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What will change when my stock trading account is migrated to the European trading entity?

We’ve summarised below the key changes which will take effect once your stock trading account is migrated to Revolut Securities Europe UAB (“RSEUAB”).

Changes to your contractual relationships

Before Migration: You have a contractual relationship with DriveWealth, LLC ("DriveWealth") in the US, who are responsible for the execution of your orders and the safekeeping of your US shares. You also have a contractual relationship with RTL, who are responsible for receipt of your orders and their transmission to DriveWealth.

After Migration: You'll have a single contractual relationship with RSEUAB in Lithuania, who will become responsible for the execution of your orders and for the safekeeping of your US shares. RSEUAB will continue to use DriveWealth for both of these services. Because of this change, you'll no longer need a contractual relationship with DriveWealth, and consequently your DriveWealth Customer Brokerage Account Agreement will end when the migration is complete.

Changes to the structure of your stock trading account

Before Migration: You have an individual brokerage account with DriveWealth.

After Migration: RSEUAB will have one brokerage account with DriveWealth (the "omnibus account"), which will hold the assets of all RSEUAB clients. Any assets you purchase through RSEUAB are yours. You'll be the beneficial owner of those assets and they'll be held in the omnibus account. RSEUAB will hold records that identify your individual ownership and entitlement to it and you'll retain all rights and benefits of being a shareholder.

Safekeeping of US shares

Before Migration: DriveWealth are responsible for the safekeeping of your US shares. They do so by segregating your US shares in a custody account, which is not accessible to DriveWealth's creditors in the event of DriveWealth’s insolvency.

After Migration: RSEUAB will become responsible for the safekeeping of your US shares. RSEUAB will continue to custody your shares with DriveWealth, who will segregate your US shares in a custody account which is not accessible to DriveWealth's creditors in the event of DriveWealth's insolvency.

Changes to compensation for loss of US shares in case of DriveWealth's insolvency

Before Migration: DriveWealth are a member of the Securities Investor Protection Corporation (SIPC). All US shares held in your account with DriveWealth are eligible for protection by SIPC. If DriveWealth become insolvent and your shares cannot be returned to you, they are protected by SIPC up to $500,000. However, SIPC does not protect you against losses caused by a decline in the market value of your shares.

After Migration: If DriveWealth become insolvent and the shares of RSEUAB customers cannot be returned, SIPC provides up to $500,000 compensation. This protection will apply to the entire holdings in the RSEUAB omnibus account. You will not be entitled to the individual SIPC protection which you have currently, and you might receive significantly less than you would have prior to the migration.

Safekeeping of cash

Before Migration: Revolut Bank UAB are responsible for the safekeeping of the money that you use to purchase US shares.

After Migration: RSEUAB will become responsible for the safekeeping of the money that you use to purchase US shares. They'll do so by segregating your money from RSEUAB's by placing it into a client money account.

Changes to compensation for loss of cash

Before Migration: Your money held at Revolut Bank UAB is protected up to EUR 100,000 by the Lithuanian state company "Deposit and Investment Insurance". More information is available here.

After Migration: If RSEUAB becomes insolvent and your money cannot be returned to you, it is protected up to EUR 22,000 under the Law on Markets in Financial Instruments of the Republic of Lithuania. More information is available here.

Other key changes

  • The Revolut entity that you receive stock trading services from will change from RTL (based in the UK) to RSEUAB (based in Lithuania), and RSEUAB will become the controller of your personal data
  • The regulator who is responsible for supervising the provision of the stock trading services you receive will change from the Financial Conduct Authority (FCA) in the UK to the Bank of Lithuania
  • Your alternative dispute resolution body will change from the Financial Ombudsman Service (FOS) in the UK to the Bank of Lithuania
  • You’ll continue to have access to the same US shares as you do now

All of these changes only apply to your stock trading account. All other Revolut services that you receive are not impacted.