Ah thats a misread on my part from lack of sleep. I didnāt know IB donāt do ISA accounts.
Ah so that clears that up if T212 are doing it themselves.
Sounds like someone could create a central authority and flog that API to brokers. 
Yeah, imagine if some enterprising monkey with 22 years of brokerage experience (so knew the pain that ISA management can be) made such a thingā¦
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Absolutely diabolical. Not even an email notification. If I didnāt come on this forum, I would never have known that these ADRās were being removed.
The FCA needs to hear about this.
I agree with the sentiment and the anger. But Iād imagine the reason for the sudden deadline and removal of ISA ineligible assets is due to the 30 day rule. That gives ISA managers 30 days to remove the offending asset āonce identifiedā. I suspect therefore T212 āidentifiedā these 29 days ago, panicked, got compliance involved and started looking at their best options from an operational and also PR perspective! Soā¦ what Iām sayingā¦ is I āthinkā theyāve done everything by the book. Thatās not to say theyāve been nice, forthcoming with info or given clients adequate time to make alternative arrangementsā¦ but they have abided by the regulations. So I fear there is little anyone can do in this situation. 
Theyāve breached the FCAās TCF rules for a startā¦
After a rigorous compliance check, weāve found 90 stocks that have been available to ISA accounts but are not ISA-compliant.
Weāre required by HMRC to close all ISA account positions with these securities, as they shouldnāt have existed in the first place.
Yesterday, a small number of clients holding 17 of these securities in Autoinvest were informed of this & were asked to close their positions during todayās session. Weāre very sorry about the short notice but due to technical complications with pies, these positions had to be corrected quickly.
Everyone else holding either one of the 90 affected stocks will also be required to close their positions but the period will be extended to Tuesday, the 1st of September, 14:30 GMT+1. Unfortunately, we have to do this as quickly as we can. All ISA customers holding non-eligible positions will be notified by the end of day.
If a position is not closed within the specified timeframe, weāll have to close it manually. We are not able to transfer the positions to Invest accounts (although you can of course re-invest if you want). We regret that we wonāt be refunding any losses, just as we wonāt seize any profits.
Weāve taken the necessary steps to make sure this doesnāt happen again.
Full list of the affected securities:
- Amarin Corporation
- Anpac Biomedical Science
- Agora
- Ascendis Pharma
- Autohome Inc
- Avadel Pharmaceuticals
- Best Inc.
- Baidu
- Bilibili
- Burning Rock Biotech Ltd
- Banco Santander Mexico
- Cia De Minas Buenaventur
- Baozun
- Canaan
- Chunghwa Telecom Ltd
- Criteo SA
- Dada Nexus Ltd
- Endava Plc
- Douyu International Hold
- New Oriental Education
- Enel Americas
- Enel Chile
- Fanhua
- Foresight Autonomous
- Futu Holdings
- Greentree Hospitality Gr
- Gravity Co Ltdsponsored
- Gsx Techedu
- Genetron Holdings
- Gw Pharmaceuticals
- Hdfc Bank Ltd
- Himax Technologies
- Huya
- I-Mab
- Chipmos Technologies
- Iqiyi
- Jdcom
- Jiayin Group
- 9f Inc.
- Jinkosolar Holding Co
- Jumia Technologies
- Kitov Pharma Ltd
- Lizhi Inc
- Luckin Coffee Inc
- Latam Airlines Group
- Lexinfintech Holdings
- Mogu Inc
- Momo Inc
- Materialise NV
- Puxin Ltd
- Nice Ltd
- Nio Inc
- Niu Technologies
- Netease Inc
- Oneconnect Financial Techno
- Onesmart International
- Opera Ltd
- Orchard Therapeutics Plc
- Pinduoduo Inc
- Pintec Technology Holdings L
- Qudian Inc
- 360 Finance Inc
- Qiwi Plc
- Qutoutiao Inc
- Redhill Biopharma Ltd
- Ruhnn Holding Ltd
- Sea Ltd
- Silicon Motion Technol
- Sogou Inc
- Tal Education Group
- Tripcom Group Ltd
- Teva Pharmaceutical
- Talend
- Tencent Music Entertainment
- Trinity Biotech Plc
- Trivago NV
- Taiwan Semiconductor
- Ucloudlink Group
- United Microelectron
- Uxin Ltd
- Vipshop Holdings Ltd
- Weibo Corp
- Wipro Ltd
- Wns Holdings Ltd
- Wanda Sports Group Co Lt
- Xunlei Ltd
- Yunji Inc
- Zai Lab Ltd
- Zto Express Cayman Inc
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This is unacceptable to be honest
If I sell my position in NIO, for example, I stand to lose half of my shares if I re-buy at the current price for the amount I would be cashing out for. Are Trading212 going to compensate me to a degree that will enable me to re-enter my position at the same volume?
What happens to people who will lose money selling their positions? Will they be compensated?
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This is an enormous oversight with huge financial ramifications for many of us.
Why canāt T212 facilitate a transfer of the position from the ISA account into the Invest account? To sell off my position with such short notice and then buy back in at current price would be a huge financial loss.
How does T212 propose compensating this loss if a transfer of position canāt be made between accounts?
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Well I see if one has funds in invest account to reinvest positions that have to be take from ISA, he would remain net neutral, with chance of fractional profit/loss based on spread.
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I would hope your development team will be working day and night until the deadline to find a way to transfer our positions from the ISA to Invest.
That is the only palatable resolution.
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This is not a technical issue (as in the meaning of software/development)
It is a legal and fiscal issue. Your ISA held instruments which it cannot hold, so it is ābrokenā
There are two options your ISA will be completely voided or repaired.
If it is your(customer) fault than the ISA will be voided or āif it is the ISA managers fault (T212 in this case)ā there is a chance ISA manager can repair the ISA. And trust me repairing is neither an easy nor pleasant process.
In the lamest terms repairing involves (lets take NIO for example) pretending like you never bought NIO in the first place. but the monetary value of your monies intrinsically gained or lost.
So there is not a chance to ātransferā a share from place A to B, you never held or bought that share, because if you did buy that share in your ISA, your account is voided.
This is not the first time this happened, get used to it. Mistakes happen Iāve recently post this same thing happening on Interactive Investor for SEA Ltd.
edit: original post. Notice they did not even notice the problem. I did and warned them:
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Another technical nerd. I like it.
You are, of course, correct
ISA repair is what Iāve repeatedly said here
I used to love a good PEP/ISA repairā¦ it used to make compliance officer so excited!!!
I remember the switch over but never had a PEP.
Yep, Iāve ran maths over Interactives ISAā¦ mistakes everywhereā¦ seriously, sign up to the FinKi ISA API, peopleā¦ Their ISA eligibility criteria is ballsā¦ they need help too
Sums it up well. I am at a loss on a penny stock, which I was planning on holding. I know I could take the money and buy it again in Invest and it isnāt that different but it would be nice if T212 could at least cover the spread of people who wanted to do that.
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Yeah. Itās not the way I used to rectify my clients ISAs when a stock became ineligible. I think Iāve written about above 
But there are certainly more customer friendly ways to remedy this. 
ā¦
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how do you figure that o_O I doubt the buy/sell spread is 50%+
Apparently knowing anything about profits/returns, average price or any investing details is old school.
The less you know the better. NIO to the moon 
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If you are really going to lose half of your shares that means you made 100% profit so far, well done!
However, what matters is the value not the number.