Straumur and the Markets in Financial Instruments Directive (MiFID)
The Markets in Financial Instruments Directive 2004/39/EC (MiFFID) has been implemented in the countries in which the offices of Straumur-Burdaras Investment Bank hf. (Straumur) are located: Iceland, United Kingdom, Denmark and Sweden. All EU/EEA regulated firms must comply with the law when providing investment services.
Therefore, Straumur is required to provide information to our clients about the Bank’s General Terms and Conditions for Clients as well as it’s Best Execution Policy. MiFID requires Straumur to obtain the client’s consent to these General Terms and the Best Execution Policy before 1 November 2007. By placing an order with Straumur after that date, the clients will be deemed to have done so. Without this consent, Straumur can not undertake any business transactions with the client. Our business proposal is equally affected by the information rendered.
Additionnally, Straumur is under the obligation to identify its customers; watch for, an report, suspicious transactions; respond to requests for information by regulatory authorities and law enforcement agencies; and, in extreme cases, share information with other financial institutions. This requires the implementation and maintenance of an increased number of internal practices, procedures and controls. To comply with the legal requirements on knowing its customers, Straumur will require its clients to complete questionnaires.
In order to help Straumur comply to its legal obligations, we would ask you to please download the appropriate form, complete and sign it in a legally-binding manner and send it to the address stated.
Downloads
Please download the appropriate Client take-on form, complete and sign it in a legally-binding manner and send it to the address stated.