FAQs: IBLUX Migration to IBCE Restricted Account

Background: 

As previously explained, Interactive Brokers Luxembourg SARL ("IBLUX") will no longer provide brokerage services to investors and is ceasing regular operations. In June 2021, we invited IBLUX’s existing clients to transfer their account to another Interactive Brokers entity or to otherwise move their account to a bank or a broker outside of the Interactive Brokers family. Despite being reminded repeatedly, you did not take the actions required to move the assets held in your IBLUX account. As such we are transferring your account to our affiliate, Interactive Brokers Central Europe Zrt ("IBCE") ("Transfer") where your assets will remain under custody in trust until we receive instructions from you. These FAQs provide important factual, legal and regulatory information regarding the Transfer.

1.      What does the Transfer mean for me? What terms and conditions will govern my relationship with IBCE following the Transfer?

 

Following the Transfer, IBCE will be responsible for ensuring the safe custody of your assets. The IBCE General Business Terms [https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4500] ("GBR") will govern your account and assets while they are held under custody in trust at IBCE in this limited capacity. You will not be able to place trades or make other financial decisions on your account and IBCE will not provide any investment services to you unless you expressly agree to the GBR and sign the Client Agreement and complete any other open steps needed to open an IBCE account. IBCE will send you an email following the Transfer with the steps to take to secure your login credentials to access your account at IBCE.

 

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

 

If you want to continue doing business with Interactive Brokers, we require your cooperation and action in order for IBCE to provide you investment services. Specifically, we need you to open a new account with IBCE, expressly agree to the GBR and sign the Client Agreement and any other required documents, and provide any additional documents or information requested.

 

If you do not want to continue doing business with Interactive Brokers, you may instruct IBCE to transfer your assets to another broker or bank, and IBCE will comply with your instructions subject to applicable laws and IB's standard procedures.

 

3.      How will my assets be custodied at IBCE?

 

Until you agree to and accept the GBR and the Client Agreement and open a brokerage account with IBCE, IBCE will provide custody services in limited scope:

 

·         for any cash balance transferred to IBCE, you will be entitled to the amount of the cash balance in your account base currency on the date it is transferred to IBCE and IBCE will not convert your cash balance to another currency or pay any interest on cash that it holds in custody for you. 

 

·         for any financial instruments transferred to IBCE, you will be entitled to those financial instruments and IBCE will not provide any investment services in relation to your financial instruments while they are in IBCE’s custody. For example, IBCE will not take any measures to mitigate losses resulting from market movements. However, in the event your account has insufficient margin, IBCE will take appropriate measures and liquidate positions, without issuing a margin call to you, to bring your account in compliance with margin requirements which are subject to change. More information is provided in FAQ 10.

 

If you open an IBCE account, Hungarian custody rules will fully apply to your relationship with IBCE. Like the Luxembourg custody rules, the Hungarian conduct of business rules are based on the recast Markets in Financial Instruments Directive, the Markets in Financial Regulation and various delegated directives and regulations (collectively, "MiFID").

 

4.      Am I protected against loss?

The Hungarian Investor Protection Fund according to Act CXX of 2001 on the Capital Market may protect your assets from loss, at an amount up to a maximum of EUR 100,000, should IBCE default and be unable to meet its obligations to you. To be eligible for the Fund, you must have a contractual relationship with IBCE.

The compensation provided by the Fund covers claims arising from contracts entered into within the agreement with IBCE of brokerage activity, securities custody, securities account management and client account management activities performed by IBCE.

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

·     the Central Bank of Hungary initiates liquidation proceedings of IBCE, or

·     a court orders the liquidation of IBCE. 

 

IBCE is a member of the Fund (please see https://bva.hu/en/ipf/ipf-members/). 

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

The amount paid by the Fund is:

·     100% up to the limit of the EUR equivalent of one million forints (EUR 2,805 on 5th September 2021),

·     above one million forints: 1 million forints and 90% of the part above one million forints to a maximum of EUR 100,000.

 

5.      How do I make a complaint to IBCE? What if my complaint relates to something that happened while I was a customer of IBLUX?

 

The GBR sets out how to lodge a complaint with IBCE. The IBCE complaints handling procedures are materially similar to those that apply to your existing relationship with IBLUX, but the scope of the complaint provisions is much narrower as the services provided to you are limited to holding your assets under custody in trust until you submit transfer instructions or become a full IBCE client.

 

If the substance of your complaint relates to something that happened prior to the Transfer, then you should address your complaint to IBLUX. 

 

6.      After the Transfer, will I still have access to the CSSF to file a complaint?

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

 The FAB can be contacted at: 

 

Postal Address

Financial Arbitration Board

1525 Budapest

Pf. 172

 

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 IBLUX in this context?

 

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

 

 

8.      Will the range of services be the same?

 

No. This account has been created solely for the safe custody of your assets while we wait for you to instruct us on where to transfer your assets or elect to become a full IBCE client. As a result, our services are limited to holding your assets and where relevant taking action to ensure you meet applicable margin requirements.

 

9.      Did you liquidate some or all the positions in my account to facilitate the Transfer?

 

As we previously wrote to you explaining, in many cases we liquidated some or all positions in client accounts back to the account’s base currency to facilitate that Transfer to IBCE. Where positions remain, FAQs 10-11 address how they will be transferred and custodied at IBCE.

 

10.  I have a margin account. Are the margin terms governing my account different following the Transfer to IBCE?

 

No. Your obligations and responsibilities in connection with your margin account and trading on margin remain following the Transfer as they were at IBLUX. However, you are not able to freely operate the account, including opening of new positions, unless you become a full IBCE client.

 

Please review the provisions relating to margin in the IBCE Client Agreement [https://gdcdyn.interactivebrokers.com/Universal/servlet/Registration_v2.formSampleView?formdb=4501], as they will apply to your account and assets while they are held under custody in trust at IBCE.

 

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

 

If you have granted security or collateral to IBLUX this will transfer to IBCE upon the Transfer taking place.

 

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

 

IBCE will support a limited number of deposit currencies.  The following ten cash deposit currencies, the "Allowed Deposit Currencies" are: EUR, USD, GBP, CHF, DKK, NOK, SEK, HUF, CZK and PLN

 

Where appropriate to facilitate the Transfer, we converted long cash balances in other currencies to one of the Allowed Deposit Currencies before migration.

 

In accordance with the client asset protection rules in Hungary, client funds must be protected in the same form that they were received by the broker.  This contrasts with your previous broker, IBLUX, whose regulatory client asset rules allowed them to protect your funds in equivalent value in another currency.  Short currency balances are unaffected.  

 

All cash balances will be transferred at the same time, and your current account at IBLUX will be closed and inaccessible for trading purposes. You will still be able to access this closed account via the Client Portal for purposes of viewing and printing historical statements.

 

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

 

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

 

However, while your assets are held in custody in trust at IBCE until you either transfer your assets to another financial institution or to a new account with IBCE, IBCE will apply a monthly fee to hold your account initially set at Euro 100. The monthly fee can be amended at any time in IBCE’s sole discretion notification to you, which might be by way of email or IBCE’s website.

 

In addition, IBCE will not pay interest to you but shall charge interest to you at such interest rates and on credit or debit balances as are then set forth on the IBCE website. IBCE will also charge a currency handling fee for cash balances in currencies that have negative interest rates.

 

Keep in mind, if the cash balance of your account is insufficient to cover these fees, IBCE may liquidate assets in the same manner IBLUX would liquidate assets before the Transfer.

 

14.  I have other questions about what will and will not be changing following the Transfer? 

 

If you still have questions, please contact IBKR Client Services.

 

Information Regarding IBUK ISA (Individual Savings Account)

1.       What is an ISA and what benefits does it offer me?

An ISA (Individual Savings Account) is a tax-free savings or investment account that gives you the opportunity to save or invest a certain amount of money every year, without having to pay tax on any growth in your investments or savings. There are 4 types of adult ISA available (stocks & shares ISA, cash ISA, innovative finance ISA , and lifetime ISA).  The interest on cash accumulates on a tax-free basis, as does income and capital gains made on investments.


A stocks and shares ISA lets you invest in “qualifying instruments” such as stocks and shares, funds, etc. A stocks and shares ISA is not an investment in its own right.  The best way to think of a stocks and shares ISA is as a ‘wrapper’ with which you can shelter your savings and investments from both Income Tax and Capital Gains Tax. The IBUK Stocks and Shares ISA lets you choose from a range of investments to invest in (see below section 10 ‘What can I invest in?’). You can select and manage your IBUK Stocks and Shares ISA yourself or arrange for your financial advisor to do so on your behalf (see below section 8 ‘Can I appoint a financial advisor to manage, on a discretionary basis, my IBUK Stocks and Shares ISA?’).


When deciding which type of ISA to open, you should consider the pros and cons of each so that you can choose the type that best fits with your personal needs, circumstances and financial goals. We offer stocks and shares ISAs only.


Tax treatments depend on your individual circumstances and may change in the future.

 

2.       What ISA types are offered at IBUK?

Interactive Brokers (U.K.) Limited (IBUK) only offers stocks and shares ISAs (including, Junior Stocks and Shares ISA). IBUK does not offer cash ISAs (including, Junior cash ISA).

 

3.       Who is eligible for an IBUK Stocks and Share ISA?

In accordance with HMRC regulations, any individual who is a resident for tax purposes in the UK and over the age of 18 is eligible to open a stocks and share ISA.


Click on the link for additional details:

https://www.gov.uk/tax-foreign-income/residence

 

4.       How many ISAs can I have?

There is no overall limit on the number of ISA accounts, but you can only subscribe to one type of each ISA in the same tax year. This means if you have already subscribed to a Stocks & Shares ISA with a different provider in the current tax year, you cannot also subscribe to an Interactive Brokers Stocks & Shares ISA.

 

5.       What is a flexible Stocks and Shares ISA?

ISA flexibility refers to whether you’re able to withdraw from your ISA without affecting your annual allowance. A flexible stocks and shares ISA allows the individual to withdraw funds from their stocks and shares ISA and put them back into it, within the same tax year, without affecting their annual ISA allowance.

 

6.       Does IBUK offer a flexible Stocks and Shares ISA?

No, an IBUK Stocks and Shares ISA isn't flexible. That means you can take money out, but it'll count towards your annual ISA allowance if you pay it back in the same tax year.

https://www.gov.uk/tax-foreign-income/residence

 

7.       Can you lose your money paid into a Stocks and Shares ISA?

The value of investments you hold in your IBUK Stocks and Shares ISA and the income received from them can fall as well as rise. As a result, you may get back less than you invested. Past performance is not an indication of future performance, and some investments need to be held for the long term to achieve a return. The IBUK Stocks and Shares ISA is an execution only service, Interactive Brokers does not provide investment advice.  If you need advice about whether an investment is suitable, you need to consult a suitably qualified financial advisor.

 

8.       Can I appoint a financial advisor to manage, on a discretionary basis, my IBUK Stocks and Shares ISA?

Yes, you can appoint a financial advisor to manage your IBUK Stocks and Shares ISA on your behalf. Click on the link for additional details:

https://ibkr.info/node/134

 

9.       Can I trade on margin under the IBUK  Stocks and Shares ISA?

No. You can only open an IBUK Stocks and Shares ISA under a GBP cash account type. A cash account requires that all transactions are made with available cash or long positions.

 

10.   What can I invest in?

Under a stocks and shares ISA you can invest in any of the following investments (also known as 'qualifying investments'):

  • Shares;
  • Securities issued by Companies;
  • Recognised UCITS;
  • Depository Receipts, American Depository Receipts and American Depository Shares.

Full details can be found on the HM Revenue & Customs (HMRC) website

Please Note: Ineligible investments

·       ISA accounts cannot hold non-qualifying investments.

 

11. What is a non-qualifying investment in an IBUK ISA (Individual Savings Account)?

Examples of non-qualifying investments include warrants or delisted securities. On occasion a corporate action (on a qualifying investment) may result in your IBUK ISA account holding a non-qualifying investment.

 

12. What happens to non-qualifying investments held in an IBUK ISA (Individual Savings Account)?

Where such a situation arises, HMRC regulations require IBUK to remove the non-qualifying investments from the ISA account within 30 calendar days. To do this IBUK will open a non-ISA account in your name if you do not have one already open and you may be asked to complete that application.

Once the non-ISA account is opened, IBUK will transfer the non-qualifying investments to ensure we continue to operate your ISA account in accordance with HMRC regulations. If you already have a non-ISA account with IBUK, then the non-qualifying investments will be transferred to your existing account.

 

13.   What exchanges does IBUK support?

HMRC recognised exchanges supported by IBUK:

Country

Exchange

Australia

The Australian Stock Exchange (and any of its stock exchange subsidiaries)

Austria

Vienna Stock Exchange

Belgium

NYSE Euronext Brussels

Canada

Toronto Stock Exchange

Montreal Stock Exchange

Toronto Venture Exchange (TSX Venture Exchange)

France

MATIF
MONEP

Germany

Frankfurt Stock Exchange

Stuttgart Stock Exchange

Hong Kong

Hong Kong Stock Exchange

Italy

Italian Stock Exchange (Borsa Italia)

Japan

Tokyo Stock Exchange

Osaka Stock Exchange

Lithuania

NASDAQ OMX Vilnius

Mexico

Mexico Stock Exchange

Poland

Warsaw Stock Exchange

Singapore

Singapore Exchange Limited

South Korea

Korea Exchange

Spain

Spanish Stock Exchange (Bolsa de Valores in Madrid)

Switzerland

Swiss Stock Exchange (SIX Swiss Exchange)

United Kingdom

London Stock Exchange

United States of America

BATs Exchange Inc

Chicago Board Options Exchange

Chicago Stock Exchange

International Securities Exchange

National Stock Exchange

New York Stock Exchange

NYSE ARCA

NASDAQ OMX PHLX

NASDAQ

 

14.   What is the ISA Allowance for 2022/2023 tax year?

Tax year runs from 6 April to the following 5 April. Each tax year’s ISA subscription limit is specific to that year and can be checked on the HMRC website. 

For the 2022/23 tax year the annual ISA allowance is £20,000 per person. Any of the ISA allowance that goes unused in the current tax year cannot be rolled over to the subsequent tax year. You can divide this cash allowance across multiple ISAs, provided that not more than 1 of each type of ISA is subscribed to in any given tax year. NB.  If you are already subscribed to another stocks and shares ISA in the current tax year, you are not permitted to subscribe to our stocks and shares ISA for the remainder of the tax year.

NB. For each tax year, you can check (via the funding page in Client Portal) how much you have subscribed to your IBUK Stocks and Shares ISA and the maximum amount that you can contribute to your IBUK stocks and shares ISA in that tax year, assuming you have not contributed to another ISA away from Interactive Brokers.

15.   How do I make subscriptions to my IBUK Stocks and Shares ISA?

You can make one-off payments (wire transfers deposits) as and when you choose, but the combined total of all payments (or subscriptions) must not exceed any given annual tax year allowance (see section 12. What is the ISA Allowance for 2022/2023 tax year?).

Interactive Brokers accepts wire transfers only, and there is a minimum subscription amount of £1. Your IBUK Stocks and Shares ISA can only have GBP cash. 

16.   Can I fund my ISA via Internal Transfer from my existing Interactive Brokers account?

Yes, as long as the existing account is an individual account in the same name, an internal transfer can be requested to fund your ISA account.

17.   Can I check the tax-year to date contributions i have made into my ISA account?

Yes, if you create a deposit notification for a fund transfer, before selecting "Get Transfer Instructions" on the final page there is a contribution tracker showing how much you have contributed so far during the current tax year.

18.   What happens if I exceed my ISA allowance?

 If you have accidentally paid too much into your ISAs you won’t get any tax relief on the excess payments you’ve made. The ISA allowance is a combined annual limit across all adult ISA types (e.g. stock & shares ISA, cash ISA, innovative Finance ISA , and lifetime ISAs).

 

19.   What should I do if I exceed my ISA allowance?

 In the event you oversubscribe to your ISA (in other words your ISA annual allowance was exceeded), you should not attempt to correct the mistake by withdrawing the excess funds from an ISA (including, but not limited to, your IBUK Stocks and Shares ISA). Instead, you should call HMRC’s ISA helpline to explain the situation and inform them about the oversubscription. HMRC will advise you on the next steps.   NB. The ISA allowance for the tax year 2022/2023 is GBP 20,000 (this is a combined limit across all 4 types of ISA (stock & shares ISA, cash ISA, innovative finance ISA , and lifetime ISAs).

 

20.   What is the annual fee for the IBUK Stocks and Shares ISA?

 There is no annual ISA fee at IBUK. Other costs and charges apply, see below section 19 for more information.

 

21.   What are the charges for the IBUK Stocks and Shares ISA?

  • £3 per month minimum activity fee. (e.g. if you generate 2 pounds of commission in a particular month, you would be charged the remaining balance of 1 pounds as a minimum activity fee. Generate 3 or more pounds in consolidated commission from linked accounts in a month and there will be no fee.)
  • One free withdrawal per month. Thereafter, £7 withdrawal fee is applicable.

Click here for an overview of our commissions:

https://www.interactivebrokers.co.uk/en/index.php?f=39753&p=stocks

 

22.   What transactions are allowed and what transactions are not allowed in an ISA?

 a)       Example of allowed transactions

An individual subscribes £15,000 into a stocks and shares ISA, £3,000 into a cash ISA and £2,000 into a lifetime ISA. No more than 1 of each type of ISA was subscribed to in the tax year, and the annual ISA allowance of £20,000 was not exceeded.

 b)      Example of disallowed transactions

An individual subscribes £10,000 into one stocks and shares ISA, £2,000 into another stocks and shares ISA, and the remaining £8,000 into a cash ISA. While the individual did not exceed the annual ISA allowance of £20,000, they subscribed funds into more than 1 stocks and shares ISA.

 

23.   How do I transfer my stocks and shares ISA from my current ISA manager to IBUK?

Position/in-specie transfers are now available from certain ISA managers. When requesting a transfer in the client portal supported providers will have a position transfer option within the form.

You will need to submit a transfer instruction to Interactive Brokers (go to Client Portal, Transfer & Pay, then Transfer Existing ISA), and if, in IBUK’s discretion IBUK decides to accept the transfer, IBUK will instruct your existing ISA manager to transfer your investments (where IBUK supports such investments) and/or cash into your IBUK Stocks and Shares ISA. Where IBUK does not support all your investments held at your existing ISA Manager, you can either liquidate these investments yourself prior to submitting your transfer instruction to IBUK via Client Portal (any cash proceeds of such liquidation will be transferred into your IBUK Stocks and Shares ISA) or you can instruct IBUK (as part of your transfer instruction via Client Portal) to do so on your behalf.

Note Interactive Brokers does not support partial transfers, only full account transfer requests can be made.

 

24.   How do I transfer an ISA out of IBUK to another provider?

Any transfer out request from IBUK must be requested via the receiving ISA provider. The requesting broker can email a client-signed transfer form to isa-transfer@interactivebrokers.com or the client may attach a completed form to a web ticket.

 

25.   What are the Transfer Charges?

Interactive Brokers does not charge for transfers (the transferring ISA manager may charge you for transferring investments or cash proceeds to us).

 

26.   Can I cancel my IBUK Stocks and Shares ISA?

You have a legal right to cancel your IBUK Stocks and Shares ISA if you change your mind but there are timelimits on doing so, see below section 25 for more information.

 

27.   How can I cancel my IBUK Stocks and Shares ISA?

 If you want to cancel your IBUK Stocks and Shares ISA, you must do so within 14 days from the date you receive our email confirming the establishment of your IBUK Stocks and Shares ISA (a cancellation must be requested from the Client Portal).

 Cancellation rights will also apply to the receipt of transfer payments.  You have 14 days from the date you receive our email acknowledging the transfer to exercise your right to cancel (a cancellation must be requested from the Client Portal). NB. If you cancel the transfer of your stocks and shares ISA from another ISA manager to IBUK, that ISA manager may not agree to accept the stocks and shares ISA back. This may result in that stocks and shares ISA being closed, and the tax benefits being lost.

 

28.   How safe is your IBUK Stocks and Shares ISA?

IBUK is authorised and regulated by the Financial Conduct Authority (FCA), and is approved by HMRC to act as an ISA manager (including in respect of stocks and shares ISAs).

Under our client terms, and in accordance with the FCA rules relating to client money and assets (Assets), IBUK will be responsible for holding and protecting your Assets. IBUK is required to separate your Assets from its own resources. IBUK is not permitted to use your Assets to carry out its business activities.

In the unlikely event that IBUK became insolvent, an administrator would be appointed to return your money/assets to you. If there is any shortfall, eligible claims will be covered by the UK Financial Services Compensation Scheme (FSCS). The FSCS is an independent body set up by the UK Government to pay compensation if a UK firm, such as IBUK is in default and cannot meet any valid claims against it.  FSCS claims are limited to £85,000 per client. Please note, the FSCS applies to designated investments and may not cover all investments or transactions (and in particular these protections don’t apply to investment losses).  For more information on the FSCS see www.fscs.org.uk.

 

29.   How can I file a complaint with IBUK?

 Customers are actively encouraged to use the WebTicket system for prompt attention.

 A copy of our Complaints Procedure is available here https://www.interactivebrokers.com/en/index.php?f=292 You can also direct your ISA specific complaints via email to isa@interactivebrokers.co.uk (Please note that in order to ensure that your complaint is flagged and given the required attention, Interactive Brokers kindly asks you to state "COMPLAINT" in the subject header field of the email).

 

30.   Are Corporate Actions allowed under my IBUK Stocks and Shares ISA?

Allowed to participate but cannot exceed the annual ISA subscription limit. If it were to exceed the subscription limit, the shares should be transferred to a non-ISA account (see above sections 17 ‘What should I do if I exceed my ISA allowance?’.

 

31. FX Handling and your IBUK Stocks and Shares ISA

Interactive Brokers will automatically convert currencies when trading non-GBP denominated securities. To do this, Interactive Brokers will engage in “spot” currency transactions on your behalf in order to settle your buy orders or convert the proceeds of a sell order. For opening orders Interactive Brokers will base the exchange rate off the spot exchange rate at the time of trade plus our 0.03% fee. For closing orders any non GBP balances will be closed at the end of the trading day at the closing exchange rate of the day plus our 0.03% fee.

The below example illustrates the cost in GBP of a $1,000 USD Trade

Example GBP/USD Spot Rate: 1.3432/1.3433

Order Type

FX Conversion Rate inc 0.03% fee

Cost of $1000 USD Trade

Buy

1.3430

£744.61

Sell

1.3435

£744.31

 

32. What if I have additional questions?

Our customer services team are on hand to help via phone or email.  If you have any questions about your IBUK Stocks and Shares ISA, please contact our dedicated ISA Support team who are available 8am to 6pm GMT Monday to Friday, excluding public holidays.  

 

ユーザー(従業員ではない)の個人口座への追加方法

概観: 

個人口座をお持ちのお客様は、IBKR口座に複数のユーザーを追加することができます。口座名義人は、2つのTWSセッションを同時に開くために(通常のアクセスのためと、API経由での接続のため)、ご自身の名前で登録する2人目のユーザーを追加することができます。また、制限付き委任状に関する同意に基づいて、ご家族のメンバーなど5人までの個人(従業員ではない人物)にアクセスを許可することができます。さらに、許可を受けた個人は2人目のユーザーを追加することができます。

追加ユーザーは各自、クライアント・ポータルと自分で選んだ取引プラットフォームへのログインに必要となるユニークなユーザー名を割り当てられます。個人ユーザー(従業員ではない人物)の追加手順は下記をご参照ください(個人口座名義人用のセカンドユーザーの追加に関するナレッジベースKB1004を検索してください)。

Background: 

従業員でないユーザーの追加方法は以下の様になります: 

  1. クライアント・ポータルにログインしてください。
  2. ユーザーメニュー(右上にある人型のアイコンです)をクリックしてから、口座管理を選択してください。
  3. ユーザー & アクセス権限パネルが設定 コラムの右に表示され、追加されたユーザーすべてが表示されます。
  4. 設定(ギア)アイコンをクリックして、ユーザー & アクセス権限の画面を開いてください。
  5. パネルが2つ表示されます。ユーザーパネルには、追加された個人が全員と、第一口座名義人との関連性が表示されます。ユーザーの役割パネルには設定されたユーザーの役割が表示されます。
  6. 追加、変更、削除には右側のアイコンを使用してください。
  7. ユーザーの追加とアクセス権限の割当ての手順は、幾つかの画面に分かれています。各画面を完了したら、次に進むをクリックして、次の画面に進んでください。前の画面で訂正が必要な場合には、戻るをクリックしてください。
    1. 最初の画面には、ユーザー名、パスワード、氏名、第一口座名義人との関連性、およびメールアドレスなどを含める、ユーザーに関する情報を入力します。
    2. ユーザーが保存されている場合には、次の画面でユーザーの役割を選択します。ユーザーの役割が、事前に設定されているアクセス権限を新しいユーザ―に自動的に適用します。この機能を使用するとこの後の画面をスキップして、確認画面に進むことができます。
    3. 次に続く画面ではそれぞれ、新しいユーザーが特別な機能にアクセスする権限を設定できます。続く画面で許可する機能の横にあるボックスをクリックして、アクセスを許可してください。
  8. 最終画面ではアクセス権限を含め、新しいユーザーに関する情報をすべて確認できます。新しいユーザーに許可された権限にはチェックが入って緑で表示され、許可のないものはバツが入って表示されます。すべて正しい場合には、次に進むをクリックしてください。変更が必要な場合には、戻るをクリックしてください。
  9. 二段階ログイン認証プロセスのセキュア・ログイン・システムに参加しない場合には、確認番号を含めるメールが送信されます。メールで送信された確認番号を入力して、次に進むをクリックしてください。確認番号が送信されてこない場合には、確認番号をリクエストをクリックして、新しい確認番号がメールで送信されるようにリクエストしてください。
  10. ユーザー & アクセス権限のパネルに表示されるOKをクリックして、追加したユーザ―を保存してください。

 

重要な留意点:

1. マーケットベンダーの要件に従い、口座の第一名義人には、追加するユーザー口座ごとに個別のマーケットデータ利用料が課せられます。 

2. ユーザー口座を削除する場合には、ユーザー&アクセス権限メニュー内にあるユーザー名の横の削除リンクをクリックして削除できます。

FAQs: IBCE Pre-Migration Action item Guide

概観: 

As previously noted, IBKR will cease IBLUX’s regulated business, and as a result, will need to make some changes in relation to which legal entity does business with you. It is our intention that all of your accounts, investments and services currently provided to you by IBLUX will instead be provided by IBCE.

Prior to the Proposed Transfer occurring, certain action items must be completed in the Client Portal. These action items may include:

- Submission of Proof of Identity documentation

- Submission of Proof of Address documentation

- Completion of Identity Verification Selfie task

- Investment Portfolio Changes

Please carefully review this FAQ in order to complete the necessary action items and facilitate the Proposed Transfer. For more information on this transfer, please review the FAQs for IBCE.

How do I access pending items in Client Portal?

Follow the below procedure to access pending items in Client Portal:

  1. Log in to Client Portal.
  2. Click the Notifications (bell) icon in the top right corner. The number on the icon shows you how many total unread notifications you have.
  3. A drop-down menu will open showing your Pending Items, Corporate Actions and Messages.
  4. Click Pending Items.
  5. You can open and view any pending item to see the details of the item. Click the View button for the pending item you want to view.

 

What documents are acceptable for these tasks?

Acceptable documents for Proof of Identity and Proof of Address action items include the following:

Document Category Acceptable Documents (only one document per category is needed)

Proof of Identity of the Account Holder

Please provide a current and valid document (or documents) that contains the following: full name, date and place of birth, clear photograph, signature of the holder, document number, expiration date, and country of issue. If the information required is on multiple pages, please provide copies of all of those pages.

• Passport

• National Identity Card

• Driver’s License

Proof of Residential Address of the Account Holder

The document must clearly list the applicant's name and the relevant address and must be less than six months old unless otherwise specified. Please provide a scanned version of a hard copy bill.

• Utility Bill: For example, a bill for electricity, gas, water, landline telephone, home broadband, or TV. Mobile phone bills are not acceptable forms of proof of address.

• Council tax bill

• Home insurance bill

• Bank, mortgage or brokerage statement

• Signed and stamped letter from your bank on the bank’s letterhead confirming address

• Credit card statement (not older than six weeks)

• Government issued letters or statements: For example, we would accept a property tax bill, confirmation of residential address from the local authorities or a pension statement. Must be on official government letterheaded paper.

• Resident permit

• Driver’s license or national identity card: If you use your driver's license or national identification card as proof of identity, it cannot also be used as proof of address.

• For HUNGARY only: ADDRESS CARD which shows the current residential address.

 

What Investment Portfolio Changes do I need to make?

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, IBLUX, 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 IBLUX will be closed and inaccessible for trading purposes. You will still be able to access this closed account via the Client Portal for purposes of viewing and printing historical statements.

Metals CFDs are offered by IBCE but spot and OTC metals futures are not. You will be requested to trade out of those positions before conversion to an IBCE account.

FAQs: IBIE Pre-Migration Action item Guide

概観: 

As previously noted, IBKR will cease IBLUX’s regulated business, and as a result, will need to make some changes in relation to which legal entity does business with you. It is our intention that all of your accounts, investments and services currently provided to you by IBLUX will instead be provided by IBIE.

Prior to the Proposed Transfer occurring, certain action items must be completed in the Client Portal. These action items may include:

- Submission of Proof of Identity documentation

- Submission of Proof of Address documentation

- Completion of Identity Verification Selfie task

- Investment Portfolio Changes

Please carefully review this FAQ in order to complete the necessary action items and facilitate the Proposed Transfer. For more information on this transfer, please review the FAQs for IBIE.

How do I access pending items in Client Portal?

Follow the below procedure to access pending items in Client Portal:

  1. Log in to Client Portal.
  2. Click the Notifications (bell) icon in the top right corner. The number on the icon shows you how many total unread notifications you have.
  3. A drop-down menu will open showing your Pending Items, Corporate Actions and Messages.
  4. Click Pending Items.
  5. You can open and view any pending item to see the details of the item. Click the View button for the pending item you want to view.

 

What documents are acceptable for these tasks?

Acceptable documents for Proof of Identity and Proof of Address action items include the following:

Document Category Acceptable Documents (only one document per category is needed)

Proof of Identity of the Account Holder

Please provide a current and valid document (or documents) that contains the following: full name, date and place of birth, clear photograph, signature of the holder, document number, expiration date, and country of issue. If the information required is on multiple pages, please provide copies of all of those pages.

• Passport

• National Identity Card

• Driver’s License

Proof of Residential Address of the Account Holder

The document must clearly list the applicant's name and the relevant address and must be less than six months old unless otherwise specified. Please provide a scanned version of a hard copy bill.

• Utility Bill: For example, a bill for electricity, gas, water, landline telephone, home broadband, or TV. Mobile phone bills are not acceptable forms of proof of address.

• Council tax bill

• Home insurance bill

• Bank, mortgage or brokerage statement

• Signed and stamped letter from your bank on the bank’s letterhead confirming address

• Credit card statement (not older than six weeks)

• Government issued letters or statements: For example, we would accept a property tax bill, confirmation of residential address from the local authorities or a pension statement. Must be on official government letterheaded paper.

• Resident permit

• Driver’s license or national identity card: If you use your driver's license or national identification card as proof of identity, it cannot also be used as proof of address.

• For HUNGARY only: ADDRESS CARD which shows the current residential address.

 

What Investment Portfolio Changes do I need to make?

IBIE will offer the same range of products as IBLUX plus some additional products such as (i) Bonds; (ii) OTC Precious Metals, and (iii) OTC Metal Futures. IBIE will also offer the ability to participate in the Stock Yield Enhancement Programme. Please review the Stock Yield Enhancement Programme Agreement if you are interested in participating.

FAQs: IBCE Account Migration

概観: 

This is an important document regarding the proposed transfer of your account from IBLUX 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 is split into three parts.
 
  • Part A sets out key information in relation to the Proposed Transfer (as described below).
  • Part B covers key legal and regulatory topics 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?
 
Interactive Brokers Luxembourg SARL was granted authorisation by the Luxembourg Financial Sector Supervisory Commission (Commission de Surveillance du Secteur Financier, CSSF) to operate as an investment firm in November 2019. At that time, the CSSF imposed a limit of 10,000 accounts on IBLUX, which we accepted with the hope that this limit would be relaxed. As time has passed, we have recognised that our initial aspiration to grow a European business via IBLUX no longer makes sense since the bulk of Interactive Brokers’ European business has moved to other Interactive Brokers entities over the past four months in recognition of Brexit. Therefore, in the coming months, we will cease IBLUX’s regulated business, and as a result, we will need to make some changes in relation to which legal entity does business with you.
 
2.     What are the “changes” envisaged above?
 
We propose to transfer the business that you currently conduct with IBLUX to our affiliate, Interactive Brokers Central Europe Zrt. (“IBCE”). In other words, it is our intention that all of your accounts, investments and services currently provided to you by IBLUX will instead be provided by IBCE (for convenience we will refer to this as the “Proposed Transfer”).
 
3.     When will the Proposed Transfer occur?
 
The Proposed Transfer will occur soon after 30th June 2021. We will alert you just before processing the transfer of your account.
 
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 IBLUX’s. This is because both IBCE and IBLUX 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 IBLUX 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, phone number is +36 80 088400, and email address is ibce@interactivebrokers.com. 
 
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 Luxembourg Financial Sector Supervisory Commission (“CSSF”) is the competent regulator for IBLUX).  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.
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?
 
We do not anticipate any material impacts for you as a result of the Proposed Transfer. Nonetheless, it is very important that you read this FAQs carefully and in full and make sure that you understand what the changes are for you.
 
9.     What do I have to do if I want to continue doing business with Interactive Brokers?
 
If you would like to continue to do business with Interactive Brokers, we require your cooperation and action.
 
Specifically, we need you to consent and agree to the Customer Agreement and other Documents available under the Important Information section of the Proposed Transfer process and to the regulatory matters outlined in the Covering Letter, the Important Information and Consent sections of the Proposed Transfer process. You can do this by following the instructions in the Covering Letter.
 
To be clear, you do not have to consent to the Proposed Transfer if you feel that you may be adversely affected by it. However, you should be aware that if you decide to decline or do nothing, IBLUX will not be able to keep servicing your account after its license is relinquished. As part of the process, your account may be restricted, and your account may be forced closed. You have the ability to transfer the positions in your account to another broker within 30 days of receiving the communication inviting you to transfer your account. 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 IBLUX?
 
The Luxembourg conduct of business rules currently apply to your account with IBLUX. 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”).  
 
Similar to the Luxembourg conduct of business rules, the Hungarian conduct of business rules are based on MiFID.
 
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 IBLUX?
 
Luxembourg custody rules currently apply to your accounts with IBLUX. These rules are based heavily on MiFID.  
 
Going forward, Hungarian custody rules will apply to your relationship with IBCE.  Like the Luxembourg custody 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 IBLUX?
 
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 Luxembourg. The purpose of the Fund is to pay compensation to you in the event that:
  • The Central Bank of Hungary initiates liquidation proceedings of IBCE, or
  • A court orders the liquidation of IBCE. 
IBCE is a member of the Fund (please see https://bva.hu/en/ipf/ipf-members/). 
 
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 May 2021),
  • Above one million forints: 1 million forints and 90% of the part above one million forints to a maximum of EUR 100,000.
 
5.     How do I make a complaint to IBCE? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBLUX? What if my complaint relates to something that happened while I was a customer of IBLUX?
 
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 IBLUX. If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBLUX.  
 
6.     After the Proposed Transfer, will I still have access to the CSSF to file a complaint?
In case of a complaint, investors should follow the complaints procedure as referred to in the Customer Agreement. Once the Proposed Transfer has taken place, the CSSF will cease to have jurisdiction over any complaints that you may have in respect of IBLUX. However, please be aware that Hungary has a dispute resolution scheme operated by the Central Bank of Hungary in the form of the Financial Arbitration Board (“FAB”). The FAB is a free and independent statutory dispute resolution scheme for financial services. You may be eligible to make a complaint to the FAB if you are a retail customer.  Details of FAB can be found on https://www.mnb.hu/en/hungarian-financial-arbitration-board
 
The FAB can be contacted at: 
 
Postal Address
Financial Arbitration Board
1525 Budapest
Pf. 172
 
Email
 
7.     How will my personal data be processed and protected? Are there any material differences that will apply to my relationship with IBCE compared to those that apply to my existing relationship with IBLUX in this context?
 
Your data will be processed and protected in accordance with the Interactive Brokers Group Privacy Policy which can be found at: https://www.interactivebrokers.com/en/index.php?f=305. There will be no material change.
 
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 IBLUX 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?
 
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.
For further information please see “IBCE Multi-Currency Account Foreign Exchange Restrictions Disclosure”.
 
3.     Will the range of services be the same?
 
These are the changes to the services you are currently offered: 
  • GFIS investment research will not be available to clients of IBCE, but we plan to offer the service in the future. However, GFIS market data and news service offerings are unaffected.
 
4.     I currently trade OTC derivatives with IBLUX – what will happen to my open positions?
 
Your open positions will be transferred to IBCE and you will face IBCE rather than IBLUX. You will no longer have any legal relationship with IBLUX in relation to those positions. Please follow the link to the PRIIPs KID landing page in the Covering Letter.
 
5.     What happens to any security I have granted to IBLUX as part of a margin loan?
 
If you have granted security or collateral to IBLUX this will transfer to IBCE upon the Proposed Transfer taking place. You will be presented with two new contracts for your existing margin loan:
  • Investment Loan Framework 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, IBLUX, 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 IBLUX will be closed and inaccessible for trading purposes. You will still be able to access this closed account via the Client Portal for purposes of viewing and printing historical statements.
 
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 and fees change when my account is migrated? 
 
IBKR commissions and fees 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.
 
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 receive a single, combined annual activity statement at year end? 
 
No.  Separate daily, monthly, and annual activity statements will be provided for each of your IBLUX 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.
 
14.    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.
 
15.    Will the migrated account retain the same configuration as the current account? 
 
The configuration of the account following migration will match that of the current account to the extent permissible by regulation. This includes attributes such as margin capability, market data, additional users, and alerts. In limited instances, an account will be migrated to a jurisdiction where the full scope of product eligibility cannot be offered. Client’s holding restricted products may migrate and maintain or close such positions but won’t be allowed to increase the position.
 
16. Will my login credentials change?
 
No. Your username, password, and any 2-factor authentication process in place for your existing account will remain active following migration. You will, however, be assigned a new account ID for your migrated account.
 
 

 

FAQs: IBIE Account Migration

概観: 

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

Background: 

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

This FAQ is split into three parts.
 
  • Part A sets out key information in relation to the Proposed Transfer (as described below).
  • Part B covers key legal and regulatory topics 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?
 
Interactive Brokers Luxembourg SARL was granted authorisation by the Luxembourg Financial Sector Supervisory Commission (Commission de Surveillance du Secteur Financier, CSSF) to operate as an investment firm in November 2019. At that time, the CSSF imposed a limit of 10,000 accounts on IBLUX, which we accepted with the hope that this limit would be relaxed. As time has passed, we have recognised that our initial aspiration to grow a European business via IBLUX no longer makes sense since the bulk of Interactive Brokers’ European business has moved to other Interactive Brokers entities over the past four months in recognition of Brexit. Therefore, in the coming months, we will cease IBLUX’s regulated business, and as a result, we will need to make some changes in relation to which legal entity does business with you.
 
2.     What are the “changes” envisaged above?
 
We propose to transfer the business that you currently conduct with IBLUX to our Irish affiliate, Interactive Brokers Ireland Limited (“IBIE”).  In other words, it is our intention that all of your accounts, investments and services currently provided to you by IBLUX will instead be provided by IBIE (for convenience we will refer to this as the “Proposed Transfer”).
 
3.     When will the Proposed Transfer occur?
 
The Proposed Transfer will occur soon after 30th June 2021. We will alert you just before processing the transfer of your account.
 
4.     Who is IBIE? What sort of a firm is it?
 
IBIE was granted authorisation by the Central Bank of Ireland to operate as an investment firm in December 2020. IBIE’s regulatory status and profile will be very similar to IBLUX’s. This is because both IBIE and IBLUX 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 IBLUX at present and that which will apply once your account is transferred to IBIE.  We explain this in more detail in Part B of this FAQs.
 
5.     What are IBIE’s legal details?
 
Interactive Brokers Ireland Limited is registered as a private company limited by shares (registration number 657406) and is listed in the Register of Companies maintained by the Irish Companies Registration Office. Its registered address is 10 Earlsfort Terrace, Dublin 2, D02 T380, Ireland.  We are still finalising IBIE’s day-to-day contact details, and we will be in touch with these details in due course. 
 
6.     Who will regulate IBIE and what are their contact details?
 
As set out above the Central Bank of Ireland is the competent regulator for IBIE (in the same way that the Luxembourg Financial Sector Supervisory Commission (“CSSF”) is the competent regulator for IBLUX).  The Central Bank of Ireland’s contact details are set out below:
 
Location
The Central Bank of Ireland
New Wapping Street
North Wall Quay
Dublin 1
D01 F7X3
 
Contact Numbers
Phone: +353 (0)1 224 6000
Fax: +353 (0)1 224 5550
 
Postal Address
Central Bank of Ireland
P.O. Box 559
Dublin 1
 
Public Helpline
E-mail: enquiries@centralbank.ie
Lo-Call: 1890 777 777
Phone: +353 (0)1 224 5800
 
7.     Where does IBIE fit with respect to the broader Interactive Brokers group?
 
IBIE is a wholly-owned subsidiary that sits within the broader Interactive Brokers Group.
 
8.     What does the Proposed Transfer mean for me? Will there be any material impacts?
 
We do not anticipate any material impacts for you as a result of the Proposed Transfer.  Nonetheless, it is very important that you read this FAQs carefully and in full and make sure that you understand what the changes are for you.
 
9.     What do I have to do if I want to continue doing business with Interactive Brokers?
 
If you would like to continue to do business with Interactive Brokers, we require your cooperation and action.
 
Specifically, we need you to consent and agree to the Customer Agreement and other Documents available under the Important Information section of the Proposed Transfer process and to the regulatory matters outlined in the Covering Letter, the Important Information and Consent sections of the Proposed Transfer process.  You can do this by following the instructions in the Covering Letter.
 
To be clear, you do not have to consent to the Proposed Transfer if you feel that you may be adversely affected by it. However, you should be aware that if you decide to decline or do nothing, IBLUX will not be able to keep servicing your account after its license is relinquished. As part of the process, your account may be restricted, and your account may be forced closed. You have the ability to transfer the positions in your account to another broker within 30 days of receiving the communication inviting you to transfer your account. If you wish to decline, please follow the instructions in the Covering Letter.
 
In either case, we ask that you read the entirety of this FAQs and the Covering Letter before deciding to consent to or decline the Proposed Transfer.
 
10.What happens next?
 
If you consent to the transfer, please complete all actions detailed in the Covering Letter and we will prepare your account for the Proposed Transfer.  Following the Proposed Transfer, IBIE will write to you with further information about your new relationship with them.
 
PART B – LEGAL AND REGULATORY CHANGES THAT YOU SHOULD BE AWARE OF
 
1.     What terms and conditions will govern my relationship with IBIE following the Proposed Transfer? Are these different to the ones that currently apply?
 
Trades that you conduct after the Proposed Transfer will be governed by the new Customer Agreement between you and IBIE.  A copy of the new Customer Agreement is available in the Important Information section of the Proposed Transfer process.  Please see the response to Question A3 above in relation to the timing for the Proposed Transfer.
 
2.     What conduct of business rules (including best execution) will apply to my relationship with IBIE? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBLUX?
 
The Luxembourg conduct of business rules currently apply to your account with IBLUX. 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”).  
 
Similar to the Luxembourg conduct of business rules, the Irish conduct of business rules are based on MiFID.
 
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 IBLUX?
 
Luxembourg custody rules currently apply to your accounts with IBLUX. These rules are based heavily on MiFID.  
 
Going forward, Irish custody rules will apply to your relationship with IBIE.  Like the Luxembourg custody rules, the Irish conduct of business rules are based on MiFID.  Please consult the Client Assets Key Information Document attached in the Important Information section in relation to the Irish custody regime.
 
4.     How am I protected against loss? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBLUX?
 
Ireland’s compensation scheme is similar to the compensation scheme you have access to in Luxembourg. The purpose of the Irish Investor Compensation Scheme is to pay compensation to you (subject to certain limits) if you have invested money or investment instruments in either of the following cases:
 
  • A firm goes out of business and cannot return your investments or money; and
  • A Central Bank of Ireland determination or a court ruling has been made under the Investor Compensation Act 1998;
 
The Investor Compensation Company DAC (ICCL) administers the scheme. IBIE will be a member of the scheme.
 
The scheme covers investment products including:
 
  • Public and private company shares
  • Units in collective investment schemes
  • Life insurance policies (including unit-linked funds)
  • Non-life insurance policies
  • Tracker bonds
  • Futures and options
 
Usually, you can only make a claim after a firm goes out of business and its assets have been liquidated and distributed to those who are owed money. Please check the details of the schemes for any limits that apply – not all losses will be covered as there are maximum levels of compensation.  The ICCL will pay you compensation for 90% of the amount you have lost, up to a maximum of €20,000.
 
5.     How do I make a complaint to IBIE? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBLUX? What if my complaint relates to something that happened while I was a customer of IBLUX?
 
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 IBLUX.  If the substance of your complaint relates to something that happened prior to the Proposed Transfer, then you should address your complaint to IBLUX.  
 
6.     After the Proposed Transfer, will I still have access to the CSSF to file a complaint?
 
In case of a complaint, investors should follow the complaints procedure as referred to in the Customer Agreement.  Once the Proposed Transfer has taken place, the CSSF will cease to have jurisdiction over any complaints that you may have in respect of IBLUX.  However, please be aware that Ireland has a dispute resolution scheme in the form of the Financial Services and Pensions Ombudsman (“FSPO”). The FSPO is a free and independent statutory dispute resolution scheme for financial services.  You may be eligible to make a complaint to the FSPO if you are an “eligible complainant”.  Details of who are “eligible complainants” can be found on www.fspo.ie. The FSPO can be contacted at:
 
Postal Address
Financial Services and Pensions Ombudsman
Lincoln House,
Lincoln Place
Dublin 2
D02 VH29
 
Telephone
+353 (0)1 567 7000
 
Email
 
7.     How will my personal data be processed and protected? Are there any material differences that will apply to my relationship with IBIE compared to those that apply to my existing relationship with IBLUX in this context?
 
Your data will be processed and protected in accordance with the Interactive Brokers Group Privacy Policy which can be found at: https://www.interactivebrokers.com/en/index.php?f=305. There will be no material change.
 
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 IBLUX 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?
 
IBIE will offer the same range of products as IBLUX plus some additional products such as (i) Bonds; (ii) OTC Precious Metals, and (iii) OTC Metal Futures. IBIE will also offer the ability to participate in the Stock Yield Enhancement Programme. Please review the Stock Yield Enhancement Programme Agreement if you are interested in participating.
 
 
3.     I currently trade OTC derivatives with IBLUX – what will happen to my open positions?
 
Your open positions will be transferred to IBIE and you will face IBIE rather than IBLUX.  You will no longer have any legal relationship with IBLUX in relation to those positions.  Please follow the link to the PRIIPs KID landing page in the Covering Letter to consult the applicable Key Investor Information Document.
 
4.     What happens to any security I have granted to IBLUX as part of a margin loan?
 
If you have granted security or collateral to IBLUX this will transfer to IBIE upon the Proposed Transfer taking place.
 
We do not anticipate you needing to take any steps to reflect the change in beneficiary, although we may need to take some administrative steps of our own to update security registers with the change in details. This should, however, not affect our priority or otherwise affect the date from which the security is valid.
 
5.     Will I have access to the same trading platform or be subject to any software changes following migrations?
 
The migration will have no impact upon the software you use to trade or administer your account. The technology will remain the same as it is today.
 
6.     Will all account balances be transferred at the same time?
 
All balances, with the exception of accruals (e.g., interest, dividends) will be transferred at the same time.  Once accruals have been posted to cash, they will automatically be swept to the migrated account.  
 
7.     What will happen to my current account following migration? 
 
Once all accruals have been swept, your current account will be closed and inaccessible for trading purposes.  You will still be able to access this closed account via the Client Portal for purposes of viewing and printing archived activity and tax statements.
 
8.     Will IBKR’s commissions and fees change when my account is migrated? 
 
No. IBKR commissions and fees do not vary by the broker your account is maintained with.
 
9.     Will my trading permissions change when my account is migrated? 
 
No. Your trading permissions will not change when your account is migrated.
 
10. Will open orders (e.g., Good-til-Canceled) be carried over when my account is migrated? 
 
Open orders will not be carried over to the new account, and we recommend that clients review their orders immediately following the migration to ensure that the open orders are consistent with their trading intentions.
 
11. Will I 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 2020 through the date of migration and a second annual statement for your new account which will cover the period starting from the migration date through the end of the year.
 
12. Will the current cost basis of positions be carried over when my account is migrated? 
 
Yes, this migration will have no impact upon the cost basis of your positions.
 
13. Will the migrated account retain the same configuration as the current account? 
 
The configuration of the account following migration will match that of the current account to the extent permissible by regulation. This includes attributes such as margin capability, market data, additional users, and alerts. In limited instances, an account will be migrated to a jurisdiction where the full scope of product eligibility cannot be offered. Client’s holding restricted products may migrate and maintain or close such positions but won’t be allowed to increase the position.
 
14. Will my login credentials change?
 
No. Your username, password, and any 2-factor authentication process in place for your existing account will remain active following migration. You will, however, be assigned a new account ID for your migrated account.
 
 

 

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.

Interactive Brokers Luxembourg SARL – 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 Luxembourg SARL (IBLUX) to classify each Client according to their knowledge, experience and expertise: "Retail", "Professional" or "Eligible Counterparty".
 
In accordance with MiFID II rules, IBLUX 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, IBLUX 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 may vary according to the volatility of the underlying asset; (ii) A margin close out rule on an 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.
 
IBLUX 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 IBLUX 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 Ombudsman: The services of the Ombudsman may not be available to professional clients, unless they are, for example, consumers, small businesses or individuals acting outside of their trade, business, craft or profession.
 
7. Compensation: IBLUX is a member of the Luxembourg investor compensation scheme (Système d’indemnisation des investisseurs, SIIL). The SIIL provides cover for claims resulting from IBLUX inability to meet its obligations to clients in accordance with applicable legal and contractual conditions. The SIIL covers, under the legal conditions place investments up to an amount of 20,000 EURO or equivalent regardless of the number of accounts held by a client.
 
Re-categorisation as Professional Client
 
IBLUX 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.
 
IBLUX will consider re-categorising Retail Clients to Professional Clients in two instances:
 
1. Per Se Professional Clients can notify IBLUX 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. IBLUX may treat Clients as Elective Professional Clients if, based on an assessment of the Client’s expertise, experience, and knowledge, IBLUX 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 IBLUX 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, IBLUX 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 IBLUX before the relevant request is submitted.
 
Re-categorisation as Retail Client 
 
Professional Clients can request IBLUX 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, IBLUX 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 IBLUX’S APPROACH TO CLIENT CATEGORISATION AND RE-CATEGORISATION POLICY.

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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