What is the Evli Incentive account?
The Evli Incentive account is a restricted account for your employer's incentive plans. A book-entry account at Evli can be opened for you to hold the shares rewarded to you by your company. No other shares can be transferred to this account. There is also no possibility to buy any shares that aren't provided by your share-based incentive plan. The account is provided free of custody fees.
How long is the account valid?
The account is active as long as you're employed by your company. If your employment with your company ends, the Evli Incentive account will be closed. The account is usually closed 3-6 months after your employment has ended. Please check this article for further information.
How to open an Evli Incentive account?
The account will be opened for you before the first share purchase or delivery provided that you have filled in all the required information in the Incentive portal. Because of increased bank regulation on investor protection, prevention of offshore tax non-compliance and money laundering, you are asked to provide some personal details to open the account. Banks are required to know their customers, identify them, know their financial behavior, limits and the origin of the customer's funds.
The US tax officials' (IRS) FATCA guidance regarding additional requirements for identifying US-taxpayers came into act July 1st, 2014. In order to fulfill these requirements banks must ask more detailed information from customers. The required information include place of birth, nationality(s), taxation country(s), tax identification number(s) (TIN, i.e. country specific identity number used by local tax officials (often but not always same as social security number, see: Country specific TIN instructions), and address information. Providing this information is mandatory in order to have a brokerage account opened for the shares.
In addition you may be asked to provide information about the origin of funds to be transferred to Evli, external bank account details and a copy of your passport.
Any information given to the bank is treated in confidence and in compliance with strict banking policy and secrecy.