Requirements from January 2018

The Markets in Financial Instruments Directive (MiFID II) legislation regulates firms providing financial services linked to shares, bonds, units in collective investment schemes and derivatives. MiFID II focuses on increasing competition and consumer protection in investment services, and giving people a transparent overview of how much they’re paying for those services. 

How does this affect you as shareholders?

If you hold shares in BT’s corporate sponsored nominee (EasyShare), BT Global Nominee accounts or Equiniti Investment Accounts/ISAs, you’ll receive quarterly statements.

If you hold share certificates, and are in BT’s dividend reinvestment plan, you’ll receive quarterly statements confirming cash residues. You’ll also receive an annual statement of fees and charges for accounts and/or investments you hold with Equiniti. Where possible this will be an electronic statement.

In addition, Equiniti needs specific information from you for share dealing purposes. You won’t be able to trade if you don’t supply this information. This applies to existing instructions such as certain dividend reinvestment services.

Each time you provide an instruction or trade you’ll need to provide your date of birth and National Client Identifier (NCI) which is your National Insurance number for UK nationals. Non-UK nationals, and anyone who has multiple nationalities, may be asked for a different NCI such as tax number, personal identity code or passport number.

More information is available online.