なぜ個人の雇用に関する情報を金融機関に開示する必要があるのでしょうか?

FINRAルール3210では、会員企業(雇用者会員)と関連性のある申請者は、IBKR(執行会員)における口座を開設する前に、雇用者会員の書面による同意を得る必要があります。 また、この規則では、雇用者会員との関連性を通知することが必要となります。IBKRもまた、同様の米国以外の規制の対象となります。

他の証券会社や金融機関に雇用されている、または提携している申請者は、IBKRが要求に応じて雇用者企業に取引データを提供するため、雇用者企業の連絡先を記載した書類の提出を求められることがあります。申請者が金融機関に勤務されていて、書類が提出されていない場合には、FINRAルール3210が適用とならないことの確認のために、IBKRより申請者に連絡を取ることがあります。

EDD 情報リクエスト

概観: 

これらのよくあるご質問は、特定の事項に関連してIBKR口座保有者のお客様に最近、配信された案内事項に寄せられた、お客様からのご質問に答えるためのガイドラインとして作成されたものです。こちらに記載のないご質問がございましたら、EDD部門にお問合せいただきますようお願い致します。

すべての口座タイプのお客様に関連するご質問:
 
これは正当なメールですか?
はい。IBKRでは先日、お客様に関する特定のデータと書類の更新をお願いする通知をお送り致しました。
 
なぜこの通知が配信されたのでしょうか?
IBRKでは、正確かつ最新の情報を維持し、またAMLリスクの高い場所やタイプのお客様に対するデューデリジェンスを確実に行う目的で、お客様の定期的な見直しを行っています。規制対象となる金融機関として、弊社は「お客様を知る」ことを義務とされており、こちらはその一環となります。
 
この情報の更新は必要ですか?
はい。通知を受信されたお客様はすべて、リクエストされている情報のご提供が必要となります。
 
資金源とは何ですか?
資金源とはお客様がご資金を貯められた方法を指します。お勤め先からの収入や物件の売却、または遺産などが例となります。資金源の合計は必ず100%になる必要があります。
 
資金源の証明にはどういった書類を利用できますか?
ご提供した資料の中には、資金源確認としてご利用が可能な書類のリストも含まれています。資金源確認にはそれぞれ、裏付けとなる書類(給与所得の確認のための銀行取引明細書や物件の売却を証明する受渡証など)を添付してください。
 
機関口座のお客様に関連するご質問:
 
なぜ受益者の情報が必要なのでしょうか?
米国の規制により、弊社では機関のお客様の受益者に関する情報の収集を義務付けられています。 こちらもまた、「お客様を知る」義務の一環となります。
 
受益者とは何ですか?通常の所有者と何が違うのでしょうか?
受益者とは事業体を最終的に所有する実際の人物を指し、他のビジネスや信託、カストディアンなどの組み合わせが可能な通常の所有者とは異なります。関連規制に基づき、機関口座をお持ちの事業体のお客様には、事業体の10%以上を所有する自然人の特定をお願いしております。 その上で、本人確認書類によるご本人様の確認や、資金源の確認を弊社にて行います。
 
受益権証明書に10%の所有者がいないと記入した場合、「実質的支配」フォームへの記入は必要ですか?
いいえ。10%以上の所有者がいないことをご承認いただいた場合、「実質的支配」フォームへのご記入は必要ありません。 
 
外国取引先銀行口座をお持ちのお客様(CAFFIS)、IBROKERS、集団投資機能、およびヘッジファンドのお客様に関連するご質問:
 
Wolfsberg Group要請の質問とは何ですか?
「Wolfsberg Group要請の質問」とは、金融機関の方針や慣行について標準化された概要の提供を目的として、Wolfsberg Groupがデザインしたマネーロンダリング防止(AML)に関する質問です。
 
*フォームのすべての項目にご記入いただき、また過去12か月間の日付を入れてください。*
 
なぜ提出が必要なのですか?
この質問は、組織のお客様がマネーロンダリングやテロリストの資金調達、またその他の資金調達の防止に関連する一定の基準や慣行を実施していることを確認するためのものです。
 
注意事項: ヘッジファンドのお客様は、ファンドマネージャー/投資アドバイザーの方による「Wolfsberg Group要請の質問」へのご記入が必要です。
 
「Wolfsberg Group要請の質問」のフォームへのリンクはありますか?
あります。フォームはアカウント・マネジメントからダウンロードできます。書類関連のタスクをご確認ください。 
 
ダウンロードは以下からも可能です: 
 
ファンドステータスに関する書類の提出を求められていますが、具体的にはどの書類の提出が必要ですか?
ファンドの存在証明となる書類、またファンドマネージャーとファンド管理者の規制状況の証明となる書類をご提出ください。
 
外国銀行のお客様に関連するご質問:
 
なぜ外国銀行証明書の提出が必要なのですか?
米国愛国者法により、米国内の銀行やブローカーディーラーとコルレス関係のある外国銀行はすべて、外国銀行証明書のご提出が必要となります。 
 
*フォームのすべての項目にご記入いただき、また過去36か月間の日付を入れてください。*
 
外国銀行証明書は何のために必要なのでしょうか?
外国銀行証明書は、銀行がマネーロンダリングやテロリストの資金調達、またその他の資金調達の防止に関連する、米国の必要規制をすべて遵守していることを確認するためのものです。

 

SEC 13Dおよび13G報告を行う方に適用される変更条件

イントロダクション

以下の記事は、米国証券取引委員会(「SEC」)のセクション13(d) および13(g)の下に必要な変更義務に関する概要をご提供することを目的としています。概要は一般的なものとなり、こちらを参照される方は適用される規制のご確認および/またはコンプライアンスの専門家にご相談の上、報告義務がご自身の状況に該当するかをご確認いただきますようお薦め致します。

 

13D報告を行う方に適用される変更条件

1934年証券取引所法(「Act」)のルール13d-2の下、 スケジュール13Dに開示される情報に変更があった場合には2営業日以内にスケジュール13Dに変更を行うことが義務とされています。変更には、お客様が「受益権を保有」するとみなされる株式クラスの割合が変動する場合が含まれます。例えばある発行体の株式を5%以上管理していてこれが1%以上上がる場合や下がる場合(取引やその他のイベントにより)には13Dの変更が必要になります。

議決権付き株式を5%以上管理し続ける限り、変更の報告も継続して必要になります。5%の基準以下に下がった場合には、これを報告する(最後の)変更をSECに通知する必要があります。

変更が必要となる状況は他にもあります。例えば、60日以内に権利行使できないワラントを取得した場合、管理している議決権付き株式の株数にまだ変更がなくても、追加の株式取得に関するプランやコントラクトについての説明を修正するために、スケジュール13Dの変更が必要になることがあります。

 

 

13G報告を行う方に適用される変更条件

SECや州に登録される投資アドバイザーを含める適格機関投資家は、株式クラスの「受益権の保有」が月末に10%を初めて超えてから10日以内に、スケジュール13Gを変更する必要があります。

それ以降、適格機関投資家は前月の月末に保有していた株式クラスの「受益権の保有」が5%以上増えるまたは減ってから10日以内に、スケジュール13Gを変更する必要があります。

また適格機関投資家は、スケジュール13Dではなくスケジュール13Gの報告対象となっていた状況が変わった場合には、この日より10日以内にスケジュール13Dの報告を行う必要があります。

また株式の20%以下を所有するパッシブ投資家は、株式クラスの10%以上の受益権を取得してから2営業日以内に、スケジュール13Gの変更を行う必要があり、それ以降は受益権が5%以上変動してから2営業日以内に変更を行う必要があります。

報告されている13Gに変更がある場合には、どのような内容の変更であっても、13Gの年次変更を提出する必要があります。これは年末から45日以内に行う必要があります。報告されている内容に何も変更がない場合や、変更内容が保有する株式の割合のみでこれが発行済株数の変更によるものである場合には変更報告は必要ありません。

 

 

 

重要な留意点

 

· ご自身のスケジュール13Dおよび13G報告義務も別途ご確認ください。報告義務や以前の報告を変更する義務の有無、どのスケジュールによる報告(または変更)、またいつ報告が必要となるかは様々な要因に左右されます。

 

· インタラクティブ・ブローカーズでは一定の基準(5%、10%、20%)を超えた場合と、お客様の管理される株式の割合に大幅な変化があった場合のみ、ベストエフォート・ベースで通知をお送り致します。この他にもスケジュール13Dや13Gの報告が必要になる場合で、インタラクティブ・ブローカーズより通知をお送りしないことがあります。

 

· スケジュール13Dまたは13Gの報告および変更義務の順守にあたり、管理される口座にある発行体の特定の株式クラスの保有高をモニターしてください。

 

· インタラクティブ・ブローカーズが通常は取引していない有価証券は通知には含まれません(または考慮されません)。これには以下の株式が含まれます:

a. 当該法のセクション12(g)(2)(G)に記載される取引免除によって登録を免除されている保険会社

b. 1940年投資会社法(Investment Company Act of 1940)の下に登録されるクローズエンド型投資会社、または

c. タイトル43のセクション1639c(d)(6)による先住民地域コーポレーション。

このため当該法のセクション13(d)の順守のため、上記に該当する保有株式は個別に確認および分析してください。

 

· アラートは指定される特定のアドバイザーに関連する受益権のみに基づいて送信されます。発行体の株式の取得や保有、議決権行使、処分を目的として2人以上の人物が共同で行動することにした場合に適用されるグループ集約規則は考慮しません。

 

· アラートはインタラクティブ・ブローカーズの管理する口座に保有される株式のみに送信され、外部の管理となる口座に対しては送信されません。ただし、スケジュール13Dまたは13Gの提出、または変更が必要になるかどうか、またスケジュールにどのような情報を含める必要があるかを判断するにあたって外部で管理される口座も考慮する必要があります。

 

· インタラクティブ・ブローカーズがこのアラートプログラムを立ち上げる前に発生したスケジュール13Dまたは13G報告義務は、アラートの送信にあたって考慮されません。
 

· 弊社のデータプロバイダーから受け取る米国超小型株有価証券(一般的なOTC上場銘柄、および時価総額が3億ドル未満で1株あたりの取引額が5ドル未満のNasdaqまたはNYSE Americanの銘柄)に関するデータは一貫した信頼性がないため、弊社ではこれらの有価証券をプログラムから削除致しました。この結果、米国超小型株有価証券に関する報告義務が発生する基準を超えそうになる、または超えた場合でもスケジュール13D/13Gに関するアラートがお客様に送信されることはありません。米国超小型株の保有高も別途見直しの上、関連して発生する報告義務の有無をご確認ください。

 

 

追加情報

スケジュール13Dおよび13Gに関する詳細は、SECのウェブサイトをご参照ください:

http://www.sec.gov/answers/sched13.htmおよび

https://www.sec.gov/divisions/corpfin/guidance/reg13d-interp.htm

SECセクション13(d)および3(g)の報告義務

イントロダクション

以下の記事は、米国証券取引委員会(「SEC」)のセクション13(d) および13(g)の下に必要となる報告義務に関する概要をご提供することを目的としています。概要は一般的なものとなり、こちらを参照される方は適用される規制のご確認および/またはコンプライアンスの専門家にご相談の上、報告義務がご自身の状況に該当するかをご確認いただきますようお薦め致します。

スケジュール13Dおよび13Gに関する背景

この規制は当該法の定義に基づき、セクション12の有価証券の「受益権を保有」される方すべてに適用されます。これにはお客様が所有または管理される株式が一般的に含まれます。具体的には、セクション13(d)を目的として以下の項目を直接または間接的に所有される場合に「受益権を保有」しているとみなされます:
• 有価証券の議決権または決議に関与できる権利
• 有価証券を処分または処分に関与できる権利、または
• オプションまたはワラントの権利行使、また転換証券の場合には転換権の権利行使により有価証券の購入から60日以内に「受益権」を取得する権利。

株式クラスの5%以上の「受益権を保有」しているかどうかの確認には、その株式発行数の合計に対し、お客様が「受益権を保有」するとみられる株数を比較してください。これには発行体によるSECへの直近の四半期または年次報告(10-Qまたは10-K)や、発行済株式数の特定目的で後に発行される報告書(Form 8-K)の最近のものを参照できます。計算の際にはオプション、ワラント、またはその他の商品の転換や権利行使によって60日以内にご自身が取得するであろう株式をすべて、発行済株式数に含める必要があります。お客様以外の方が保有する権利行使していない株式や、転換株式は計算に含める必要はありません。
 

 

報告義務の内容

初回のスケジュール13Dの報告は、5%の基準を初めて超えた取引日より10日以内に行う必要があります。報告日におけるスケジュール13Dのディスクロージャーも現在有効のものである必要があります。

内容に変更がある場合には、2営業日以内にスケジュール13Dに変更を行う必要があります。これには報告される株式の1%以上の取得または処分、または発行体に影響を与える可能性のある変更が含まれます。

場合によっては13Dの代わりに13Gと呼ばれる簡易版の報告書を利用できることがあります。この方法は株式の20%以下を所有するパッシブ投資家や、発行体が株式クラスを登録する前の時点の株式を5%以上保有し免除を受けている投資家が利用することができます。また、SECおよび州に登録されているアドバイザーは、企業のアドバイザー業務を通して株式を取得した場合のみスケジュール13Gを利用することができ、発行体に影響を与える目的の取得や影響を与えた場合の取得には利用できません。アドバイザーはまた、報告義務の可能性のある株式の5%以上をアドバイザーが代理として保有する任意の口座名義人すべてに通知をする必要があります。初回および変更のためのスケジュール13G報告には、特定の報告基準と締め切りが適用されます。
 

 

重要な留意点

• クライアントや企業の直接または間接的な実質的支配者(パートナーや株主、親会社など)にも報告義務が別にある可能性にお気を付けください。

• ご自身のスケジュール13Dおよび13G報告義務も別途ご確認ください。報告義務や以前の報告を変更する義務の有無、どのスケジュールによる報告(または変更)、またいつ報告が必要となるかは様々な要因に左右されます。

インタラクティブ・ブローカーズでは一定の基準(5%、10%、20%)を超えた場合と、お客様の管理される株式の割合に大幅な変化があった場合のみ、ベストエフォート・ベースで通知をお送り致します。この他にもスケジュール13Dや13Gの報告が必要になる場合で、インタラクティブ・ブローカーズより通知をお送りしないことがあります。

インタラクティブ・ブローカーズでは、各基準を超える度、初回の報告アラートのみお送り致します。弊社ではお客様が3つの基準のどれか(5%、10%、20%)を超えた場合でも、以前超えた基準値より高い場合のみ初回のアラートを再度お送り致します。(例えば以前に10%の基準を超えたことがある場合、5%を超えた場合の通知はお送りしません)このため初回の報告通知や変更通知を受信された後はポジションを継続的にモニターし、報告が必要な場合には行ってください。

スケジュール13Dまたは13Gの報告および変更義務の順守にあたり、管理される口座にある発行体の特定の株式クラスの保有高をモニターしてください。

• インタラクティブ・ブローカーズが通常は取引していない有価証券は通知には含まれません(または考慮されません)。これには以下の株式が含まれます:

a. 当該法のセクション12(g)(2)(G)に記載される取引免除によって登録を免除されている保険会社

b. 1940年投資会社法(Investment Company Act of 1940)の下に登録されるクローズエンド型投資会社、または

c. タイトル43のセクション1639c(d)(6)による先住民地域コーポレーション。

このため当該法のセクション13(d)の順守のため、上記に該当する保有株式は個別に確認および分析してください。

• アラートは指定されている特定のアドバイザーに関連する受益権のみに基づいて送信されます。アラートは発行体の株式の取得や保有、議決権行使、処分を目的として2人以上の人物が共同で行動することにした場合に適用されるグループ集約規則は考慮しません。

アラートはインタラクティブ・ブローカーズの管理する口座に保有される株式のみに送信され、外部の管理となる口座に対しては送信されません。ただし、スケジュール13Dまたは13Gの提出、または変更が必要になるかどうか、またスケジュールにどのような情報を含める必要があるかを判断するにあたって外部で管理される口座も考慮する必要があります。

• インタラクティブ・ブローカーズがこのアラートプログラムを立ち上げる前に発生したスケジュール13Dまたは13G報告義務は、アラートの送信にあたって考慮されません。

• 弊社のデータプロバイダーから受け取る米国超小型株有価証券(一般的なOTC上場銘柄、および時価総額が3億ドル未満で1株あたりの取引額が5ドル未満のNasdaqまたはNYSE Americanの銘柄)に関するデータは一貫した信頼性がないため、弊社ではこれらの有価証券をプログラムから削除致しました。この結果、米国超小型株有価証券に関する報告義務が発生する基準を超えそうになる、または超えた場合でもスケジュール13D/13Gに関するアラートがお客様に送信されることはありません。米国超小型株の保有高も別途見直しの上、関連して発生する報告義務の有無をご確認ください。
 

追加情報

スケジュール13Dおよび13Gに関する詳細は、下記のSECウェブサイトをご参照ください:

http://www.sec.gov/answers/sched13.htm

https://www.sec.gov/divisions/corpfin/guidance/reg13d-interp.htm
 

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 400,000; 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.
 

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.

FAQS: IBCE Brexit Account Migration

概観: 

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 Account Transfer

概観: 

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 these FAQs, which summarise some of the key changes to the regulatory framework which will be brought about by the Proposed Transfer (as described below) and provide answers to some of the more general questions that you may have. The FAQs should be read in conjunction with the Covering Letter.  If you require any further information, please get in touch with us using the contact details provided in the Covering Letter.

Discussion:

The FAQs are split into three parts.

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

 

PART A – THE PROPOSED TRANSFER

1.    What is the situation currently?

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

2.    What is Interactive Brokers requesting?

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

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

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

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

4.    What are IBIE’s legal details?

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

9.    What happens next?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

The scheme covers investment products including:

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


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

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

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

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


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

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

Telephone
+353 (0)1 567 7000

Email
Info@fspo.ie

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

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

PART C – OTHER PRACTICAL QUESTIONS AND NEXT STEPS

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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


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

15.     Will my login credentials change?

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

 

イギリスの欧州連合離脱に伴う口座移行に関するよくあるご質問

イントロダクション

Interactive Brokers Group(「IB」)および英国関連会社であるInteractive Brokers (U.K.) Limited(「IBUK」)では、現在2020年12月31日にスケジュールされているイギリスの欧州連合離脱(Brexit)移行期間終了に併せ、弊社のヨーロッパのお客様用のサービス調整に向けて準備を進めて参りました。弊社では証券サービスの移行と継続をスムーズに行いつつ、これに伴う変更と混乱を最小限にとどめることを最重要事項としています。これによる影響の対象となるお客様には、変更とそのスケジュールをご説明する通知をご送信致します。下記はIBUKから弊社のヨーロッパ内のブローカーへの口座の移行に関し、よくあるご質問をまとめたものになります。

よくあるご質問 

Q: 2021年1月1日以降の証券サービスの継続に関するIBKRの計画はどのようになっていますか?

A: IBKRでは2018年にInteractive Brokers Luxembourg SARL(「IBLUX」)を設立し、これは2019年11月に規制当局による許可を受けています。また現在、欧州連合(EU)圏内にInteractive Brokers Ireland Limited(「IBIE」)および Interactive Brokers Central Europe Befektetési ZRt(「IBCE」)を設立する手順を進めています。

弊社では2020年12月31日以前に、Brexitによる影響を受けるすべてのお客様をこれらEU拠点のブローカーのひとつに移行する予定でおります。IBIEおよびIBCEへの移行は、それぞれの所管轄庁による規制許可のたいしょうとなっています。

 

Q: 私の口座はどのIBKRブローカーに移行されますか?

A: どの口座が IBLUX、IBIE、またIBCEに移行されるかは現在検討中ですが、  西ヨーロッパベースのお客様IBIE、中央または東ヨーロッパベースのお客様はIBCE、そしてある対象グループのお客様はIBLUXへの移行との見通しになっています。また口座やポジションのタイプも考慮されます。

お客様には移行リクエストをお送りする前に、移行先となるブローカーをお伝えする通知をお送り致します。

 

Q: どういったクライアントが移行の対象となりますか?

A: EU圏内にお住まいの個人のお客様、およびEU圏内の国に設立される事業体の口座が対象となります。対象となる口座のほとんどは現在Interactive Brokers (U.K.) Limited(「IBUK」)によるサービスを受けています。

 

Q: これに伴って必要となる同意はどのように手続きされますか?

A: お客様の口座の移行準備が整い次第、クライアント・ポータルにログインしていただく旨のメールを弊社よりお客様に送信致します。ログインしていただきますと、ご同意が必要となるディスクロージャーと顧客同意書が表示されます。こちらはオンラインでお手続きいただけます。初回のメールでご返信いただけないお客様には数回にわたるリマインダーのメールが送信されます

 

Q: 何もしない場合にはどうなりますか?

A: 必要書類にご同意いただけない場合には、移行に同意いただけないものとして、取引および移管に関する規制がお口座に発生します。お口座はEU圏内のブローカーのどれか、またはIBKR以外のブローカーへ移行される、もしくは解約される時まで、現在口座にかかる諸条件(手数料や証拠金に関する方針を含め)の対象となります。

 

Q: 移行に同意しない場合にはどうなりますか?

A: 指定されるEU圏内のブローカーへの移行にご同意いただけない場合には、 新規のお取引やご入金、またポジション移管に規制が発生することがあります。これらの規制はIBKR以外の口座への移管には影響しません。

 

Q: ログイン情報は変わりますか?

A: 変わりません。現在の口座にご利用いただいているユーザー名、パスワード、またツーファクター認証は移行後もそのままご利用いただけますが、移行先の口座には新しい口座IDができます。

 

Q: 移行後もこれまでと同じ取引プラットフォームを利用できますか?ソフトウェアには何らかの変更があるのでしょうか?

A: お取引や口座管理にご利用いただいているソフトウェアへの影響はありません。テクノロジーはすべて同じです。

 

Q: 口座残高の移行はすべて同時に行われますか?

A: 残高はすべて未払金(利子や配当金など)を抜かして同時に移行されます。未払金は現金化した時点で移行されます。未払金が利子の場合これは通常いったん戻され、発生した次の月の一週目に現金として記入されます。未払金が配当金の場合にはいったん戻され、発行体によって配当金が支払われる日にちに相殺する現金として記入されます

 

Q: 現在利用している口座は移行後どうなりますか?

A: 現在ご利用いただいている口座は、未払金がすべて現金化され移行先の口座に送金され次第、解約となります。 口座は解約され次第、取引には利用できなくなりますが、確認や過去のステートメントを印刷するためなどにアクセスすることは継続して可能です。

 

Q: 口座の移行に伴って現在の手数料や費用も変わりますか?

A: 変わりません。IBKRの手数料および費用は、どちらのブローカー管理の口座になっても変わりません。

 

Q: 口座の移行後、 取引許可に何らかの変更はありますか?

A: IBLUXに移行される口座以外は現在の取引許可に変更はありません。IBLUX口座では規制当局による決まりのため、レバレッジ型Forexの取引ができません。同様の規制がIBIEやIBCEでの口座に適用される見通しはありませんが、移行前に何らかの変更がある場合にはお客様にご連絡致します。

 

Q: 口座が移行する時点でオープンになっている注文(Good-til-Canceledなど)は、新しい口座でもそのまま有効になりますか?

A: オープン注文は新しい口座に移行されますが、移行の完了後、元の注文と一致しているかご確認いただくようお薦めします。

 

Q: 口座の移行後、米国パターン・デイ・トレーディング規則の対象になることはありますか?

A: IBUKの口座は米国ブローカーであるIBLによる管理になるため、米国パターン・デイ・トレーディング(PDT)規則の対象となります。PDTは資産がUSD 25,000以下の口座に対し、5営業日内に3回までのデイトレードに規制する規則です。

IBLUX、IBIE、またはIBCEに移行される口座はIBLによる管理ではないため、PDT規則の対象外となります。

 

Q: 年次のアクティビティ・ステートメントは、ひとつにまとめて年末の発行になりますか?

A: いいえ。年次のステートメントは既存の口座に対して2020年1月1日から移行日までの期間をカバーするものがひとつ、また移行日以降2020年12月31日までの期間をカバーするものがひとつ発行されます。

 

Q: ポジションに現在適用されている原価基準も一緒に移行されますか?

A: はい。移行によるポジションの原価基準への影響はありません。

 

Q: 現在の口座設定は、移行後の口座にも同様に適用されますか?

A: 現在の口座設定は、移行後に適用される規制の許す限り適用されます。口座設定には証拠金やマーケットデータ、追加ユーザーやアラートが含まれます。 まれに同じ口座設定を提供できない管轄区に口座が移行されることがあります。この場合、規制対象となる商品のポジションをそのまま移行して保有する、またはクローズすることはできますが、増やすことはできなくなります。

 

Q: 2020年12月31日までにIBKRが規制許可を受けとることができない場合にはどうなりますか?

A: IBLUXは認可されてはいますが、ビジネス許可に規制があるため、2020年12月31日までに移行を完了させるためにはIBIEまたはIBCEのライセンスが必要になります。ライセンスの取得が時間内に完了しないと判断される場合には、Brexitの移行期間が終了する時点でお客様の口座がどうなるかをご説明する内容の通知をお送り致します。

 

Q: 苦情の申し立てが必要になる場合には、移行後も継続して金融オンブズマンサービスを利用できますか?

A: IBUKのお客様は、IBUKによる苦情処理にご納得いただけない場合、金融オンブズマンサービスをご利用いただいておりましたが、IBLUX、IBIE、またはIBCEへの口座移行後、こちらはご利用対象外となります。代わりにご利用いただけるサービスの詳細は弊社よりご提供致します。弊社内での苦情処理手続きには変更ありません。

 

Q: 移行によるデータ保護への影響はありますか?

A: IBUKからのIBLUX、IBIE、またはIBCEへの移行によるお客様の個人情報への影響はありません。こちらは継続してデータ保護規則の対象となります。IBLUX、IBIE、およびIBCEは各自データ保護に対する責任を負うものであり、お客様の個人情報に関するデータをこれまでと同様に高い基準で保護します。

 

Q: 口座保護への影響はありますか?

A: ブローカーの責任となるイベントに対してEU圏内でご利用いただける保護内容は通常、英国や米国に比べ低く設定されています。

現在、資格対象となる場合には、英国金融サービス補償計画(UK Financial Services Compensation Scheme「FSCS」)の下、IBUKのお客様は£50,000の金額まで保護されています。IBUKのお客様は米国ブローカーであるIBLの管理となるため、口座内の証券がUSD 500,000の金額まで(現金はサブリミットであるUSD 250,000の対象となります)、米国証券投資者保護公祉(「SIPC」)による保護の対象となる可能性があります。

EUブローカーであるIBLUX、IBIEおよびIBCEの管理となる場合、資格対象者は最大EUR 20,000までの保護の対象となる可能性があります。適用となるスキームとカバー、また資格対象者の詳細は、移行リクエストと共に弊社よりご提供致します。 

インタラクティブ・ブローカーズ・グループ全体の資本総額が8.25億米ドルであること、また注文受付前のクレジットチェックや証拠金基準を満たさない口座の強制決済など、すべてのブローカーに適用される慎重な証拠金方針を考慮し、今回の移行による顧客資産の総合的な安全性および健全性に及ぼす影響はないものと考えております。

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