MiFID II
Legislation means we need to confirm your nationality and National Client Identifier (NCI)
On 3rd January 2018, new legislation (MiFID II) came into effect. This means we need to confirm our client’s nationalities and National Client Identifiers (NCI) if they want to trade on our platform.
This information is needed for transaction reporting purposes and allows us to adhere to our obligation to the Financial Conduct Authority (FCA).
Read below to find out how this impacts you.
At Hargreaves Lansdown, we have a responsibility to report trades made by our clients on our platform to the FCA. The information included in this is client nationality and NCI. This information is required to ensure the FCA can monitor dealing patterns and identify any market abuse.
The use of nationality and NCI guarantees reporting is consistent across all investing platforms and stockbrokers. Therefore, where this data is missing from your account, you will need to provide your NCI, to be able to continue dealing with us. If you do not provide this information where possible, it could prevent trading or delay any investments until we have this information on record.
Nationality and National Client Identifiers (NCI)
For the purposes of MiFID II, we need both nationality details and NCI from a client. Your nationality is given priority based on where it sits in the two- letter-ISO code table (listed below). This can also tell you what information is needed from you to provide your NCI. Your nationality is often, but not always, your citizenship.
Your NCI is specific to your nationality and different countries have allowed different NCIs. These can be tax ID references, personal identifier codes or concatenation. For example, UK nationals will use a National Insurance Number (NINO) and Spanish nationals will use a tax identification number (código de identificación fiscal).
If you are a dual national, we will need both nationalities on record but will need the highest priority NCI. For example, if you are a dual national for Spain and United Kingdom, we would need your Spanish tax identification number as ‘ES’ is higher alphabetically than ‘GB’.
For clients who act on behalf of other clients, such as Power of Attorney or Legal Guardian, we are required to report the nationality and NCI of both the person who makes decisions on the account, as well as the underlying account owner.
For companies, trusts and charities, we will require your Legal Entity Identifier (LEI).
Please note that this information is different to your tax residency information, and you may also be asked to provide this.
ISO Country Code | Country | 1st priority identifier | 2nd priority identifier |
|---|---|---|---|
| AT | Austria | None | |
| BE | Belgium | Belgian National Number (Numéro de registre national — Rijksregisternummer) | |
| BG | Bulgaria | Bulgarian Personal Number | |
| CY | Cyprus | National Passport Number | |
| CZ | Czech Republic | National identification number (Rodné číslo) | Passport Number |
| DE | Germany | None | |
| DK | Denmark | Personal identity code 10 digits alphanumerical: DDMMYYXXXX | |
| EE | Estonia | Estonian Personal Identification Code (Isikukood) | |
| ES | Spain | Tax identification number (Código de identificación fiscal) | |
| FI | Finland | Personal identity code | |
| FR | France | None | |
| GB | United Kingdom | UK National Insurance number | |
| GR | Greece | 10 DSS digit investor share | |
| HR | Croatia | Personal Identification Number (OIB — Osobni identifikacijski broj) | |
| HU | Hungary | None | |
| IE | Ireland | None | |
| IS | Iceland | Personal Identity Code (Kennitala) | |
| IT | Italy | Fiscal code (Codice fiscale) | |
| LI | Liechtenstein | National Passport Number | National Identity Card Number |
| LT | Lithuania | Personal code (Asmens kodas) | National Passport Number |
| LU | Luxembourg | None | |
| LV | Latvia | Personal code (Personas kods) | |
| MT | Malta | National Identification Number | National Passport Number |
| NL | Netherlands | National Passport Number | National identity card number |
| NO | Norway | 11 digit personal id (Foedselsnummer) | |
| PL | Poland | National Identification Number (PESEL) | Tax Number (Numer identyfikacji podatkowej) |
| PT | Portugal | Tax number (Número de Identificação Fiscal) | National Passport Number |
| RO | Romania | National Identification Number (Cod Numeric Personal) | National Passport Number |
| SE | Sweden | Personal identity number | |
| SI | Slovenia | Personal Identification Number (EMŠO: Enotna Matična Številka Občana) | |
| SK | Slovakia | Personal number (Rodné číslo) | National Passport Number |
| All other countries | National Passport Number |
Get started
ISAs, Junior ISAs, SIPPs, Junior SIPPs and Fund and Share Accounts
Please provide your nationality and National Client Identifier (NCI). For UK nationals, the National Client Identifier is your National Insurance Number.
When a UK national Junior account holder turns 15 years and 9 months, we will reach out to confirm their National Insurance Number to add this to their account.
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. If this is the same person, you’ll only need to enter the details once.
Clients with Junior ISAs and Junior SIPPs will need to provide details of both the child and registered contact.
FAQs
The Markets in Financial Instruments Directive II (MiFID II) is new legislation that came into effect on 3 January 2018.
The rules require Financial Services Companies like Hargreaves Lansdown to collect additional information about our clients. Specifically, we require the nationality and National Client Identifier of all clients who want to buy or sell shares, ETFs/ETCs, investment trusts, bonds and a number of other stock market-listed securities.
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.
It will only take a moment to provide your 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.
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.
No, you do not need to take any action unless you plan to transfer your unit trust/OEIC holdings to another HL account. Please remember that should you wish to buy or sell shares in future you will not be able to do so until you have provided the required information.
For UK nationals under 15 years and 9 months a shortened form (concatenation) of the forename, surname and date of birth can be used as a personal identifier. For UK nationals over 15 years and 9 months, a National Insurance Number will need to be used. If you are unsure where to find your National Insurance Number, we recommend visiting the HMRC website https://www.gov.uk/lost-national-insurance-number. Here you can print a letter from HMRC with your National Insurance Number on it.
For non-UK nationalities, the above table will outline what is acceptable as a National Client Identifier in specific countries. If you don’t have the mandatory National Client Identifier, we recommend you contact the relevant Consulate or Embassy for assistance.
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.