|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
 |
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. 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 Nomination Form (if any). Where written instructions are subsequently received which differ from the oral/telephone instructions previously given, we will carry out the written instructions as and from the date of their receipt, and we will have no liability for any losses, actions or other liabilities from theor oral/telephone 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 Money 17.1) 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 the Nomination Form . Safe Custody Agreements :(Financial Regulator, Client Money 16.1 & 16.2 ) 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 Form (on the client 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 Money 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 . (Financial Regulator, Client Money 3.2 ) 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 Money 5.1 ) 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 Money 3.6 (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 Money 3.6 (b) ) 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 Money 18) • 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 Money16 & 17) We are required to obtain your written instruction if you wish to register your investment instruments in either this firm's nominee company (SC1) or in the name of an eligible custodian or third party (SC2). 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. All 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 rules. 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 Money S52 Account. (Financial Regulator, Client Money 2.4 ) 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 Money 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 . Statutory – nominee & safe custody facilities Our nominee facilities and safe custody of client investment instruments are operated in accordance with the statutory requirements imposed by the Financial Regulator ( Ireland ) under Section 52 of the Stock Exchange Act, 1995. http://www.irishstatutebook.ie/ZZA9Y1995.html 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 http://www.finance.gov.ie/viewdoc.asp?fn=/documents/news/1998/may/mcc237.htm
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 our Form SC2 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 . ( http://www.irs.gov/pub/irs-pdf/fw8ben.pdf ), or on our website www.camocon.ie . Other issues ?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. We are active members of the Association of Private Client Investment Managers and Stockbrokers. This association aims to represent stockbroking firms who specialise in providing services for private investors. By extension, the association looks after the best interests of our clients. 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. Please click here for the Client Registration Form for completion
We look forward to doing business for you.
|
|
 |
|
 |
© 2003 Campbell O'Connor |  |
Disclaimer |  |
|
 |
 |
 |
|
||
 |
|
