New EU legislation, MiFID II, that is being implemented across the financial services industry from January 3rd 2018 requires us, and other financial services providers, to verify the identity of all our clients. The Financial Conduct Authority (FCA) requires all individual accounts to provide a nationality in order to be able to sell investments, buy or bid for shares on the Resale Market.
You’ll need to verify your identity using a unique identifier by December 11th 2017, to enable you to have full access to the platform.
You are also required to confirm the following statement before January 3rd 2018 to continue using our Resale Market:
– I have not been convicted of any serious financial crime
– I have not been adjudged bankrupt (unless discharged)
– I am not subject to any sanctions imposed by the FCA
How do I provide Property Partner with this information?
1. Log in to Property Partner
2. Follow the on-screen prompts to verify your nationality and confirm the above statement
3. If required, confirm your nationality with a state issued document e.g. Passport number
Why do I have to provide my nationality?
MIFID II aims to improve market transparency and ensures firms like Property Partner can notify our regulator, the Financial Conduct Authority, of investments we manage on behalf of our clients. For this process, MiFID II requires that we know additional identity information about our individual and corporate investors. Existing customers will still be able to invest in New Listings either through Advance Pre-order or manually without providing their nationality but at the point you want to sell your investments you will need to have provided your nationality to us. You also need to have provided your nationality if you want to buy or bid for shares on the Resale Market.
Which document number will I need to supply?
You will be prompted to enter your nationality. Each EU Member State has specified which National Client Identifier (NCI) should be used for its citizens. For example, If you’re a UK national you’ll need to supply your National Insurance number.
What if I am a non EU citizen or I am domiciled outside of the EU?
You will still need to provide the additional identity information as you will be trading within the EU.
The complete list of NCI specifications per nationality can be found here. Once you have your NCI you can log in to update your account.
What happens if I do not provide my nationality?
After December 11th 2017 there are certain restrictions we will put on individual accounts until a nationality has been provided. These are as follows:
• You will not be able to place new sell orders
• You will not be able to place new bid orders
• You will not be able to buy new shares on the Resale Market
These restrictions will be lifted as soon as a nationality has been provided.
After January 3rd 2018, when the new regulation comes into effect, any individual accounts that have not provided a nationality will be affected in the following ways:
• Any open Bids will be cancelled
• Any open Investments for Sale (Sell Orders) will be cancelled
What will Property Partner do with this information?
The MIFID II regulation requires us to share your investment activity, nationality and National Client Identifier along with your first name, surname and date of birth with the Financial Conduct Authority.
Why am I being asked for the wrong identifier?
If you are incorrectly asked for an LEI number please contact us.
What if I have dual-nationality?
You are able to add an additional nationality when promoted to update your identity information.
We strongly recommend that you provide your nationality before January 3rd 2018 if you want access to the Resale market and don’t want any Bids or Sell Orders to be cancelled.
I still have questions
If you are still unsure about why you need to provide your nationality, how to do so or how the new regulation is going to affect you then please do get in touch. Our Helpdesk is available 9am – 5:30pm, Monday to Friday, and can be contacted on +44(0)20 3696 5600. Alternatively you can email us at firstname.lastname@example.org or go on Live Chat via the website.