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Update to Terms and Conditions - 8 July 2016 - Reduction in Settlement Period

Because the JSE have reduced their settlement periods, effective on Monday the 11th of July 2016, we are reducing ours, which will mean that you can get access to funds from the sale of your Securities and your purchased whole Securities delivered to you even quicker than before.


Please read the formal communication below. 



FORMAL COMMUNICATION


Please be aware that in line with the amendments to the Johannesburg Stock Exchange (“JSE”) Listing Requirements, which applies to the reduction of the number of business days within which the transactions must be settled, Satrix Managers (RF) (Pty) Ltd (Satrix) have applied the reduced settlement period in the following manner: 


1. We have reduced the number of days within which the profit or income from the sale of your Securities will be settled, from 10 (ten) business days to 5 (five) business days. 

2. The period within which the whole Securities which are successfully cleared and settled by the CSD and the Recognised Exchange will be delivered to you, has been reduced to 8 (eight) business days.


The effective date for these changes is Monday, the 11th of July 2016. The last day of application of the ten (10) business day settlement is Friday, 8 July 2016.


Terms and Conditions

We have amended clauses 10.4 and 10.8 of the Terms and Conditions to incorporate the new settlement periods.


To view the full Terms and Conditions please click HERE.

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Satrix Managers (RF) (Pty) Ltd (Satrix) a registered and approved Manager in Collective Investment Schemes in Securities and an authorised financial services provider in terms of the FAIS. Collective investment schemes are generally medium- to long-term investments. Unit Trusts and ETFs the investor essentially owns a “proportionate share” (in proportion to the participatory interest held in the fund) of the underlying investments held by the fund. With Unit Trusts, the investor holds participatory units issued by the fund while in the case of an ETF, the participatory interest, while issued by the fund, comprises a listed security traded on the stock exchange.

ETFs are index tracking funds, registered as a Collective Investment and can be traded by any stockbroker on the stock exchange or via Investment Plans and online trading platforms. ETFs may incur additional costs due to it being listed on the JSE. Past performance is not necessarily a guide to future performance and the value of investments / units may go up or down. A schedule of fees and charges, and maximum commissions are available on the Minimum Disclosure Document or upon request from the Manager. Collective investments are traded at ruling prices and can engage in borrowing and scrip lending. Should the respective portfolio engage in scrip lending, the utility percentage and related counterparties can be viewed on the ETF Minimum Disclosure Document. The Manager does not provide any guarantee either with respect to the capital or the return of a portfolio. The index, the applicable tracking error and the portfolio performance relative to the index can be viewed on the ETF Minimum Disclosure Document and or on the Satrix website.

Performance is based on NAV to NAV calculations of the portfolio. Individual performance may differ to that of the portfolio as a result of initial fees, actual investment date, dividend withholding tax and income reinvestment date. The reinvestment of income is calculated based on actual distributed amount and factors such as payment date and reinvestment date must be considered.

*Note exchange prices are delayed in accordance with regional exchange rules.South African prices are delayed by 15 minutes; North American prices are delayed by 15 minutes.