documento con le Informazioni Principali aggiornato (la preghiamo di utilizzare il link alla pagina PRIIP KID presente nella Lettera di Presentazione).

 

5. Cosa succede ai titoli che ho dato in garanzia ad IBUK a fronte di un prestito a margine? 

Se ha dato titoli o liquidità in garanzia ad IBUK/IBLLC, questi saranno trasferiti presso IBCE a seguito della Proposta di trasferimento. Le verranno presentati due nuovi contratti per il prestito a margine che attualmente detiene:

  • contratto sul prestito per l'investimento
  • contratto relativo al Quadro di Riferimento per il Prestito di titoli

Questi contratti avranno funzione simile al conto con prestito a margine che attualmente detiene. L’unica differenza sarà che invece del pagamento di interessi, lei avrà l’obbligo di pagare delle commissioni di servizio a IBCE la quale accederà ad una transazione con titoli in prestito a suo nome.  In base al suo paese di residenza potrebbero esserci delle conseguenze a livello fiscale.

 

6. Avrò accesso alle medesime piattaforme di trading o vi saranno altri cambiamenti nel software a seguito del trasferimento?  

Il trasferimento non avrà alcun impatto sul software disponibile per negoziare o gestire il suo conto.  La tecnologia rimarrà la medesima attualmente a sua disposizione.

 

7. I saldi del conto saranno trasferiti nel medesimo momento e quale sarà la tempistica? 

IBCE supporterà un numero limitato di valute per i depositi.  Qui di seguito sono elencate le cosiddette “Valute autorizzate per versamenti”:

  • EUR, USD, GBP, HUF, CZK, PLN 

Le sarà richiesto di nominare una valuta base da questa lista e qualora lei detenga saldi cash di tipo long in valute diverse da quelle elencate, le verrà richiesto di convertire tali somme in una delle “Valute autorizzate per versamenti” prima del trasferimento.

 

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 suo precedente broker (ossia IBUK e/o IBL) 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.  È sempre possibile ottenere prestiti in tutte le valute offerte dal gruppo IBKR.

Tutti i saldi attivi, ad eccezione delle maturazioni (es. interessi, dividendi) verranno trasferiti nello stesso momento. Dopo che tutte le maturazioni saranno state regolate e addebitate sul saldo di cassa, esse verranno automaticamente spostate verso il nuovo conto presso IBCE. Una volta rimosse tutte le maturazioni, il suo conto con IBUK o IBLLC verrà chiuso e non sarà più possibile accedere al conto per fare trading. Tuttavia, il conto rimarrà accessibile tramite il selettore di conto nel Client Portal per visualizzare e stampare i rendiconti cronologici.

 

8. Le posizioni relative a titoli, derivati e commodity verranno trasferite tutte nello stesso momento? 

Tutte le posizioni verranno trasferite presso il suo nuovo conto nello stesso momento ad eccezione di quelle per future OTC su metalli e spot metal. Le verrà richiesto di vendere tali posizioni prima di completare la conversione al conto IBCE.

 

9. Cosa succederà al mio conto attuale dopo il trasferimento? 

Il suo conto attuale verrà chiuso dopo che saranno state convertite in contanti tutte le maturazioni (interessi e dividendi) e inviate presso il nuovo conto. Una volta chiuso il conto non sarà accessibile per fare trading. Tuttavia, le sarà ancora possibile accedere al conto chiuso attraverso il Client Portal allo scopo di vedere e stampare rendiconti relativi al periodo precedente al trasferimento.

 

10. Le commissioni, gli interessi e le tariffe di IBKR cambieranno dopo il trasferimento? 

Le commissioni e tariffe di IBKR non variano in base al broker presso cui il conto viene mantenuto.

Vi sono alcuni cambiamenti riguardo gli interessi e le tariffe sui saldi attivi. IBCE non paga interessi sui saldi a credito in quanto la legge ungherese (in particolare la legislazione relativa alle compagnie che offrono servizi per l’investimento) proibisce il pagamento di tali interessi.  IBCE applicherà una semplice commissione di gestione per i bilanci attivi in valute che hanno tassi d’interesse negativi.

 

11. I miei permessi di negoziazione cambieranno dopo il trasferimento? 

No. Nel caso di trasferimento di prodotti offerti da IBCE non vi saranno cambiamenti relativi ai permessi di negoziazione. Come menzionato prima (punto 2) contratti spot metalli ed i future OTC su metalli non saranno disponibili.

 

12. I miei ordini attivi (per esempio "Good-til-Canceled") saranno trasferiti al nuovo conto? 

Gli ordini attivi non saranno trasferiti al nuovo conto. Raccomandiamo ai clienti di controllare gli ordini immediatamente dopo il trasferimento del conto per assicurarsi che gli ordini attivi siano coerenti con le intenzioni di negoziazione.

 

13. Devo rispettare la Pattern Day Trading (“PDT”) Rule degli USA dopo il trasferimento? 

No. Non dovrà rispettare la normativa PDT (PDT Rule).

 

14. Riceverò un unico rendiconto annuale a fine anno che riflette sia il mio conto con IBUK che quello con IBCE? 

No.  Riceverà rendiconti giornalieri, mensili e annuali distinti per ciascuno conto. Tali rendiconti copriranno il periodo di tempo in cui il conto è stato aperto. I rendiconti saranno pubblicati sul Client Portal nella sezione Rendiconti/Documenti Fiscali. Basterà selezionare dal menu opzioni uno dei due conti per accedere al rispettivo rendiconto.

 

15. L'attuale imponibile delle posizioni aperte sarà trasferito quando il mio conto verrà trasferito? 

Sì, il trasferimento non avrà alcun impatto sull'imponibile delle sue posizioni.

 

16. Il nuovo conto manterrà la medesima configurazione del conto attuale? 

La configurazione del conto a seguito del trasferimento corrisponderà a quella del conto attuale per quanto consentito dalla normativa. Questo include la capacità di operare a margine, i dati di mercato, eventuali utenti secondari e gli avvisi.  I clienti aventi posizioni in prodotti non consentiti (ad eccezione di future OTC su metalli e spot metal) potranno trasferire tali posizioni, ma non sarà loro consentito di incrementarle.

Le posizioni per i future OTC su metalli e spot metal devono essere chiuse nel suo conto IBUK.

 

17. Le mie credenziali di accesso saranno modificate? 

No.  Il suo nome utente, la sua password e il processo di autenticazione a 2 livelli validi per il conto attuale rimarranno attivi dopo il trasferimento. Tuttavia, riceverà un nuovo ID conto relativo al conto trasferito.

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Domande Frequenti: IBIE e Trasferimento dei conti legato alla Brexit

Overview: 

Questo è un importante documento che richiede la sua attenzione riguardante la proposta di trasferimento del conto da IBUK ed IBLLC ad IBIE. La preghiamo di leggere per intero questo documento prima di intraprendere qualsiasi azione cui si fa riferimento nella Lettera di Presentazione a lei inviata per email.

Background: 

La preghiamo di prendersi il tempo necessario per leggere queste Domande Frequenti, il quale riassume alcuni dei cambiamenti più rilevanti riguardanti la regolamentazione in conseguenza della Proposta di trasferimento (descritta sotto) e fornisce risposte ad alcune domande comuni a riguardo. La invitiamo a leggere queste Domande Frequenti unitamente alla Lettera di Presentazione e gli altri documenti ad essa allegati. Per qualsiasi altra informazione, la preghiamo di contattarci tramite i link inclusi nella Lettera di Presentazione. Queste Domande Frequenti sostituiscono il documento precedente dal titolo "Domande frequenti: Trasferimento del conto nel contesto della Brexit" ("Domande Frequenti iniziali") in quanto questa nuova versione include informazioni più recenti. La invitiamo a leggere con attenzione tutto il documento In caso di discrepanze tra queste Domande Frequenti e le Domande Frequenti iniziali, la preghiamo di fare riferimento alle informazioni contenute in questo documento.

Oggetto:

Queste documento sulle Domande Frequenti è suddiviso in tre parti.

  • La Parte A fornisce informazioni di base sulla Proposta di trasferimento (come descritto più avanti).
  • La Parte B include tematiche legali e normative emerse a seguito della Proposta di trasferimento (come descritto più avanti).
  • La Parte C contiene risposte ad altre domande e fornisce ulteriori informazioni pratiche in merito a cosa cambierà e cosa rimarrà invariato a conseguenza della Proposta di trasferimento (come descritto più avanti).

PARTE A – PROPOSTA DI TRASFERIMENTO

1. Qual è la situazione attuale e come mai è necessario un cambiamento?

Come saprà, al momento, la sua relazione con Interactive Brokers si basa sulla nostra entità legale situata nel Regno Unito, Interactive Brokers (U.K.) Limited (“IBUK”), e i servizi a lei forniti provengono da IBUK e, in base ai prodotti su cui opera, dalla nostra filiale USA, Interactive Brokers LLC (“IBLLC”). Al momento IBUK utilizza quello che è chiamato "passaporto dei servizi finanziari" per fornire i propri servizi in Europa continentale. La nostra ipotesi è che al termine del periodo di transizione Brexit più avanti questo anno, IBUK non potrà più usufruire del passaporto dei servizi finanziari e dal 1 gennaio 2021 Interactive Brokers necessiterà di alcuni cambiamenti con riferimento a quale entità legale potrà operare con lei.

2. Quali sono i "cambiamenti" previsti sopra?

Abbiamo costituito una nuova entità legale di Interactive Brokers in Irlanda, ossia Interactive Brokers Ireland Limited (“IBIE”). La nostra proposta è quella di trasferire le sue attività attuali da IBUK ed IBLLC ad IBIE. In altre parole, la proposta è che tutti i suoi conti, investimenti e servizi attualmente forniti da IBUK ed IBLLC saranno forniti da IBIE (per comodità faremo riferimento a questo cambio di procedura con l'espressione “Proposta di trasferimento"”).

3. Quando avrà luogo la Proposta di trasferimento?

La contatteremo nuovamente prima che avvenga il trasferimento proposto.

4. Cosa è la IBIE? Di che tipo di società si tratta?

Con effetto dal 22 dicembre 2020, IBIE ha ricevuto l'autorizzazione ad operare come società d’investimento dalla Banca Centrale d'Irlanda. Il profilo e lo status normativo di IBIE saranno molto simili a quelli di IBUK. Questo in quanto sia IBIE che IBUK saranno autorizzate sulla base della seconda Direttiva sui Mercati degli Strumenti Finanziari (Direttiva 2014/65/UE). Si tratta di una normativa UE che ha il fine di armonizzare, per quanto possibile, la regolamentazione delle società di investimenti.

Tuttavia, questo non implica che non vi sia alcuna differenza tra la legislazione che si applica al momento alla sua relazione con IBUK e IBLLC e quelle che si applicheranno dopo che il suo conto sarà stato trasferito presso IBIE. Chiariremo in dettaglio questi aspetti nella Parte B di queste Domande Frequenti.

 

5. Quali sono i dettagli legali di IBIE?

Interactive Brokers Ireland Limited è registrata come società a responsabilità limitata (numero di registrazione 657406) presso il registro delle imprese gestito dall’Irish Companies Registration Office. La sede legale di IBIE è la seguente: 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland. Stiamo finalizzando le procedure di contatto quotidiano di IBIE e la informeremo a tempo debito a riguardo.

6. Chi regolamenterà IBIE e quali sono i contatti?

La Banca Centrale d’Irlanda sarà a tutti gli effetti l’ente regolatore per IBIE (allo stesso modo in cui la Financial Conduct Authority è il l’ente regolatore di IBUK). Indichiamo qui di seguito i contatti della Banca Centrale d’Irlanda:

Sede

The Central Bank of Ireland

New Wapping Street

North Wall Quay

Dublin 1

D01 F7X3

Contatti telefonici

Telefono: +353 (0)1 224 6000

Fax: +353 (0)1 224 5550

Indirizzo postale

Central Bank of Ireland

P.O. Box 559

Dublin 1

Helpline aperta al pubblico

E-mail: enquiries@centralbank.ie

Lo-Call: 1890 777 777

Telefono: +353 (0)1 224 5800

 

7. Come si colloca IBIE nell'ambito del Gruppo Interactive Brokers?

IBIE è una filiale interamente controllata facente parte del Gruppo Interactive Brokers.

8. Quale impatto ha per me la Proposta di trasferimento? Ci saranno delle conseguenze di particolare rilievo?

Non ci aspettiamo conseguenze di particolare rilievo a seguito della Proposta di trasferimento. Tuttavia, è molto importante che legga queste Domande Frequenti con molta attenzione e si assicuri di comprendere quali saranno i cambiamenti che la riguardano.

9. Cosa devo fare se desidero continuare ad operare con Interactive Brokers?

Se desidera continuare ad operare con Interactive Brokers abbiamo bisogno della sua cooperazione ed intervento.

In particolare, abbiamo bisogno del suo consenso ed accettazione per i seguenti documenti: 1) Accordo Cliente; 2) Documenti disponibili nella sezione Informazioni Importanti della procedura del Trasferimento proposto; 3) elementi normativi delineati nella Lettera di Presentazione e 4) delle sezioni Informazioni Importanti e Consenso della procedura della Proposta di trasferimento. Può fare questo seguendo le istruzioni indicate nella Lettera di Presentazione.

Per chiarezza lei non deve necessariamente accettare la Proposta di trasferimento se ritiene che questa abbia un impatto negativo nei suoi confronti. Tuttavia, deve comprendere che se decide di non accettare questa proposta, IBUK probabilmente non sarà in grado di continuare a fornire i propri servizi sul suo conto al termine del periodo di transazione Brexit. Se questo accade, il suo conto sarà limitato e non avrà modo di aprire nuove posizioni o trasferire nuovi asset. Le sarà comunque sempre possibile trasferire i suoi asset verso un broker differente. Se desidera respingere la proposta, la preghiamo di seguire le procedure descritte nella Lettera di Presentazione.

In ogni caso, le chiediamo di leggere nella sua interezza queste Domande Frequenti come pure la Lettera di Presentazione prima di decidere se accettare o respingere la Proposta di trasferimento.

10. Quali sono i prossimi passi?

Se accetta il trasferimento, la preghiamo di eseguire le azioni descritte nella Lettera di Presentazione, quindi prepareremo il suo conto per la Proposta di trasferimento. A seguito del trasferimento, IBIE la contatterà fornendole ulteriori informazioni riguardo la sua nuova relazione con IBIE.

 

PARTE B – CAMBIAMENTI LEGALI E NORMATIVI DI CUI ESSERE CONSAPEVOLI

1. Quali termini e condizioni governeranno la sua relazione con IBIE a seguito della Proposta di trasferimento? Vi sono differenze rispetto a quelle attualmente in vigore?

Le negoziazioni da lei eseguite dopo la Proposta di trasferimento saranno regolate dal nuovo Accordo Cliente tra lei ed IBIE. Una copia del nuovo Accordo Cliente è disponibile nella sezione Informazioni Importanti della procedura della Proposta di trasferimento. La preghiamo di fare riferimento alla domanda A3 nella sezione precedente per i dettagli sulla tempistica della Proposta di trasferimento.

2. Quali norme di comportamento (tra cui la "migliore esecuzione") si applicheranno alla mia relazione con IBIE? Ci saranno differenze di rilievo nel mia rapporto con IBIE rispetto al mio attuale rapporto con IBUK?

Ci sono alcuni cambiamenti di cui essere consapevoli; questi vengono descritti nei paragrafi successivi.

Se opera con IBUK su base “carried” (in altre parole, lei negozia opzioni su indici, futures e opzioni su futures e IBUK mantiene il suo conto e opera come custode dei suoi asset) allora si applicano le norme di comportamento della Financial Conduct Authority. Queste regole sono largamente basate sulla riadattata Direttiva sui Mercati degli Strumenti Finanziari, la Regolamentazione dei Mercati Finanziari e varie direttive e normative delegate (nel loro insieme, “MiFID”). In relazione alla "migliore esecuzione", quando applicabile, IBUK deve mettere in atto tutte le azioni necessarie per ottenere il miglior risultato possibile per lei quando eseguiamo i suoi ordini.

Se al momento opera con IBUK su base "introduced" (in altre parole, lei negozia prodotti differenti da quelli menzionati nel precedente paragrafo e mantiene una relazione sia con IBUK che con la filiale USA, IBLLC) verrà applicato un misto di norme di comportamento. Per esempio, con riferimento alla introduzione della sua operatività a IBLLC, si applicheranno le norme di comportamento della Financial Conduct Authority (vedere sopra). Una volta introdotto ad IBLLC, si applicheranno — al ruolo di IBLLC (inclusi i suoi obblighi di "migliore esecuzione" e custodia) — le normative e le regolamentazioni rilevanti della U.S. Securities and Exchange Commission e della U.S. Commodity Futures Trading Commission (tra le altre).

Si noti che è possibile che la sua operatività sia suddivisa tra questi due scenari (in altre parole, parte della sua operatività è condotta su base "carried" e parte è condotta su base "introduced").

In futuro, non si applicherà più la distinzione tra operatività "carried" e "introduced", e in entrambi gli scenari descritti sopra la sua relazione con IBIE sarà soggetta alle norme di condotta irlandesi. Allo stesso modo delle regole del UK Financial Conduct Authority, le regole di condotta irlandesi si basano sul MiFID e gli obblighi di legge di IBIE in merito alla “miglior esecuzione” rispecchieranno in gran parte quelli in vigore per IBUK.

Riteniamo che, sebbene le regole che si applicano alla nostra relazione cambieranno, tali cambiamenti non saranno di particolare rilievo né implicheranno un minore livello di protezione nei suoi confronti.

3. Come saranno custoditi i miei investimenti presso IBIE da un punto di vista legale/normativo? Ci saranno differenze di rilievo nel mia rapporto con IBIE rispetto al mio attuale rapporto con IBUK?

Le regole attualmente in vigore dipendono dal tipo di operatività che lei intrattiene al momento con IBUK (vedere la risposta alla Domanda B2 sopra). Quando lei opera su base "carried", si applica la normativa sugli Asset dei Clienti della Financial Conduct Authority (o "CASS"). Queste regole si basano largamente sul MiFID. Invece, quando lei opera su base "introduced" con IBUK e IBLLC, vengono applicate le normative di custodia USA.

In futuro, come menzionato sopra, la distinzione tra operatività "carried" e "introduced" non sarà più rilevante e in entrambi i casi descritti sopra, si applicheranno solamente le regole di custodia irlandesi alla sua relazione con IBIE. Così come le normative della Financial Conduct Authority del Regno Unito, anche le regole di comportamento irlandesi si basano largamente sul MiFID. La preghiamo di leggere il Documento sulle Informazioni Principali sugli Asset del Cliente allegato nella sezione Informazioni Importanti in merito al regime di custodia irlandese.

4. Come sono protetto dalle perdite? Ci saranno differenze di rilievo nel mia rapporto con IBIE rispetto al mio attuale rapporto con IBUK?

Attualmente i suoi asset idonei sono protetti da perdite tramite la Securities Investor Protection Corporation degli Stati Uniti fino a 500,000 USD (posto un sottolimite in contanti di 250,000 USD). Oppure tramite il Financial Services Compensation Scheme del Regno Unito fino a 50,000 GBP. (L’applicazione di uno dei due regimi dipenderà dal segmento del suo conto IBUK, come spiegato sopra nella sezione B2). Dopo la Proposta di trasferimento, i suoi asset saranno protetti da perdite tramite l’Irish Investor Compensation Scheme, una struttura gestita dalla Investor Compensation Company DAC. Lo schema di compensazione irlandese potrebbe proteggere i suoi asset da perdite nel caso in cui IBIE sia in default oppure non possa far fronte ai propri obblighi nei suoi confronti.

Lo schema di compensazione dell’Irlanda è simile allo schema di compensazione cui lei ha accesso nel Regno Unito, sebbene con un limite inferiore Il fine dello Schema di Compensazione degli Investitori d’Irlanda (Irish Investor Compensation Scheme) è di pagare compensazioni (entro certi limiti) se lei ha investito soldi o utilizzato strumenti d’investimento in uno nei seguenti casi:

  • Una società fallisce e non può restituirle i suoi 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 non 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. La 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? Ci saranno differenze di rilievo nel mia rapporto con IBIE rispetto al mio attuale rapporto con IBUK? Cosa devo fare se il mio reclamo si riferisce a qualcosa che è accaduto quando ero un cliente di IBUK?

Il nuovo Accordo Cliente definisce come inoltrare un reclamo presso IBIE. Le procedure sono sostanzialmente simili a quelle che si applicano al suo attuale rapporto con IBUK. Nel caso in cui l'oggetto del reclamo faccia riferimento a fatti avvenuti prima della Proposta di trasferimento, allora deve inoltrare il reclamo presso IBUK. IBUK rimarrà autorizzata come società di investimenti dopo la Brexit. Le attuali informazioni di contatto rimarranno invariate nel caso in cui lei debba contattare IBUK.

6. A seguito della Proposta di trasferimento, avrò ancora accesso al Financial Ombudsman?

In caso di un reclamo, gli investitori dovrebbero seguire le procedure di reclamo definite nell'Accordo Cliente. Come illustrato nelle Domande Frequenti iniziali, una volta che la Proposta di trasferimento ha avuto luogo, il Financial Ombudsman Service del Regno Unito cesserà di avere giurisdizione su ogni reclamo che lei possa avere nei riguardi di IBUK. Le ricordiamo però 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. Lei potrebbe 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

Telephone

+353 (0)1 567 7000

Email

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 IBUK in questo contesto?

La invitiamo a consultare le Domande Frequenti iniziali per maggiori informazioni. In generale, non vi saranno cambiamenti di rilievo.

 

PARTE C – ALTRE DOMANDE DI NATURA PRATICA E PROSSIMI PASSI

1. Chi posso contattare prima che la Proposta di trasferimento abbia luogo e successivamente per domande sulla mia operatività quotidiana?

In linea di principio, dovrebbe contattare IBUK per qualsiasi domanda prima della Proposta di trasferimento e IBIE per ogni eventuale domanda dopo la Proposta di trasferimento. A prescindere da chi contatterà presso Interactive Brokers, ci assicureremo che le sue domande siano gestite con rapidità e la aiuteremo ad entrare in contatto con la persona o il dipartimento più idoneo ad assisterla.

2. I prodotti di investimento offerti rimarranno gli stessi?

Al momento ci aspettiamo che la stessa gamma di prodotti nel conto IBUK saranno offerti anche da IBIE.

Tuttavia, vi sono alcune limitazioni su transazioni di valuta straniera che potrebbero generare un credito negativo o aumentare un credito negativo esistente con una delle componenti del cambio (ossia "Forex con leva finanziaria"). Tuttavia la stessa coppia di valute può essere negoziata come CFD Forex. I CFD (ossia i contratti per differenza) sono strumenti finanziari complessi e la invitiamo a leggere con attenzione i rischi connessi prima di fare trading con questo strumento finanziario dopo aver trasferito il suo conto.

Le ricordiamo che IBIE offre finanziamenti titoli e commodity ma non può sostenere il prelievo di fondi ottenuti tramite prestito. Le sarà consentito prelevare qualunque somma di contante che non sia necessaria a sostenere le sue posizioni aperte. Qualora abbia intenzione di prelevare ulteriori somme di denaro, potrà vendere le posizioni che detiene e prelevare i proventi da tale vendita.

3. Attualmente mi occupo di trading di derivati OTC con IBUK – cosa accadrà alle mie posizioni aperte?

Le sue posizioni saranno trasferite presso IBIE e lei avrà come controparte IBIE invece di IBUK. Pertanto lei non avrà più alcun rapporto di natura legale con IBUK con riferimento a queste posizioni. Le forniremo in sede separata un Documento con le Informazioni Principali aggiornato (la preghiamo di utilizzare il link alla pagina PRIIP KID presente nella Lettera di Presentazione).

4. Cosa succede ai titoli che ho dato in garanzia ad IBUK a fronte di un prestito a margine?

Se ha dato titoli o liquidità in garanzia ad IBUK/IBLLC, questi saranno trasferiti presso IBIE a seguito della Proposta di trasferimento.

Ci aspettiamo che lei non dovrà intraprendere alcuna ulteriore azione di natura amministrativa per aggiornare il beneficiario, tuttavia potrebbe essere richiesto qualche processo amministrativo da parte nostra per aggiornare i registri dei titoli con i nuovi dettagli. Questo tuttavia non dovrebbe aver alcun impatto sulle nostre priorità o influenzare in altro modo la data a partire dalla quale un titolo sarà valido.

5. Avrò accesso alle medesime piattaforme di trading o vi saranno altri cambiamenti nel software a seguito dei trasferimenti?

Il trasferimento non avrà alcun impatto sul software disponibile per negoziare o gestire il suo conto. La tecnologia rimarrà la medesima attualmente a sua disposizione.

6. I saldi del conto saranno trasferiti nel medesimo momento?

Tutti i saldi, ad eccezione delle maturazioni (ossia interessi e dividendi) verranno trasferiti nello stesso momento. Una volta convertite in contanti, anche le maturazioni verranno traferite automaticamente sul suo nuovo conto. 

7. Cosa succederà al mio conto attuale dopo il trasferimento?

Una volta trasferite le maturazioni, il suo conto verrà chiuso e non sarà accessibile per effettuare trading. Le sarà ancora possibile accedere al conto chiuso attraverso il Client Portal allo scopo di vedere e stampare le attività registrate e le dichiarazioni dei redditi.

8. Le commissioni di IBKR cambieranno dopo il trasferimento?

No. Le commissioni di IBKR non variano in base al broker presso cui il conto viene mantenuto.

9. I miei permessi di negoziazione cambieranno dopo il trasferimento?

A parte la limitazione riguardo i Forex con leva finanziaria di cui si fa menzione (vedi punto2), non ci attendiamo alcun cambiamento riguardante i suoi permessi di negoziazione una volta effettuato il trasferimento del suo conto.

10. I miei ordini attivi (per esempio "Good-til-Canceled") saranno trasferiti al nuovo conto?

Gli ordini attivi non saranno trasferiti al nuovo conto. Raccomandiamo ai clienti di controllare gli ordini immediatamente dopo il trasferimento del conto per assicurarsi che gli ordini attivi siano coerenti con le intenzioni di negoziazione.

11. Sarò soggetto alla Pattern Day Trading Rule degli USA dopo il trasferimento?

I conti mantenuti presso IBUK sono soggetti alla normativa Pattern Day Trading (PDT) degli USA in quanto sono introdotti e mantenuti da IBLLC, un broker USA. La normativa PDT limita i conti con controvalore inferiore a 25,000 USD a non eseguire più di 3 Day Trades (eseguiti intragiornalieri) in un periodo di 5 giorni lavorativi consecutivi.

Poiché i conti trasferiti presso IBIE non saranno introdotti ad IBLLC, i conti non saranno soggetti alla normativa PDT.

12. Riceverò un unico rendiconto annuale a fine anno?

No. No. Riceverà un rendiconto annuale del suo conto attuale che coprirà il periodo dal 1 gennaio 2020 fino alla data di trasferimento del conto presso IBIE. Riceverà inoltre un secondo rendiconto per il nuovo conto che coprirà il periodo dalla data di trasferimento fino alla fine dell’anno.

13. La base di costo delle posizioni aperte sarà trasferita al nuovo conto presso IBIE?

Sì, il trasferimento non avrà alcun impatto sulla base di costo delle posizioni aperte.

14. Il nuovo conto manterrà la medesima configurazione del conto attuale?

La configurazione del conto a seguito del trasferimento corrisponderà a quella del conto attuale per quanto consentito dalla normativa. Questo include la capacità di operare a margine, i dati di mercato, eventuali utenti secondari ed allerte. In alcune circostanze, l’intera tipologia di prodotti potrebbe non essere consentita dalla normativa in vigore nel luogo in cui il conto verrà trasferito. I clienti aventi posizioni in prodotti non consentiti possono trasferire e mantenere aperte oppure chiudere tali posizioni, ma non sarà loro consentito di incrementarle.

15. Le mie credenziali di accesso saranno modificate?

No. Il suo nome utente, la sua password e il processo di autenticazione a 2 livelli validi per il conto attuale rimarranno attivi dopo il trasferimento. Tuttavia, riceverà un nuovo numero di conto.

 

FAQS: IBCE Brexit Account Migration

Overview: 

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

 

Background: 

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

 

Discussion: 

This FAQs is split into three parts. 

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

 

PART A – THE PROPOSED TRANSFER

 1. What is the situation currently and why do things have to change?

As you will be aware, at present, your relationship with Interactive Brokers is led by our entity based in the United Kingdom, specifically Interactive Brokers (U.K.) Limited (“IBUK”) and the services provided to you are provided by IBUK and, depending on the products you do business in, our US affiliate Interactive Brokers LLC (“IBLLC”).  At present IBUK utilises what is known as a financial services passport to be able to perform its part of the service provision across continental Europe. Our working assumption is that following the end of the Brexit transitional period later this year, IBUK will lose its financial services passport and that from 1 January 2021 Interactive Brokers will need to make some changes in relation to which legal entity does business with you. 

 

2. What are the “changes” envisaged above?

We have established a new Interactive Brokers legal entity in Hungary, namely, Interactive Brokers Central Europe Zrt.  (“IBCE”).  We propose to transfer the business that you currently conduct with IBUK and IBLLC to IBCE.  In other words, it is our intention that all of your accounts, investments and services currently provided to you by IBUK and IBLLC will instead be singularly provided by IBCE (for convenience we will refer to this as the “Proposed Transfer”).

 

3. When will the Proposed Transfer occur? 

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

 

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

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

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

 

5. What are IBCE’s legal details? 

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

 

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

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

Location

Central Bank of Hungary

1054 Budapest

Szabadság tér 9.

Hungary

 

Postal Address

Magyar Nemzeti Bank

BKKP Pf. 777

 

Client Service, client complaints 

Address: 1013 Budapest, Krisztina krt. 39.

E-mail: ugyfelszolgalat@mnb.hu

Phone:  +36 80 203 776

 

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

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

 

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

The Proposed Transfer may have a material impact if you currently trade products that you will be restricted from trading following the transfer.  It is very important that you read these FAQs carefully, and in full, and make sure that you understand what the changes are for you.

 

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

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

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

To be clear, you do not have to consent to the Proposed Transfer if you feel that you may be adversely affected by it.  However, you should be aware that if you decide to decline, IBUK may not be able to keep servicing your account at the end of the Brexit transition period.  If that happens, your account will be restricted from opening new transactions or transferring new assets.  You always have the ability to transfer your account to another broker.  If you wish to decline, please follow the instructions in the Covering Letter. 

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

 

10. What happens next? 

If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account for the Proposed Transfer.  Following the Proposed Transfer, IBCE will write to you with further information about your new relationship with them.

 

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

 

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

Trades that you conduct after the Proposed Transfer will be governed by the new Customer Agreement between you and IBCE.  A copy of the new Customer Agreement is available in the Important Information section of the Proposed Transfer process.  Please see the response to Question A3 above in relation to the timing for the Proposed Transfer.

 

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

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

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

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

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

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

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

 

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

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

Going forward, as set out above, the distinction between “carried” and “introduced” business will no longer apply and in each case set out above, Hungarian custody rules will exclusively apply to your relationship with IBCE.  Like the UK Financial Conduct Authority’s rules, the Hungarian conduct of business rules are based on MiFID. 

 

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

Currently, your eligible assets are protected from loss either under the US Securities Investor Protection Corporation at an amount of up to USD 500,000 (subject to a cash sublimit of USD 250,000) or the UK Financial Services Compensation Scheme at an amount up to £50,000 (which regime applies depends on the relevant segment of your IBUK account, as explained in the response to Question B2 above).  After the Proposed Transfer, the Hungarian Investor Protection Fund according to Act CXX of 2001 on the Capital Market may protect your assets from loss, at an amount up to a maximum of EUR 100,000, should IBCE default and be unable to meet its obligations to you. 

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

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

 IBCE is a member of the Fund. 

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.

You can only make a claim after a firm goes out of business and its assets have been liquidated and distributed to those who are owed money. Please check the details of the schemes for any limits that apply – not all losses will be covered as there are maximum levels of compensation.   The Fund will pay you compensation for the amount you have lost up to a maximum of EUR 100,000. The amount paid by the Fund is:

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

 

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

The General Business Rules of IBCE sets out how to lodge a complaint with IBCE.  The complaints handling procedures are materially similar to those that apply to your existing relationship with IBUK.  If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBUK.  IBUK will remain authorised as an investment firm post-Brexit.  Its current contact information will stay the same should you need to contact IBUK.

 

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

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

 The FAB can be contacted at: 

Postal Address

Financial Arbitration Board

1525 Budapest

Pf. 172

 

Email

ugyfelszolgalat@mnb.hu

 

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 IBUK in this context? 

Please see the Original FAQs for further information. In summary there will be no material change.

 

PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS

 

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

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

 

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

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

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

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

 

 

3. Will the range of services be the same? 

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

  • IBCE offers financing for securities and commodities trades but cannot support withdrawals of borrowed funds.  You will be free to withdraw any free cash not needed to support your open positions.  If you would like to withdraw additional funds, you can sell positions and withdraw the proceeds.
  • GFIS investment research will not be available to clients of IBCE; however GFIS market data and news service offerings are unaffected.

 

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

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

 

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

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

  • Investment Loan contract
  • Securities Lending Framework contract

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

 

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

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

 

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

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

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

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

 

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

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

All cash balances, with the exception of accruals (e.g., interest, dividends) will be transferred at the same time. Once accruals have been settled and posted to cash, they will automatically be swept to IBCE. Once all accruals have been swept, your current account at IBUK or IBLLC will be closed and inaccessible for trading purposes. You will still be able to access this closed account via the Client Portal for purposes of viewing and printing historical statements.

 

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

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

 

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

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

 

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

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

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

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

 

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

The configuration of the account following migration will match that of the current account to the extent permissible by regulation.  This includes attributes such as margin capability, market data, additional users, and alerts.  Client’s holding restricted products (with the exception of OTC metals futures and spot metals), may migrate such positions but won’t be allowed to increase the position.

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

 

17. Will my login credential change? 

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

FAQS: IBIE Brexit Account Migration

Overview: 

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

Background: 

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

Discussion:

This FAQs is split into three parts.

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

PART A – THE PROPOSED TRANSFER

1. What is the situation currently and why do things have to change?

As you will be aware, at present, your relationship with Interactive Brokers is led by our entity based in the United Kingdom, specifically Interactive Brokers (U.K.) Limited (“IBUK”) and the services provided to you are provided by IBUK and, depending on the products you do business in, our US affiliate Interactive Brokers LLC (“IBLLC”). At present IBUK utilises what is known as a financial services passport to be able to perform its part of the service provision across continental Europe. Our working assumption is that following the end of the Brexit transitional period later this year, IBUK will lose its financial services passport and that from 1 January 2021 Interactive Brokers will need to make some changes in relation to which legal entity does business with you.

2. What are the “changes” envisaged above?

We have established a new Interactive Brokers legal entity in Ireland, namely, Interactive Brokers Ireland Limited (“IBIE”). We propose to transfer the business that you currently conduct with IBUK and IBLLC to IBIE. In other words, it is our intention that all of your accounts, investments and services currently provided to you by IBUK and IBLLC will instead be singularly provided by IBIE (for convenience we will refer to this as the “Proposed Transfer”).

3. When will the Proposed Transfer occur?

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

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

Effective 22 December 2020, IBIE became authorised as an investment firm by the Central Bank of Ireland. Its regulatory status and profile will be very similar to IBUK’s. This is because both IBIE and IBUK will be authorised pursuant to the second Markets in Financial Instruments Directive (Directive 2014/65/EU). This is an EU-wide piece of legislation the purpose of which is to, as much as possible, harmonise how investment firms are regulated across the EU

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

5. What are IBIE’s legal details?

Interactive Brokers Ireland Limited is registered as a private company limited by shares (registration number 657406) and is listed in the Register of Companies maintained by the Irish Companies Registration Office. Its registered address is 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland. We are still finalising IBIE’s day-to-day contact details and we will be in touch with these details in due course.

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

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

Location

The Central Bank of Ireland

New Wapping Street

North Wall Quay

Dublin 1

D01 F7X3

Contact Numbers

Phone: +353 (0)1 224 6000

Fax: +353 (0)1 224 5550

Postal Address

Central Bank of Ireland

P.O. Box 559

Dublin 1

Public Helpline

E-mail: enquiries@centralbank.ie

Lo-Call: 1890 777 777

Phone: +353 (0)1 224 5800

 

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

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

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

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

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

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

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

To be clear, you do not have to consent to the Proposed Transfer if you feel that you may be adversely affected by it. However, you should be aware that if you decide to decline, IBUK may not be able to keep servicing your account at the end of the Brexit transition period. If that happens, your account will be restricted from opening new transactions or transferring new assets. You always have the ability to transfer your account to another broker. If you wish to decline, please follow the instructions in the Covering Letter.

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

10. What happens next?

If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account for the Proposed Transfer. Following the Proposed Transfer, IBIE will write to you with further information about your new relationship with them.

 

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

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

Trades that you conduct after the Proposed Transfer will be governed by the new Customer Agreement between you and IBIE. A copy of the new Customer Agreement is available in the Important Information section of the Proposed Transfer process. Please see the response to Question A3 above in relation to the timing for the Proposed Transfer.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The scheme covers investment products including:

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

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

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

The new Customer Agreement sets out how to lodge a complaint with IBIE. The complaints handling procedures are materially similar to those that apply to your existing relationship with IBUK. If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBUK. IBUK will remain authorised as an investment firm post-Brexit. Its current contact information will stay the same should you need to contact IBUK.

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

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

Postal Address

Financial Services and Pensions Ombudsman

Lincoln House,

Lincoln Place

Dublin 2

D02 VH29

Telephone

+353 (0)1 567 7000

Email

Info@fspo.ie

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

Please see the Original FAQs for further information. In summary there will be no material change.

 

PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Subject to the Leveraged Forex limitation discussed in (2) above, we do not expect any changes to your trading permissions when your account is migrated.

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

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

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

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

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

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

No. You will receive an annual statement of your existing account which will cover the period starting January 1, 2020 through the date of migration and a second annual statement for your new account which will cover the period starting from the migration date through the end of the year.

13. 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.

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

The configuration of the account following migration will match that of the current account to the extent permissible by regulation. This includes attributes such as margin capability, market data, additional users, and alerts. In limited instances, an account will be migrated to a jurisdiction where the full scope of product eligibility cannot be offered. Client’s holding restricted products may migrate and maintain or close such positions but won’t be allowed to increase the position.

15. Will my login credentials change?

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

 

FAQS: IBLUX Brexit Account Migration

Overview: 

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

Background: 

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

Discussion:

This Information Leaflet is split into three parts.

  • Part A sets outs key information in relation to our proposal to transfer your business.
  • Part B covers key legal and regulatory topics that arise as a result of the arrangements covered in Part A.
  • Part C aims to answer any other questions you may have and provide some further and more practical information in relation to what will and will not be changing following the Proposed Transfer.

 PART A – THE PROPOSED TRANSFER

1. What is the situation currently and why do things have to change?

As you would be aware, at present, your relationship with Interactive Brokers is led by our entity based in the United Kingdom, specifically Interactive Brokers (U.K.) Limited (“IBUK”) and the services provided to you are provided by IBUK and, depending on the products you do business in, our US affiliate Interactive Brokers LLC (“IBLLC”). At present IBUK utilises what is known as a financial services passport to be able to perform its part of the service provision across continental Europe. Our working assumption is that following the end of the Brexit transitional period later this year, IBUK will lose the ability to do so and that from 1 January 2021 Interactive Brokers will need to make some changes in relation to which legal entity does business with you. 

2. What are the “changes” envisaged above?

We have established a new Interactive Brokers legal entity in Luxembourg, specifically, Interactive Brokers Luxembourg SARL (“IBLUX”). The proposal is to transfer the business that you currently conduct with IBUK and IBLLC to IBLUX. In other words, it is our intention that all of your accounts, investments and services currently provided by IBUK and IBLLC will instead be singularly provided by IBLUX (for convenience we will refer to this as the “Proposed Transfer”). 

3. When will the Proposed Transfer occur?

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

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

IBLUX was granted authorisation by the Luxembourg Financial Sector Supervisory Commission (Commission de Surveillance du Secteur Financier, CSSF) to operate as an investment firm in November 2019. IBLUX’s regulatory status and profile is very similar to IBUK’s. This is because both IBLUX and IBUK are authorised pursuant to the second Markets in Financial Instruments Directive. This is an EU-wide piece of legislation whose purpose is to, as much as possible, harmonise how investment firms are regulated. 

This does not mean there are not some differences between the regulations that apply to your relationship at present and those that will apply once your account is transferred. We explain these in more detail in Part B of this article. 

5. What are IBLUX’s legal details?

Interactive Brokers Luxembourg SARL is registered as a private company limited by shares (société à responsabilité limitée)  (registration number B229091) in the register of companies for Luxembourg. Its registered address is 4, rue Robert Stümper, L - 2557 Luxembourg. We are still finalising IBLUX’s day-to-day contact details and will be in touch with these in due course.   

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

The Luxembourg Financial Sector Supervisory Commission (CSSF) is the competent regulator for IBLUX (in the same way that the Financial Conduct Authority is the competent regulator for IBUK). The Luxembourg Financial Sector Supervisory Commission’s (CSSF) contact details are set out below:

Location

Commission de Surveillance du Secteur Financier

283, route d’ArlonL-1150

Luxembourg 

Postal Address

Commission de Surveillance du Secteur Financier

L-2991 Luxembourg

 

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

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

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

We do not anticipate any material impacts. Nonetheless, it is very important you read this article and make sure you understand what the changes are.

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

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

Specifically, we need you to consent and agree to the Customer Agreement and other Documents attached to the Covering Letter and to the regulatory matters outlined in the Covering Letter. You can do this by following the instructions in the Covering Letter.

To be clear, you do not have to consent to the Proposed Transfer if you feel you may be adversely affected by it. However, you should be aware that if you decide to decline, IBUK will likely not be able to keep servicing your account at the end of the Brexit transition period. If that happens, your account will be put in liquidation and we will ask you to transfer your assets to another broker. If you wish to decline, please follow the instructions in the Covering Letter.

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

10. What happens next?

If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account for the Proposed Transfer. Following the Proposed Transfer, IBLUX will write to you with further information about your new relationship with them.

 

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

1. What terms and conditions will govern your relationship 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 IBLUX. A copy of the new Customer Agreement will be presented to you online when you are provided with an opportunity to consent. Please see 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 IBLUX? Are there any material differences that apply to my relationship with IBLUX when compared to my existing relationship led by IBUK in this context?

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

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

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

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

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

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

3. How will my investments that I custody with IBLUX be held from a legal/regulatory perspective? Are there any material differences that apply to my relationship with IBLUX when compared to my existing relationship led by IBUK in this context?

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

Going forward, as set out above, the distinction between “carried” and “introduced” business will no longer apply and in each case set out above, Luxembourg custody rules will exclusively apply to your relationship with IBLUX. Like the UK Financial Conduct Authority’s rules, these are based heavily on MiFID.

4. How am I protected against loss? Are there any material differences that apply to my relationship with IBLUX when compared to my existing relationship led by IBUK in this context?

Currently your eligible assets are protected from loss either under the US Securities Investor Protection Corporation or the UK Financial Services Compensation Scheme (which regime applies depends on the relevant segment of your IBUK account, as explained above in B2). After the Proposed Transfer, the Luxembourg Investor Compensation Scheme (Système d’indemnisation des investisseurs, SIIL) will protect your assets from loss should IBLUX default and be unable to meet its obligations to you.

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

  • An authorised firm that the CSSF has decided is not in a position to repay investors/meet its obligations, or
  • A court ruling prevents the firm from returning your investment.

The scheme is operated by the Luxembourg financial markets authority (Commission de Surveillance du Secteur Financier, CSSF) and managed by the Council of protection of depositors and investors (Conseil de protection des déposants et des investisseurs, CPDI). If a member firm of the scheme goes out of business and cannot return your money or investment instruments, you may be able to claim compensation from the scheme.

IBLUX is a member of the scheme.

The scheme covers investment products including:

  • Public and private company shares
  • Units in collective investment schemes
  • 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. 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 Luxembourg Investor Compensation Scheme (Système d’indemnisation des investisseurs, SIIL) will pay you compensation for the amount you have lost, up to a maximum of €20,000.

5. How do I make a complaint to IBLUX? Are there any material differences that apply to my relationship with IBLUX when compared to my existing relationship led by IBUK in this context? What if my complaint relates to something that happened while I was a customer of IBUK?

The new Customer Agreement sets out how to lodge a complaint with IBLUX. The procedures are materially similar to those that apply to your existing relationship with IBUK. If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complain to IBUK. IBUK will remain authorised as an investment firm post-Brexit. Its current contact information will stay the same should you need to contact IBUK.

6. Will I still have access to the Financial Ombudsman?

In case of a complaint, investors should follow the complaints procedure as referred to in the Customer Agreement. Once the Proposed Transfer has taken place, the UK Financial Ombudsman Service will cease to have jurisdiction over any complaints.

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

There will be no material change.

 

PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS

 

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

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

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

Our current expectation is that the majority of products that can be traded in the IBUK account will be offered by IBLUX. However, there are some limitations.  However, IBLUX will not offer the ability to transact leveraged foreign exchange or to adhere to the Stock Yield Enhancement Programme that is currently available to you. Clients that are residents of Luxembourg will also be restricted from trading Bonds.

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

To the extent you are impacted by this, we will separately get in touch with you.

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

Your open positions will be transferred to IBLUX and your position will face IBLUX rather than IBUK. You will no longer have any legal relationship with IBUK in relation to those positions.

We will separately provide to you an updated  Key Information Document (please follow the link to the PRIIPs KID landing page in the Covering Letter).

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

If you have granted security or collateral to IBUK/IBLLC, it will transfer to IBLUX upon the Proposed Transfer. We do not anticipate you needing to take any steps to reflect the change in beneficiary, although we may need to take some administrative steps of our own to update security registers with the change in details. This should, however, not affect our priority or otherwise affect the date from which the security is valid.

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

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? What will happen to my current account following migration?

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

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

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

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

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

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

Following migration, you will be restricted from engaging in leveraged forex transactions.

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, and we recommend that clients review their orders immediately following the migration to ensure that the open orders are consistent with their trading intentions.

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

Accounts maintained with IBUK are subject to the U.S. Pattern Day Trading (PDT) rule as the accounts are introduced to and carried by IBLLC, a U.S. broker. The PDT rule restricts accounts with equity below USD 25,000 to no more than 3 Day Trades within any 5-business day period.
 
As accounts migrated to IBLUX will not be introduced to IBLLC, they will not be subject to the PDT rule.

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

No. You will receive an annual statement for your existing account which will cover the period starting January 1, 2020 through the date of migration and a second annual statement for your new account which will cover the period starting from the migration date through December 31, 2020.

13. 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.

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

The configuration of the account following migration will match that of the current account to the extent permissible by regulation. This includes attributes such as margin capability, market data, additional users and alerts.  In limited instances, an account will be migrated to a jurisdiction where the full scope of product eligibility cannot be offered. Client’s holding restricted products may migrate and maintain or close such positions but won’t be allowed to increase the position. 

15. Will my login credentials change? 
A: No. Your user name, password and any 2-factor authentication process in place for your existing account will remain active following migration. You will, however, be assigned a new account ID for your migrated account.

 

EDD Requests for Information (RFI)

Overview: 

These FAQs are meant to serve as guidelines for answering customer questions with regard to recent communications that have been sent to a large number of IBKR account holders, requesting specific information. If there are further questions not addressed in this guide, please contact the EDD department.

FOR ALL ACCOUNTS:
 
Is this a legitimate email?
Yes; IBKR recently sent out communications to customers requesting that customers update specific data and documentation.
 
Why has the customer received this notification?
IBRK is conducting a routine review of our clients for the purpose of ensuring that we maintain accurate and up to date information and conduct due diligence on clients from places or of type that present heightened AML risk. As a regulated financial institution, we are required to “know our customers”, and this is part of that effort.
 
Is updating this information required?
Yes; all customers who have received a notification are required to provide the requested information.
 
What is Source of Wealth?
Source of Wealth means any way in which the customer has derived their wealth. Examples include employment income, business income, property sale, inheritance, etc. A client’s sources of wealth should add up to 100%.
 
What documents are acceptable to prove Source of Wealth?
The documents we provided include a list of what you can submit to confirm your source of wealth. Each source of wealth must be accompanied by supporting documentation (e.g., a bank statement for employment income, a bill of sale for property sale, etc.).
 
FOR ORG ACCOUNTS:
 
Why is beneficial ownership information required?
Under US regulations, we are required to collect information about an organization’s beneficial ownership. It is also part of our obligation to “know our customers.”
 
What is a beneficial owner? How is that different from a regular owner?
A beneficial owner refers to the actual people who ultimately own the entity. This differs from regular owners, who could be a combination of other businesses, trusts, custodians, etc. Under relevant regulations, we require any entity that is an account holder to identify any natural person who owns 10% or more of the entity. We then need to verify those peoples’ identities through identification verification documents and confirm their sources of wealth (see number 4).
 
Do I need to complete the Ultimate Beneficial Owner form if I indicated on the Certification of Beneficial Owners form that there are no 10%+ owners ?
No – you do not have to complete the Ultimate Beneficial Owner form if you have certified there are no 10%+ owners. 
 
FOR CAFFIS, IBROKERS, COLLECTIVE INVESTMENT VEHICLES, AND HEDGE FUNDS:
 
What is a Wolfsberg Questionnaire?
The Wolfsberg Questionnaire is an Anti-Money Laundering (AML) Questionnaire designed by the Wolfsberg Group, which aims to provide a standardized overview of a financial institution's AML policies and practices.
 
*The form must be completed in its entirety and dated within the last 12 months.*
 
Why do I need to provide one?
The questionnaire is to help ensure that we know the organization implemented certain standards and practices associated with preventing money laundering, terrorist financing, and other financial crimes.
 
Note: If the business is a hedge fund, we are seeking a completed Wolfsberg Q from their fund manager/investment advisor.
 
Is there a link to the Wolfsberg Questionnaire form?
Yes, the blank form is available to download in Account Management – please review the document task. 
 
You can also download the form here: 
 
I am being asked to submit documentation regarding Fund Status. What documentation do I need to submit?
Please provide a proof of existence document for the fund, and proof of regulatory status for the fund manager and the fund administrator.
 
FOR FOREIGN BANKS:
 
Why do I need to provide a Foreign Bank Certification?
Under the USA Patriot Act, any foreign bank that maintains a correspondent relationship with any US-based bank or broker/dealer must provide a foreign bank certification. 
 
*The form must be completed in its entirety and dated within the last 36 months.*
 
What is the purpose of a Foreign Bank Certification?
The purpose of the foreign bank certification is to help ensure that the bank is complying with all required US regulations with regards to money laundering, terrorist financing, and other financial crimes.

 

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