MIFID II & National Identification Details
You may have noticed that you are being asked to supply additional information by financial firms who administer your investments.
This is because of MiFID II (Markets in Financial Instruments Directive), a new set of financial regulations, which is effective as of 3rd January 2018. These regulations are designed to increase transparency and prevent market abuse in the finance sector. As a result of this, regulated firms will have to collect more information from individuals in order to process certain transactions. These transactions will include share sales and some share transfers. Without this information these transactions cannot be processed, and as a result ShareGift will not be able to complete your donation.
Do I need to provide these details to process my donation of shares?
MiFID II regulations will not apply to some donations to ShareGift but will apply to others.
Rather than asking all donors for these additional details, we will only ask you for those details once we have determined that we require them to complete your donation. We should be able to establish this when you provide us with details about the shareholding or shareholdings that you wish to donate.
What additional details do I need to provide?
Where required, you will need to provide your date of birth, your nationality (or nationalities if you have dual citizenship), and your National Client Identifier (NCI).
What is my National Client Identifier?
Your NCI will vary depending on your nationality.
If you have sole UK nationality and you have a National Insurance Number, your NCI will be your National Insurance Number.
If you are a non-UK national, if you have dual nationality including the UK, or if you have sole UK nationaility but do not have a National Insurance Number, you will have to determine your NCI.
You can do this by completing the Nationality Calculator here (this links to an external website).
If you are having trouble identifying your NCI please do contact us
For shareholdings in joint names, you will have to provide these details for both shareholders.
These shares are part of a deceased estate - what details do I need to provide?For shares in a deceased estate, you will need to provide these details for the deceased. You do not need to provide NCI details for executors.
What happens if I do not provide these additional details?
If we have requested these details it is because we need them in order to complete your donation as this is a regulatory requirement.
Please note that if, having checked the details of your holding, we require these details in order to transfer your shareholding, you would have to provide these details in order to sell your shares or transfer them to a different third party.