Changes in the Rules Governing Brokerage Services

News - June 17, 2020

Dear Customers,

We would like to inform you that version No 3 of the Rules Governing Brokerage Services (Rules), which constitutes an integral part of the Brokerage Services Agreement, will become effective from 1 July 2020.

The abovementioned version No 3 will be applicable to all transactions concluded between the Customer and the Bank within the scope of brokerage services (including transactions already concluded) with effect from 1 July 2020. Bank amends the Rules under the arrangement envisaged by version No 2 of the Rules. The arrangement means that Bank may amend the Rules unilaterally and at its sole discretion. Bank notifies its customers of the amendments prior to the date upon which the amendments take effect. Bank’s customers will be able to read the text of the amendments / or the revised Rules at Bank’s premises (private banker shall provide access to revised Rules) and Bank’s website www.bib.eu. Alternatively, Bank can deliver the revisions to Customer.

Changes in the Rules Governing Brokerage Services are related to the determination of the authority of representatives of Customers using the Internet Bank to submit orders, as well as the obligation of Customers to ensure that investment decisions are made by persons whose knowledge, experience and competence in transactions with financial instruments have been verified by the Bank. Other changes to the Rules Governing Brokerage Services were also made.

Version No 3 of the Rules Governing Brokerage Services will be available for viewing at Bank's premises and will be posted to Bank’s website www.bib.eu (section “Documents for transactions with financial instruments”) on 17 June 2020.

With the entry into force of Version No 3 of the Rules Governing Brokerage Services for all relations between the Customer and the Bank arising from the Brokerage Agreement (including in respect of already concluded transactions), this Version No 3 of the Rules Governing Brokerage Services shall apply. The provisions of the Rules Governing Brokerage Services, which apply to payment services within the meaning of the Law on Payment Services and Electronic Money of the Republic of Latvia, come into force with respect to the Customers who are considered to be consumers within the meaning of Consumer Rights Protection Law of the Republic of Latvia within 2 (two) months after the publication of Version No 3 of the Rules Governing Brokerage Services on the Bank's Internet website at www.bib.eu or at the Bank's premises (private banker will provide access to revised Rules), whichever comes first. The relevant provisions of the previous version of the Rules shall be effective before provisions of Version No 3 of the Rules Governing Brokerage Services come into force.

If you need any further clarification, please contact your private banker.

 

Kind regards,

Baltic International Bank

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