Terms and policies - Individuals - Arion bank
New Act on Securities Transactions
On 1 November 2007 a new act on securities transactions comes into effect in Iceland, Act no. 108/2007. The new act incorporates two European Union directives into Icelandic legislation: the Markets in Financial Instruments Directive, also known as MiFID; and the Transparency Directive. The new act heralds changes to various important regulations on trading with financial instruments (this term includes shares, bonds, units trust certificates and derivatives).
The objective of the change in legislation is to increase consumer protection for investors. It takes into account the experience and knowledge of parties engaged in trading on the financial markets. Consumer protection for investors varies in scope and decreases the greater investors' experience and knowledge of trading with financial instruments is considered to be.
In light of the new legislation Arion Bank has revised its terms of business for transactions with financial instruments between the bank and its customers. The new terms combine provisions which were previously contained in the custody agreement on the one hand and in general terms of business for clients of Arion Bank Capital Markets on the other hand. Several minor changes were also introduced in the new terms
The objective of the new terms is to describe the legal relationship between Arion Bank and its customers in transactions with financial instruments. The aim is also to inform clients of the nature of agreements covered by the terms and the risk inherent in financial instruments to which such agreements apply.
| |
for investment services between Arion Bank and its clients |
| |
Individual (Approval of Terms of Business) |
| |
Legal Entity (Approval of Terms of Business) |
 Order Execution Policy (86 KB) |
|
| Conflicts of interest summary (1,014 KB) |