Pursuing improved transparency and comparability

The regulation aims to increase transparency in the financial markets and to make it easier to compare investment services. We want to offer you the best investment advice on the market while making sure that we comply with laws and regulations.

Advanced reporting

If you have savings or investments with us, you will receive a quarterly report about your holdings. You will also be notified automatically if the value of your discretionary portfolio declines by 10% or more or if the original value of your leveraged financial instrument declines by 10% (and thereafter at multiples of 10%). All your reports will be delivered to Nordea Mobile and Netbank, unless we agree otherwise with you.

Investment advice

Investment advice provided by Nordea is non-independent. This means that we provide investment advice on a Nordea product universe, consisting primarily of our own products and products from providers we are closely tied to. The funds in this product universe mostly have an investment strategy based on active portfolio management with markets and companies analysed with the aim of providing customers with excess return, active risk management and, in some cases, ESG management. These features generally result in a higher price compared to products without such features (passively managed funds).

When offering non-independent investment advice, Nordea may receive inducements from its partners. The costs and inducements are disclosed when providing personal investment advice. Whenever we provide investment advice, we assess whether our investment products suit you, but we do not offer regular assessments regarding the suitability of the investment products we recommend unless we agree otherwise with you.

Inducements received by Nordea from its partners

Nordea may receive distribution fees from its partners. In investment market regulation, these distribution fees are called inducements. 

We will provide you with specific information on the euro amount of the inducements related to the relevant investment service before we offer you the service. If we don’t know the amount beforehand, we will provide you with information on how the inducements will be calculated and inform you in arrears of the exact euro amount of the inducements paid.


Investment market regulation provides that in order to accept and keep the distribution fees, or inducements, a bank must offer its customers value-adding services that are based on the inducements and proportionate to their amount. An example of such a service is investment advice on a comprehensive selection of investment products that may also include products from external service providers. We use the revenue from inducements towards continuously developing our investment services and offering a more diverse range of products.


Banking and investment services are heavily regulated across the world. Nordea’s products and services are designed to suit people residing in the Nordic countries. If you move outside the Nordic countries, you may have a different selection of services related to inducements available to you. Some countries outside the EEA, such as the United States and the United Kingdom, have limited the possibilities of foreign banks to provide investment-related services to people residing in these countries. If you want more information, please contact our Customer Service. 


See also: Important information for our US customers

Suitability of an investment product

We offer personal investment advice by always assessing your circumstances and ensuring that we only recommend investments that suit you and your risk tolerance.

Assessing investment knowledge

We will assess your product knowledge with a test when you use our online services to trade in complex instruments for the first time. You will need to demonstrate a required level of product knowledge in order to be able to trade with the products in question. The purpose of this test is to make sure that you understand the key characteristics and risks of this product group.

Key Information Documents (KIIDs/KIDs)

As regards packaged investment products, we will provide you with a key information document that details the product’s key characteristics, risks, costs and other charges. This will make it easier to compare the characteristics and costs of different investment products. We will ask you to confirm that you have read and understood the content of the key information document in our online service before placing orders.

Exchange-traded funds (ETFs) listed in North America

ETFs listed in North America can’t be bought in Finland because the issuers’ key information documents don’t comply with the language requirements of the PRIIPs regulation that entered into force on 1 January 2018. According to the regulation, the key information document must be available in one of the official languages of the target country, but ETFs listed in North America don’t offer key information documents in Finnish or Swedish. You may, however, keep your existing ETF holdings and sell them through our online service.

Exchange-traded notes (ETN)

The product range in our online service covers ETNs (certificates) and other leveraged products (warrants, turbo warrants, mini futures) that offer a key information document in the same language you use our service in (note: only Finnish or Swedish).  

Best execution of orders

Nordea’s execution policy governs the principles we strive to follow in order to execute our customers’ orders in the best possible way. These principles are in place to ensure that your orders are always executed with the most favourable terms from your point of view. You will be asked to read and accept the new execution policy in our online service before placing your first order.

Obligations for transaction reporting

We have an obligation to identify the investor when reporting transactions to the authorities. This applies to transactions in financial instruments admitted to trading on a regulated market or in a multilateral trading system. These transactions include the purchase and sale of listed securities (such as shares, bonds, exchange-traded funds (ETFs) and derivatives).

Identifying personal customers  

We will need to report the citizenships of personal customers to the authorities, which means that we must have information on all the citizenships of our customers. You are therefore required to inform us if you have two or more citizenships. In many cases, we will require a copy of your passport issued by the country in question in order to confirm your citizenship information. We will ask for this information in our online service and when you bank with us. 

Companies and other entities to be identified by an LEI

Companies and other entities need a Legal Entity Identifier (LEI) for trading in listed securities. Introduced on the basis of EU regulations, an LEI can be obtained from the Finnish Patent and Registration Office for a fee.

More detailed information on costs

When discussing investment products and services with us, you will be provided with more detailed information on the related costs and charges, making it easier for you to compare service providers. We will send you a report on your annual costs in euros and as a percentage of your investments. We will also inform you of the costs before every investment decision you make.  

MiFID documents

Investment market regulation in the EU was revised at the beginning of 2018 when the MiFID II directive entered into force.

MiFID documents
Toimeksiantojen toteutusperiaatteet (in Finnish)Opens new windowExecution policyOpens new window
Eturistiriitoja koskevat periaatteet (in Finnish)Opens new windowConflict of Interest PolicyOpens new window
Asiakasluokittelu, tiedonanto- ja selonottovelvollisuus (in English)Opens new windowClient classification, disclosure requirement and obligation to obtain informationOpens new window
Kauppapaikat (in English)Opens new windowMain trading venues Opens new window
Vähittäisasiakkaiden toimeksiantojen toteutusperiaatteet - yhteenveto (in Finnish)Opens new window
Nordea Sisäisenä Toteuttajana – toimintaperiaatteet (in English)Opens new window

Commercial Policy for Nordea as a Systematic InternaliserOpens new window

The Best Execution reports are available through this link. 

The RTS 27 report describes the quality of execution with Nordea as the trading venue. It contains the number of transactions, the speed and reliability of execution and the trading costs incurred by the customers.

The RTS 28 report includes the top five trading venues and brokers and provides information on how and where customers’ orders are executed. The top five venues report describes by instrument type the venues to which orders have been forwarded and provides information on the quality of execution. The top five brokers report describes by instrument type the brokers to which orders have been forwarded when Nordea has forwarded an order for execution by a third party. In addition to these RTS 28 reports, Nordea publishes a summary of the analyses and conclusions made concerning the quality of execution (RTS28 Article 3.3 Conclusions). 

Read more about the impact of regulation on agreement terms and conditions