Changes Relating to Securities’ Transactions Carried out in the Name of a Minor

The new Families’ Act in force from July 1, 2010 will bring about a number of changes related to securities’ transactions carried out in the name of an underage child.

From July 1, 2010 a parent may acquire, transfer or sell securities in the name of their underage child only with the consent of a court (the same applies to adults with restricted active legal capacity whom the court has assigned a guardian).

Therefore, from July 1, 2010, the following documents submitted in the name of a minor or an adult under guardianship may not be accepted by the bank without a court’s approval:

- securities’ transaction order;

- subscription application form for a bond;

- application for joining a III pillar funded pensions scheme;

- fund buy/sell order.

After July 1, 2010, parents may continue as before, i.e. without a court’s consent, with concluding deposit contracts in the name of their underage child to place the money belonging to a minor on a:

- term deposit account;

- savings account;

- child deposit;

- target account.

Additional information about deposit types may be found on Nordea Bank’s website