Got exactly the same answers 3 months ago, by phone and by mail. Still working. But it wouldn’t be the first time their support is not useful, let’s be honest.
Slow and buggy website and average support = IB (but full of options and cheap so everyone can decide…)
Swiss resident are linked to IB UK and not IB EU.
Their email answer :
Summary: Ticket Summary not entered
IBCS 2019/11/22 12:18:38
Dear Mr. Ponce Yague,
Thank you for contacting us.
UK Retail clients are restricted from trading in US ETFs. Opening orders from retail investors residing in the European Economic Area (EEA) who attempt to enter an opening order that are associated with a product that does not comply with the EU’s Packaged Retail and Insurance-based Investment Product Regulation (PRIIPS) will be rejected. The regulation is intended to enhance understanding of these products through the provision of disclosure documentation. This documentation is referred to as the Key Information Document (or “KID”) which. The KID provides information such as product description, costs, risks & performance.
In terms of opening new positions - we do not have a timeframe as to when (or if) these will be updated or tradable again. You should be able to close any open position, including any ETF, through your trading software.
The products that this applies to have returns associated with a reference value and include derivatives (options and futures), ETFs, ETNs, funds and certain debt instruments. It does not apply to stock, FX and standard bonds.
Orders will be rejected if the manufacturer, or issuer, of the product has decided not to provide the KID required to distribute the product to EEA retail residents.
Note that this restriction does not apply to existing positions subject to the KID requirement that you are attempting to close. For more information about these restrictions please reference the IB knowledge base article entitled, "PRIIPs Regulation” at LINK…/2993
Although you may not be able to open a new position in that ETF symbol due to the European Economic Area regulations but you can still click on Close or use the to right-click Close button on any position in the TWS/Mosaic/Web Trader/IBKR Mobile to close an open position. If you are still unable to close an open position through the trading software, you can call the IB Trade Desk and they can place a closing marketable order.
With respect to the PRIIP and MiFID regulations, Interactive Brokers is required to categorize its clients as either Retail or Professional in order to determine the correct level of investor protection and transparency. It is possible to be reclassified from retail to professional once certain qualitative, quantitative and procedural requirements are met.
Qualitative Requirements: we must conduct an assessment of your expertise, experience and knowledge to ensure that you are capable of making your own investment decisions and that you understand the risks involved.
Quantitative Requirements: we must ensure you have satisfied two of the following criteria:
-You have carried out trades in significant size on the relevant market at an average frequency of 10 per quarter over the previous four quarters;
-Your portfolio including cash exceeds EUR 500,000;
-You have worked in the financial sector for at least one year in a professional position.
If all of the above are satisfied, our compliance department will review the request. Documentation of any portfolios held or trades executed away from IBKR may be required.
For MIFIR Registration (PRIIPS), you can apply through Account Management > Setting > Account Settings > Configuration > MiFID Client Category.
For more information you may refer to below link: LINK…/mifid_category.htm
Regards,
Adarsh A.
IBKR Client Services.