General Terms and Conditions:
- Article 4: Identification of Customers, documentation relating to legal capacity and signature powers, monitoring of the business relationship
Article 4 is supplemented by the possibility given to the Bank to block the customer's account and payment cards in the event of failure to comply with the identification and documentation obligations set out in the GTC. In addition, this article now refers to the law of 30 March 2022 on inactive accounts, inactive safe-deposit boxes and unclaimed insurance contracts. - Article 7: Personal data and confidentiality
Article 7.6 is supplemented by specifying the Bank’s right to send certain customer personal data to an insurance company in the event that it is approached to provide a complementary insurance service alongside a contract with the Bank. - Article 11: Guarantee of deposits and financial instruments
Article 11 clarifies the extent of the compensation likely to be applied when calculating the amount to be reimbursed, in the event where the FGDL is involved. - Article 16: Changes in fees, interest incomes and rates
Article 16.1 is supplemented to allow the Bank to adjust value dates in relation to account transactions. - Article 25: Access to S-Net
Article 25 is amended to refer to a generic LuxTrust S.A. term enabling customer identification and authentication. Similarly, the article allows the Bank to refuse a connection to S-Net via a virtual private network. - Article 27: Liability
This article further specifies the customer’s duty of care when entering their identification and security details during a payment transaction. Similarly, the article is amended to state that customers bear the consequences of any unauthorised payment transactions. - Article 31: Electronic subscription of products and services
Article 31 specifies the Bank’s right to refuse any electronic signature process that has not been approved bilaterally in advance. - Article 33: Opening term deposit accounts
Article 33 is simplified and defines the procedures for opening term deposit accounts. - Article 42: Opening savings products
Point 42.3 clarifies the semantics of the general rules relating to legal representatives' rights of disposal over their children's accounts until the latter reach the age of majority. - Article 52: Rights and obligations of Customers renting a safe deposit box
Point 52.5 has been amended to clarify that invoicing is directly related to the size of the safe deposit box.
General Terms and Conditions concerning Financial Instruments:
- Article 6: Financial instruments or third-party funds
Article 6.1 (formerly article 7.1) specifies the customer's rights in the event of liquidation or any other insolvency situation or reorganisation proceedings of the Bank, to be claimed from the Luxembourg Investor Compensation Scheme (SIIL). - Article 8: Tax and administrative requirements
Article 8 (former Article 9) is supplemented to reflect in more detail the customer’s obligations, particularly in terms of cooperation and the provision of information. - Article 10: Financial instruments in custody
Article 10 (former Article 11) allows the Bank to refuse to deposit of certain financial instruments. - A new article relating to “Transactions in financial instruments (corporate actions)”, bearing number 11, has been added and specifies the terms and conditions for transactions in financial instruments referred to as mandatory or voluntary.
- Article 14: Conditions for the performance and execution of orders
Article 14 completes the order execution terms and lists the various cases in which the Bank may not execute certain orders. - Article 15: Coupons and redeemable financial instruments
Article 15 sets out the terms and conditions relating to the payment of coupons and the reimbursement of financial instruments. - Article 18: Subscription of UCITS units / PRIIPs transactions
Article 18 clarifies the term “Key Information Document (KID)”. - Article 20: Reporting obligations
Article 20 is completed to reflect the fact that the obligation to issue a report when the value of each transaction involving leveraged financial instruments has fallen by 10% does not exist for discretionary portfolio management. - Article 35: Determining the Customer’s investor profile
Article 35 is adapted to add the sustainable preference in determining the customer’s investor profile. - Article 43: Provision of services other than investment advice or discretionary portfolio management
Due to the removal of the “advisory management” product, any reference to this product is removed from articles 34 and 43 (former Article 44). - Article 44: Provision of investment services comprising solely the execution and/or reception and transmission of Customers’ orders involving non-complex products
Article 44 (former Article 45) is amended to better reflect the fact that these services are provided at the customer’s initiative and that these services concern only non-complex financial instruments.