Changes to the Terms and Conditions of the Securities Accounts Agreement
On 1 March 2016, amendments to the terms and conditions of the Securities Accounts Agreement will come into force. The amendments specify the definition of a current account, as well as provide for a number of other changes:
- with a view to ensuring cash settlements for transactions and other payments related to the securities account, a current account denominated in EUR currency needs to be tied to the securities account (this requirement applies only to the customers whose securities account is tied to the current account denominated in another currency);
- the requirement of a financial security is established for transactions in securities;
- in cases where the bank has information at its disposal about such events, which may significantly affect the characteristics of the securities owned by the customer, the bank has the right to lock the securities account/securities;
- the number of months upon expiry of which the bank has the right to regard the agreement as terminated and close the securities account, has been reduced. This is likely to happen in the future, if during a period of three (previously six) consecutive months there has been no balance of securities on the securities account, the customer does not owe any obligations arising from the agreement to the bank, there are no incomplete securities transactions pertaining to the securities account, and there are no funds on the current account to cover the securities account maintenance charges.
These changes are related to the improvement of the systems of SEB bank, aimed at providing services that better meet customers’ requirements across the Baltics.
Find out more: Terms and Conditions of the Securities Accounts Agreement (LAT, PDF)
