Amendments to our Focus Terms and Conditions
April 2012
We would like to draw your attention to the following sections
which have been revised, deleted, or added as new in our Focus
Terms and Conditions. We recommend you read these revised sections
at your convenience.
| Existing condition (as of August 2011) |
Amended/new condition (as of April 2012) |
43. General Terms and Conditions - All investment
services
None
|
43. General Terms and Conditions - All
investment services
43.1.15. Where required by law, information about you
and/or your account may be disclosed without seeking your
approval.
|
| None |
43.5.6. We may deal on behalf of you in a UCITS fund.
It is a key regulatory requirement for you to obtain a Key Investor
Information Document (KIID) before an investment is made. The
primary responsibility for sourcing, reading and understanding the
investment product lies with you. If you are an existing investor
who invests in a different share/unit class of the same fund, you
are responsible for reading the up-to-date version of the fund and
share class specific KIIDs prior to placing a deal. |
|
43.14.1. We will collect and receive
all income, interest distributions and other payments in respect of
your investments and you authorise us to take any steps necessary
to do so. Where we also provide Discretionary Investment Management
Services we will allocate them to the same investment strategy. If
you are a US national or a non-US resident holding US investments,
we will endeavour to collect income under the appropriate reduced
rate of withholding tax provided that you complete any
documentation as may be required under the applicable regulations.
If this documentation is not fully completed and returned to us,
any income on your US securities will be taxed at the default
rate.
|
43.14.1. We will collect and
receive all income, interest distributions and other payments in
respect of your investments and you authorise us to take any steps
necessary to do so. Unless you request otherwise, income
will remain in the currency it is received. If you do not hold an
account for this currency you should make appropriate arrangements
to inform us in a timely manner which currency account the income
should be applied to. If no appropriate advice is received, income
will be credited to your account in your base currency.
Where we also provide Discretionary Investment Management Services
we will allocate them to the same investment strategy. If you are a
US national or a non-US resident holding US investments, we will
endeavour to collect income under the appropriate reduced rate of
withholding tax provided that you complete any documentation as may
be required under the applicable regulations. If this documentation
is not fully completed and returned to us, any income on your US
securities will be taxed at the default rate.
|
| None |
43.14.3. We are unable to
elect for withholding tax relief on securities incorporated outside
the US. Any income on your non-US securities will be taxed at the
default rate.
|
| None |
43.15.8. If you elect to
exercise, subscribe, buy or otherwise acquire new holdings in
relation to a corporate event, you are confirming you agree to the
terms and conditions of the event. By placing an instruction to
acquire new holdings you are accepting the legal obligation to
ensure you have sufficient funds to cover the associated costs.
Associated costs will automatically be debited from the currency
reported in the corporate event notification; if you do not hold an
account for this currency you should make appropriate arrangements
to inform us in a timely manner which currency account the
associated costs should be deducted from. If no appropriate advice
is received, payment of the associated costs will be deducted from
your account in your base currency.
|
| None |
43.21.2. UK tax resident/taxpaying investors - Some
offshore funds have been granted Reporting Fund Status by the UK HM
Revenue & Customs (HMRC). If you are a UK tax
resident/taxpaying investor you will need to declare the amount of
distributions which you received during the year on your UK tax
return. In addition to this, you will also be required to declare
your share of the excess of the funds reportable income over the
amounts actually distributed to you. HMRC rules require a report of
income to be made available to investors within six months of the
reporting period and you will be responsible for obtaining the
information from the reporting fund available via the Fund Manager
website. |