These terms are in force from January 1, 2023
General Business Terms and Conditions
These are the general conditions for trading in financial instruments etc through DNB Markets and DNB Bank ASA
DNB Markets’ clients are assumed to have accepted these General Business Terms and Conditions as binding on themselves.
Based on a standard prepared by the Norwegian Securities Dealers Association. In force from January 1, 2023
About the General Terms
These general business terms and conditions (the "General Business Terms and Conditions") are based on Norwegian legislation and legislation in the EU and EEA which investment firms are obliged to comply with. These General Business Terms and Conditions supersede in their entirety earlier versions of the general business terms and conditions.
Our clients are assumed to have accepted these General Business Terms and Conditions as binding on themselves when, after having signed a client agreement or received a copy of the General Business Terms and Conditions, they submit orders to, or enter into contracts or carry out transactions with, DNB.
The Norwegian Financial Contracts Act (Finansavtaleloven) does not apply to the services covered by the General Business Terms and Conditions when the client is not a consumer («Non-consumers»).
1. In brief about DNB Markets and DNB Bank ASA
1.1 Contact Information
DNB Markets is organised as a business area in DNB Bank ASA (the «Bank» or «DNB»). Our contact information are as follows:
Dronning Eufemias gate 30
Telephone: +47 915 04800
Organisation number: 984 851 006
1.2 Communication with DNB
The Client is assumed to have accepted that all communication with DNB regarding the services covered by the General Business Terms and Conditions can be made electronically. The Client may make reservations against electronic communication by written notice to DNB. If the Client has made such reservations, the Client will normally receive communication per post and notices and communication will be deemed to be effective when post has reached the Client’s address.
Electronic communication between DNB and the Client may take place via digital bank, e-mail, telephone, SMS or digital mailbox to the extent DNB have set this up. Digital bank means electronic communication channels where banking services are offered, like internet banking or mobile banking. The Client is obligated to update information about e-mail address and telephone number.
In cases where the Financial Contract Act requires a notice, the notice or a message of the notice shall be sent directly to the addressee.
The Client’s use of internet banking, applications or other forms of distance communication shall take place according to the Bank’s applicable agreements, as amended and supplemented from time to time, which the Client accepts when using such methods. This include accepting and following any requirements and instructions for use of systems for electronic signatures and authentication of clients.
Notices to Clients who have not made reservations against electronic communication will be deemed to be effective when the notices are delivered digitally.
Notices from the Client will be deemed to be received by DNB from the time notice in a safe manner is sent to and made available for the Bank. The Bank may set restrictions on how clients can send, receive and execute orders.
Notices of termination, cancellation, blocking, enforcement or similar matters it is of decisive importance for the addressee to get knowledge of, the Bank shall ensure that it comes to the knowledge of the addressee that the notice has been received.
The Client shall use the notice options made available by the Bank. Such notice is deemed to meet any requirement for direct notice where the Financial Contracts Act demands it.
The Client may use either Norwegian or English language when communicating with the Bank.
For Non-consumers any communication regarding the services covered by the General Business Terms and Conditions will made electronically. For notices of termination, cancellation, blocking, enforcement or similar matters the Bank shall ensure that it comes to the knowledge of the addressee that the notice has been received.
1.3 Tied Agents
The Bank does not use tied agents.
1.4 The services the Bank is permitted to provide, and which are covered by the General Business Terms and Conditions.
Th Bank is permitted the following investment services:
- receipt and transmission of orders on behalf of clients in connection with one or more financial instruments («receipt and transmission»),
- execution of orders on behalf of clients,
- purchase/sale of financial instruments for own account,
- investment advice,
- underwriting of financial instruments and/or placing of financial instruments on a firm commitment basis,
- placing of financial instruments without a firm committment basis.
The Bank will also offer the following ancillary services:
- safekeeping and management of financial instruments,
- credit provision
- advice on an undertaking’s capital structure, industrial strategy and related issues, as well as advice and services in connection with mergers and acquisitions,
- services related to foreign-exchange operations when these take place in connection with the provision of investment services,
- preparation and dissemination of investment recommendations, financial research and other forms of general recommendations relating to transactions involving financial instruments,
- services relating to underwriting,
- services relating to underlying commodity derivatives and derivatives when these services are linked to investment services or ancillary services as mentioned in this provision.
The Business Terms regulate investment services and ancillary services related to various financial instruments, including shares, bonds, deposits and different kinds of derivatives. Investment services related to UCITS funds and alternative investment funds are regulated by specific terms and conditions, and not covered by these Business Terms and Conditions for trading in financial instruments.
The Bank's investment advice is not to be regarded as independent investment advice according to the conditions stipulated in the legislation. Unless separately agreed with the Client the Bank will not offer ongoing investment advice, and the Bank will therefor not give the client a periodic suitability assessment.
These General Business Terms and Conditions apply to the Bank’s investment services, investment activities and ancillary services in so far as they are appropriate, as well as to services relating to transactions involving instruments that are related to financial instruments.
The General Business Terms and Conditions also apply to separate agreements entered into between the Bank and Client. In the case of any conflict between such agreements as mentioned in the last sentence and the General Business Terms and Conditions, the agreements are to take precedence.
A separate agreement or supplementary agreement may be entered into for the following:
- the trading in and clearing of standardised (listed) derivatives contracts
- the trading in and/or clearing of non-standardised (OTC) derivatives contracts,
- leveraged trading,
- services in connection with the underwriting of share issues or other public offerings, including the placement of share issues or offers and services in connection with corporate mergers and acquisitions,
- the borrowing and lending of financial instruments,
- the safekeeping and management of financial instruments,
- the conclusion of interest-rate and foreign-exchange contracts,
- the conclusion of contracts regarding charges and the provision of financial security/collateral,
- trading in commodity derivatives,
- trading and settlement, including clearing in foreign markets,
- online trading (web based trading), including the direct relay of orders to the Oslo Stock Exchange or another regulated market and algorithmic trading.
Trading and clearing may also be regulated by separate trading rules/standard terms and conditions at the individual execution venue and clearing houses where trading and settlement/clearing take place.
In the case of any conflict between these General Business Terms and Conditions and/or agreements/contracts mentioned in the previous paragraph and such trading rules/standard terms and conditions, the trading rules/standard terms and conditions at the execution venue or clearing house shall apply.
1.5 Supervisory authority and public register
DNB is under supervision of Finanstilsynet (the Financial Supervisory Authority of Norway).
Finanstilsynets contact details are as follows:
Postboks 1187 Sentrum
Phone: +47 22 93 98 00
Organisation number: 840 747 972
An overview of The Bank’s permissions can be found at Finanstilsynets registry
The Bank has branches and subsidiaries in several countries. The branches are mainly supervised by the authorities in the country of the head office. Subsidiaries are mainly supervised in each country of incorporation. Additional information is available at the Bank’s website.
The Bank is also registered at the Brønnøysund Register Centre. Further information are available at www.brreg.no
2.0 Who may use the investment services
Individuals who have reached the legal age and are resident in Norway, and companies resident in Norway, may use the investment services regulated by the Business Terms.
Individuals and companies resident outside Norway, or below the legal age, may on certain terms be given access to the investment services. The investment services are not offered to individuals or companies being citizens, resident or incorporated in the US or in any other way considered a US Person.
3.0 Conflicts of Interest
The Bank is obliged to take suitable precautions in order to prevent conflicts of interest from arising between the Bank and clients, and from arising between clients. The Bank is obligated to use measures to identify and prevent or handle conflicts of interest between the Bank and Clients and between clients.
The Bankhas guidelines for handling and preventing conflicts of interest. A summary of the guidelines is available on our website.
The objective of the guidelines is to ensure that the Bank's business areas operate independently of each other so that the Client's interests are safeguarded in a satisfactory manner. The Bank will especially place emphasis on there being satisfactory information barriers between departments that provide advisory or corporate finance services and other departments, and between active/discretionary portfolio management and the Bank's ordinary brokering activities.
If such measures do not, with a reasonable degree of certainty, prevent the risk of harm to the Client’s interest, the Bank shall inform the Client of the conflicts of interest, and of the measures in place to reduce the risk. The Bank can not offer investment services or ancillary services to the Client unless such information have been provided.
The way in which the Bank is organised and the special duty of confidentiality provisions that apply may mean that the Bank's employees who are in contact with the Client are not aware of, or may be prevented from using, information which exists in the Bank even if the information may be relevant to the Client's investment decisions.
In some cases, the Client's contact person(s) in the Bank will not be permitted to provide advice on specific investments. In such cases, the Bank may not provide any reason for being unable to provide advice or carry out a specific order.
4.0 Voice recordings and other documentation of communication
The Bank makes mandatory recordings of telephone conversations in connection with the provision of investment advice and investment activities, or of telephone conversations that are meant to lead to investment services being provided or investment activities being carried out.
DNB will record all orders to buy, sell or subscribe for financial instruments that are placed by telephone. DNB is not allowed to carry out orders that are placed by calling telephones which are not linked to voice-recording equipment, including mobile phones. Voice recordings and other documentation will be stored by DNB.
The Bank may also record other conversations and other relationships if it has a legitimate interest of e.g. documenting other instructions and assignments from the Client, in relation to matters like internal control and security.
Recordings of conversations with the individual Client may be traced by searching, among other things, for the time of the call, the incoming and outgoing telephone numbers and the employee who took part in the call.
DNB may be ordered to hand voice recordings over to public authorities and others that may so demand pursuant to the law. In addition, voice recordings may be handed over to the the Norwegian Financial Services Complaints Board, the Ethics Council of the Norwegian Securities Dealers Association, among other things in connection with the handling of complaints by clients. Tied agents and other undertakings that cooperate with the Bank, if any, have a corresponding duty to record their conversations with clients to the extent that such investment services are provided by phone.
That described above in this item also applies to voice recordings on other communication channels, such as Teams, video conferences and similar electronic communication.
Documentation of communication through communication channels other than the telephone when investment services are provided will be stored by the Bank for the retention period stipulated by prevailing law.
If so requested by the Client, the Bank will make voice recordings and other documentation available to the Client. The Client can obtain further information on the procedure for doing so by contacting the Bank. The Bank is not obligated to store communication longer than for the retention period stipulated by law (five years), unless Finanstilsynet has requested storage for seven years.
5.0 Client Classification
DNB has a duty to classify its clients in the following client categories: retail clients, professional clients and eligible counterparties. The legislation contains provisions governing how this categorisation is to take place. DNB will inform all clients of the category in which they have been placed.
Further information on how DNB classify clients are available here
The classification is important for the extent of the protection afforded to the Client. The information and reports given to clients classified as retail clients are subject to more demanding standards than those given to clients classified as professional.
In addition, the Bank has a duty to obtain information on the Client in order to assess whether the service or financial instrument/product in question is suitable or appropriate for the Client, designated the suitability test and appropriateness test. The classification is important for the scope of these tests and for the assessment of what will be the “best execution” when carrying out trading for the Client.
Clients classified as professional are regarded as being particularly qualified to assess the individual markets, investment alternatives and transactions as well as the advice provided by the DNB. Professional clients cannot invoke rules and conditions that have been stipulated to protect retail clients.
A Client may request DNB to change its client classification. Should a professional client wish to be treated as a retail client, DNB must consent to this and the parties must enter into an agreement on this. Retail clients that want to be classified as professional clients must meet the conditions stipulated in the legislation. Further information on the re-classification procedure and conditions and on the consequences of re-classification may be obtained from DNB on request.
6.0 The client's responsibility for information given to DNB, authorisations etc.
In order to meet the requirements of "know your clients" stipulated in the Norwegian Money Laundering regulations and Securities Trading Act's provisions regarding suitability and appropriateness tests, DNB is obliged to obtain and update some information about the Client. Client information is also obtained to meet the information requirements for reporting transactions and for FATCA and CRS reporting in accordance with international agreements by which Norway is bound.
When establishing a business relationship, the Client must inform DNB of his/her national ID number/its organisation number/LEI, address, tax country, telephone number, any electronic addresses, owners or beneficial owners of legal persons, and persons with the authority to place orders. Natural persons must state their citizenship(s).
The Client must provide information about bank accounts and securities accounts in Euronext Securities Oslo (ES-OS) or another corresponding register. DNB must be notified of any changes to the information immediately and in writing.
The Client is also obliged to give DNB satisfactory, correct information on the Client’s own financial position, investment experience and investment goals that is relevant to the desired services and financial instruments. Such information is necessary for DNB to be able to act in the Client's best interests and advise on the financial instruments that it is suitable for the Client to buy, sell or continue owning. When providing investment advice, DNB must also send the Client a suitability declaration. The suitability declaration is to be sent to the Client after an order has been placed if the investment advice has been provided via remote communication. The Client also undertakes to inform DNB if there are any (major) changes to information that has previously been provided. The Client understands that DNB is entitled to conduct its own investigations to make sure that the information which has been obtained is reliable.
DNB is entitled to base its assessment of whether the service or financial instrument is suitable or appropriate for the Client on the information provided by the Client. The Client also understands that, if DNB is not given sufficient information, DNB will be unable to determine whether or not the service or financial instrument is appropriate or suitable for the Client. In the case of investment advice or portfolio management, the Client will in such case be informed that the service in question cannot be provided. In relation to the other investment services, the Client will in such case be informed that the information provided to DNB is insufficient and that the service or financial instrument is thus to be regarded as inappropriate. Should the Client, despite such a warning, still wish to have the service or financial instrument, this may nonetheless be provided. Information which is lacking or incomplete may thus reduce the investor protection to which the Client is otherwise entitled.
If, despite such a warning, the Client still wants the service or financial instrument, the assignment may nonetheless be carried out.
The Client undertakes to comply with the prevailing legislation, rules, terms and conditions that apply to the individual execution venue used for transactions. The same applies to settlement and clearing through the individual settlement or clearing houses.
Clients warrant that their own trading and settlements take place in accordance with and within the scope of any permits and authorizations that apply to their trading in financial instruments. If requested by DNB, the Client shall document such permits and authorisations. Should the Client be a foreign undertaking, DNB reserves the right to demand that the Client presents, at the Client’s expense, a reasoned legal opinion on the Client’s permits and authorisations to enter into the trade in question.
The Bank may request an overview of the person(s) that may place orders or enter into other agreements relating to financial instruments or that are authorized to accept trades on behalf of the Client. A trade or acceptance from these is binding on the Client unless the Bank did not act in good faith in relation to the individual’s authorisations. The Client is responsible for keeping DNB at all times up to date as regards who may place orders or accept a trade on behalf of the Client. The Bank will not accept authorisations which stipulate limits for the individual Client’s transactions unless this has been agreed on in writing in advance. The Client undertakes to ensure that the assets and financial instruments included in the individual assignment are free from liens, charges and encumbrances of any kind, such as a charge, security interest (possessory lien), attachment, etc. The same applies when the Client acts as a proxy for a third party.
When selling financial instruments, the Client must have access to same by virtue of either owning or having borrowed them. If requested by DNB, the Client undertakes to specify where the financial instruments in question are available.
If, when placing an order, the Client has stated that the money is to be registered to an ES-OS account which is linked to a share savings account (ASK), the Client is bound by this trade even if the financial instruments in question are not covered by the share savings account scheme and thus cannot be registered to the stated share savings account.
The Client understands and acknowledges that investing and trading in financial instruments and other related instruments entail a risk of loss. The invested capital may increase or decrease in value. The value of financial instruments depends, among other things, on fluctuations in the financial markets and may increase or decrease. Historical price developments and returns cannot be used as reliable indicators of future developments in and return on financial instruments.
The liquidity of financial instruments and other related instruments may vary. It is likely that the most liquid financial instruments can be traded without the price being affected to any great extent, but the opposite may be true for less liquid financial instruments. It may be difficult to sell some instruments. For more detailed information on the properties linked to the various financial instruments and on the risk linked to trading in various financial instruments, refer to the information published on the Investment Firm's website. If necessary, this material will be sent to the Client prior to DNB’s provision of services to the Client. The Client is responsible for evaluating the risk relating to the instrument and market in question.
The Client should refrain from investing and trading in financial instruments and other related instruments if the Client does not understand the risk relating to such an investment or trade. The Client is urged to seek the advice of the Bank and other relevant advisers and, if required, to search for additional information in the market before making a decision.
All trading carried out by the Client, whether advice has been obtained from the Bank or not, is the responsibility of the Client and takes place according to the Client’s own discretion and decision. The Bank does not guarantee any specific outcome of a Client’s trading.
The Client understands and agrees that all trades executed through DNB, irrespective of whether any information, advice or recommendation has been obtained from DNB, are carried out at the Client’s own risk and based on the Client's own judgement, and that the Client is fully responsible for the decision. DNB does not guarantee any specific outcome of a Client’s trading. The Client is aware that the investment services that are offered will depend on the client's dialogue with the broker/dealer. If, for example contact is sporadic and initiated by the Client, the service provided by DNB Markets will normally represent "order transmission/order execution". Analyses prepared by DNB Markets, and the broker’s general market view, are generic and do not constitute investment advice. Such general recommendations will not be adapted to individual clients and are not regarded as investment advice.
The rates that are posted on www.dnb.no/en for some products offered by DNB, e.g. currency exchange rates, are delayed. These rates are thus only indicative. Because they change constantly, the Client cannot count on trading at the rates quoted on the webpage.
8.0 Orders and assignments - Contract formation
8.1. Placing and acceptance of orders and formation of contracts
Orders from clients may be placed orally, in writing or electronically. Restrictions may apply to orders placed via electronic communication channels. Further information on this is available from DNB. The order is binding on the Client when it has been received by DNB unless otherwise separately agreed.
Regarding trading in non-standardised derivatives (OTC) and in currency and interest-rate instruments, including foreign exchange, a trading contract will be regarded as having been entered into with binding effect once the terms and conditions for the contract in question have been accepted by the Client.
DNB will normally act as the Clients counterparty in this type of transaction. DNB will not be obliged to carry out orders or enter into contracts that DNB assumes may lead to a breach of public legislation or rules stipulated for the regulated market(s) in question.
The Client undertakes to give information to DNB if the Client places an order to sell financial instruments that the Client does not own (short sale).
The Client may not engage in programme trading (using algorithms) against or via DNB unless this has been specifically agreed on.
Orders from a Client that normally trades for the account of a third party, i.e. for his/her employer or another natural or legal person, will be rejected if, when placing an order, the Client does not clearly state the party for whose account the order is being placed. If the Client simultaneously places orders for his/her own account and for the account of his/her employer or another natural or legal person, DNB will prioritise the party represented by the Client.
8.2 Assignment period for orders
Regarding orders linked to trading in financial instruments, the order applies on the assignment date or until the regulated market where the order has been placed closes, and it thereafter lapses unless otherwise agreed on or is apparent for the order type or order specification in question. For other assignments, the duration of the assignment is to be agreed on separately.
The assignment date is the date when the Client’s order to DNB to buy or sell financial instruments through or to/from another undertaking has been received by DNB. When DNB initiates a trade, the assignment date is to be regarded as the date when DNB contacts the Client and obtains acceptance of the assignment to purchase or sell the financial instruments in question.
The order may be cancelled to the extent that it has not been carried out by DNB. If, as part of carrying out the order, DNB has placed all or part of the order with other parties, the order may only be cancelled to the extent that DNB can recall cancelled the order it has placed with other parties.
8.3 Guidelines for executing orders
DNB is obliged to implement all measures necessary to secure the Client the best possible terms when carrying out received orders during the assignment period. In markets where DNB quotes a price and assumes market risk, DNB is obliged to document that the price is fair. DNB has prepared order execution guidelines that, among other things, state the trading systems in which transactions in various financial instruments may be carried out. Trading will be carried out in accordance with these guidelines unless the Client has given specific instructions on how the trade is to be carried out. The order will in such cases be carried out in accordance with the Client's instructions.
DNB reserves the right to aggregate the Client’s orders with orders from other clients, persons or undertakings that are or are not linked to DNB as described in the order execution guidelines. Orders may be aggregated if it is unlikely that aggregation in general will be disadvantageous to the Clients. However, the Client understands that the aggregation of orders may in individual cases cause drawbacks.
DNB also reserves the right to aggregate the Client’s order with transactions carried out for the Bank’s own account. If the total order is only partially carried out, the Client’s order will be given priority over the Bank’s order. However, an exception to this applies if DNB could not have carried out the trade on correspondingly favourable terms without the aggregation.
The prevailing order execution guidelines will be regarded as having been approved by the Client when the Client Agreement is entered into. In this agreement, the Client has expressly agreed that DNB may trade in financial instruments for the Client outside a marketplace.
8.4 Further details of special trading rules
When trading in financial instruments on execution venues, the trading rules at the execution venue also apply to the relationship between the Client and DNB in so far as they are appropriate. These rules normally deal with the registration of orders and trades in the trading system at the execution venue, including the order conditions that can generally be applied and the more detailed rules governing prioritisation and validity.
If there are questions related to individual trades, it is not unusual for the relevant market or supervisory authority to request details of the Client's identity. In such situations, DNB will forward such information, as well as perform mandatory transaction reporting, in accordance with prevailing rules. In certain markets, the marketplace or relevant supervisory authority may also demand to be informed of the end client's identity, even if this is not a client of DNB. In such situations, where transactions are executed on behalf of others, DNB Markets' clients must ensure that they can provide this customer information immediately through their client agreements. If necessary, they may be given the opportunity to send this information directly to the relevant market or supervisory authority instead of through DNB.
8.5 Cancellation of orders and sales
In accordance with the trading rules at the execution venue, the individual execution venue may, under certain circumstances, cancel orders and transactions. Such a cancellation will be binding on the Client.
9.0 Delivery and payment (settlement) of financial instruments of Norway
9.1 Transferable securities, mutual/securities fund units, standardised financial forward/futures contacts and options, and interest-bearing securities
For trading in Norway involving transferable securities in a regulated market, mutual/securities fund units, standardised financial forward/futures contracts and options to buy or sell financial instruments registered in Euronext Securities Oslo (ES-OS), as well as interest-bearing securities, the ordinary period allowed for settlement is three stock exchange days (T+2) unless otherwise agreed. By stock exchange day is meant any day on which the Norwegian stock exchange is open.
The period allowed for settlement is calculated as from and including the trading date and up to and including the settlement date.
Settlement is conditional on the Client making the necessary funds and financial instruments available to DNB on or before the settlement date. Unless otherwise agreed on separately, DNB has the Client’s permission and authority to, in accordance with the individual trade or transaction, debit the Client’s money or bank account or submit a request for such debiting of the Client’s money or bank account, unless the bank in question requires a separate written debit authorisation to have been provided by the Client.
The Client is regarded as having paid the purchase price to DNB once this has been credited to the DNBs money or bank account with value-dating on the settlement date at the latest.
The Client is to be regarded as having delivered financial instruments registered in ES-OS to DNB when the financial instruments have been received in one of the Bank’s securities accounts in ES-OS or in another securities account in ES-OS stipulated by DNB.
The Client undertakes to deliver the sold financial instruments to DNB or release the sold financial instruments in the Client’s securities account in ES-OS or another corresponding register by the settlement deadline. Unless otherwise agreed on in writing, the placing of an order to sell financial instruments or acceptance of a sales offer means that DNB is authorised to request the Client’s account operator to release the financial instruments in question. The delivery of physical financial instruments shall take place in accordance with a separate agreement with DNB.
For financial instruments that have been admitted for clearance in a central counterparty (CCP) or are registered in a central securities depository (CSD) or listed in a marketplace, a cover purchase will automatically be initiated if the financial instrument has not been delivered at the latest a certain number of days after the settlement deadline. This will normally be four days after the settlement deadline. This deadline may be extended to seven days for instruments that are traded in less liquid marketplaces, and to 15 days for financial instruments listed on an SME stock exchange.
The individual CCP, CSD or marketplace has its own publicly approved cover-purchase rules that are determined in accordance with the legislation relating to central securities depositories and settlement activities.
Cover purchases are to be initiated by the CCP if the instrument is cleared by the CCP. If the instrument is traded in a marketplace and is not cleared by a CCP, the cover purchase is to be initiated by the marketplace. In those cases where the instrument is neither cleared by a CCP nor traded in a marketplace, the cover purchase is to be initiated by a CSD. If this cover purchase fails, the buyer has an opportunity to choose between delayed delivery and cash compensation.
In the case of delayed delivery, a statutory sanction system applies. The CCP, CSD or marketplace will impose a fee/fine on the seller as a result of the breach of contract, irrespective of whether or not a cover purchase is carried out. The size of the fee/fine is standardised and irrespective of the seller's blame (strict liability). The size of the fee/fine is standardised in accordance with prevailing legal rules.
9.2 Foreign exchange (spot)
Regarding foreign exchange trading (spot), the ordinary period allowed for settlement is three banking days (T+2) (including the trading day), unless otherwise agreed. By banking day is meant days on which banks in the market in question are open. The settlement period is calculated as from and including the trading date and up to and including the settlement date.
9.3 Other financial instruments
Special settlement deadlines and settlement rules apply to other financial instruments. These settlement rules and settlement deadlines will be stated in the separate contracts. For trading in non-standardised derivatives (OTC) and in currency and interest-rate instruments, including currency exchange, the settlement deadlines and settlement rules may be agreed on when the contract is entered into. In such cases, the settlement deadlines and settlement rules will be stated on the confirmation sent to the Client once the contract has been entered into.
10. Reporting of services carried out - confirmation of contracts and completed assignments
By means of a contract note/confirmation or in some other way, DNB will immediately report to the Client the services it has carried out or the contracts that have been entered into. To the extent that this is relevant, the contract note/confirmation will include information on costs related to the trade carried out for the Client in accordance with the legal rules that apply to this. Apart from this, the contract note/confirmation will contain information in accordance with the prevailing law.
Confirmations that are to be signed by the Client must be signed as soon as they are received and then returned to DNB as stated in the confirmation or as agreed with the Client. If the client fails to report errors in the confirmation due to inadequate checking of same, in accordance with items 19 and 28 below, this may result in the customer being bound by the contents of the confirmation even if different from what was agreed.
DNB reserves the right to correct obvious errors in the contract note or other confirmation. Such corrections shall be made as soon as the error is discovered.
The delivery of financial instruments registered in ES-OS may be confirmed by a change notice from ES-OS to the extent that the Client has agreed with the account operator that the Client is to receive such confirmations
11. Right to cancel
In the case of distance contracts for services to a consumer, clients that are consumers have the right to cancel for 14 days after the contract for services was concluded. The right to cancel does not apply to trading in financial instruments covered by the General Business Terms and Conditions.
12. Breach of contract
The Client is considered to have breached his/her obligations under these General Business Terms and Conditions when, among other things:
- The delivery of financial instruments or money does not take place within the agreed settlement deadline or the Client fails to meet any other significant obligation under the General Business Terms and Conditions,
- The Client enters into a separate agreement with his/her creditors regarding a deferment of payments, becomes insolvent, enters into debt negotiations in any form, suspends payments, has bankruptcy proceedings initiated against him/her or is placed under public administration,
- The Client's financial position deteriorates and this significantly reduces the Client's ability to perform obligations that follow from the General Business Terms and Conditions and the Client fails to furnish additional collateral as security for the Client's performance of agreements under the General Business Terms and Conditions by the deadline stipulated by DNB,
- The Client terminates his/her activities or substantial parts of these,
- The Client dies, or is placed under guardianship, or other circumstances arise as a result of which the Client is unable to perform his contractual obligations under the General Business Terms and Conditions.
In the case of a breach of contract, DNB Markets is entitled but not obliged to:
- Declare that all unsettled trades have been breached and that assignments which have not been carried out are cancelled and terminated,
- Exercise its right to retain security. DNB is entitled to retain the financial instruments that DNB has purchased for the Client, if the Client has not paid the purchase price within three – 3 – days after the settlement deadline, DNB Markets may, unless otherwise agreed in writing, without further notice sell the financial instruments for the Client’s account and risk to cover DNB Markets’ claim. Such a sale shall normally take place at the stock exchange price or a price that is reasonable with regards to the market’s position. If the financial instruments in question have been transferred to the Client’s securities account with the Central Securities Depository or another corresponding register for financial instruments, the Client is regarded as having released the financial instruments or as having authorised such a release in order for the cover sale to be carried out,
- Realise assets other than those covered by item 2 above, and the Client is regarded as having consented to such an enforced sale through an independent broker,
- Close all the positions that are subject to the provision of collateral and/or the calculation of a margin,
- Offset all DNB’s receivables from the Client arising from other financial instruments and/or services, including claims for brokerage, outlays for taxes and duties, claims for interest, etc, and expenses or losses caused by the Client's breach of one or more obligations to DNB, against any amounts owed to the Client by DNB on the date of the breach, irrespective of whether the claims are in the same or different currencies. Claims in foreign currencies are to be converted into Norwegian krone (NOK) at the market rate applicable on the date of the breach of contract,
- For the Client's account and risk, take the steps DNB deems necessary to cover or reduce the loss or liability arising from agreements entered into for or on behalf of the Client, including reversing transactions,
- Should the Client fail to deliver the agreed performance or amount, including failing to deliver the financial instruments to DNB at the agreed time, DNB may immediately carry out offsetting transactions or borrow financial instruments for the Client's account and risk in order to satisfy its obligation to deliver to its counterparty. If no cover purchase is carried out by DNB, a cover purchase will be initiated according to legal rules stipulated in the legislation applicable to CCPs, CSDs or regulated marketplaces. Correspondingly, DNB may carry out the actions it believes necessary to reduce the loss or liability arising from the Client’s breach of a contract with DNB, including actions to reduce the risk of loss linked to changes in exchange rates, interest rates and other rates or prices to which the Client’s trade is linked. The Client undertakes to cover any loss made by DNB with the addition of interest on arrears and any charge,
- Demand payment of all costs and losses that DNB has incurred as a result of the Client's breach of contract, including, but not limited to, fees or fines imposed on DNB by the relevant CCP, CSD or marketplace, costs incurred in connection with cover purchases or the borrowing of financial instruments, price losses in connection with cover trades and reversal transactions, losses due to changes in exchange rates, interest rates and other charges for delays. In the case of transactions which follow from the Client's breach of contract or anticipatory breach of contract, the Client bears the risk of changes to prices or in the market until the date when the transaction has been carried out.
The provisions of the Norwegian Sale of Goods Act relating to anticipatory breach, including cancellation in the case of such a breach, otherwise apply.
13. Interest in the case of a breach of contract
In the case of a breach of contract by the Bank or the Client, interest equal to the prevailing interest on overdue payments is payable unless otherwise separately agreed on.
14.Trading abroad, including safekeeping of the client's assets
For trading in and the settlement of foreign financial instruments, reference is made to the trading rules and settlement or delivery conditions stipulated in the country or by the regulated market where the financial instruments were bought or sold. Reference is also made to the separate contract that may be entered into for this type of trade.
Should financial instruments or client assets be stored in another jurisdiction in connection with the provision of investment services or associated services, DNB will inform the Client of this. The Client understands that his/her rights in connection with such assets may deviate from those which apply in Norway. The Client also understands that settlement and the provision of security in foreign markets may mean that the Client’s assets that have been provided as settlement or security are not kept separate from the assets of the foreign investment firm and/or settlement representatives used by DNB. The Client understands that he/she bears the risk relating to his/her own assets that are transferred to foreign banks, investment firms, clearing agents, clearing houses, etc, in the form of settlement or security, and that DNB’s liability to the Client for such assets is limited in accordance with the laws and regulations in the country or market in question. In no case does DNB accept liability in excess of that which will follow from Norwegian law, cf item 20 unless this has been agreed upon in writing with the Client.
DNB’s remuneration in the form of brokerage fee, price differences, etc, possibly with the addition of charges related to trading and clearing, etc, will be subject to individual agreement.
Brokerage fee is a commission (remuneration) that is added to or deducted from the value of the financial instruments bought or sold by the Client. Brokerage fee is normally stated as a percentage. Up to a stated investment amount, the Client pays a specific minimum brokerage fee. Alternatively, the remuneration may be calculated as a difference in price, ie, a markup on the buying price or a deduction from the sales price.
For derivatives and complex financial instruments, the Client's cost elements will normally be different to those stated above.
Prior to a service being provided, the Client will receive more detailed information on payment conditions and the total expenses the Client is to pay for the individual financial instrument, investment service or associated service. This shall include information on commissions, fees and all the taxes and charges payable via DNB. Should it be impossible to state the expenses precisely, the basis for the calculation shall be stated. In addition, it shall be stated whether there may be other charges and/or expenses that are not payable or imposed via DNB.
For further information on DNB Markets' remuneration, refer to our "Terms and agreements"-webpage.
DNB reserves the right to deduct expenses mentioned in the first paragraph, as well as any taxes, sales taxes, etc, from the Client's credit balance.
In the event that a trade is not effected, DNB will not demand any remuneration unless otherwise specifically agreed.
16. Account operation in Euronext Securities Oslo (ES-OS) and depositories
Unless otherwise agreed, that stated below applies to account operation in ES-OS (formerly VPS) and custody/management in depositories.
If DNB is to act as the Client's Account Operator for the investor in ES-OS, DNB is authorised to make the registrations in the ES-OS account that are covered by the Client's instructions, including transferring from the ES-OS account transferable securities that are covered by sales orders submitted to the DNB. The Client understands that bought or subscribed for transferable securities will be registered to the ES-OS account in question unless another account is stated on the order. DNB is entitled to know the contents of the Client's ES-OS account. The Client is also aware that DNB's registrations in the ES-OS account take place in accordance with the provisions stated in the legislation regarding the Central Securities Depository, ES-OS’s own regulations, and other relevant legislation and regulations. Further information for account-holders can be found on ES-OS’s website, see the link: ES-OSL-Veiledning-Kontohaver-.pdf (euronextvps.no).
DNB may enter into an agreement with another depository regarding management or safekeeping for the Client. The choice of such a depository will be made to the best of the Bank’s ability, and the Client is assumed to have accepted the choice of depository unless otherwise stated in a separate management or depository agreement with DNB. DNB accepts no responsibility for any breach of contract by such a depository when dealing with or managing the Client's assets.
17. Authorised representatives (intermediaries), managers and settlement agents
Should the Client place orders or assignments as an authorised representative, manager, settlement agent or the like for a third party, the Client and the party on whose behalf or for whom the Client is acting must comply with the General Business Terms and Conditions. The Client is jointly and severally liable to the Bank for this third party's obligations to the extent that the obligations are a consequence of the Client's order or assignment.
Should the Client make use of a manager, settlement bank or other intermediary, this is required to be regulated in a separate agreement. The use of such intermediaries does not exempt the end-client from his/her responsibilities under these General Business Terms and Conditions.
18. Safekeeping of clients' assets - client accounts
DNB will ensure that the Client's assets are held separately from the Bank’s own assets and, as far as possible, protected from the Bank’s other creditors. The Client will be credited with interest accrued on his/her assets in accordance with the Bank’s general terms.
Assets which are being held in safekeeping for the Client by DNB Markets will be deposited in an account, which may be a combined account for assets being held in safekeeping for several clients by DNB Markets. Should the credit institution be wound up, the account will be covered by the rules governing the Norwegian Banks’ Guarantee Fund.
For deposits in credit institutions that are members of the Norwegian Guarantee Fund Scheme, a combined client account of up to NOK 2,000,000 will be covered. The Client’s right to claim compensation will in such cases be reduced correspondingly.
Should assets be deposited in a credit institution that is not a member of the Norwegian Guarantee Fund Scheme, the cover will be stipulated in the rules governing the guarantee scheme in the country where the credit institution is a member. In such a case, too, the right to compensation may be reduced.
If the Client’s financial instruments are registered in ES-OS or a similar securities register, they will be transferred to the Client’s account with this register. If the financial instrument is not registered, it will be held in safekeeping by a bank or other depository. Should a register, bank or other depository become insolvent, the Client’s financial instruments will normally be protected by being kept separate from the bankruptcy estate.
DNB accepts no liability to the Client for the assets that have been transferred to Client accounts with a third party (including combined accounts) provided such a third party has been chosen in accordance with prevailing law and DNB has otherwise complied with normal requirements of due care. This will also apply if a third party becomes insolvent or goes bankrupt.
If information is not given in any other way, DNB will send the Client an overview of the assets it is holding in safekeeping for the Client at least once a year. This does not apply if such information is included in other periodical overviews. Unless otherwise expressly agreed, DNB may not use financial instruments that it is holding for safekeeping on behalf of the Client.
19. Liability and exemption from liability
DNB is liable to the Client for the fulfilment of purchases or sales it has entered into on behalf of or with the Client. However, this does not apply if the Client has approved the other party as the counterparty to the deal in advance.
DNB accepts no liability for settlement if the Client does not make available to it the agreed funds and/or financial instruments on or before the settlement date. Nor is the Bank liable if an unsuitable or inappropriate service is provided as a result of the Client giving DNB incomplete or incorrect information, cf item 5.
DNB accepts no liability for indirect harm or loss that the Client incurs as a result of the Client’s contract(s) with third parties lapsing in whole or in part or not being correctly performed.
Furthermore, DNB and its employees are not liable for the Client’s losses as long as DNB or its employees have complied with normal requirements of due care when providing advice or carrying out orders or assignments. In the event that DNB has used credit institutions, investment firms, clearing houses, managers or other similar Norwegian or foreign assistants, DNB or its employees will only be liable for these assistants' acts or omissions if DNB has not complied with reasonable standards of due care when selecting its assistants. If assistants as mentioned in the previous sentence have been used on the orders or demands of the Client, DNB accepts no liability for errors or breaches by them.
Should a transaction be carried out in a Norwegian or foreign execution venue on the orders or demands of the Client, DNB will not be liable for errors or breaches committed by this execution venue or any associated clearing house. DNB is hereby assumed to understand that the individual execution venue or individual clearing house may have stipulated separate rules governing its liability to members of the execution venue or clearing house, clients, etc, including greater or lesser disclaimers of liability.
DNB is under no circumstances liable for harm or loss that is due to impediments or other circumstances outside DNB’s control.
DNB is not liable in those cases where a delay or omission is due to the settlement of money or securities being suspended or terminated as a result of circumstances outside DNB’s control.
Limitations on DNB’s liability in addition to those stated above may follow from a separate agreement with the Client.
If rules or public authorities order the Client to be registered with a Legal Entity Identifier (LEI), it is the Client's responsibility to obtain and maintain this. The Client is to indemnify DNB for any loss, claim and costs that DNB incurs as a result of the duty to obtain and maintain an LEI not being complied with.
The Banks liability for consumers
The Bank or its employees are not liable for the Client’s losses as long as the Bank have complied with normal requirements of due care, and the loss was not reasonably expected to be caused by a breach of duty. For a financial loss caused by a subcontractor assisting the Bank and assumed to contribute to the Bank’s duties, both the Bank and the subcontractor may be held liable.
Any compensation shall be equivalent to the financial loss suffered as a consequence of the Bank or the subcontractors failure to fulfil its duties. Reference is made to the Norwegian act on damage compensation (skadeserstatningsloven), which may lead to compensation being reduced or lapsed if the injured party has contributed to the loss or not contributed to reducing the loss.
The Bank cannot be held liable for financial loss caused by extraordinary circumstances outside its control and which the Bank could not reasonably predict or avoid the consequences of. The same applies for losses caused by the Bank being bound by other commitments or by applicable legislation. Such exemptions are effective as long as such circumstances are.
The Banks liability for non-consumers
For non-consumers the Bank will only be liable following gross negligence. In the event that DNB has used credit institutions, investment firms, clearing houses, managers or other similar Norwegian or foreign assistants, DNB or its employees will only be liable for these assistants' acts or omissions if DNB has not complied with reasonable standards of due care when selecting its assistants. If assistants as mentioned in the previous sentence have been used on the orders or demands of the Client, DNB accepts no liability for errors or breaches by them.
Reference is made to the Norwegian act on damage compensation (skadeserstatningsloven), which may lead to compensation being reduced or lapsed if the injured party has contributed to the loss or not contributed to reducing the loss. The Bank is not liable for any indirect damage or loss-
General liability provisions for consumers and non-consumers
The Client is obliged to review the characteristics of the applicable services and instruments as well as the information received from the Bank. If the Client with no legitimate reason fails to become familiar with information provided by the Bank, the Bank accepts no responsibility for lack of such information.
The Bank is entitled to close, suspend or limit access to the services covered by these General Business Terms and Conditions following circumstances outside the Banks control and which the Bank could not predict or avoid the consequences of. The same applies to instructions given the Bank through legislation or governmental authorities, or actions deemed necessary to take care of the interests of the Bank, the Client or other clients. The Bank is not responsible for loss or damage caused by impediments or other circumstances outside the Bank’s control. Such circumstances includes but are not limited to power cuts, errors in or interruptions to electronic data processing systems or telecommunications networks, etc, fires, water damage, strikes, legislative amendments, orders of the authorities or similar circumstances.
20. Withholding of taces etc.
When trading abroad, the Bank may be obliged, pursuant to laws, regulations or a tax treaty, to withhold amounts corresponding to various forms of taxes and duties. The same may apply when trading in Norway on behalf of foreign clients.
In the event that such withholding is to take place, DNB may provisionally calculate the amount in question and withhold this amount. When a final calculation is available from a competent authority, any excess amount withheld as tax shall be paid to the Client as quickly as possible. The Client is responsible for producing the necessary documentation for this and for the documentation being correct.
21. Termination of business relationship
Trades or transactions that are in the process of being settled when the business relationship is terminated shall be carried out and completed as quickly as possible.
On termination of the business relationship, the Bank shall carry out a final settlement in which the Bank is entitled to offset the Bank’s receivables, including brokerage, taxes, duties, interest, etc, against the Client's credit balance.
22. Provision of security
The Bank is a member of the Norwegian Banks’ Guarantee Fund, which guarantees for a client’s deposits in bank accounts for currently up to NOK 2,000,000 per depositor per bank. Payment transfers may be included as covered deposits.
In addition, the Bank is member of the Norwegian Investor Compensation Scheme in accordance with prevailing legislation. The Norwegian Investor Compensation Scheme is intended to provide compensation for claims which are due to its members’ inability to repay money or hand back financial instruments that are held in safekeeping, administered and managed by the members in connection with the provision of investment services and/or certain additional services. Each Client is covered for up to NOK 200,000.
23. Measures to combat money laundering and terrorist financing
The Bank is subject to the Act relating to measures to combat money laundering and terrorist financing (the Anti-Money Laundering Act) and regulations issued pursuant to it. The purpose of the Act is to prevent and detect money laundering and terrorist financing, and the Act imposes some obligations on the Bank. The Bank is obliged to apply client due diligence measures when establishing a client relationship and to continuously follow up the Client during the client relationship. As part of the application of client due diligence measures, the Bank must obtain and confirm information from the Client, including obtaining personal data, a description of the Client’s operations, confirmation of the Client’s identity, documentation of any authorisations, information on beneficial owners and/or politically exposed persons, information on the purpose and nature of the client relationship, and information on the source of wealth and funds.
The Client is obliged to provide information in accordance with the anti-money laundering regulations so that the Bank can fulfil its obligations under the prevailing Anti-Money Laundering Act.
The Client is regarded as being aware of and having accepted that the Bank is obliged to continuously follow-up the client relationship by, among other things, monitoring that transactions carried out in the client relationship are in accordance with the information obtained about the Client, the Client’s operations and risk profile, the source of the funds and the client relationship’s purpose and intended nature. Further, clients are aware of and accept that the Bank is obliged to continuously, throughout the client relationship, ask the Client for the information necessary for the Bank to comply with its obligations pursuant to the aforementioned legislation.
If the Client does not provide the information that the Bank is obliged to obtain, the Bank may terminate the client relationship.
The Client is aware that the Bank is or may be obliged to provide public authorities with all relevant information related to its relationship with the Client or individual transactions. This may be done without the Client being informed that such information has been provided.
The Bank is subject to national and international laws and regulations entailing an obligation for the Bank to comply with international sanctions. International sanctions can be different kinds of financial sanctions including commitments to freeze or report asset to authorities, as well as weapon embargoes and travel restrictions.
The Bank is obliged to comply with Norwegian sanctions regulations including sanctions made by the UN Security Council, as well as the ones made by EU (restrictive measures) adopted by Norway. Both UN and EU Sanctions must be implemented in Norwegian law to become binding upon Norwegian legal subjects. In addition, the Bank must comply with other international sanction regulations when such regulations apply to our business. Examples include US Sanctions (OFAC), EU Sanctions not yet implemented in Norwegian law and UK Sanctions (OFSI). The Bank must keep up to date on which international sanctions are applicable to our business.
The Bank is prohibited from having customer relationships with sanctioned companies or individuals or entities/- individuals that have dealings with sanctioned companies/persons. The Banks is also prohibited from executing transactions covered by international sanctions.
25. Duty to provide information to the authorities, complaints bodies etc.
Notwithstanding the statutory duty of confidentiality, the Bank will furnish information on the Client, the Client's transactions, the balance of the Client's account, etc, to any public bodies that demand such information pursuant to prevailing law.
The Client is regarded as having agreed that information which is subject to a duty of confidentiality may also be given to those that request such information pursuant to laws, regulations or other rules laid down for these bodies. Similarly, the Client is assumed to have agreed to such information being furnished to the Ethics Council of the Norwegian Securities Dealers Association or the Norwegian Financial Services Complaints Board (Finansklagenemnda) if this is necessary for dealing with complaints.
DNB may amend agreements, terms and guidelines regulation trading in financial instruments etc based on the Client’s passive acceptance, unless the Client opposes the amendments by active notification to DNB. If the Client does not give such notice before the applicable deadline the amendment is considered effective and binding on the Client.
An increase in fees and expenses payable by the Client to DNB in relation to the services covered by the General Business Terms & Conditions can be done if DNBs costs related to development, maintenance and delivery of the services increases, if new or increased functionality or services are offered, changed market conditions, development in financial markets, general inflation, restructured, changed or adjusted pricing models or other developments that indicates such an increase, or due to changes in laws, regulations or government practices. An increase in fees and expenses shall be justified and explained.
In the case of any amendments that are unfavourable to DNB’s clients, there is a duty to give notice two months before the amendments enter into force. If DNB needs to amend terms and agreements due to changes in legislation, government practice or orders, such amendments will be notified, but may be implemented immediately. Amendments that are not unfavourable to the Client will not need to be notified and may be implemented immediately.
If the Client opposes an amendment, such notification entitles DNB to terminate the agreement with the Client.
Up to 1 July 2023 DNB can in accordance with transitional rules make unilateral increases to fees and expenses given that such changes are justified.
The amendment provisions in this item 26 applies only for amendments affecting the Client’s rights and obligations according to effective agreements and terms. Amendments in information given to the Client is not considered an amendment of agreements and terms, and may be made unilaterally by DNB subject to the requirements, if any, set forth in the rules the information is made on the basis of.
The amendment provisions in this item 26 applies only to Clients being consumers. Consumers are any natural person, provided that the purpose of the agreement is predominantly outside the scope of the business or professional activities of such person.cfr § 1-4 of the Financial Contracts Act. For non-consumers DNB may amend agreements, including amending fees and expenses, unilaterally. An amendment which is unfavourable cannot be implemented, even for non-consumers, before at least one month after the Client was notified about the amendment.
27. Interpretation and relations to the act on financial contracts
In the case of any conflict with legislation that may be waived by agreement, the General Business Terms and Conditions are to take precedence.
Should there be a reference to legislation, other regulations or these terms and conditions, this shall be understood to be a reference to the prevailing legislation, regulations and terms and conditions.
If the Client is a consumer, the terms and conditions, customary and market practice will take precedence over legislation that may be waived by agreement.
28. The client's control and notices of any breach of contract
In the event of any breach of contract on the part of the Bank, for example if the Bank negligently has failed to perform a transaction or if the negligently has performed a transaction which does not match the Client’s order, the Client must notify the Bank as soon as possible after the Client discovered or should have discovered the breach.
Consumers must give notice of breach by DNB no later than two months after the Client discovered or should have discovered the breach. If the Client fails to check a contract note or other confirmation received from DNB, or fails to report any discrepancies to DNB, in line with the duties set out below, any claim from the client following a breach may be reduced to the extent that such failure has contributed to the loss.
Non-consumers must give such notice of assumed breach of contract by the Bank as soon as possible after the breach was discovered or should have been discovered, or at the latest within the deadlines set out below in relation to control of contract notes and other confirmations received from DNB.
The Client will lose the right to bring any claim as result of the breach if the above deadlines are not met, unless the Bank has acted with gross negligence or otherwise contrary to honesty and good faith. Since the costs of correcting any errors related to instruments whose value changes with market fluctuations may increase over time, any Client is encouraged to give notification as soon as possible. These provisions of notices apply correspondingly to any claim the Client may under the provisions of the Financial Contracts Act make against a third party for breach of the Bank’s obligations.
If the Client has agreed to receive a contract note or other confirmation by e-mail or other electronic medium and has not received such a contract note or confirmation by the end of the first stock exchange day/banking day after the contract has been entered into or the assignment period has expired, the Client must notify DNB of this as quickly as possible and at the latest by the end of the second stock exchange day/banking day after the contract has been entered into or the assignment period has expired.
If the Client has agreed to receive a contract note or other confirmation by ordinary post and has not received a contract note or other confirmation within three stock exchange days, or within seven stock exchange days for clients with a foreign address, after the contract has been entered into or the assignment period has expired, the Client must notify DNB of this as quickly as possible and at the latest by the end of the fourth stock exchange day or eighth stock exchange day respectively after the contract has been entered into or the assignment period has expired.
The Client must check the contract note or other confirmation immediately following receipt and must notify the relevant entity in DNB at the latest by the end of the next stock exchange day/banking day if the Client wishes to allege that anything stated on the contract note/confirmation conflicts with the order, assignment or trade agreed to.
If the delivery to the Client of financial instruments registered in ES-OS has not taken place by the settlement date and the Client has made the necessary funds available to DNB, the Client must immediately contact DNB and possibly give notice that the contract is terminated if the Client wishes to invoke the delay as grounds for terminating the contract. However, the notice of termination will not have any effect if the Client receives delivery within the deadlines set for cover purchases by the relevant CCP, CSD or ES-OS. During this period, the Client is not entitled to enter into a cover contract for the Bank’s account and risk.
“Immediately” in the previous paragraph is understood to mean the same day or – if a complaint or objection could not be submitted by the end of normal office hours – at the latest by the end of the next stock exchange day. The deadline is counted from the earliest of:
- the point in time when the Client became aware or ought to have become aware that delivery had not taken place by checking the ES-OS account, using an electronic confirmation system, being informed by a fund manager or in some other way; or,
- the point in time when notice of a change from ES-OS arrived at or, according to the period taken for normal postal deliveries, ought to have arrived at the address stated by the Client.
If payment to the Client has not taken place by the time stipulated in the contract and the Client has delivered the financial instruments in question or made these available to DNB, the Client must contact DNB as soon as the Client has ascertained or ought to have ascertained that no settlement has been received. The Client may only invoke the delay as grounds for claiming interest on the overdue payment.
Regarding trading in financial instruments through DNB, the normal rules governing the invalidity of contracts apply correspondingly to the relationship between the buyer and seller. A Client wishing to assert that a contract is not binding due to invalidity must submit an objection regarding this as soon as possible. Such an objection will have the effect on the Bank that follows from the normal rules governing the invalidity of contracts.
Verbal complaints or objections must be confirmed in writing immediately.
For contracts concerning trading in foreign currency (currency spot contracts), the complaints deadlines are to be calculated on the basis of banking days and not stock exchange days.
If DNB is the account operator for the Client in ES-OS, the Client shall immediately notify DNB of any errors in the registration in the ES-OS account. If no such notification is received by DNB by the end of the next stock exchange day after the Client received a change notice from ES-OS, the Client is to be regarded as having accepted DNB's registration.
A partial delivery to the Client does not entitle the Client to terminate the contract unless the Client has expressly stipulated a proviso of full delivery.
29. Complaints by the client
Clients may submit complaints to the Bank. These should clearly state that they concern a complaint.
DNB Markets’ guidelines for dealing with clients' complaints are published on DNB Markets’ website on the “terms and agreements” page and under the heading “Other information and appellate bodies”. Complaints on third party services should be directed to such third party.
A complaint may be directed to DNB Bank ASA v/Compliance Markets, Postboks 1600 Sentrum, 0021 Oslo, or by e-mail to firstname.lastname@example.org. DNB shall process the complaint as soon as possible. If the complaint is not processed within 15 business days after receipt, DNB shall send a preliminary reply to the client stating the reason for why the complaint is not yet processed and confirm when the processing will be concluded.
If the Client is dissatisfied with the way in which DNB has dealt with the complaint, the Client may submit the complaint to the Norwegian Financial Services Complaints Board (Finansklagenemnda) or alternatively to the Ethics Council of the Norwegian Securities Dealers Association.
Finansklagenemnda may be contacted at Finansklagenemnda, Postboks 53, Skøyen 0212 Oslo, phone 23 13 19 60. For further information see https://www.finkn.no/English. Information on the Ethics Council can be found at https://www.vpff.no/en/about-vpff/klagebehandling.
30. Legal venue, choice of law and dispute resolution
Disputes arising in the relationship between the Client and the Bank, including disputes relating to the General Business Terms and Conditions, are to be resolved pursuant to Norwegian law, with Oslo District Court as the (non-exclusive) legal venue. Clients with a foreign legal venue waive any right they have to oppose a lawsuit related to these terms and conditions being heard by Oslo District Court. Irrespective of the above, clients with a foreign legal venue may be sued by DNB in such a legal venue should DNB wish to do so.
Foreign clients, including Norwegians resident abroad, who may use laws and regulations in other jurisdictions to claim protection against legal action related their obligations towards the Bank are deemed to have waived such rights insofar as they may be subject to any derogation.
31. Processing of personal data and exchange of information
Personal data will be processed and kept in accordance with prevailing laws and regulations. The purposes of processing personal data are to execute the agreements entered into between the Bank and the Client, administration, invoicing/settlement and the marketing of investment products and services.
The Client may request information about the processing of personal data carried out by the Bank and ask what data is registered. The Client may demand that incorrect or defective information be corrected, and that information is to be erased when the purpose of the processing has been completed and the information cannot be used/stored for other purposes. Further information on how DNB collects and uses personal data, including the client’s rights to access, correction and erasure of personal data is available in our personal privacy statement which can be found on dnb.no.
The Bank may share certain information about the client within the DNB Group or with third party service providers if it is necessary to perform the services covered by the agreement or where other legal purposes for data processing is in place. The Bank will also have certain statutory duties that involves processing of personal data, such as anti money laundering, other legislation or government requests.
These General Business Terms and Conditions are issued in Norwegian and English versions. In the event of any contradiction between the two, the Norwegian version shall take precedence.