Who needs an NID and what are the implications?
Individuals who want to enter into a transaction for MiFID financial instruments need to register an NID. This is a requirement of the MiFID II regulations which aim to increase transparency on EU financial markets, and also to raise the level of investor protection by allowing authorities to identify each counterparty in a regulated transaction.
The NID is a global identification code for private individuals, and is contingent on what citizenship(s) you hold. For example, if you are a British citizen, your NID comprises a country code, GB, followed by your National Insurance Number. For foreign citizens, or those who are citizens of multiple countries, your NID may look different. The NID is free of charge.
How to obtain your NID
- If you are a British citizen, your NID consists of your National Insurance Number followed by your country code. You can easily register it yourself online.
- If your citizenship is other than British, visit your local branch and we will help you register your NID.