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When dealing in shares not dealt on the Irish or London Stock Exchanges, you will also have to pay an agent's commission fee; Our agent's commissions are approximately .5%, subject to a US$50 minimum commission, on top of our normal commission, per deal to cover their dealing and initial safe custody fees. We issue our contract notes for agent trades on a net basis to include these commissions. The gross prices are available on request. - 2. STAMP DUTY : There is a 1% Stamp Duty on the purchase of Irish Registered Shares or a 0.5% Stamp Duty on the purchase of UK Registered Shares. - 3. PTM Levy There is a small levy of €1 .27 on Irish stocks over €10,000 in value Or £1 on Sterling stocks over £10,000 in value To fund the Takeover Panel in both countries.
Regarding hours of business?Our hours of business are 8:00 to 17:00 Monday to Friday when the Irish Stock Exchange is open for business. In the event that the London Stock Market is open on an Irish Bank Holiday, we will offer dealing services only on that day.
Regarding our Best Execution Policy?Campbell O’Connor & Co. Best Execution Policy From the 1st November 2007, and in accordance with the regulatory requirements set out by the Financial Regulator, we are required to provide you with information about the steps we are taking to obtain the best possible result when executing your order. These are set out in our "Best Execution Policy", a summary of which is shown below. This Best Execution Policy sets out the policy and methods used to execute client orders on the most favourable trading terms for the client pursuant to the provisions of Article 21 of the Markets in Financial Instruments Directive 2004/39/EC ("MiFID"). Under Article 21 MiFID, when executing orders on behalf of our clients, we are required to obtain the best possible result taking into account price, cost, speed, likelihood of execution and settlement size, nature or any other consideration relevant to the execution of a client order. All our clients are categorised as “Retail” clients for the purposes of MiFID. You may request classification as a professional client in which case a reduced level of protection onto the rules applies. However, it is our policy to afford all clients the highest level of protection therefore we reserve the right to not agree to such a request. Campbell O’Connor’s approach to Best Execution As a member of the Irish Stock Exchange (“ISE”) and London Stock Exchange ("LSE"), Campbell O’Connor & Co has "direct access to the trading platforms of the ISE & LSE, which are regulated investment exchanges ("RIE"). All transactions carried out by Campbell O’Connor & Co are traded and reported through the Irish Financial Regulator. As a member firm we have full access to the competing market with quotes available through the electronic order book of the Irish Stock Exchange and the order book of the London Stock Exchange and a number of Market Makers who carry out “retail” business. This enables us to trade electronically or by telephone directly with the market. The ISE & LSE data shows the best bid and offer on exchange in real time up to the market size. Campbell O’Connor & Co will endeavour to trade all client orders where possible on the above market places. We believe that by using the combination of the above market sources and/or by crossing orders in the market, we are able to achieve the best possible results when executing a buy or sell order for our clients. When executing transactions we will take a number of factors into account, including price, cost, speed, and likelihood of execution of your order. In determining the relative importance of these factors, we will use our own professional experience and judgments. Monitoring and Review Campbell O’Connor & Co will monitor the effectiveness of its order execution arrangements and Execution Policy to identify and, where appropriate, correct any deficiencies. Campbell O’Connor & Co will assess whether the execution venues included in the Execution Policy provide the best possible result for you or whether we need to make any changes to our execution arrangements. We will review our order execution arrangements and Execution Policy at least annually or whenever a material change occurs that affects our ability to obtain the best result for the execution of your orders on a consistent basis using the venues in our Execution Policy. We will notify clients of any material changes to our execution arrangements by way of announcement on our website www.camocon.ie. What do I need to know AFTER dealing with Campbell O'Connor & Co?Regarding the settlement of a transaction ?All contracts bear a settlement date. Purchase settlements should allow for cleared funds to reach our account by the intended settlement date shown on your contract note. In the event of late payment, interest may be charged on the outstanding amount. We suggest that funds in your account when giving the instruction to deal is the best way of ensuring clean settlement. Note: Credit Card, Cash or Third Party cheques will not be accepted as a means of settling an account. Sale settlements take place on the intended settlement date, provided that we have received good delivery of stock, on a timely basis from you. We will dispatch a cheque to you on settlement day. In the event of late delivery, CREST (the name given to the Settlement System), automatically fines brokers for the late settlement of trades. These fines will be passed onto clients – the rates are displayed on the Charges schedule on our website. We will pay clients when their trade settles through CREST or the relevant settlement system. Tell me about the Regulatory issues ?Instructions:We will act on instructions where we reasonably believe these to be given by you or the person(s) listed on your Registration Form (if any). Where modified instructions are subsequently received which differ from the initial instructions previously given, we will carry out the modified instructions unless previously executed as and from the date of their receipt, and we will have no liability for any losses, actions or other liabilities from the inital instructions. Our records with respect to the content of any instructions will be binding and conclusive. All phone calls are recorded in and out of our office. Registration and Recording of Registrable and Non Registrable Investment Instruments. (Financial Regulator, Client Asset Requirements 6.4) We are required to arrange the registration, where applicable, of all securities or unit trusts arranged through us and we will, in the absence of instructions to the contrary, register them (except for bearer stocks) in your name or your Crest PMA account, or, subject to your agreement, in a safe custody account operated in accordance with the requirements of the Financial Regulator provided the necessary forms have been completed. Alternatively, you may instruct registration in the name of another party and must advise us of that party's name when placing your order. In the event of such nomination please provide below the name(s) of the nominee(s) on Section B of the Registration Form. Safe Custody Agreements :(Financial Regulator, Client Asset Requirements 6.3.1 & 6.3.2 ) We are required to obtain your prior written consent for the safe keeping of assets and the arrangements for the giving and receiving of instructions and as such we may only take instructions from you unless you wish to nominate another person(s). In the event of such nomination, please provide details on the Nomination Section of the Registration Form, of the person(s) authorised to give instructions on your behalf. Should a lien be granted to a third party, a new Nomination From must be submited to us. Please notify us of any limitations which may apply to such instructions. Written and oral instructions will only be accepted from the above mentioned person(s) and unless otherwise notified by you, we will assume that written instructions signed by the person(s) listed above are valid. (Financial Regulator, Client Asset Requirements 4.3.1 ) We require your written consent before assets are passed to relevant parties or eligible custodians outside Ireland , as in the event of default, client assets may be treated differently from the position which would apply if the assets were held in Ireland. Form SC1 fulfills this requirement. (Financial Regulator, Client Asset Requirements 4.3.3 ) While the firm is obliged to ensure that the relevant party or eligible custodian selected to hold client assets is reputable, the firms accepts no liability in the event of a default of one or more of the parties concerned. The custodian may hold your assets in pooled accounts rather than in separately designated accounts. This means that your assets may be held in an account with other client's assets. However custodians who operate pooled accounts are required to maintain detailed records of the assets held and are required to send a statement of holdings monthly to this firm which is then reconciled against our records. (Financial Regulator, Client Asset Requirement 4.5 ) We are required to reconcile with these accounts at least once a month . Where it is necessary to hold your investments outside of Ireland we are obliged to inform you of the following; • (Financial Regulator, Client Asset Requirements 4.3.9(a) ) That the legal regime applying to the relevant party or eligible custodian with whom assets are held may be different to that of Ireland and that in the event of a default client assets may be treated differently from the position which would apply if the assets were held with a relevant party or eligible custodian in Ireland. (Financial Regulator, Client Asset Requirements 4.3.9(c) ) That the regulatory regime applying to the relevant party or eligible custodian with whom the client asset account is held may be different to that of Ireland . Custodian Agreements (Financial Regulator, Client Asset Requirements 6.5) • Please note that certain investments may not be held directly by us but by one or more third parties (including clearing systems and overseas agents) such as banks. We operate these accounts under the Financial Regulator's rules. • Whilst we take a lot of care appointing our agents, we will not accept liability in the event of a default of one or more of the parties concerned, or their inability to carry out our instruction to them. Registration and Recording of Registrable and Non Registrable Investment Instruments in our Nominee Account or with our Custodians.(Financial Regulator, Client Asset Requirements 6.3 & 6.4) We are required to obtain your written instruction if you wish to register your investment instruments in either this firm's nominee company (Form SC1) or in the name of an eligible custodian or third party (Form SC1). Our nominee company and safe custody accounts are operated under the regulations set out by The Financial Regulator of Ireland. Registration All stock will be registered in a company called Ashdale Investment Trust Services Ltd, who's directors are the partners of this firm, with a unique sub account identification. We retain legal ownership of your stock in order to administer your account, but not the beneficial ownership. Dividends, interest payments Any dividends or interest payments paid to shareholders by the company are automatically credited to the underlying owners. Voting rights Voting rights will not be exercised unless you so instruct. All other rights We will endeavour to contact you in a timely manner where decisions are required for, all other rights, including conversion rights, capital reorganisations, and takeovers. However, in the event that we cannot contact you, we will exercise the right that produces a cash alternative. Subscription rights will not be taken up, unless we are instructed to do so. If we take up shares on your behalf you are required to have funds in place two days prior to payment day. Company correspondence will not be sent to you by this office. Money held on your behalfAll monies held on your behalf are held in a bank account separately designated from this firm's funds as required under The Financial Regulator's Client Asset Requirements. This effectively segregates client funds from those of the firm. Your funds are held in an account with the funds of one or more clients known as a “ pooled client account ” and is specifically designated as a Client Asset Account. (Financial Regulator, Client Asset Requirements 4.2.5) ) Under the Client Money rules we are obliged to maintain underlying records detailing the breakdown of clients whose funds are held in pooled accounts. (Financial Regulator, Client Asset Requirements 4.5.1) ) We are obliged to reconcile our records of client funds held in pooled accounts against actual funds held on a daily basis. While this firm is obliged to ensure that the financial institutions selected to hold client funds are reputable, this firm accepts no liability in the event of a default by one or more of the financial institutions concerned. At present we hold client funds with the following financial institutions, Bank of Ireland, Anglo Irish Bank and Credit Suisse, BMO Nesbitt Burns or their agents. Where your funds are denominated in a currency other than in Euro the account we open may be outside of Ireland . Where this is the case we are obliged to inform you of the following • That the legal regime applying to the financial institution with whom the funds are held may be different to that of Ireland and that in the event of a default of such an institution those assets may be treated differently from the position which would apply if the assets were held in a financial institution in Ireland • That the regulatory regime applying to the financial institution with whom the client account is held may be different to that of Ireland . Investor's Compensation FundIn accordance with the provisions of the Investor Compensation Act 1998, Campbell O'Connor & Co is a party to the Investor Compensation Fund administered by the Investor Compensation Company Ltd. The Act provides for compensation of up to ECU 20,000 or 90% of an eligible investor's net loss, whichever is the lesser. Investor Compensation Bill 1998 Dividend Withholding Tax (DWT) will be deducted on all dividend payments, unless a DWT exemption has been sought and registered with the relevant company. Encashment Tax – there is an onus on us to deduct this tax at the standard rate on all foreign dividends and interest payments. Exemption from this tax may be sought by you, from the Revenue Commissioners, if applicable to your circumstances. In order to deal in US stocks you must sign Form SC1 which allows for stock to be held outside of Ireland . Stock will be held by our agents at all times. In addition, you must sign a W8-BEN form to allow non Americans to hold US stock. This form is available on the US IRS website , or on our website. Other issues ?Conflicts of Interest Policy:The firm maintains a Conflicts of Interest Policy, details of which are available from our office in hardcopy format. Foreign Exchange Policy:In the event of cross currency trades, the following will apply, unless previously agreed; USD & CND will be bought or sold by us on the day following trade execution, GBP will be bought or sold by us on the intended settlement date or actual settlement date, unless the contract is to be issued in Euro, whereupon the rate on the day of issue will apply. Stocks quoted in other currencies will be dealt converted to Euro, GBP, or USD as requested. If specifically asked to do so, we will retain a settlement in the Sterling , US Dollars, Canadian Dollars, or Euro. Interest on cash balances:We do not pay interest on credit balances held in your account. Stock Situations: – Where stock is in the course of settlement;Dividends, interest payments Any dividends or interest payments paid to shareholders by the company are automatically credited to the underlying owners. Any dividends due to the market on a transaction will be accordingly debited to your account. Voting rights Voting rights if applicable will not be exercised unless you so instruct. All other rights We will endeavour to contact you in a timely manner where decisions are required for corporate actions, all other rights, including conversion rights, capital reorganisations, and takeovers. However, in the event that we cannot contact you, we will exercise the right that produces a cash alternative. Mark et practices may protect you in certain circumstances, and these we have to automatically accept. Subscription rights will not be taken up, unless we are instructed to do so, and funds are in place two days prior to payment day. Postal service:• All correspondence from our office is sent by normal postal service. • We send bearer stock to our agents by Registered Post. • If specifically requested to do so, we will arrange a courier service, but at your expense. • We accept no responsibility for the safe delivery of postal or courier services. Warrants:We may deal warrants for clients, but as they are a riskier type of investment, we require that a Warrant and Options Agreement form be signed in order for this account to become operative . Client Default:In the event of default on settlement, we retain the right to close the bargains opened on your behalf, and to pursue for any loss incurred by ourselves. In the event of dispute these Terms of Business shall be interpreted under the laws of the Republic of Ireland . NEW ACCOUNTS –An “Execution Only” account requires An “Advisory” account requires 1. Money Laundering• For a Personal Account All clients are required to comply with the Criminal Justice Act 1994. Under this Act we are obliged to request from you (One item from the A list and two items from the B list):-
Certification of documents can be carried out by A member of the Garda Siochana, Cash in advance of dealing is required for your account by way of a cheque drawn on your personal bank account. • For a Company account• Money laundering information is required for at least two directors of the company, as for personal accounts above. • A certified copy of the Memorandum and Articles of Association of the company should be supplied to us so that these can be given to the Company's Registrar who will ask for them before registering stock into the Company name. • A Mandate authorising selected directors to transmit deals on behalf of the company should be supplied. • For a Probate account / Trustee account (including Club accounts) • An original copy of Probate or Trust deed should be sent to us. • Money Laundering information is required for at least two executors / trustees, but preferably all beneficiaries, as for personal accounts above. • A Mandate authorising selected executors / trustees to transmit deals on behalf of the deceased estate / trust. 2. Client Registration Details (All Clients must complete)Please click here for the Client Registration Form for completion3. Know Your Client Information (Advisory Clients must complete)Please click here for the Know Your Client Form for completion
Information about the Nature & Risks of Financial InstrumentsThis information is provided to you in accordance with the requirements of MiFID Regulation 84. This information does not disclose all the risks and vital characteristics of financial instruments which you may trade, however it is designed to give you an understanding of the major risks and characteristics in sufficient detail to enable you to make informed investment decisions. You should not deal in financial instruments unless you are aware of the transactions you are entering into and you should understand the extent of your exposure to potential loss. The value of financial instruments may go up or down. When investing in financial instruments there is a risk that you may lose some or all of your original investment. You should consider whether investing in financial instruments is suitable for you in light of your individual circumstances and taking account of your investment objectives and financial position. In deciding whether certain financial instruments are suitable investments the following information describing the nature and risks of such instruments should be carefully considered: Non-complex financial instruments Shares / Equities Owning shares in a company provides an opportunity to share in a company’s profit and performance, in the form of dividends and capital growth. Individual shares and stock markets can be volatile, especially in the short-term. Some shares are likely to be more volatile than others. This will be based, among other things, on the nature and size of the company and the liquidity / price of the stock. Potential investors should be familiar with any company they plan to invest in. Share portfolios are at a greater risk of significant loss if there is a lack of diversity (an over reliance on stocks in one particular company / industry sector / country). Other than the cost of acquiring shares you will not be subject to any margin requirements or financial commitments / liabilities. However, as the value of shares may go up or down, when investing in shares there is a risk that you may lose some or all of your original investment. ETFs Exchange Traded Funds (ETFs) are investment products that provide investors with an opportunity to invest in a diversified basket of shares through one investment instrument. An ETF will generally track the shares of companies that are included in a selected market index, investing in either all of the shares or a representative sample of the shares of the selected index. The performance of an ETF is likely to be reflective of the performance of the index upon which the ETF is based. ETFs are more liquid than normal funds and can be traded in the same way as any normal share. Like shares, ETFs can be subject to volatility, especially in the short term. Some ETFs are likely to be more volatile than others. This will be based, among other things, on the nature and size of the underlying companies and the liquidity / price of the underlying stocks. Potential investors should be familiar with the nature of the underlying companies of any ETF they plan to invest in. Other than the cost of acquiring ETFs, you will not be subject to any margin requirements or financial commitments / liabilities. However, as the value of ETFs may go up or down, when investing in ETFs there is a risk that you may lose some or all of your original investment. Bonds A bond is a debt instrument in which the issuer promises to pay to the bondholder principal and interest according to the terms and conditions of the particular bond. Although not to the same extent as shares, bonds can be subject to significant price shifts. Bonds can also be subject to default and the non payment of interest and / or principal by the lender. As with shares some bonds are considered to be safer than others. In general, Government Bonds are considered to be subject to less risk than Corporate Bonds. Bond ratings give an indication of an issuer's probability of defaulting, based on an analysis of the issuer's financial condition and profit potential. Other than the cost of acquiring Bonds, you will not be subject to any margin requirements or financial commitments / liabilities. However, as the value of Bonds may go up or down, when investing in Bonds there is a risk that you may lose some or all of your original investment. General risks in relation to financial products Market Availability Market conditions (e.g. illiquidity) and/or the operation of the rules of certain markets may increase the risk of loss by making it difficult or impossible to effect transactions. Transactions in Other Jurisdictions Transactions on markets in other jurisdictions, including markets formally linked to a domestic market, may expose you to additional risk. Such markets may be subject to regulation which may offer different or diminished investor protection. Before you trade you should enquire about any rules relevant to your particular transactions. Your local regulatory authority will be unable to compel the enforcement of the rules of regulatory authorities or markets in other jurisdictions where your transactions have been effected. You should ask for details about the types of redress available in both your home jurisdiction and other relevant jurisdictions before you start to trade. Currency Risks The profit or loss for transactions in foreign currency-denominated contracts (whether they are traded in your own or another jurisdiction) will be affected by fluctuations in currency rates where there is a need to convert from the currency denomination of the contract to another currency. Trading Facilities
Most open-outcry and electronic trading facilities are supported by computer based component systems for the order-routing execution, matching, registration or clearing of trades. As with all facilities and systems, they are vulnerable to temporary disruption or failure. Your ability to recover certain losses may be subject to limits on liability imposed by the system provider, the market, the clearing house and/or member firms. Such limits may vary.
Electronic Trading Trading on an electronic trading system may differ not only from trading in an open-outcry market but also from trading on other electronic trading systems. If you undertake transactions on an electronic trading system, you will be exposed to risks associated with the system including the failure of hardware and software. The result of any system failure may be that your order is either not executed according to your instructions or is not executed at all. Off-Exchange Transactions In some jurisdictions, and only then in restricted circumstances, firms are permitted to effect off-exchange transactions. The firm with which you deal may be acting as your counterparty to the transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, to determine a fair price or to assess the exposure to risk. For these reasons, these transactions may involve increased risks. Off-exchange transactions may be less regulated or subject to a separate regulatory regime. Before you undertake such transactions, you should familiarise yourself with applicable rules and attendant risks. Foreign Markets Foreign markets will involve different risks to Irish markets. In some cases, the risks will be greater. On request, we will provide an explanation of protections which will operate in any relevant foreign markets, including the extent to which we will accept liability for any default of a foreign broker through whom we deal. The potential for profit or loss from transactions on foreign markets or in foreign denominated contracts will be affected by fluctuations in foreign exchange rates. Complex financial instruments The following information does not disclose all the risks and features of trading in derivative products such as warrants, futures and options. The price of derivatives products, are directly dependent upon the value of one or more investment instruments. Volatility in these underlying instruments may have a profound effect on the value of such derivative products. Trading in derivatives is not suitable for many retail clients. You should not deal in derivatives unless you understand the nature of the transactions you are entering into and the extent of your exposure to risk and potential loss. You should carefully consider, and if necessary, seek professional advice to determine whether trading is appropriate for you in the light of your experience, objectives, financial resources and other relevant circumstances. Different instruments involve different levels of exposure to risk, and in deciding whether to trade in such instruments you should be aware of the following information: Warrants A warrant is a time limited right to subscribe for shares, debentures, loan stock or government securities, and is exercisable against the issuer of the securities. Warrants often involve a high degree of gearing, meaning that a small movement in the price of the underlying asset, whether favourable or adverse, could result in a larger movement in the price of the covered warrant. The price of a warrant may therefore be volatile. You should be aware that if a warrant does not perform as expected you could lose the whole of your investment plus any commission or transaction charges. Covered warrants have similar characteristics to an option and they give the investor the right but not the obligation to buy (in the case of a call warrant) or to sell (in the case of a put warrant) an underlying asset at a predetermined price (known as the strike or exercise price) on or before a predetermined date (known as the expiry or exercise date). The cost of a warrant is the premium plus transaction costs. A covered warrant which has no leverage is often referred to as a certificate. You should be aware that if a covered warrant does not perform as expected you could lose the whole of your investment. Investors can be subject to large / potentially unlimited liability depending on the type of warrant transaction they enter into. This may require the investor to make margin payments. We look forward to doing business for you.
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