Terms and Conditions

Customer agreement - mandatory information

The Norwegian Securities Trading Act requires DNB Carnegie as a securities firm to enter into A customer agreement with you as a customer before trading in financial instruments can be carried out. We are also subject to requirements regarding how we must act towards you as a customer based on your profile, and must therefore obtain information about you. (Client classification).

What information about you do we need?

We must obtain information about whether you are a professional or non-professional client, and whether you have experience and knowledge of finance. We must also clarify your financial position, your investment objectives and your risk profile. The information obtained must ensure that you receive tailored advisory services.

All securities firms are required to classify their clients. The categories are respectively:

• Retail client (including private individuals)
• Professional client
• Eligible counterparty

Here you can read more about customer classification and the different categories.

Price lists

All our price lists are located at the bottom of this page.

You need to know what you are paying for

The MiFID II regulations that came into force on 3 January 2018 introduced stricter requirements for banks and brokerage firms to protect you as a customer. This includes, among other things, increased transparency and information regarding costs.

The purpose of the new requirements was to ensure that you as a customer understand and have an overview of the total costs associated with the financial products and services used, as well as how costs affect the rate of return on the investment.

You can find further information related to our products here:

• Equity Trading and relevant addtional services
• Bond and Credit
• Interest rate, currency and commodity derivatives

PLEASE NOTE: The pricing information you find on derivatives here consists of generic descriptions and examples. A customer's specific costs may differ from this. For information about costs related to specific transactions, please contact your relationship manager at DNB Carnegie.

Packaged Retail and Insurance-based Investment Products are covered by the Key Information Document regulations (PRIIPs regulations). These regulations require banks and brokerage firms to make available documents with key information about the products they offer to non-professional customers. The Key Information Documents must, among other things, contain a description of the costs associated with the products.

DNB Carnegie's Key Information Documents can be found on this page.

You will receive an annual overview

Under the new MiFID II requirements, customers who have an ongoing customer relationship with DNB must receive an annual cost report. This report will be sent to customers at the end of the year, with an overview of all costs related to the customer's transactions during the previous year. Customers will receive this report for the first time at the beginning of the year, with a cost overview for the previous year.

Anyone wishing to invest in financial instruments should familiarise themselves thoroughly with how products and services are structured, and the risks involved in trading them.

Click here for a risk review of different products and services.

As a customer, you must be aware that:

• Trading in financial instruments is at your own risk
• You must carefully familiarise yourself with DNB Carnegie's General Terms and Conditions of Business before you begin trading in financial instruments, as well as other relevant information about the specific financial instrument and its characteristics and risks
• You must check the contract note immediately and raise any queries without delay if there are any errors
• You are responsible for monitoring changes in the value of the financial instruments in which you hold positions
• You must on an ongoing basis review your investments and make any changes necessary to align them with your investment strategy and risk profile

Unless otherwise agreed in writing between DNB Carnegie and you as a customer, the special terms of business set out in the "Framework Agreement" shall apply to trading in currencies and financial instruments, as well as agreements on options, forwards and swaps on interest rates, currencies, financial instruments, indices and commodities, including agreements on financial instruments that are at any time covered by the Norwegian Securities Trading Act § 2-2 (1) nos. 1 and 4.

DNB will send the customer a confirmation for each contract entered into for trading.

The Framework Agreement shall, unless otherwise agreed, apply to contracts already entered into and contracts to be entered into in the future.

Here you will find the complete framework agreement (special business terms)

The guidelines for order execution are based on the requirements in MiFID II and define best execution, describe different types of orders and trading venues, and specify how DNB has organised its trading in financial instruments to deliver best execution to our customers.

Here you will find a complete description of order execution in DNB Carnegie.

As a subsection of safeguarding clients' interests, DNB Carnegie has identified potential conflicts of interest and implemented measures and procedures to prevent conflicts from arising. Should conflicts nevertheless occur, we have procedures in place to manage them.

Here you will find a summary of the most important areas you as a client should be aware of.

In the event of a dispute related to DNB Carnegie’s products and services, please get in touch with your contact in DNB Carnegie in the first instance.

If the disagreements cannot be resolved amicably, either by correcting an error or after providing additional information, we request that a written complaint be submitted. The Compliance department is responsible for handling all written customer complaints.

Complaints in Norway

Written complaints can be sent by letter to:

DNB Bank ASA v/ Compliance DNB Carnegie

PO Box 1600 - Sentrum

0021 Oslo

or by email to compliance.aha@dnb.no

Upon receipt of a customer complaint, DNB Carnegie will confirm the receipt in writing. The confirmation will also indicate the expected processing time for the complaint.

Incoming complaints are registered in accordance with the Financial Supervisory Authority of Norway’s guidelines for complaint handling. All complaints must be analysed to detect any potential systemic problems and any legal or operational risks.

Complaints are carefully reviewed to ensure that any potential conflicts of interest are identified and handled.

Response times for complaints will vary depending on the nature and complexity of the complaint.

Please note that complainants may have their complaint evaluated by the Norwegian Financial Services Complaints Board and/or the Ethics Committee of the Norwegian Association of Investment Firms.

Complaints in Sweden

All complaints must be submitted in writing and can be sent to:

DNB Carnegie Investment Bank AB
Complaints Manager
103 38 Stockholm
Sweden

Complaints in Finland

All complaints must be submitted in writing and can be sent to:

DNB Carnegie Investment Bank AB, Finland Branch
Complaints Manager
Eteläesplanadi 2
00130 Helsinki
Finland

Alternatively, complaints can be submitted by email to: complaints@dnbcarnegie.fi

Complaints in Denmark

All complaints must be submitted in writing and can be sent to:

DNB Carnegie Investment Bank Denmark
Complaints Manager
Overgaden neden Vandet 9b
1414 Copenhagen K
Denmark

Alternatively, complaints can be submitted by email to: complaints@carnegie.dk

MiFID II is an EU directive introduced in 2018. The rules in the directive state that all legal entities (e.g. limited companies, funds, pension funds, foundations, organisations, etc.) that trade financial instruments (e.g. transferable securities, such as shares/bonds, and derivatives, both exchange-traded and OTC) must have their own 'LEI'. LEI stands for Legal Entity Identifier.

Entities that do not have an LEI will not be able to trade financial instruments with DNB Carnegie.

Here you can find an overview of the rules and apply for an LEI.

European Markets Infrastructure Regulation (EMIR) is an EU regulatory framework that aims to contribute to increased stability in European derivatives markets.

EMIR affects companies that trade derivatives through requirements for reporting, clearing and requirements for implementing certain risk-mitigating measures.

Read more about EMIR.

Private individuals, municipalities, states and supranational organisations are exempt from the regulations.

SFTR is a regulation from the EU/EEA/ESMA that came into force in January 2016. The purpose of the regulation is to reduce systemic risk in the market for securities financing transactions (SFTs) through increased transparency and monitoring.

The SFTR regulation largely corresponds to the EMIR Regulation for the derivatives market.

A central purpose of the regulation is to provide authorities with information about risks related to the use of SFTs through reporting of SFTs to trade repositories.

Read more about the SFTR regulation here.

In accordance with the EU rules and legislation SFDR (Sustainable Finance Disclosure Regulation), in Norwegian called Offentliggjøringsforordningen, which has been incorporated into Norwegian law on sustainable finance, financial market participants and financial advisers must integrate not only all relevant financial risks in their investment advice, but also all relevant sustainability risks that may have a relevant significant negative impact on the return on an investment or advice, and continuously assess these.

DNB Carnegie is part of DNB Bank ASA, which holds a licence as a securities firm. DNB Markets provides investment advice on financial instruments and is, in accordance with the law on sustainable finance, defined as a financial adviser. Financial advisers must publish a statement on how sustainability risk is integrated into their investment advice.

Here you can read DNB Carnegie's statement

PRIIPs and KID - investor protection

The intention behind the introduction of the PRIIPs regulation is to increase the level of investor protection through enhanced transparency and harmonisation of rules and legislation across different product types and distribution channels. PRIIPs is an abbreviation for packaged retail insurance and investment products.

The rules apply to products that provide investment opportunities to retail investors where the amount to be repaid will vary with the development of a reference price or the performance of underlying assets not directly owned by the investor. Retail investor means non-professional investor as defined by MiFID.

No distinction is made between the areas of application for the products, meaning that products intended for both investment and hedging purposes are subject to the rules. The rules apply to producers, distributors and sellers of PRIIPs.

As a tool for achieving the objectives of PRIIPs, the regulation has established a framework for key information about the product called the Key Information Document (KID). The KID is a three-page document that must, among other things, describe the product's characteristics, risk factors, costs as well as potential gains and losses.

The KID must be prepared by the producer of the product in the official language(s) of the countries where the product is sold. Distributors and sellers of PRIIPs are responsible for ensuring that investors have access to the KID. The KID must be separate from the product's marketing material.

The PRIIPs regulation came into force in the EU/EEA from January 2018. Relevant EU documents:

«Regulation on Key Information Documents for packaged and insurance-based investment products»,

Key information on products and services offered by DNB Carnegie

We have compiled our Key Information Documents (KID) on packaged products and services on one page.

Click here to read our General terms and conditions for indirect clearing - Exchange Traded Derivatives marketplaces outside Norway

All interest rate, currency and commodity derivatives are traded using a request for quote (RFQ). When DNB trades such derivatives with professional and non-professional customers, DNB will act as the principal. This means that DNB is the customer's counterparty.

DNB will quote a price, consisting of a market-based bid and/or ask price plus a spread. In our price, the included spread covers the bank's costs associated with market risk, counterparty risk, financing, capital requirements, operational costs, taxes and fees, marketplace turnover, clearing, settlement costs and the bank's profit.

The spread will vary from customer to customer and from instrument to instrument, depending on the transaction's size and term, the counterparty risk the customer represents, the liquidity in the relevant market, and historical and expected turnover, including trading behaviours, for each individual customer.

All cross-border transactions must be reported to the Norwegian Tax Administration

The Currency Register Act requires all banks and financial institutions to report all international transactions to the Norwegian Tax Administration. The reporting requirement applies to both corporate customers and retail customers.

Payments of amounts exceeding NOK 100 000 (in foreign currency or Norwegian kroner), require additional information about what the amount is for. This additional information is reported by supplementing the transaction with a payment type code, see link below. In the online bank, the payment type codes are made available via a separate drop-down menu. In addition to the payment type code, you must briefly describe what the transfer is for.

Customers who send documents to the bank must ensure that these foreign transfers are in accordance with rules for reporting to the Norwegian Tax Administration.

This applies to the following transactions:

• All transfers to or from a foreign country
• Card usage in a foreign country (individual transactions exceeding NOK 25 000 are reported separately)
• Buying and selling of foreign bank notes that exceed NOK 5 000
• Foreign issued cards used in Norway will also be reported to the currency register according to the same guidelines.

More information about the Act and payment type codes can be found on the following websites:

The Currency Register Act

The Act's regulations

Payment type codes

Bonds and commercial papers are traded using a request for quote (RFQ). When DNB trades such products with professional and non-professional customers, DNB will act as the principal, meaning that DNB is the customer's counterparty.

DNB will quote a price, consisting of a market-based bid and/or ask price plus a spread.

In our price, the included spread covers the bank's costs associated with market risk, counterparty risk, financing, capital requirements, operational costs, taxes and fees, marketplace turnover, clearing, settlement costs and the bank's profit.

The spread will vary from customer to customer and from instrument to instrument, depending on the transaction's size and term, the counterparty risk the customer represents, the liquidity in the relevant market, and historical and expected turnover, including trading behaviours, for each individual customer.

Spread on an Investment Grade bond loan will typically be 0.005–0.05 per cent per year. For example, 0.01 per cent spread per year for a bond loan with 3 years' duration gives a cost of around 0.03 per cent of the nominal amount.

For High Yield bonds, the spread will typically be between 0.125–0.25 per cent of the nominal amount.

The spread may deviate from these spread ranges, for example when trading in bonds that are rarely traded, in volatile markets, and/or where there are other events that can influence the price of bond loans — these can be market, sector and/or company specific.

Go to the Credit and Bonds page