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Update to SatrixNOW Terms and Conditions - 3 Nov 2016 - Recurring Investment, Debit order functionality

Our new Recurring Investments functionality allows clients to give us an instruction to take funds from their bank account on a regular basis (monthly, quarterly, annually) and then invest those funds in a particular ETF of their choice.


And clients can set this up quickly and easily on the SatrixNOW platform.


Certain new functionality requires us to update our Terms and Conditions, so please consult the Summary of amendments to our SatrixNOW Terms and Conditions ( detailed below ), and the full Terms and Conditions if need be.



To view the full Terms and Conditions please click HERE.



 
Summary of amendments to SatrixNOW Terms and Conditions
1 Our SatrixNOW Terms and Conditions (the Contract) have been amended. This notice contains a summary of the material changes to the Contract to provide for the introduction of Recurring Investments and Debit Orders on the SatrixNOW Platform. 
2  The definitions used in the explanations of the material amendments below are the same definitions used in the Contract.


 
Material amendments made to the Contract
3 Recurring Investments and Debit Orders
3.1 The Contract has been amended by inserting a new clause 13 entitled "RECURRING INVESTMENTS AND DEBIT ORDERS", which sets out the terms and conditions applicable to Recurring Investments and Debit Orders. Under this new clause, you will be able set up a Recurring Investment which will enable you to purchase a pre-determined Rand value of Issuer Securities at multiple future dates, for example, monthly, quarterly or yearly on the SatrixNOW Platform.
3.2 You must ensure that you always have enough Free Money in your Account to pay for your Recurring Investments. You will be liable to pay for your Recurring Investments by means of a debit against the positive balance of the Free Money in your Account. You will also be able to set up a periodic Debit Order to pay an amount of money into your Account for any purpose in terms of the contract, including for purposes of paying for your Recurring Investments.
3.3 As a result of this new functionality we have had to amend certain definitions and add new definitions to clause 2.1 of the Contract, and update clause 8 (Account Types), clause 19 (Charges) and clause 23 (Payments) in order to cater for Recurring Investments and payments by means of Debit Order.
3.4 In addition, Clause 14.3 dealing with the removal of Issuer Securities from a Basket has been amended to provide you with the option to (either for a time period or indefinitely) block investments in certain Issuer Securities on the Settings Page. In doing so, the Issuer Securities which you have blocked will automatically be excluded from any Baskets which you may purchase in future.
3.5 An additional Recurring Investment Fee will be payable for each one of your Recurring Investment Orders in accordance with clause 13.8 of the amended Contract. If you set up a Debit Order, then an additional Debit Order Fee will be payable for the processing of each one of your Debit Orders in accordance with clause 13.8 of the amended contract. If you have elected to set up a Debit Order and your Debit Order fails for any reason, a Debit Order Failure Charge will be payable for each unsuccessful Debit Order in accordance with clause 13.8 of the amended contract.




4 Other amendments
4.1 Clause 2.1(6) has been added to include a definition of "Annual Debit Order Increase" so that you can understand that you may elect to increase your Debit Order amount yearly by a certain percentage.
4.2 Clause 2.1(7) has been added to include a definition of "Annual Recurring Investment Increase" so that you can understand that you may elect to increase your Recurring Investment Amount yearly by a certain percentage.
4.3 Clause 2.1(25) has been added to include a definition of "Debit Order Failure Charge" so that you can understand that you will be liable to pay a charge for each unsuccessful Debit Order, and how that fee will be disclosed to you.
4.4 Clause 2.1(26) has been added to include a definition of "Debit Order Fee" so that you can understand that you will be liable to pay a charge for each Debit Order, and how that fee will be disclosed to you.
4.5 Clause 2.1(32) has been added to include a definition of "Execution Queue" so that you can understand that your Recurring Investment Orders will be executed in a system generated random order and as a result, your Recurring Investment Order(s) may be delayed.
4.6 Clause 2.1(35) has been added to include a definition of "Free Money" so that you can understand what it means to have Free Money reflecting in your Account.
4.7 Clause 2.1(53) has been added to include a definition of "Pending Transactions" so that you can understand that once your Recurring Investment Order has been accepted and raised on the Platform, it may not for certain reasons, be immediately executed on the SatrixNOW Platform and could remain in the Execution Queue for a period of time.
4.8 Clause 2.1(58) has been added to include a definition of "Recurring Investment" so that you can understand what a Recurring Investment is in terms of clause 13 of the Contract.
4.9 Clause 2.1(59) has been added to include a definition of "Recurring Investment Amount" so that you can understand that you may select the amount which you intend to invest periodically in a Recurring Investment.
4.10 Clause 2.1(60) has been added to include a definition of "Recurring Investment Fee" so that you can understand that the Recurring Investment option is provided to you at a fee, and how that fee will be disclosed to you.




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.