We would like to inform that major amendments will come into effect in the sphere of investment services starting with January 3, 2018, which along with other changes will affect:
- execution of clients’ orders on transactions with financial instruments;
- disclosure and reporting of transactions with financial instruments;
- provision of reports as well as information on financial instruments, costs and risks to clients (from January 3, 2018 legal acts will stipulate the provision of account statements quarterly and in some cases more frequently under regulatory requirements);
- financial instruments events.
ON A NEW CONTRACT ON FINANCIAL INSTRUMENTS ACCOUNTS AND TRANSACTIONS
Hereby we inform that in consideration with the above mentioned amendments Citadele banka AS (hereinafter the Bank) amended the terms of the contract on opening and servicing of financial instruments accounts entered between the Bank and you (hereinafter the Terms). The contract further shall be called – the Contract on Financial Instruments Accounts and Transactions. The amended Terms take effect on January 3, 2018.
The new wording of the Terms is available here or in any client service centre of the Bank.
If you do not agree with the amendments, you may terminate the contract unilaterally notifying the Bank in writing (incl. in Citadele Online Banking) until January 3, 2018. If you do not notify the Bank on termination of the contract until that date the amended Terms take effect and it shall be deemed that you consented to the amended Terms.
We inform that prior to the termination of the contract all your obligations under the contract should be fulfilled and the absence of a balance of funds and securities on your financial instruments account should be ensured.
ATTENTION! The clients whose Contracts on Financial Instruments Accounts and Transactions under which the Bank services their financial instruments accounts were concluded before August 3, 2012 are kindly asked to re-conclude those contracts as they do not contain the up-to-date information. Otherwise, starting from January 3, 2018 the Bank will have to restrict provision of investment services.
Please also be reminded that if in the contract on opening and servicing of financial instruments accounts you chose to receive any document on paper from the Bank, e.g. account statement, the Bank will send it to you by post applying a commission fee according to the Bank’s pricelist. The commission fee specified in the effective Bank’s pricelist on the day of this notice is 7 EUR* per letter with additional coverage of the Bank’s actual costs. Sending information to the client by post may also materially delay the provision of services.
* The Bank is entitled to amend the pricelist unilaterally.
ON LEI CODES FOR THE TRANSACTIONS WITH THE FINANCIAL INSTRUMENTS (only for legal entities notice)
Please be informed that starting with January 3, 2018 LEI code will be necessary for all legal entities which will be performing transactions with any type of the financial instruments, including for transfer of the financial instruments.
LEI code can be assigned by authorized institutions (also referred to as LOC- Local Operating Unit) of the Global Legal Entity Identifier Foundation (GLEIF). You can review the list of authorized institutions on the website of the GLEIF. It is the client’s own responsibility to contact one of the authorized institutions (LOC) and to obtain a LEI code.
LEI code has a registration and annual subscription fee.
If the client will not obtain a LEI code, then client will not be able to perform any transactions with the financial instruments on the account, incl. to submit orders for the purchase, sale or transfer of the financial instruments.
You can find out more information about LEI codes on Bank web page.
ON AN INDIVIDUAL ACCOUNT IN NASDAQ CENTRAL SECURITIES DEPOSITORY
We also would like to inform that the Bank’s clients may open an individual account in Nasdaq central securities depository (hereinafter – CSD) for safekeeping of financial instruments registered in Latvia and Estonia.
Information on types, costs and risks of financial instruments accounts is available here or in any client service centre of the Bank.
If you want to open an individual account in the CSD via the Bank for safekeeping of financial instruments registered in Latvia and Estonia, please submit an order to the Bank under the amended Terms. In such case, with regard to you, the amended Terms will come into effect earlier, on the day when the Bank receives your order on opening an individual account in the CSD.
Should you have any questions, please contact the Bank’s Custody Administration Department by phone +371 67010778 or email custody@citadele.lv.