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iShares not dealable on Share centre
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iShares not dealable on Share centre
Checking my ISAs this week found that all iShares are not dealable for either buy or sell on the Share centre platform currently.
Still waiting on a callback from customer service to find out when this situation is going to be resolved.
Assuming this is due to Blackrock's non compliance with new regulations?
Still waiting on a callback from customer service to find out when this situation is going to be resolved.
Assuming this is due to Blackrock's non compliance with new regulations?
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- Lemon Half
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Re: iShares not dealable on Share centre
deadeyedjacks wrote:Checking my ISAs this week found that all iShares are not dealable for either buy or sell on the Share centre platform currently.
Still waiting on a callback from customer service to find out when this situation is going to be resolved.
Assuming this is due to Blackrock's non compliance with new regulations?
More likely Share Centre at fault or interpreting regulations differently from other Brokers.
On ii (TDD) SLXX (iShares Corporate Bond) is shown as normal and available both to buy and sell.
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Re: iShares not dealable on Share centre
OK, also found can't deal in Vanguard ETFs either, so yes looks like some tickbox compliance issue with broker.
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Re: iShares not dealable on Share centre
After two weeks of waiting for a response to emails and phone calls, turns out this was a MIFID2 compliance issue.
Required to confirm whether accountholders had dual nationality with any other EU/EEA country.
Why couldn't they have done this automatically via online portal to avoid disruption to customers?
Required to confirm whether accountholders had dual nationality with any other EU/EEA country.
Why couldn't they have done this automatically via online portal to avoid disruption to customers?
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- The full Lemon
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Re: iShares not dealable on Share centre
deadeyedjacks wrote:this was a MIFID2 compliance issue. Required to confirm whether accountholders had dual nationality with any other EU/EEA country.
Why would they need to know that? Why would it matter if a client also had, say, Dutch nationality?
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- Lemon Slice
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Re: iShares not dealable on Share centre
Lootman wrote:deadeyedjacks wrote:this was a MIFID2 compliance issue. Required to confirm whether accountholders had dual nationality with any other EU/EEA country.
Why would they need to know that? Why would it matter if a client also had, say, Dutch nationality?
For reporting transactions to the authorities they have to use your Natural Person Identifier, but there is a priority order. If brokers have Anglo/Spanish clients for example, the correct NPI is their Spanish Tax Identification Number, not UK.
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Re: iShares not dealable on Share centre
DrBunsenHoneydew wrote:Lootman wrote:deadeyedjacks wrote:this was a MIFID2 compliance issue. Required to confirm whether accountholders had dual nationality with any other EU/EEA country.
Why would they need to know that? Why would it matter if a client also had, say, Dutch nationality?
For reporting transactions to the authorities they have to use your Natural Person Identifier, but there is a priority order. If brokers have Anglo/Spanish clients for example, the correct NPI is their Spanish Tax Identification Number, not UK.
OK, so it's a EU thing?
Something we will soon be freed from?
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Re: iShares not dealable on Share centre
Was annoying as I had provided information in December as requested for my accounts.
But for accounts I'm trustee on they hadn't requested or collected details for beneficiaries.
But for accounts I'm trustee on they hadn't requested or collected details for beneficiaries.
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Re: iShares not dealable on Share centre
Lootman wrote:DrBunsenHoneydew wrote:Lootman wrote:Why would they need to know that? Why would it matter if a client also had, say, Dutch nationality?
For reporting transactions to the authorities they have to use your Natural Person Identifier, but there is a priority order. If brokers have Anglo/Spanish clients for example, the correct NPI is their Spanish Tax Identification Number, not UK.
OK, so it's a EU thing?
Something we will soon be freed from?
At HL I had to declare my nationality and provide a passport number and non-UK national identity number, on the continent you don't always get a tax identifier number (UTR) as they prefer to use national identity numbers.
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Re: iShares not dealable on Share centre
JMN2 wrote:At HL I had to declare my nationality and provide a passport number and non-UK national identity number, on the continent you don't always get a tax identifier number (UTR) as they prefer to use national identity numbers.
I was really asking a more fundamental question. Why does a UK broker care if, as well as having UK citizenship, you also have another citizenship? Strikes me as having a rule for the sake of a rule.
What problem is this EU law designed to prevent or solve? I just don't see the relevance to a UK broker of whether I have dual citizenship. If I have a reporting obligation to, say, Holland then that is between me and Holland.
And since that UK broker has no idea about what other citizenships I might have, then they are relying on me telling them. Those trying to hide something would simply not mention another citizenship.
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Re: iShares not dealable on Share centre
Lootman wrote:JMN2 wrote:At HL I had to declare my nationality and provide a passport number and non-UK national identity number, on the continent you don't always get a tax identifier number (UTR) as they prefer to use national identity numbers.
I was really asking a more fundamental question. Why does a UK broker care if, as well as having UK citizenship, you also have another citizenship? Strikes me as having a rule for the sake of a rule.
What problem is this EU law designed to prevent or solve? I just don't see the relevance to a UK broker of whether I have dual citizenship. If I have a reporting obligation to, say, Holland then that is between me and Holland.
And since that UK broker has no idea about what other citizenships I might have, then they are relying on me telling them. Those trying to hide something would simply not mention another citizenship.
On dual citizenships, you might have a Russian citizenship too which is a big problem for many EU countries, loads of them in some EU countries, Putin trolls are feared, apparently they are everywhere. My cousin has a South African passport too, that was never a problem in Finnish army, but a Russian passport would have been. So perhaps they are trying to solve the Russian problem?
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Re: iShares not dealable on Share centre
Lootman wrote:What problem is this EU law designed to prevent or solve? I just don't see the relevance to a UK broker of whether I have dual citizenship. If I have a reporting obligation to, say, Holland then that is between me and Holland.
As I understand things, the answer is that MiFID II extends the requirements on brokers to report transactions to regulators. Before, a 'global' identifier for the broker or similar was good enough. Now they have to report with more granularity, including identifying the individual (or entity) that initiates a transaction.
All well and good, but... because there is no international standard 'ID scheme' for individuals, a committee came up with one the one described here and keyed off nationality(ies): https://www.kaizenreporting.com/camels- ... -mifid-ii/
Lootman wrote:And since that UK broker has no idea about what other citizenships I might have, then they are relying on me telling them. Those trying to hide something would simply not mention another citizenship.
A standard FATCA amulet since 2014.
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