Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Bhoddhisatva,scotia,Anonymous,Cornytiv34, for Donating to support the site

iShares not dealable on Share centre

Index tracking funds and ETFs
deadeyedjacks
Posts: 25
Joined: November 24th, 2016, 8:54 pm
Has thanked: 60 times
Been thanked: 3 times

iShares not dealable on Share centre

#109646

Postby deadeyedjacks » January 11th, 2018, 7:51 pm

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?

Alaric
Lemon Half
Posts: 6031
Joined: November 5th, 2016, 9:05 am
Has thanked: 20 times
Been thanked: 1398 times

Re: iShares not dealable on Share centre

#109693

Postby Alaric » January 11th, 2018, 9:50 pm

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.

deadeyedjacks
Posts: 25
Joined: November 24th, 2016, 8:54 pm
Has thanked: 60 times
Been thanked: 3 times

Re: iShares not dealable on Share centre

#109780

Postby deadeyedjacks » January 12th, 2018, 10:15 am

OK, also found can't deal in Vanguard ETFs either, so yes looks like some tickbox compliance issue with broker.

deadeyedjacks
Posts: 25
Joined: November 24th, 2016, 8:54 pm
Has thanked: 60 times
Been thanked: 3 times

Re: iShares not dealable on Share centre

#111821

Postby deadeyedjacks » January 19th, 2018, 10:12 am

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?

Lootman
The full Lemon
Posts: 18674
Joined: November 4th, 2016, 3:58 pm
Has thanked: 628 times
Been thanked: 6557 times

Re: iShares not dealable on Share centre

#111895

Postby Lootman » January 19th, 2018, 1:57 pm

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?

DrBunsenHoneydew
Lemon Slice
Posts: 555
Joined: November 10th, 2016, 10:04 am
Has thanked: 65 times
Been thanked: 158 times

Re: iShares not dealable on Share centre

#111962

Postby DrBunsenHoneydew » January 19th, 2018, 7:47 pm

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.

Lootman
The full Lemon
Posts: 18674
Joined: November 4th, 2016, 3:58 pm
Has thanked: 628 times
Been thanked: 6557 times

Re: iShares not dealable on Share centre

#111968

Postby Lootman » January 19th, 2018, 8:09 pm

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?

deadeyedjacks
Posts: 25
Joined: November 24th, 2016, 8:54 pm
Has thanked: 60 times
Been thanked: 3 times

Re: iShares not dealable on Share centre

#112061

Postby deadeyedjacks » January 20th, 2018, 12:49 pm

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.

JMN2
Lemon Quarter
Posts: 2156
Joined: November 4th, 2016, 11:21 am
Has thanked: 288 times
Been thanked: 282 times

Re: iShares not dealable on Share centre

#112081

Postby JMN2 » January 20th, 2018, 1:54 pm

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.

Lootman
The full Lemon
Posts: 18674
Joined: November 4th, 2016, 3:58 pm
Has thanked: 628 times
Been thanked: 6557 times

Re: iShares not dealable on Share centre

#112092

Postby Lootman » January 20th, 2018, 2:36 pm

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.

JMN2
Lemon Quarter
Posts: 2156
Joined: November 4th, 2016, 11:21 am
Has thanked: 288 times
Been thanked: 282 times

Re: iShares not dealable on Share centre

#112096

Postby JMN2 » January 20th, 2018, 2:56 pm

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?

TedSwippet
Lemon Slice
Posts: 577
Joined: November 4th, 2016, 12:57 pm
Has thanked: 134 times
Been thanked: 299 times

Re: iShares not dealable on Share centre

#112108

Postby TedSwippet » January 20th, 2018, 3:34 pm

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.


Return to “Passive Investing”

Who is online

Users browsing this forum: No registered users and 4 guests