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What is MiFID II

You may have recently received a letter from us requesting personal information. This information has been requested due to the MiFID II regulations. 

MiFID II expands on MiFID (Markets in Financial Instruments Directive) and came into effect on 3 January 2018. This is legislation that regulates firms providing services to customers linked to various types of investments, including Investment Trust savings plans.

MiFID II was introduced as a direct result of the 2008 financial crisis and is designed to improve the functioning of financial markets and increase customer protection. The specific section that requires us to ask for this information concerns ‘Transaction Reporting’ and prevents us from carrying out transactions when the information we have requested is not held.

What do we need from you?

The regulation requires us to hold the Date of Birth, Nationality and National Insurance Number (or National Identifier, if you are a non-UK national), for all individuals named on an account. A full list of what can be accepted for each Nationality can be found in the letter you may have received. There are separate requirements where an entity (i.e. a non-individual) is named on an account.

If we require this information from you, you will receive a letter with a form enclosed to be completed and returned, along with a reply-paid envelope. We’re unable to accept this information over the telephone or by email.

There will be restrictions on all BMO Investment Trust Savings Plan(s) that you are named on and they will remain in place until the required information has been received. 

If you require any further information, please see the Questions and Answers section below.

MiFID Q&As

In addition to your Date of Birth, the below is a list of the National Identifiers required by nationality:

A person’s nationality is where they are a legal citizen, usually in the country where they were born.

No, we are only able to take this information in writing, please use the enclosed form to provide this.

If you have more than one account with us we have tried to consolidate all your account information into one form. However, if you have received more than one form please complete and return them all to ensure all your accounts are updated. 

The following restrictions have been applied to any accounts you are named on:

  • We cannot be instructed to buy or sell shares
  • Regular monthly payments have been cancelled
  • Lump sum investments will be rejected
  • Shares cannot be transferred out of the account to another person
  • Account administration has stopped, meaning changes such as amending regular monthly payments or options for dividend payment are not possible

We will update the account and record that this information has been received. We will not acknowledge receipt in writing but if we need anything else a separate letter will be sent.

Until now there has not been a requirement for us to hold all this information. We have recently started asking for this information if someone is opening a new account or making changes to an existing account, so some customers have provided this to us already.

This is a unique identifier for legal entities or structures including companies, charities and trusts. You can find out how to apply for one through the Global Legal Entity Identifier Foundation (www.glief.org).

Please do not put any other instructions on the enclosed form. You can send other instructions in the same envelope if you wish, but please use a separate piece of paper.

Contact us

Should you have any further questions please contact us.

Phone: 0345 600 6166

Email: [email protected]

Glossary

Confused? Our handy glossary can explain investing terms.

This section of the website is directed at persons who are located in the UK. Please read our full terms and conditions and the relevant Key Information Documents (“KID”) before proceeding with any investment product referred to on this website. Nothing on this website is, or is intended to be, advice to buy or sell any investments. If you are at all unsure whether an investment product will meet your individual needs, please seek advice.