MiFID II - New legislation requires us to confirm your nationality

On 3rd January 2018 new legislation (MiFID II) came into effect. As a result, we need you to confirm your nationality if you want to trade shares (and other stock market-listed securities).

Clients who are solely UK nationals just need to confirm their nationality and, if we don’t already have it, provide their National Insurance Number.

Companies, trust and charities will need to provide their Legal Entity Identifier - see Company, Trust or Charity Accounts below for more information.

How to provide your details

Advisory Clients: If you hold an advisory stockbroking or ISA account with us, please contact your broker to provide the necessary information - see details below.

Online Clients: If you hold an online stockbroking or ISA account with us, simply login to your account and send us a secure message stating your National Insurance Number - see details below.

Individual Account Holders

Please provide your nationality and National Client Identifier (NCI). For UK nationals, the National Client Identifier is your National Insurance Number.

If you are a non-UK national we will be able to confirm what details we will require, but it’s usually either your passport number or national/personal identity number.

Accounts that have representatives associated with them (e.g. power of attorney) will need to specify who the main decision maker is on the account. You will then need to provide the nationality and National Client Identifier of the main account holder and the main decision maker.

Clients with Junior ISAs will need to provide details of both the child and registered contact.

Joint Accounts

Please provide the nationalities and National Client Identifiers for all account holders. For UK nationals, the National Client Identifier is your National Insurance Number.

If you are a UK national but don’t have a National Insurance Number, you will still need to confirm your nationality. Please refer to the FAQ below for further information.

If you are a non-UK national we will be able to confirm what details we will require, but it’s usually either your passport number or national/personal identity number.

Accounts that have representatives associated with them (e.g. power of attorney) will need to specify who the main decision maker is on the account. You will then need to provide the nationality and National Client Identifier of the main account holder and the main decision maker.

Company, Trust or Charity Accounts

Please register for and provide a Legal Entity Identifier (LEI). A LEI is a 20 digit code that will be unique to your company, trust or charity. You can check the LEI website to see if your Company, Trust or Charity already holds an LEI. Simply enter the name of your organisation in the 'Search LEI Records' field at the top of the homepage.

If you don’t have a LEI already you can apply for one through the London Stock Exchange official LEI website.

Please note the London Stock Exchange charge a fee for allocating a LEI. More information on this is available from the London Stock Exchange LEI page.

Frequently asked questions

What is MiFID II?
The Markets in Financial Instruments Directive II (MiFID II) is new legislation that came into effect on 3rd January 2018.

The rules require Financial Services Companies like Beaufort Securities to collect additional information about our clients. Specifically, we require the nationality and National Client Identifier (e.g. National Insurance Number) of all clients who want to buy or sell shares, ETFs/ETCs, investment trusts, bonds and a number of other stock market-listed securities.

Do I need to do anything?
If you want to trade shares or other listed securities, or think you may want to trade them in future, please provide us with your nationality and National Client Identifier (e.g. National Insurance Number).

What happens if I don’t provide these details?
You will not be able to buy and sell shares, ETFs/ETCs, investment trusts or bonds and a number of other listed securities. You also may not be able to take part in some corporate actions for investments of this type that you already hold.

Will I have to sell my shares if I don’t provide the information for MiFID II?
No, you won’t be forced to sell, but you will not be able to sell your shares, or buy more, until the information has been provided.

What if I don't I don’t have a National Insurance Number?
If you do not have the required National Client Identifier (NCI), you can trade shares but the legislation requires us to submit a reference made up of your forename, surname and date of birth as your personal identifier e.g. 19561001THEREMAY. If you don’t have a National Insurance Number, you must still confirm your nationality.

How will my personal information be used?
The rules require us to share your nationality and National Client Identifier along with your first name, surname and date of birth with the Financial Conduct Authority for every share (or other listed security) trade you place.