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Amendments to SEB Agreement on Financial Instruments Transactions, its Part I (Basic Terms), Part II (General Terms and Conditions) and Part III (Service Terms and Conditions)

We hereby inform you that on 1 November 2023 the amendments to Agreement on Financial Instruments Transactions Part I (Basic Terms), Part II (General Terms and Conditions) and the following provisions of Part III (Service Terms and Conditions) shall become effective:

  • Trading Station services;
  • Currency option transactions;
  • Currency exchange transactions;
  • Deposit transactions;
  • Interest rate derivative transactions;
  • Hedging Advisory services.

Amendments have been made to Part I (Basic Terms), Part II (Terms and Conditions) and Part III (Service Terms and Conditions) of the Agreement on Financial Instruments Transactions, the most important of which are listed below:

  • In Part I (Basic Terms) the term "Structure" is updated to, "The Agreement consists of the Preamble, Basic Terms and Conditions (Part I), General Terms and Conditions (Part II) and Service Terms and Conditions (Part III). All parts of the Agreement are integral parts of the Agreement and should be considered and interpreted jointly. The provisions of Part II – General Terms and Conditions shall be applicable insofar as the Part III, Service Terms and Conditions do not provide otherwise".
  • Part I (Basic Terms):
    • In Section 1 "Subject of the Agreement" the clause 1.2. "Data Processing Principles", is replaced by "Privacy policy" and the clause is supplemented with: "Current Account Agreement Terms and Conditions", "Investment Account Agreement Terms and Conditions";
    • In Section 2 "Client's declarations" in the clause 2.1.12. "Data Processing Principles" is replaced by "Privacy policy";
    • Section 2 "Client's declarations" is supplemented with a new sub-clause 2.1.16.
  • In Part II (General Terms and Conditions):
    • In Section 1 "Definitions" a new term "Index" is introduced, as well as the following terms are clarified: "Account/accounts", "Service", "Professional client" and "Eligible counterparty";
    • In Section 2 "General Service Provision Procedure, Custody of Financial Instruments":
      • in the clause 2.6.1. "Data Processing Principles" is replaced by "Privacy policy" and the clause is supplemented with "Terms and Conditions of the Current Account, Terms and Conditions of the Investment Account";
      • the clause 2.6.2. is supplemented with a new sub-clause, "Policy on the integration of sustainability risk and impact in investment decisions and investment advice";
      • a new clause 2.6.4. is added, "At a written request of the Client, to whom SEB banka has granted a status of a Retail Client, all mandatory information under the Agreement and the Service can be received in paper format without an additional fee".
    • In Section 2 the clause 2.7. is updated to, "In accordance with procedures provided for in legislation, SEB Banka shall prepare and send the statement of financial instruments to the Client's e-mail address or via Internetbank. If the Client has not indicated its e-mail address in the Data Sheet and the Client does not have an active Internetbank agreement, SEB banka shall provide the Client with the statement of the financial instrument at SEB banka’s branch. The Client has the right to receive the statement of financial instruments more frequently upon request, by paying commissions for that service according to the Price List (if such has been set), or by individual agreement";
    • In Section 2 the clause 2.11. is updated to, "On issues related to the Agreement, Financial Markets Department of SEB banka may be contacted from 8.00 to 17.00 by calling +371 67215656";
    • In Section 5 "Client Status" the clause 5.7. is removed.
    • In Section 7 "Client Identification in Telephone Communication" the clause 7.3 is updated to, "The Parties agree that the Password is used for remote authentication of the Client and authorization of Orders in phone communication with SEB banka. The person providing the Password by phone is authorized to represent the Client, to receive Services, place Orders and execute Transactions on behalf of the Client without any limitations. Any Order that has been placed by specifying the Password shall be deemed made by the Client and such Order and the consequences of the execution thereof shall be binding to the Client. In case of successful authentication of the Client in accordance with the   above prescribed procedure, all by phone, including Orders, shall be equal to duly signed written documents";
    • In Section 9 "Conclusion of the transaction. Execution of the order" the clause 9.11. is removed;
    • In Section 10 "Order Execution Notice" the clause 10.1. is updated to, "SEB banka shall provide the Order Execution Notice to the Client on the execution of the Order latest on the successive Business Day after the execution of the Order or, in case such a Notice is received by SEB banka from a third party, latest on the successive Business Day after the receipt of this Notice from the third party. SEB banka shall not provide the Order Execution Notice if it contains the same information as contained in the Notice sent to the Client by the third party and in other cases provided for in laws and regulations";
    • In Section 11 "Settlement Procedure and Fees" in the clause 11.1. the following is removed, "SEB banka shall apply a just and appropriate fee for the Services not included in the Price List, however required for the execution of the Order, unless agreed otherwise by the Client and SEB banka";
    • In Section 11 the clause 11.11. is updated to, "SEB banka shall charge a brokerage fee for the Services provided to the Client according to the Price List effective at the moment, unless the Parties have agreed otherwise when executing the Transaction. The brokerage fee for Services which are not included in the Price List shall be set by the Parties when concluding the Transaction. The Bank shall set a fair and appropriate remuneration in good faith based on its professional judgment in relation to Services which are not included in the Price List and for which the brokerage fee has not been set when concluding the Transaction, but which have been necessary to execute the Transaction";
    • In Section 13 "Events of Default", the clause 13.1.10 is updated to, "The terms of this Section shall not restrict the rights of SEB banka to unilaterally apply restrictions to execution of certain Services, suspension of Service provision (incl. termination of the Transaction/Transactions (execute a reverse Transaction, extend) which have not been extended) and/or withdraw from the Agreement in cases established in General Business Terms and Conditions";
    • In Section 14 "Notice of Default" the clause 14.2 is updated to,"SEB banka shall inform the Client in writing on the termination of any Transactions outstanding and the unilateral withdrawal from the Agreement in the form of a Notice of Default, inter alia, providing the reason for termination of the Transaction/Transactions, and by sending it to the Client's e-mail address or Internet bank. If the Client has not provided their e-mail address in the Data Questionnaire, or the Client does not have an active Internet bank agreement, SEB bank shall send the Notice of Default by post";
    • In Section 15 "Final Settlements in Case of Termination of the Transaction" the clause 15.8 is updated to, "SEB banka shall send a Notification on the result of the offset of Parties' mutual obligations to the Client's e-mail address or Internet bank. If the Client has not provided their e-mail address in the Data Sheet and the Client does not have an active Internet bank agreement, SEB banka shall send the Notification on the result of the offset of Parties' mutual obligations by post";
    • In Section 15 a new clause 15.9. is added and the numbering is updated;
    • In Section 19 "Additional provisions for Transactions with derivatives" the clause 19.7. is updated to, "If the Client is considered to be a non-financial counterparty according to EMIR rules to which the clearing obligation is not applicable, SEB banka shall report on behalf of the Client concerning all Transactions with OTC derivatives concluded with the Client, amendments thereof, and termination to the Trade Repository selected by SEB banka. The Client undertakes to provide to SEB banka all information which is necessary to report Transactions to the Trade Repository on behalf of the Client";
    • In Section 19 the clause 19.8. is updated to, "If the Client is a financial counterparty or a non-financial counterparty to which the clearing obligation is applicable, it shall be obliged to inform SEB banka of it at the moment of submitting the Order as well as comply with the guidelines of SEB banka on the reporting procedure to the Trade Repository to ensure a uniform reporting procedure";
    • In Section 19 the clause 19.10 is updated to, "By signing the Agreement, the Client who under EMIR rules is considered a non-financial counterparty to which clearing obligations do not apply, agrees that SEB banka submits reports to the Trade Repository or the third party with a view to reporting to the Trade Repository all information which is necessary under EMIR rules";
    • In Section 19 the clause 19.11 is updated to, "If the Client has provided SEB banka with incomplete or incorrect information, which is required under this Section, or has not received the Legal Entity Identifier, or has not carried out other activities required under the EMIR, or if the Client fails to comply with the requirements laid down in this Section in respect of the Transaction reporting obligation or Transaction approval obligation, SEB banka has the right to refuse to accept the Order. SEB banka has the right to impose restrictions unilaterally on execution of certain Services, terminate provision of a Service (including termination of the Transaction/Transactions (execute a reverse Transaction, extend) which have not been executed) and/or withdraw from the Agreement unilaterally".
  • Part III (Terms and conditions for short-term deposits)

    In Section 5 "Transaction procedure and settlements" the clause 5.5. is updated to, "The Client is entitled to unilaterally terminate the Transaction before the set maturity, by notifying SEB banka thereof in writing to the e-mail address, in Internetbank or by phone at least 3 Business Days in advance. The notice submitted in writing must be signed electronically (with a secure electronic signature or by Authorization Means)".

  • In Part III (Terms and conditions of interest rate derivatives transactions)

    In Section 5 "Engaging in transactions and settlements" the clause 5.3. is updated to, "On the same business day on which the Order execution Confirmation is received, the Client shall sign and send it to SEB banka, to the email address specified in the Agreement or Internetbank. The notice submitted in writing must be signed by hand or electronically (with a secure electronic signature or by Authorization Means). If Confirmation is signed personally, the Client shall submit a copy of the original to SEB banka within 3 (three) Business days"..

  • In Part III (Terms and conditions of Hedging Advisory services)

    The following Sections are removed "5. Client’s Classification in Providing Hedging Advisory Services", "8. The manner of exchanging of information", "10. Governing law and dispute resolution", "11. Amendments to these Terms and Conditions", "12. The term of the Agreement" and numeration is updated.

Please get acquainted with the amended versions of Part I (Basic Terms), Part II (General Terms and Conditions) and Part III (Service Terms and Conditions):

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