IEBA TRUST's Notifications
Information concerning the Alternative Dispute Resolution Entity SAL-FIN
The Alternative Dispute Resolution Entity in the non-banking financial field, hereinafter referred to as SAL-FIN, is established within the Financial Supervisory Authority, hereinafter referred to A.S.F., based on Government Ordinance no. 38/2015 on alternative dispute resolution between consumers and traders, which offers the resolution of a dispute through a SAL procedure, operating exclusively under Financial Supervisory Authority (ASF).
SAL-FIN is the only Alternative Dispute Resolution Entity which may arise between consumers/investors and capital market institutions authorized, regulated and/or supervised by ASF.
Through members of Corps conciliators, completely independent experts with experience in non-bank financial sector, the alternative dispute resolution is achieved within the scope of competences of SAL-Fin.
Consumers/Investors may apply to the SAL procedures managed by SAL-FIN if they prove that they first tried to resolve their disputes amicably directly with the trader/Intermediary concerned.
Dispute organisation and alternative resolution shall be made through the SAL Procedure which shall propose or impose a solution, detailed in Procedure for alternate disputes solving by proposing a solution within SAL-FIN, respectively in Procedure for alternate disputes solving by proposing a solution within SAL-FIN.
Procedure for alternate disputes solving by proposing a solution within SAL-FIN is the proposal of a solution stands for solving a dispute under the supervision and guidance of a conciliator within SAL-FIN. Following proposals made by conciliators, suggestions and concessions parties can be achieved an outcome unanimously accepted. Before accepting the proposed solution, the parties are informed about: the chance to accept or not the proposed solution, the fact that being involved in the procedure does not exclude the chance to claim damages by a court procedure, the fact that the proposed solution can be different from a result decided by a court applying the legal provisions in force.
Through the Procedure for alternate disputes solving by proposing a solution within SAL-FIN, the parties represented in the dispute may appoint a sole conciliator or a commission of three conciliators. Before choosing this possibility to solve the dispute, the parties are informed about the special conditions of such a choice, namely: the mandatory character of the solution, whereas the parties cannot choose if they accept of not the solution, that neither of the parties can withdraw from procedure and being involved in the procedure does not exclude the chance to claim damages by a separate court procedure. The proposed solution can be different from a result decided by a court applying the legal provisions in force.
For more information visit the official website SAL-FIN: http://www.salfin.ro/
Notification regarding the dividends payment
We hereby inform you that, due to new legal provisions (ASF Regulation no. 3/2015), processing payments representing dividends or any other amounts due to holders of securities are to be achieved through the Central Depository and through the Participants that these detainees have opened trading account.
Thus, shareholders natural or legal persons - clients of SSIF IEBA TRUST SA which, at the time of registration date approved by the issuer's General Assembly, hold shares in the Clients' global account opened at SSIF IEBA TRUST SA, will receive dividends on those holdings in IEBA TRUST SA Clients Bank Account.
Amounts received by the Client will be registered by SSIF IEBA TRUST SA into Client's Account, according to the Financial and Investment Services Agreement and may be withdrawn at the request of the Client.
Currently the Central Depository charges a processing fee of 2 lei per dividend distribution / Client / corporate event. Tariffs in force charged by the Central Depository are available at www.depozitarulcentral.ro, section Tariffs / Tariffs Applicable to Participants.
Notification regarding the interest payment
We hereby inform you that starting with 01.01.2015, our company will no longer grant interest to clients for the amounts held in the client's accounts, due to the fact that the interest rates granted by the commercial banks for deposits have steadily declined lately as a result of the monetary policy interest rate reduction.
Clients Informing about the suitability assessment according to MiFID - NSC Instruction No. 8/2012
In case of providing investment consulting services and/or portfolio management, IEBA TRUST will ask and the client should provide accurate and sufficient information, including without limitation: knowledge, experience, financial position, objectives, etc., so that IEBA TRUST may recommend suitable services in line with his profile. To this end, the client will complete a form made available by IEBA TRUST. In this respect, the client should update the data provided in the form at least once in every semester, depending on the risk level of the client.
Suitability assessment means the process of gathering relevant information about the client, and the subsequent assessment of a financial instrument appropriateness for that client. IEBA TRUST will also inform the client of the definition of investment risk and the connection between risk and reward.
For the best interest of the client, and taking into consideration all the above-mentioned information, IEBA TRUST shall consider the nature and scope of the service to be provided to the clients, according to their knowledge, experience, financial position and social status.
The information that the company collects depends on client needs and situation. In case the client fails to supply the information requested in the “MiFID questionnaire regarding the suitability assessment of the client” (the investment aims, the financial situation, the experience and expertise in the field of financial investment), IEBA TRUST shall refuse to open the discretionary managed account, because will not be able to determine whether:
- the client has the financial capacity to bear any investment risk assumed in accordance with its investment objectives;
- the client has the necessary experience and knowledge to understand the transaction or portfolio management risks involved.
Also IEBA TRUST will not have a sufficient basis to assess whether the transactions it intends to carry out in the service of portfolio management corresponds to the investment objectives of the client and will not be able to provide an appropriate investment management service according to the client’s profile.
In case IEBA TRUST provides investment services for a professional client, it is entitled to assume that the concerned products, transactions and services which the client was qualified for, means that he has the experience and expertise required stipulated in the “MiFID questionnaire regarding the suitability assessment of the client”.
The latest amendments to the Fiscal Code enter into force starting from January 1st, 2013
We hereby inform you that starting with 1st of January 2013, for capital gains obtained from the sale of securities, other than closed companies’ shares and securities, no quarterly tax payments will occur for the current fiscal year, thus the tax on capital gain will be paid during the forthcoming fiscal year.
Under section 12 of the Government Emergency Ordinance no. 24/2012 amending and supplementing Law no. 571/2003 regarding the Fiscal Code and regulation of financial-fiscal measures, starting with the 1st of January 2013, art. 83 (2^1) of the Fiscal Code is annulled. Starting with this date, individuals with incomes earned in Romania from trading securities are no longer bound to submit quarterly tax declarations as tax declaration and payment will be made based on a single statement, the 200 Filling form, which is submited by 25th of May of the following year the income was earned.
According to article 66 (1) of the Fiscal Code, the gains/losses from the sale of securities, other than closed companies’ shares and securities, represent the positive/negative difference between the sale price and the purchase price on types of securities, minus the transaction fees, as appropiate. The annual capital gain is determined, according to art. 80^1 as difference between the net annual capital gain and the reported losses from the previous fiscal years.
Notification regarding the changes brought to the internal procedure reffering to the regime of the interest
We hereby inform you that IEBA TRUST has modified the internal procedure regarding the regime of the interest applied to the amount of money from the clients’ accounts, taking into consideration that our company collaborates with several commercial banks who practice different regimes of interest rates.
Thus, starting with 22.08.2011, our company will be paying interest only to the clients who have a minimum cash balance in their account in value of 2.000 Ron (in the moment of opening the over-night deposits) and the new regime of the interest rate is the average of the interest related to the over-night banking deposits made by S.C. IEBA TRUST SSIF SA, from which the operational expenses equal to 1pp (percentage point) will be subtracted.
Notification regarding the interest payment
Considering the last modifications regarding the taxation of the rezident and non rezident natural persons on interest income derived from deposits, current accounts and saving accounts, introduced by the Emergency Ordinance no. 58/28 June 2010,
We inform you that starting with 1st of August 2010, our company will pay interest only to the clients who have a minimum cash balance in their account in value of 2.000 Ron (in the moment of opening the over-night deposits). The limit of 2.000 Ron represents the minimum amount for opening/keeping active your trading account.
The latest amendments to the Fiscal Code enter into force starting from July 1st, 2010
In this respect, please find below the latest amendments related to contractual dealing between IEBA TRUST and clients, introduced by the Emergency Ordinance no. 58/28 June 2010 (further “the Ordinance”) to the Fiscal Code. The amendments enter into force starting from today, 1 July 2010.
• 16% taxation of the rezident and non rezident natural persons on interest income derived from deposits , current accounts and saving accounts;
• Unifying the income tax to 16% for capital gains obtained from trading shares on a stock exchange, irrespective of the holding period and possibility to carry forward the net annual loss for a 7 year period;
• Quarterly reporting by the contributor to the fiscal authority regarding the capital gain as well as the applicable computing method. It will still be applicable the annual report which regularizes the annual tax to be paid or paid back.
• Quarterly payment of the 16% tax on capital gain by the contributor in base of the portfolio report provided by the broker; Starting with 1st of July, the Broker will not retain and pay anymore the 1 % tax on capital gain.
• 16% taxation of the rezident and non rezident natural persons on the gain obtained from the currency sale-purchase operations in base of forward contract (on Forex Market). The obligation to calculate, retain and pay this tax is our obligation.
In lack of specific application norms, although the Ordinance produces effects from 1st of July onwards, we consider that the implementation of these provisions will be extremely hard and for this reason we inform you that there is the probability to amend the current notification.
Client's notification regarding the interest
We hereby inform you that starting with 15.12.2009, IEBA TRUST has changed the regime of the interest related to the amounts held by clients in the clients’ account as consequence of the modification of the internal procedure regarding the regime of the interest.
The new interest rate is in value of 4% per year and it will only apply to the cash amounts held in the clients’ account.
The minimum amount of cash
We hereby inform you that the minimum amount of cash which the Client has to pay/keep in his client account opened by IEBA TRUST, in order to trade is:
|Type of account||Amount|
|Discretionary Account||EUR 7 000|
|Regular Account||EUR 5 000|
Contrary, IEBA TRUST may proceed to the closing of the trading account and the termination of the Agreement without any other prior notification.
Starting with 1st of January 2010, according with Romanian Fiscal Code, the computation and payment of the tax for income obtained from the financial instruments transactions will be resumed.
We would like to inform you that starting with 1st of January 2010, according with Romanian Fiscal Code, the computation and payment of the tax for income obtained from the financial instruments transactions will be resumed.
The procedure used in 2010 will be similar with the one used prior to 2009.
- For resident and non-resident individuals, IEBA TRUST will retain and transfer to the state budget, the amounts representing the tax on the earnings from the securities transfer with retaining at the source, except the non-residents who, based on a Convention of avoiding the double taxation treaty signed between Romania and the country of origin, request paying the taxes in the country of origin. The justification document for non-residents is the Certificate of Fiscal Residence or another similar document issued by the fiscal authority from the country of origin. The earnings or the loss resulted from the transfer of the securities are determined at the closing of the transaction, and it represents the positive or negative difference between the selling price and the buying price, diminished, by case, with fees and commissions afferent.
The tax on securities transfer earnings will be computed and retained as follows:
- Computing and retaining a 1% quote, for the net earnings from the transfer of securities in a period longer than 365 days including the date of the purchase
- Computing and retaining a 1% quote for the net earnings from the transfer of the securities sold in a period shorter than 365 days exclusively, from the date of the purchase, representing the partial payment in advance of the tax in the 16% quote.
Each investor in his own name or through his fiscal representative will have the obligation to register to the Fiscal Authority the yearly taxation statement (annual regularization) based on the documents provided by Ieba Trust, which prove the earnings/losses recorded during the year and to pay, if it’s the case, the owed tax.