Mizuho International plc - Brexit Preparations

Mizuho International plc (“Mizuho International”) is committed to ensuring continuity of investment banking services to its European Economic Area (EEA) clients and is finalising its Brexit plans to enable its EMEA business to continue to provide existing primary, secondary and advisory services to its (EEA) clients post-Brexit.

There currently remain some uncertainties surrounding Brexit, however Mizuho International will continue to monitor all Brexit developments and keep you updated with any relevant information regarding its plans for Brexit and how they might affect you. In the meantime, please see our FAQ section below which provides further information on Mizuho International's Brexit work to date.

Please note that this communication only covers the securities business of Mizuho International based in London and not any other UK based Mizuho group entity (e.g. Mizuho Bank, London Branch). In the event that there are to be any changes as a consequence of Brexit to the business model of any other Mizuho entity, we would expect them to notify you separately.



Frequently Asked Questions


What are Mizuho International's plans for Brexit?

In June 2018, Mizuho International incorporated a new 100% owned subsidiary (Mizuho Securities Europe GmbH (“MHEU”) in Germany based in Frankfurt. MHEU received its financial services licence from BaFin in December 2018 and became operational on 1st April 2019, which allows for a smooth and uninterrupted continuation of investment banking services to EEA clients.

Brexit organisation chart


I am trying to on-board your new entity. Where can I find key KYC/AML information regarding MHEU?

We have prepared a table of information that should help provide information regarding MHEU. This information is also publicly available.


Articles of Association

Commercial Register

MHEU Wolfsberg Questionnaire

Signed Structure Chart

MHEU US Patriot Act

W-8BEN-E

Brexit - key information

Standard Settlement Instructions

Operations Contact List

             

Terms of Business

Conflicts of Interest Policy

MiFID II Consent (Professional Clients)

MiFID II Consent (Primary Clients)

MiFID II Consent (Eligible Counterparties)

Order Execution Policy Document

Cost & Charges disclosure: Fixed Income Bonds

Cost & Charges Disclosure: Interest Rate Swaps

Cost & Charges Disclosure: Cash Equities


Where is Mizuho Securities Europe GmbH located?

Taunustor 1, 60310 Frankfurt am Main, Germany.


What are Mizuho International's Brexit timelines?

The official deadline for the UK to leave the EU is currently 31st January 2020. However, MHEU is already in a position to provide investment banking services to clients located in the EU.

Formal communication to our existing EEA client base has been ongoing with the purpose of sharing knowledge and seeking feedback on client’s plans, which will be followed up with more detailed discussion up to and beyond the Brexit deadline.


What are Mizuho International’s Operations’ preparations for Brexit?

Mizuho International has expanded its existing London Operations team to enable it to provide a fully outsourced operations service to MHEU. To facilitate this model, Mizuho International has been rolling out multi-entity systems so that both Mizuho International in London and MHEU in Frankfurt can be operationally serviced ‘side by side’. We have been progressing the opening of new external securities and cash accounts with our existing agent bank network to support MHEU. Details of Standard Settlement Instructions (SSIs) for new accounts with all our EEA clients can be found in the links listed above.

MHEU’s BaFin financial services licence has been granted and MHEU’s new Terms of Business with EEA clients have now been distributed.

Regular updates to this timeline will be provided.


What are Mizuho International’s plans in the event of transition period being agreed?

In the event of a transition period being agreed this will not result in any fundamental change in the implementation plans for MHEU, however it may potentially allow for a more gradual shift of EEA business activities from Mizuho International to MHEU. We will continue to closely monitor Brexit developments and, if necessary, adjust our plans accordingly and keep you informed.


What is the Legal Entity Identifier (LEI) of MHEU?

LEI: 213800G8QEXN34A2YG53.


If you are domiciled outside of the EEA countries will anything change?

We do not anticipate there being any changes for non-EEA clients who will continue to deal directly with Mizuho International in London.


Will MHEU provide research services to EEA clients?

Research to all clients will continue to be provided through Mizuho International’s existing Research Portal, with EEA clients being granted access via MHEU which will also be responsible for invoicing its EEA clients for this service.

Thank you for your ongoing support and if you require any further information please do not hesitate to contact our Brexit Outreach Working Group at: mhi.brexit@uk.mizuho-sc.com


Related news

Mizuho Securities Europe commences its EU operations

Mizuho granted license by the BaFin to undertake securities business in EU