Summary of Amendments to SatrixNOW Terms and Conditions
1. Our SatrixNOW Terms and Conditions (“the Agreement”) have been amended. This notice contains a summary of the latest changes to the Agreement.
2. The definitions used in the explanations of the material amendments below are the same definitions used in the Agreement.
3. The changes were done mainly to provide for the addition of Unit Trusts to the platform. We added definitions of “ETF” and “ETF Security” so that it is clear when we refer to the exchange traded securities in the Agreement as opposed to the unlisted collective investment schemes, which are referred to as “Unit” or “Unit Trust”. Some provisions of the Agreement have now been qualified as only pertaining to Unit Trusts or ETFs.
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4. Material amendments made to the Contract: Pertaining to the addition of Unit Trusts
4.1. Clause 1.3 has been amended to clarify that Satrix acts as principal for the issue of Units to you and as agent for the issue of Whole Securities (ETF’s).
4.2. Clause 1.6 has been amended to clarify to which extent the Collective Investment Schemes Control Act, 2002 applies to the Agreement.
4.3. Clause 4.2 has been amended to include your acknowledgement that you have read and understood the content of the Minimum Disclosure Documents and that you acknowledge the risk profile of your Investment.
4.4. Clause 4.3 has been amended to clarify that investment in Unit Trust is also subject to the deed of the Satrix Unit Trust Scheme such that your Application Form, the Agreement and the deed constitute the entire agreement between Satrix and you as it pertains to Units.
4.5. Clause 9 (Telephone Orders) has been amended to clarify that Telephone Orders are not applicable to Unit Trusts and that we will therefore not accept Telephone Orders in respect of Unit Trusts.
4.6. Clause 10 (Purchases and Sales) have been amended to clarify that the clause only applies to ETFs and that the process for Units is set out in Annexure E.
4.7. Clause 11 (Treatment of Fractional Security Rights) has been amended to clarify that Fractional Security Rights only applies to ETFs.
4.8. Clause 12 (Quotations and Execution Price) has been amended to add provisions pertaining to the Execution Price of Units.
4.9. Clause 13.5 (Execution of Recurring Investments) has been amended to clarify that the Execution Price of a Recurring Investment in Units will always be the prevailing net asset value price for the Business Day that the Recurring Investment is processed.
4.10. Clause 13.8 has been updated to clarify that Recurring Investment Fees, Debit Order Fees and Debit Order Failure Charges are only applicable to Investments in ETF Securities.
4.11. Clause 18.7 has been added to the Agreement to specify that Units are registered in the name of the investor as per the deed of the Satrix Unit Trust Scheme.
4.12. Clause 37 (Manifest Error (including Pricing Data Errors and Corrections made by Exchanges)) has been amended to clarify that it only pertains to ETFs.
4.13. Clause 42 has been amended to provide that the Agreement, read together with the deed of the Collective Investment Schemes, forms the whole agreement between the Parties.
4.14. Annexure E (Unit Trading Procedures and Disclosures) has been added to the Contract.
5. Other material amendments
5.1. Clause 2.1(8) has been amended to provide that the Application Form means an electronic application forms completed on the SatrixNOW platform.
5.2. The term “Free Money” has been replaced with “Available Funds” and updated throughout the Agreement.
5.3. Clause 3.4(c) has been amended to include that you are undertake to notify us as quickly as you reasonably can throughout the duration of the Agreement, that your personal information has changed.
5.4. Clause 5.3 has been updated due to FICA requirements in terms of which we may need to apply ongoing measures to monitor the transactions in your Account and request additional information where necessary. In terms of the Prevention of Organised Crime Act, 1998 you also have to confirm the source of funds used for an Investment and provide additional information where needed.
5.5. Clause 20.2 has been amended to incorporate the new CSDP whereby Computershare was replaced with Société Générale, Johannesburg Branch.
5.6. Certain other definitional, typographical and clarificatory amendments have been made, although these constitute minor adjustments.
6.1. Having regard to the abovementioned changes, we wish to inform you that the new SatrixNOW Terms and Conditions (New Agreement) will take effect 10 (ten) Business Days after the date on which they are delivered to you and/or published on the Website (24 November 2017) and that, after the effective date, our relationship and your Investments will be governed by this New Agreement.
6.2. If you are not in agreement with the New Agreement, you can contact us by sending an email to email@example.com on or before 8 December 2017.
6.3. If you do not give notice to cancel the current Agreement and close your Account on or before 8 December 2017, then you are deemed to have accepted the New Agreement and if you continue to engage in any trading using the SatrixNOW platform after the effective date you agree to be bound by the terms and conditions of the New Agreement.
6.4. Please feel free to contact us if you have any queries.