Having regard to the MiFID II regulation (Directive 2014/65/EU of the European Parliament and of the Council, and the delegated implementing regulations), applicable as of 3 January 2018, and the resulting amendments to Hungarian legislation, the regulatory environment concerning investment services and ancillary investment services undergo considerable changes, which also have an impact on the investment services and ancillary investment services provided by UniCredit Bank Hungary Zrt. In the context of your contract with UniCredit Bank Hungary Zrt., the explicit consent of our clients to various matters is needed to enable us to keep providing our current services at the same level of quality and to the satisfaction of our clients, also taking into account the statutory provisions applicable as of 3 January 2018.
At the end of this letter, you may find a link to the statement containing the explicit consent to be granted by you, and which will be attached to your contract with UniCredit Bank Hungary Zrt. Your statement(s) of consent is/are also important, because they enable UniCredit Bank Hungary Zrt. to keep providing the investment and ancillary investment services to you or the company you represent.
With a view to ensuring that your statement is available to UniCredit Bank Hungary Zrt. when the new statutory provisions enter into force, please sign and return the attached statement to UniCredit Bank Hungary Zrt. via post to 1054 Budapest, Szabadság tér 5-6., email to MIFID2Kombi@unicreditgroup.hu, or in person to any UniCredit branch office. Please note that you can make all statements at any UniCredit branch office as well.
After 1 January 2018, please send your statement to the above email address. It is important that you may also confirm that you are familiar with and accept the contents of this letter and the attached statement via a recorded phone call when you conclude your first transaction through a recorded phone call, thereby meeting the legal requirements. If you handle your transactions qualifying as investment services in person at a branch office, it is sufficient to file the attached statement with a branch office personally before concluding your first transaction in 2018.
We are looking forward to your kind cooperation in returning your statement in due time and in a suitable manner to us!
Please note that in case your statement is not available to UniCredit Bank Hungary Zrt. on the effective date of the new legislation, your statements may be taken into account by UniCredit Bank Hungary Zrt. in the course of providing its services, and such services may be provided, only after your statement has been received.
Please note that, in the absence of your statement, the Bank may suspend the provision of its services until the statements are made, if the Bank considers that the absence of such statements makes the provision of its services considerable more difficult or impossible for the Bank. In such a situation, customer requests may be managed only in person at a branch office.
1. Suitability assessment
According to the legislative changes, our Bank is required to produce a suitability assessment, personalized to you, regarding any transaction and/or financial instrument recommended as part of any investment advice. According to Section 44 (3) of the Bszt., the assessment shall describe the investment advice and the reasons why our Bank considers the respective transaction to be suitable, taking into account your goals and needs, as well as the information provided by you or available to us.
The suitability assessment is to be provided by our Bank before the conclusion of the transaction. If an agreement or personal offer pertaining to an individual transaction is concluded or made via a means of telecommunication (e.g. orally during a recorded phone call) that does not allow us to hand over the suitability assessment in advance, the assessment, with your explicit consent, may be provided by the Bank on a durable medium directly after the conclusion of the transaction. In the context of making the present statement and with regard to a specific individual transaction or statement, you can request the conclusion of the transaction to be postponed, so that you can receive the suitability assessment before the conclusion of the transaction. In such a situation, please note and consider that, due to changes to the market situation and the price or rate of the financial instrument concerned, it is possible that a different price or rate will be applicable or available when the individual transaction is concluded at a later time.
2. Executing client orders outside a trading venue
The Execution Policy of UniCredit Bank Hungary Zrt. currently includes the possibility of executing orders outside a trading venue (such as a regulated market, MTF, or OTF) by way of trading on an own account. The risks and description of this possibility is available in the Execution Policy attached to the General Business Terms (Business Policy) of UniCredit Bank Hungary Zrt. on Investment Services and Ancillary Services. We intend to maintain this current practice and we shall proceed accordingly. However, to this end, your explicit consent is required to be given before the execution of your order, under the new regulation.
In this context, please note that the Execution Policy of UniCredit Bank Hungary Zrt. was subject to comprehensive changes to ensure iss compliance with the new regulation. The Execution Policy of the Bank describes how client orders are executed. The Execution Policy describes the venues that allow UniCredit Bank to consistently achieve the best possible results in the course of executing client orders, and also provides information on the trading venues as well as other factors and circumstances UniCredit Bank takes into account when selecting a venue for execution. The Execution Policy is available at the www.unicreditbank.hu/mifid address. Please familiarize yourself with the amended rules of executing client orders.
3. Information provided to clients via email
Similarly to the current regulation, it will be possible for UniCredit Bank Hungary Zrt. to send you information after 2 January 2018 on paper or other durable media (e.g. email), provided that doing so is suitable to you, knowing that you can choose to receive information as printed documents. However, your consent to this matter is required.
4. Information provided to clients on the web
In line with current regulations and practices, some information may also be provided on our website at www.unicreditbank.hu. We intend to continue this practice, and your consent to doing so is required.
UniCredit Bank Hungary Zrt. will inform you by electronic means about the specific site of the website used to publish updated notices and contract terms and conditions in compliance with the provisions of MiFID II.
5. Publishing key information on the web
A new type of notice published on our website is a Key Information Document (“KID”), which contain the most important information pertaining to certain products, as required and specified by law (such as derivative contracts, certificates). The Bank has the option to publish such documents on its website, instead of publishing them in printed form, if doing so is suitable for you, knowing that you can choose to receive information as printed documents. However, your consent to this matter is required.
6. Receipt of Key Information Documents after concluding a transaction
If a retail client decides to contact UniCredit Bank Hungary Zrt. and conclude a transaction by a means of telecommunication, such as a recorded phone call, that does not allow a KID to be made available in advance, and the client is advised by UniCredit Bank Hungary Zrt. about its inability to provide the KID, the client may consent in advance to the KID to be provided by UniCredit Bank after the conclusion of the individual transaction without any unjustified delay. Clients may choose this option instead of delaying an individual transaction in order to be able to receive a KID before concluding the individual transaction.
Clients may also choose to delay any individual transaction in order to be able to receive and read the corresponding KID before concluding the individual transaction. In such a situation, please note and consider that, due to changes to the market situation and the price or rate of the financial instrument concerned, it is possible that a different price or rate will be applicable or available when the individual transaction is concluded at a later time.
Our Bank keeps striving to provide our clients with information documents written in the Hungarian language as a general rule and whenever required by law. However, certain documents may be available only in foreign languages without a Hungarian translation; such documents typically include documents pertaining to instruments that are issued, produced, or marketed outside Hungary (e.g. investment funds traded at various foreign stock exchanges). In such a situation, the sale is subject to your consent that you accept the information (e.g. information and marketing materials) provided in various languages, meaning that certain documents are not provided to you in the Hungarian language.
Please consider the above information carefully, and make your statement accordingly using the document attached to this letter. Should you need any further information to make a carefully considered decision, please do not hesitate to contact our colleagues at a UniCredit branch office. You may find further information on the MiFID II regulation on our website at www.unicreditbank.hu/mifid and you can download the statement form from the following address: www.unicreditbank.hu/mifid-statement.
Budapest, 15th December 2017
UniCredit Bank Hungary Zrt.