Client agreements retail and corporate

Before trading securities, you must have a client agreement (MiFID). If you are trading on behalf of a company you additionally need a valid LEI number.

You must register a client agreement before you start trading equities with a broker. Please register digitally or by filling out the form available further down the page.

If you are not an online equity trading-customer* or haven't otherwise signed a Customer Agreement (MiFID) needed to trade securities, you will need to register such an agreement below. If you are trading on behalf of a company, the company will additionally need a valid LEI number prior to your first trade. Read about LEI here.

* If you or your business are an online equity trading customer, the agreement was signed the first time the equity trading service was used.

What is MiFID and MiFIR?

EU legislation to protect investors

The rules have been introduced in Norway through the Securities Trading Act and through regulations.

Why do you need a Customer Agreement?

DNB Markets is legally obliged to know our customers in order to provide the best service and the right products. MiFID is the answer.

MiFID is an EU legislation introduced and put into force in 2007, and reworked in 2014. The legislation is there to strengthen investor protection, reduce risks and increase efficiency of the financial markets. Retail and corporate customers are therefore obliged to have a customer agreement. Companies need an additional LEI number.

Companies need an additional LEI number

Companies need to order, in addition to a customer agreement, a identity number (Legal Entity Identifier, or LEI), before the first trade can be made. A LEI identity number is created by third party vendors. See a list of the different vendors on the LEI information page here.

Forms, customer agreements & LEI

Customer agreement for securities trading

To trade financial instruments you need to, according to the Securities Trading Act, have a customer agreement with a bank or investment firm. Above, there are links you can enter to get into such an agreement with DNB.

Online bank customers can sign an agreement online

If you are an online bank customer either as a retail customer or on behalf of a company in DNB, we recommend you logging in to the online equity trading service and registering your data under "My overview". You get quicker access to our trading services by signing the agreement online. If you are not able to log in, you will need to download the form, fill in your details, sign and return to us by post (see below).

If you do not have an online bank you need to send a form

If you are a retail customer or corporate customer without an online bank, you will need to fill in a form.

Forms:

Customer agreement retail customer(PDF)

Customer agreement corporate customer (PDF)

Customer agreement professional customer (PDF)

Request to be classified as a professional retail customer (PDF)

Request to be classified as a professional corporate customer (PDF)

Send completed and signed forms to:

DNB Bank ASA, DNB Markets - Client Data, Postboks 7100, 5020 Bergen.

Order and registration of LEI (companies)

All legal entities who would like to trade financial instruments are required to register its LEI number prior to initial trade (MiFID). One unit need only one LEI number. This number may be ordered at a LEI vendor, and can be used with any bank or investment company the entitiy uses for trading.

>> Read more on LEI here.

*NOTE! The cost of a LEI number is 1000 NOK per year.

Currency spots is not, according to MiFID II or EMIR, a "financial instrument". Companies who only trade in spot will not need a LEI number.

>> Equity trading for companies

The customer agreement exists to protect investors from misinvestments.

What is in the Customer Agreement?

Either you are trading as a professional investor, on behalf of a company, or as a retail customer, you will need to fill in your details and sign the customer agreement to trade securities, prior to your first trade. The customer agreement is used to collect the right information about you or your company, whilst DNB informs you of the risks of trading in securities.

The information you provide will help us classify you as a customer and determine which products to a suitable risk is most suited to you.

As a corporate customer you will in addition to the customer agreement have a LEI number before you can trade derivatives and securities. You do not need to register a LEI number if your company only trades funds.

LEI (Legal Entity Identifier) is a global standard for a unique identification of a legal entity - similar to the Norwegian organisation number.

Short information on MiFID I and MiFID II

MiFID

The EU legislation "Markets in Financial Instruments Directive" (MiFID) was introduced and put into force 1 november 2007 in the EEA-region. The goal was to strengthen investor protection across borders and establish one market for financial instruments in Europe.

Based on MiFID, the new act Securities Trading Act was passed in Norway. The rules stipulate requirements for the investment firms' organisation and operations and have an impcat on the relationship to our customers. The regulations state that DNB Markets must implement and accommodate for:

Classification of all customers
Business terms and agreements
Guidelines for order execution
Assessment of suitability and appropriateness
Identification of conflicts of interest
What consequences MiFID will have for customer relationships

Read more about classification, collection of customer information, and requirements to us as a company in our General Terms and Agreements.

MiFID was replaced by MiFID II in 2014

MiFID II and MiFIR

MiFID II was introduced in 2014, and was an extension to the MiFID legislation from 2007. MiFID II replaced MiFID together with MiFIR (Markets in Financial Instruments Regulation).

There were two significant goals with the extension:

Strengthen investor protection
Increase transparency in the European securities markets, to increase trust

MiFID II was hence introduced because the EU saw a need to further protect the investor. The revised legislation were also implemented to increase efficiency in the financial markets and adapt regulations in the technological developments.

Also introduced in Norway

MiFID II and MiFIR is implemented in Norwegian law through the Securities Trading Act and regulations.

With the execution of MiFID II and MiFIR the original requirements set by the Securities Trading Act are continued and strengthened. For both the investment firms' and the regulated markets organisation, as well as the operations of the entity. In addition, a more comprehensive reporting obligation. This is to prevent market abuse, provide increased requirements for the publication of information on orders and trades, as well as a position limit regime for commodity derivatives.

Read mor on MiFID II and MiFIR on Finanstilsynets pages (only in Norwegian)

DNB Markets as a Systematic Internaliser (SI)

MiFID II implemented a trade obligation for certain financial instruments which can be traded on a marketplace or with a systematic internaliser (SI). DNB Markets acts as a SI on a number of financial instruments. The list of which instruments we offer is located by clicking the button below.

DNB SI - Financial instruments