Dear Avoigt,
I am thinking to change to a new broker in order to maximize my changes of being able to stay long on TSLAP.
I am located in Germany, but would expect anything in the Eurozone to be OK.
In addition to the TSLAP wish, I expect to make infrequent trades, but preferably with more than the very simplest options for doing so, e.g. GTC orders and limit orders at a price pretty much independent of the current price.
I would much appreciate if you would very briefly state why you are with CC/BNP Paribas.
Posting in public, so in case you answer others may also benefit from your feedback.
Thanks.
Happy to. Not sure if that belongs here though but will answer. Lets hope Mod is not freaking out but likely busy moving other post in the investment threads anyway .....
First of all my decision to work with PNB happened many years ago for specific reasons and at that stage I was not invested nor has TESLA been public .
IOW its not like I know a Bank or Broker that I can recommend or not to maximize chances to stay with TESLAP.
I agree to your point though that all Banks/Brokers in the Euro Zone should have the same regulation versus the US and therefore it should not matter much in that respect. Exception are in my view Switzerland, Norway and others who don't belong to the inner circle of the EU. Being one of that exceptions may make it even a bid easier to stay with TESLAP but until we know the details of what they do offer us, we simply don't know and speculate.
Its likely in my view that all shares of TESLAP will be managed from one US Bank/Broker anyway and will not stay with your personal one. So we exchange them to the private shares and you get an account in the US where you have your Tesla shares. Thats a structure I have seen in the past. Its all about how Tesla wants to do it therefore smarter people than me are sitting 24/7 right now on that matter with Elon in their neck (not pleasant) to come up quick with something that works for the vast majority of cases.
The rules around an accredited Investor (AI) seem to be important in the US but as we learned do not necessarily apply for Europe. We heard here that Norway seem at least to be an exception and the rules seem to be either not really defined or up to how the bank defines them.
I also learned in another thread that the SEC who is in charge for the AI does not control them at all. That was a statement from someone who worked for the SEC previously. Its obviously more considered a liability rule that has been invested to make sure you cannot sue the private company because you invested in securities you have not been fully aware about the consequences with and wants your money back. However I count anyway that only AIs will be able to get private shares.
If that what I heard here is correct than I would understand that a company can defined this AI rules themselves (for EU) and you as an investor has the responsibility to inform yourself and understand what risk you take with that specific private company.. If you loose your money well..... you did sign the AI part and the private company has no liability because you claim to be an informed, experienced investor.
If your question is more generic about finding the right Bank than I can say what has been important to me and that likely will be different for yourself. BNP convinced me when I asked them why I should switch to them. They had a good convincing answer. People are knowledgable and if they don't know they say and don't pretend something but they find someone in the bank you knows profoundly, Online features & functions are good, they are quick, good support, okay with costs, many investment vehicles and instruments I use, good understanding and tools around option ect.. Sure I can also find something to complain but that are all minor ones.
Did not talk to Schwab or IB therefore certainly not an expert ..... for me PNB works just well.
