イントロダクション

MiFIDとしても知られる欧州における金融商品市場指令MiFID IIの改正に伴い、Interactive Brokers (U.K.) Limited (IBUK)では各顧客の知識、経験また専門知識に基づいて、顧客を「リテール」、「プロフェッショナル」または「適格カウンターパーティ」に分類することを義務付けられています。 

リテール・クライアントと比較した場合の、プロフェッショナル・クライアントに提供される規制保護の主な違いは以下のようになります:

1. パッケージ化された投資の性質およびリスクの詳細: 他のサービスまたは製品との投資サービスを提供する企業、またはリテール・クライアントと同じ契約の条件として投資サービスを提供する企業は以下の作業を行う必要があります: (i) 契約の結果として生じるリスクが、コンポーネントを別個取り扱う際に関連付けられるリスクと異なる可能性がある場合には、リテール・クライアントに通知する; および (ii) リテール・クライアントに対し、契約の各コンポーネントとその相互作用がリスクに影響を与える方法に関する適切な説明を提供する。上記の要件は、プロフェッショナル・クライアントには適用されません。しかし以下のポイント3に基づいて規定されるものでない場合、弊社においてそのような区別をすることはありません。

2. 差金決済取引（CFD）の締結に関する投資家保護措置: 欧州証券市場監督局（ESMA）は、リテール・クライアント向けCFDの提供に関する介入措置を導入しました。措置には以下が含まれます: (i) 原資産のボラティリティに基づいて変動するポジションを建てる際のレバレッジの新規上限; (ii) 一つ以上のオープンCFDをクローズするためにプロバイダーが必要とする証拠金率を標準化する、口座ごとの証拠金解約ルール; (iii) マイナス残高に対する口座ごとの保護;
(iv) CFD取引を促進するインセンティブの制限; および (v) CFDプロバイダーのリテール投資家口座の損失率を含める、標準化されたリスク警告。上記の要件は、プロフェッショナル・クライアントには適用されません。

3. クライアントとのコミュニケーション: 企業はクライアントとのコミュニケーションが公正かつ明確、また誤解を招かないものであるものにする必要がありますが、企業がプロフェッショナル・クライアントとコミュニケーションをとる方法（当該企業やその提供サービスや商品、また報酬に関するものなど）と、リテール・クライアントとコミュニケーションをとる方法は異なる場合があります。情報提供の詳細レベルや方法、またタイミングに関する企業の義務は、顧客がリテール・クライアントであるか、またはプロフェッショナル・クライアントであるかによって異なります。Packaged Retail and Insurance-based Investment Products（パッケージ型投資金融商品/PRIIPs）用のKey Information Documents（KID：主要投資家情報文書）など、特定の製品特有の書類提供の要件は、プロフェッショナル・クライアントには適用されません。

4. 減価償却費に関するレポート: レバレッジ型の金融商品のポジションや偶発債務取引を含むリテール・クライアント口座を保有する企業は、商品の元の価値が10%減価償却した時点でこれをリテール・クライアントに報告し、この後10%の倍数になる度に報告を行う義務があります。上記の要件は、プロフェッショナル・クライアントには適用されません。

5. 適切性: アドバイスのないサービスの適切性を査定する際には、提供または要求される商品やサービスに関連するリスクを理解するために必要となる経験や知識をクライアントが保有しているかどうかを、企業は判断する必要があります。クライアントに関してこのような適正性評価の要件が適用される場合、企業はプロフェッショナル・クライアントに対し、プロフェッショナルとして分類されることによって投資や取引が可能となる特定の投資サービスや取引、または取引タイプや商品に係るリスクを把握するために必要な経験および知識を有するものと前提することができます。一方、リテール・クライアントに対してはそのような前提を設けずに、必要となる経験や知識を有していなと判断する必要があります。
 

IBUKはアドバイスのないサービスの提供を行っており、またリテール・クライアントと同じように、特定のサービスや製品の適切性を評価するにあたって、プロフェッショナル・クライアントに対しては情報の要求や評価手順の順守を義務とされておらず、また特定のサービスや製品に関する適切な評価が得られない場合において、プロフェッショナル・クライアントに対して警告を出す必要がない場合もあります。 

6. 責任の除外: 企業がクライアントに対する義務や責任を除外または制限する能力はFCAによるルールの下、リテール・クライアントに対してはプロフェッショナル・クライアントに対する場合よりも狭くなっています。

7. 金融オンブズマンサービス: イギリスの金融オンブズマンのサービスは、例えば消費者や中小企業、または個人がその取引やビジネス、技能や専門外で活動している場合を除き、プロフェッショナル・クライアントは利用できない場合があります。

8. 補償: IBUKはイギリス金融サービス補償機構のメンバーです。IBUKがお客様に対する義務を満たすことができない場合には、こちらの補償制度にクレームをご提出いただくことができる場合があります。こちらはビジネスのタイプおよびクレームをご提出いただく際の状況により、補償は特定のタイプのビジネスに関連する特定の受給者およびクレームに対してのみ利用可能となります。補償の対象資格はこのスキームに適用されるルールによって決定されます。
 

プロフェッショナル・クライアントへの変更

IBUKではリテール・クライアントからプロフェッショナル・クライアントへの変更リクエストをお受けしています。クライアントの分類は皆様に通知しており、こちらはアカウント・マネジメントの設定> 口座設定> MiFIDクライアントカテゴリーからいつでもご確認いただくことができます。こちらの画面からはまた、MiFIDカテゴリー変更のリクエストもご提出いただくことができます。

IBUKでは下記の2つの場合において、リテール・クライアントからプロフェッショナル・クライアントへの変更を行っています:

2. IBUKでは想定される取引やサービスの性質に照らし合わせ、クライアントの専門性、経験また知識の査定に基づいてクライアントが投資決定を独自で行い、関連するリスクを理解できることがある程度確信できる場合、クライアントを「Elective Professional Client」に分類することができます。 「Per Se Professional Client」に該当しないクライアントでもこちらへの分類をリクエストすることができます。

そのような再分類による変更をご希望のリテール・クライアントは、下記の基準より少なくとも2つに該当することをご証明いただく必要があります:

1. クライアントは過去4回の四半期にわたり、四半期あたり平均10回の頻度で、かなりの規模の金融商品の取引を行った。

かなりの規模の数量を判断するにあたり、IBUKでは以下を考慮しています:

a. 過去4回の四半期にわたり、少なくとも40回の取引があった、および
b. 過去4回の各四半期にわたり、少なくとも1回の取引があった、および
c. 過去4回の四半期のトップ40件の取引の合計がEUR 200,000を超える、および
d. 口座の純資産価値がEUR 50,000を超える。

スポットFXおよびアロケーションされていないOTCメタルの取引は計算に含まれません。

2. クライアントのポートフォリオに保有される金融商品（キャッシュを含める）がEUR 500,000（またはこれに相当する額）を超える、

3. クライアントは金融セクターで少なくとも1年間勤務した、または取引する製品に関する知識を必要とする職業についていた個人の口座保有者または機関投資家口座のトレーダーである。

リテール・クライアントへの変更 プロフェッショナル・クライアントからリテール・クライアントへの再分類をご希望の場合にも、上記のアカウント・マネジメントの同じページから行ってください（設定> 口座設定> MiFIDクライアントカテゴリー）。

規制を受ける事業体、または規制を受けるファンドマネージャーが管理するファンドを除き、IBUKではこのようなリクエストをすべて受付けております。

この情報はインタラクティブ・ブローカーズでクリアリングされ、FULLY DISCLOSEDに該当するお客様のみを対象とするものです。
留意点: 上記の情報は規制に対する包括的、完全、または確定的な解釈をであることを意図するものではなく、クライアント分類およびその再分類に関するIBUKポリシーのサマリーです。

Introduction

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

In accordance with the Financial Conduct Authority rules, IBUK 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.

Professional Clients are entitled to a lower degree of protection under the UK regulatory regimes than Retail Clients. This notice contains, for information purposes only, a summary of the protections that a Retail Client might lose if they are to be treated as a Professional Client.

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, IBUK will not make such differentiation apart from the case specified under point 3 below.

2. Retail investor protection measures on the provision of Contracts for Differences (“CFDs”): The regulatory measures include: (i) 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 50%of the minimum required 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. These measures do not apply in respect of Professional Clients.

3. Communication with clients, including financial promotions: A firm must ensure that its communications with all clients are, and remain, fair, clear and not misleading. However, the simplicity and frequency in which a firm may communicate with Professional Clients (about itself, its services and products, and its remuneration) may be different to the way in which the firm communicates with Retail Clients. Regulations relating to restrictions on, and the required contents of, direct offer financial promotions do not apply to promotions to Professional Clients and such promotions need not contain sufficient information for Professional Clients to make an informed assessment of the investment to which they relate. 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 Retailor Professional Client. The requirements to deliver certain product-specific documents, such as Key Information Documents (“KIDs”) for Packaged Retail and Insurance-based Investment Products (“PRIIPs”), are not applied to Professional Clients.

4. Depreciation in value reporting to clients: 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 reporting requirements do not apply in respect of Professional Clients (i.e., these reports do not have to be produced for Professional Clients).

5. Appropriateness: For transactions where a firm does not provide the client with investment advice or discretionary management services (such as an execution-only trade), it may be required to assess whether the transaction is appropriate. 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 Retail Client, there is a specified test for ascertaining whether the client has the requisite investment knowledge and experience to understand the risks associated with the relevant transaction. However, in respect of a Professional Client the firm is entitled to assume that a Professional Client has the necessary level of experience, knowledge and expertise 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. IBUK 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 IBUK 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. Information about costs and associated charges: A firm must provide clients with information on costs and associated charges for its services and/or products. The information provided may not be as comprehensive for Professional Clients as it must be for Retail Clients.

7. Dealing: When undertaking transactions for Retail Clients, the total consideration, representing the price of the financial instrument and the costs relating to execution, should be the overriding factor in any execution. For Professional Clients a range of factors may be considered in order to achieve best execution –price is an important factor, but the relative importance of other different factors, such as speed, costs and fees may vary. However, IBUK will not make such differentiation.

8. Difficulty in carrying out orders: In relation to order execution, firms must inform Retail Clients about any material difficulty relevant to the proper carrying out of orders promptly on becoming aware of the difficulty. This is not required in respect of Professional Clients. The timeframe for providing confirmation that an order has been carried out is more rigorous for Retail Clients’ orders than Professional Clients’ orders.

9. Share trading obligation: In respect of shares admitted to trading on a regulated market or traded on a trading venue, the firm may, in relation to the investments of Retail Clients, only arrange for such trades to be carried out on a regulated market, a multilateral trading facility, a systematic internaliser or a third-country trading venue. This is a restriction which may not apply in respect of trading carried out for Professional Clients (i.e., this restriction can be disapplied where trades in such shares are carried out for Professional Clients in certain circumstances).

10. Exclusion of liability: Firms’ ability to exclude or restrict any duty or liability owed to clients is narrower under the FCA rules in the case of Retail Clients than in respect of Professional Clients.

11. The Financial Services Ombudsman: The services of the Financial Ombudsman Service in the UK may not be avail-able to Professional Clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.

12. Compensation: IBUK is a member of the UK Financial Services Compensation Scheme. You may be entitled to claim compensation from that scheme if IBUK 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 Financial Services Compensation Scheme is not contingent on your categorisation but on how the firm is constituted. Eligibility for compensation from the scheme is determined under the rules applicable to the scheme (more information is available at https://www.fscs.org.uk/).

13. Transfer of financial collateral arrangements: As a Professional Client, the firm may conclude title transfer financial collateral arrangements with you for the purpose of securing or covering your present or future, actual or contingent or prospective obligations, which would not be possible for Retail Clients.

14. Client money: The requirements under the client money rules in the FCA Handbook (CASS) are more prescriptive and provide more protection in respect of Retail Clients than in respect of Professional Clients.

Re-categorisation as Professional Client

IBUK 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.

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

1. Per Se Professional Clients can notify IBUK that they consider that they should have been categorised as Per Se Professionals under the FCA 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. IBUK may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBUK 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 IBUK 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 and Unallocated OTC Metals 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 account holder 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, IBUK 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 IBUK before the relevant request is submitted.

Re-categorisation as Retail Client

Professional Clients can request IBUK 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, IBUK 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 IBUK’S APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.

In a cash account, an investor must pay for the purchase of a security (meaning, the trade must settle) prior to selling that security. If an investor buys a security and then sells that same security without paying for the security in full by settlement date, the investor is considered to be “free riding.” IBKR's implementation of the free riding rule uses an end of day check to see if a position was closed prior to its trade settlement date. This IBKR end of day surveillance would still consider closing a position before settlement a Free Riding violation and automatically puts the account into "Cash Up Front" restriction for the next 90 days.

Free riding examples that would be considered a violation at Interactive Brokers

Example A:

1) On T, the account has settled cash of $10,000

2) On T, the account buys ABC for $10,000

3) On T+1, the account sells ABC and buys $10,000 of XYZ

4) The customer sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

Example B:

1) On T, the account has fully paid for stock in ABC and no excess cash

2) On T, the account sells $10,000 of ABC

3) On T, the account buys $10,000 of XYZ

4) On T+1, the account sells the XYZ shares without depositing sufficient funds to pay for the purchase of XYZ in full

The end of day surveillance process would consider both of these scenarios to be free riding violations, which would restrict the account to only purchase using settled funds for 90 days. IBKR has put certain controls in place to help prevent free riding violations. Your Total Cash Value includes your settled and unsettled funds, and you will be able to place a new order when your Available Funds (ELV - Initial Margin) is positive (as that represents your fully settled cash after a closing trade). The real time check for fully settled cash is done at the Credit Check when entering a new order.

Account holders who wish to have access to unsettled funds prior to the settlement day may do so by requesting a margin type account. Under a margin type account, unsettled funds may be used for trading purposes but may not be withdrawn until settlement. Account holders maintaining a Cash type account may request an upgrade to a Margin type account by:

1. Logging in to Client Portal
2. Clicking the User menu (head and shoulders icon in the top right corner) followed by Manage Account
3. In the Configuration section, clicking the Configure (gear) icon for Account Type to request an upgrade from Cash to Margin.

Please Note

• Requests will be reviewed by the IBKR Risk and Compliance Departments. Approval typically takes 24 to 48 hours
• If you recently downgraded your account from Margin to Cash, market regulations require a waiting period of 30 days before your account becomes eligible for Margin again.

IBKR offers three types of joint accounts: Tenants with Rights of Survivorship, Tenancy in Common and Community Property. Each of these joint account types is limited to two account holders.

Applicants interested in opening an account with multiple owners in excess of two may consider the corporate, partnership, limited liability company or unincorporated legal structure account types offered by IBKR. Note that documentation establishing proof of formation and address are generally required at the point of application.