OREANDA-NEWS. December 16, 2014. A number of amendments have been made to Swedbank’s Agreement for Financial Market Transactions (the “Agreement”), clarifying the terminology used in the Agreement and supplementing several sections of the Agreement.

The Agreement now also incorporates stipulations arising from Regulation No. 648/2012 of the European Parliament and of the Council dated 4 July 2012 on OTC derivatives, central counterparties and trade repositories (“EMIR”).

The customer has a duty to read all the amendments to the Agreement which are a part of the revised wording of the Agreement and will enter into force on 01.01.2015. The revised wording of the Agreement is available for inspection at Swedbank branches and on Swedbank’s website > Retail banking > Savings and investments > Investments > Useful links.

Some of the key amendments:

updated provisions regarding transaction confirmations: the customer is obliged to notify the bank of non-receipt of transaction confirmation within two business days of entry into transaction if the customer does not receive the transaction confirmation after concluding the transaction;

it is stipulated that in some cases the bank may have the right to require the customer to sign transaction confirmation or approve the transaction via Internet Banking. In such an event, the terms of transaction confirmation and the terms of transaction entered into by telephone constitute a single arrangement between the parties on the terms of the transaction;

updated and supplemented transaction termination and liabilities calculation mechanics in the event of termination of transactions;

clarified terms concerning assessment of suitability and appropriateness of a service for the interests of the customer, incl. a clarification about the transactions regarding which the bank has no duty to assess suitability and appropriateness of the transaction, a clarification about the procedure of how the customer provides the bank with information necessary for assessing suitability and appropriateness and any amendments to such information, as well as revisions and clarifications regarding the persons who may supply this information about the customer;

the bank will, at least once a calendar year, provide the customer with a report on open transactions regarding over-the-counter derivative financial instrument transactions. If the customer has any objection against the information contained in the report, objections will need to be lodged within the time period stipulated in the Agreement as otherwise the customer will be regarded as having agreed to the information contained in the report;

as required under EMIR, the Agreement has been supplemented with provisions on reporting to the trade repository about derivative financial instrument transactions between the parties, and the provisions regarding dispute resolution have been supplemented;

in the special terms of transactions, updated transaction termination amount calculation mechanics for repo transactions, as well as clarified terms of exchange-traded option transactions and terms of interest rate option transaction settlements.