MiFID II
MiFID II is EU legislation designed to protect investors, such as yourself, by introducing enhanced obligations for firms, like us, who provide investment and trading services. Its aim is to increase transparency and prevent market abuse.
Enhanced obligations for companies providing investment services came into effect on 3 January 2018.
The aim of MiFID II is to increase transparency and prevent market abuse. Part of the changes means we will have to provide additional information to regulatory bodies about your transactions, and in order to do this, we will need to collect additional information from you. For further information, please visit our MiFID II webpage.
In order to comply with requirements of MiFID II we will need to collect some additional information from you. It is vital that you provide this information, as failure to do so will mean you cannot trade after 3 January 2018. This includes standing instructions such as Regular Investments or Dividend Reinvestments. For further information, please visit our MiFID II webpage.
If a third party has access to your Shareview accounts, under the MiFID legislation we will require additional information for them too. Please complete the 'Third Party Regulatory Details' form.
This is connected to a new European and FCA Regulation called the Markets in Financial Instruments Directive (MiFID II) which came into effect on 3 January 2018. We are required to confirm some existing information and, for some customers or additional parties to accounts, collect extra information.
The Regulation requires us to reconfirm customer information. You should ensure that we hold the correct information about you.
For many customers, particularly those who opened their accounts some time ago, it is likely that you were only asked to provide one nationality. However, many customers have multiple nationalities and the MiFID II Regulations require us to collect all nationalities and, in some cases, some additional identifying information.
We require information about the customer and for any third party when the latter is deemed to be making the trading decision, e.g a Power of Attorney.
We require information about the customer and the Power of Attorney as the latter is deemed to be making the trading decision.
We allowed a short grace period whereby trades could be completed if we held the most basic information. However, this is a European/FCA Regulation with which we need to comply. All trading platforms will need to collect this information from customers.
The first named party to an account can update their details online but joint parties and other third parties, e.g. a Financial Advisor cannot provide the information online. They can complete a Third Party Regulatory Details form which is available online, or call our Customer Experience Centre to provide the information.
Your simple MiFID II checklist:
1 . To comply with the regulations, we require you to check that your full name, nationality/nationalities and your National Insurance Number is recorded correctly on your account.
2. Your details need to be completed and confirmed by you if you wish to make a trade.
3. We encourage you to get this updated as soon as possible, however don't worry if you do not confirm your details in time as your account will not be closed and neither will your stocks be sold.
How to check and update your information online
The quickest, easiest way to check and update your information is online. Log in to your account as usual. Update your information in ‘Personal Details’ which can be found by clicking on your ‘Admin’ icon at the top right hand of the page. You can also take the opportunity to review your other personal details and income preferences at the same time.
The Regulations only apply to trading after 3 January 2018. Trades before that date and any cash related transactions are not affected.