简介
为遵守非注册证券卖出相关法规、最小化非公开报价证券交易过程中的人工处理，IBKR对美国微型市值股票实施了一定限制。下方列出了该等限制以及与此话题相关的其它常见问题。 

微型市值股票限制

• IBKR将只接受来自符合条件之客户的美国微型市值股票转账。符合条件的客户包括：(1) 资产（转账前或转账后）不低于500万美元的账户，或资产规模不低于2000万美元的财务顾问的客户；并且(2) 美国微型市值股票投资占比不到其账户资产的一半。
• IBKR将只接受符合条件的客户能够确认股票系从公开市场买入或已在美国证监会（SEC）进行过注册的美国微型市值股票的大宗转账¹；
• IBKR不接受客户被OTC标记为“买者自负”或“灰色市场”的美国微型市值股票转账¹或开仓委托单。持有该等股票仓位的客户可以进行平仓；
• IBKR不接受为了回补在IBKR的空头仓位而进行的美国微型市值股票转账；
• 仅执行客户（即只通过IBKR执行交易，但在别处清算）不能在其IBKR账户中交易美国微型市值股票。（IBKR可对在美国注册的经纪商例外对待）；

微型市值股票常见问题

什么是美国微型市值股票？
“微型市值股票”是指市值介于5000万美元到3亿美元之间并且价格低于5美元一股的(1) 场外交易股票或(2) Nasdaq和NYSE American挂牌股票。就该政策而言，微型市值股票包括市值等于或低于5000万美元的美国上市公司股票，这种股票有时也被称为纳级股或者是在与微型市值股票相关的市场上交易。

为避免股价短期小幅波动导致股票被反复重新分类，所有被分类为美国微型市值股的股票只有在其市值和股价连续30天均分别超过5亿美元和5美元的情况下才会重新分类。

微型市值股票通常股价很低，常常被称为仙股。IBKR也可设置例外，包括对股价低但近期市值上涨的股票。此外，IBKR不会将非美国公司的ADR视作微型市值股票。

微型市值股票在哪里交易？
微型市值股票通常在OTC市场而非全国性证券交易所交易。其通常由做市商在OTC系统（如OTCBB）和OTC Markets Group管理的市场（如OTCQX、OTCQB和Pink）以电子方式报价。该类别下还包含非公开报价的股票和被指定为“买者自负”、其它OTC或“灰色市场”的股票。
此外，美国监管部门也将在Nasdaq和NYSE American挂牌、价格等于或低于5美元一股且市值等于或低于3亿美元的股票视为微型市值股票。

如果IBKR收到来自符合条件之客户的转仓，其中一个或多个仓位是微型市值股票，会怎么样？
如果IBKR收到包含微型市值股票的转仓，IBKR有权限制其中任何微型市值股票仓位的卖出，除非符合条件的客户能够提供适当的文件证明该等股票系在公开市场买入（即通过其它经纪商在交易所买入）或者该等股票已经根据S-1或类似股票注册声明表在美国证监会进行过注册。

符合条件的客户可以通过提供经纪商给出的能够反映股票买入交易的经纪报表或交易确认来证明股票确实是在公开市场上买入。符合条件的客户也可以通过提供其股票在美国证监会（Edgar系统）进行注册的备案号（以及任何可证明股票就是注册声明上所列股票的文件）来证明股票已经过注册。

注意：所有客户随时都可转出我们对其实施了限制的股票。

IBKR对主经纪账户有什么限制？
活动包含主经纪服务的客户只在IBKR同意接受的来自其执行经纪商的交易方面被视为符合条件的客户。然而，尽管主经纪账户可以在IBKR清算美国微型市值股票，但在IBKR确认股票根据上述程序可以卖出之前，相关股票将受到限制。 

要为在公开市场上买入的股票移除限制，请让执行经纪商提供有公司抬头的签字函件或正式账户报表，证明股票系从公开市场买入。提供的函件或报表必须包含以下信息。如果股票是通过发行取得，则函件必须提供相关注册声明文件或链接并说明该等股票是发行股票的一部分。

经纪商函件必须包含的信息：
1) IBKR账户号码
2) IBKR账户名称
3) 交易日期
4) 结算日期
5) 代码
6) 买卖方向
7) 价格
8) 数量
9) 执行时间
10) 交易所
11) 必须有签字
12) 必须有公司正式抬头

简而言之：如果多头仓位不再受到限制则可以接受卖出多头交易。卖出空头交易可以接受。买入多头交易可以接受，但仓位将被限制，直到向合规部门提供足够资料将限制移除。不接受买入补仓交易和日内轧平交易。

如果您买入的股票被重新分类为“灰色市场”或“买者自负”股票怎么办？
如果您在IBKR账户中买入的股票之后被分类为“买者自负”或“灰色市场”股票，您将可以继续持有仓位、平仓或转仓，但无法增加持仓。

我账户中微型市值股票交易受到限制的原因是什么？
您被限制交易微型市值股票的主要原因有两个：

• 与发行方存在潜在关联：美国证监会规则144对发行人的关联方交易股票（包括微型市值股票）有一定限制。如果IBKR发现微型市值股票交易活动或持仓接近规则144规定的交易量阈值（“规则144阈值”），则IBKR会限制客户交易该微型市值股票，直到完成合规审查。
• 微型市值股票转仓：如果客户近期将微型市值股票转入其IBKR账户，IBKR会限制客户交易该证券，直到完成合规审查。

如果符合其中一种情况，相关证券交易会受到限制，客户会在账户管理的消息中心下收到相应通知。该通知将说明限制的原因以及客户为了解除限制必须采取的措施。

为什么IBKR将我视为微型市值股票发行方的潜在关联方？
“关联方”是与发行方存在控制关系的人士，如执行官、董事或大股东。

规则144适用于包括微型市值股票在内的所有证券。但是，鉴于交易微型市值股票涉及高风险，如果客户的微型市值股交易和/或持仓接近规则144阈值，IBKR将限制客户交易该微型市值股票。 该等限制在合规对客户的潜在关联方身份进行审核并作出决定之前将保持生效。

对于潜在关联方审核，为什么我需要要求每两周进行一次新的审核？
客户的关联方身份可能会在IBKR完成上述潜在关联方审核后很快发生变化。因此，IBKR认为如果客户的的微型市值股交易和/或持仓仍然接近规则144阈值，每两周刷新一下潜在关联方审核较为合适。

哪里可以查看IBKR指定为美国微型市值股的股票列表？
请打开以下链接：www.ibkr.com/download/us_microcaps.csv

请注意，此列表每日更新。

哪里可以了解更多有关微型市值股票的信息？
有关微型市值股票的更多信息，包括其相关风险，请参见美国证监会网站：https://www.sec.gov/reportspubs/investor-publications/investorpubsmicrocapstockhtm.html
-----------------------------------------------------------
¹包括任何方式的转账（如ACATS、DWAC、FOP）、通过“南向（Southbound)”转账将加拿大挂牌股票转成美国股票的转换、为回补空头仓位进行的转账、在其它经纪商执行但在IBKR清算的IB主经纪服务客户等。

HK Stock Physical Certificate Deposit FAQ

⦁ Does IBKR support HK stock physical certificate deposit?

Yes, we support stock physical certificate deposits for stocks trading on HKEX and available to trade at Interactive Brokers. We do not support physical withdrawals and reserve the right to reject any deposit.

⦁ Does Interactive Brokers Hong Kong charge any fees?

*A rejection fee of HKD 1,000 will be charged for any transaction rejected by the share registry. Additional fees may be imposed for submitting large volumes that are time consuming to process. Please contact Client Services via a web ticket for more information.

In addition to the above, there is also a fee of HKD 5 stamp tax per transfer form. Cash cannot be accepted. Please prepare a cheque for HKD 5 per transfer form payable to “The Stock Exchange of Hong Kong Limited”. 

If a total of five certificates are to be deposited for stock A and stock B, a breakdown of the fees would be illustrated by the below examples:

Scenario (Full Service)

Stock A (Certificate 1 - Stock Value above 500K HKD) - Free
Stock A (Certificate 2 - Stock Value less than 500K HKD) - 300 HKD
Stock A (Certificate 3 - Stock Value less than 500K HKD) - 100 HKD
Stock B (Certificate 4 - Stock Value less than 500K HKD) - 100 HKD
Stock B (Certificate 5 - Stock Value less than 500K HKD) - 100 HKD

Scenario (Self Service)

Stock A (Certificate 1 - Stock Value above 500K HKD) - Free
Stock A (Certificate 2 - Stock Value less than 500K HKD) - 200 HKD
Stock A (Certificate 3 - Stock Value less than 500K HKD) - 20 HKD
Stock B (Certificate 4 - Stock Value less than 500K HKD) - 20 HKD
Stock B (Certificate 5 - Stock Value less than 500K HKD) - 20 HKD

⦁ How do I initiate a request?

Please compose a web ticket from the Client Portal under the category Funds & Banking > Position Transfer with all of the following information to avoid delays:

1. Full Service or Self Service
2. Company name/ stock ticker symbol
3. Approximate value
4. Number of certificates

Full Service

⦁ Make an appointment and deliver your physical certificate(s) to our office as follows:

Admiralty - Suite 1512, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong SAR

Kwun Tong - Suite 3204-05, AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong, Hong Kong SAR

⦁ A cheque for HKD 5 payable to “The Stock Exchange of Hong Kong Limited” for each transfer

⦁ You will receive a receipt from IBKR within one business day.

Self Service

⦁ Our Client Service team will contact you by email and provide a “Standard Form of Transfer”;

⦁ Complete the “Standard Form of Transfer” by following below guidance.

⦁ Make an appointment and deliver your physical certificate(s) to our office as follows:

Admiralty - Suite 1512, Two Pacific Place, 88 Queensway, Admiralty, Hong Kong SAR

Kwun Tong - Suite 3204-05, AIA Kowloon Tower, Landmark East, 100 How Ming Street, Kwun Tong, Hong Kong SAR (Additional courier fees, to be quoted, will be passed on to client)

⦁ IBKR will counter sign the form and return to you for the delivery of all of the below documents to HKSCC. Address – 1/F, One & Two Exchange Square, Central, Hong Kong SAR. 

⦁ The countersigned Standard Form of Transfer

⦁ CCASS Stock Deposit Form (Prepared by IBKR)

⦁ The physical certificate(s)

⦁ A cheque for HKD 5 payable to “The Stock Exchange of Hong Kong Limited” for each transfer

⦁ Provide a scanned copy of the receipt to IBKR.

⦁ When will the shares be credited to my IBKR account?

Typically, the shares will be reflected on your IBKR account within 3-4 business days. However, as the share registry has the right to reject deposits, IBKR will apply a 12 business day hold on the shares during which time you will not be able to sell nor withdraw the shares deposited. 

⦁ Instruction and Sample – Standard Form of Transfer

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.

Boerse Stuttgart and Clearstream Banking have announced that they will no longer provide services for issues whose main business is connected directly or indirectly to cannabis and other narcotics products.  Consequently, those securities will no longer trade on the Stuttgart (SWB) or Frankfurt (FWB) stock exchanges. Effective as of the 19 September 2018 close, IBKR will take the following actions:

1. Force close any impacted positions which clients have not acted to close and that are not eligible for transfer to a U.S. listing; and
2. Force transfer to a U.S. listing any impacted positions which clients have not acted to close and that are eligible for such transfer.

Outlined in the table below are impacted issues as announced by the Boerse Stuttgart and Clearstream Banking  as of 7 August 2018. This table includes a notation as to whether the impacted issue is eligible for transfer to a U.S. listing. Note that the clearinghouses have indicated that this list may not yet be complete and clients are advised to review their respective websites for the most current information.

 IMPORTANT NOTES:

• Note that the U.S. listings generally trade over-the-counter (PINK) and are denominated in USD not EUR thereby exposing you to exchange rate risk in addition to market risk.
• Account holders maintaining PINK Sheet securities require United States (Penny Stocks) trading permissions in order to enter opening orders.
• All users on accounts maintaining United States (Penny Stocks) trading permissions are required use 2 Factor login protection when logging into the account.