Impact of regulation on agreement terms and conditions

Regulations impacting terms and conditions

The terms and conditions of customer agreements were specified in the MiFID II directive that entered into force on 3 January 2018.

Read the terms and conditions and other related documents.

Key impacts

Investment advice

The investment advice provided by Nordea is non-independent as defined by regulations, as we provide investment advice on a product universe consisting primarily of our own products and products from providers which we are closely tied to. Whenever we provide investment advice, we assess whether our investment products suit the customer, but we do not offer regular assessments regarding the suitability of the investment products recommended to the customer, unless otherwise agreed on.

Sales commissions received by Nordea from partners

The purpose of the incentives is to improve the quality of the service offered to customers. Nordea implements this, for instance, by using revenue from incentives towards the continuous development of services and offering more diverse products.

Before any service is offered to the customer, information is separately provided concerning the incentives related to that service (in EUR). If the precise amount is not known, the customer is told how the incentives are calculated, and the customer is informed of the precise amount of the incentive in EUR afterwards. 

Distribution fees received by Nordea from its partners


We may receive distribution fees, or inducements, from our cooperation partners. The accepted inducements must improve the quality of the service we offer to our customers, and we ensure this, for instance, by using revenue from inducements towards the continuous development of services and offering more diverse products.  

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

Recording of conversations and messages

We record conversations held or messages exchanged with customers that are related to the offering of investment services and that lead, or may lead, to the reception, transmission or execution of orders submitted by customers. We are entitled to use recordings of phone calls and other conversations as evidence in order to resolve any disputes concerning an order or for other purposes separately disclosed to the customers. 

We are obliged to surrender the recordings to competent authorities upon request. Copies of the recordings of conversations held or messages exchanged with customers are available upon request for a period of five years. Upon the request of a competent authority, the recordings are stored for a period of seven years.

Personal customers’ citizenship as part of transaction reporting

We have an obligation to report to the authorities on transactions in investment products. The reports we submit on our personal customers must contain information on citizenship. For this reason, we must have information on all the citizenships of our customers.

Companies and other entities will need a Legal Entity Identifier (LEI) for engaging in securities transactions

Companies and other entities need a Legal Entity Identifier (LEI) in order to trade in listed shares, bonds, exchange-traded funds (ETFs) and derivatives. An LEI can be obtained from the Finnish Patent and Registration Office for a fee.

Amendments to the agreement terms and conditions

If we use our right to amend the agreement terms and conditions, we will inform our customers of amendments increasing their obligations or reducing their rights in Netbank or in writing. 

Notifications sent by us

The recipient is assumed to have received a notification sent by post no later than on the seventh (7th) day after it was sent and a notification sent digitally on the day it was sent. If the customer resides permanently abroad, a notification sent by post is assumed to have reached them on the fourteenth (14th) calendar day after it was sent, unless proven otherwise.