Campbell O'Connor & Company is regulated by the Central Bank of Ireland.
Campbell O'Connor & Company is a member of the Irish and London Stock Exchanges.
Please read our Terms of Business and agree below to enter the site.
Please take time to read and understand this document as it forms the basis of your contractual relationship with us.
As stockbrokers, we are regulated by the Central Bank of Ireland, PO Box 559, Dame Street, Dublin 2, Tel: 01 224 6000 or on www.centralbank.ie. We are contributors to the Irish Investors Compensation Fund.
We sit in the middle (as agent) of a share transaction between the client and the market. We are obliged on a best endeavours basis to look after your best interests. Our job dealing for an “ Execution Only client ”, is to execute , settle , and if requested, to hold your stock.
To execute your transaction, we are required to have access to relevant stock markets. Membership of certain stock exchanges allows us to directly deal on those markets. Otherwise, we use appropriate agents. Currently we hold membership of the Irish and London Stock Exchanges, and use agents for European, US, and Canadian markets.
To settle your transaction, we must have the required systems in place to ensure that your transaction settles in the appropriate manner. Settlement involves a cash side and a stock side.
To hold your stock, if so requested, we have a nominee service, or safe custody service available .
To record all conversations, and hold other notices exchanged between us, in order that any misunderstanding between us can be fairly resolved under the MiFID rules.
In addition, for an “ Advisory Client ” ” we are required to,
Ensure that any advice given to you is suitable for your requirements based on your financial position, investment objective, and experience as regards the services requested, which you will give to us on your Know Your Client Form.
As an “ Execution Only client ” we require you to;
Be clear that “Execution Only” is the service you require, and understand that no advice will given to you with this type of account. You will make, and be responsible for all investment decisions.
Have delivered Money Laundering, Client Registration, and any other necessary forms to our office.
Give clear instructions to us as to what you want executed.
Be in a position to deliver cash or ” good title ” to securities (whichever is appropriate for the transaction).
As a new client we require cleared funds in advance of buying stock. Thereafter your cash account is expected to be in credit at all times by Settlement Day ,
In addition, for an “ Advisory Client ” ” we require you to,
Ensure that any change in circumstances as previously outlined to us is notified to us before you commence your next transaction.
Shares or securities can be held in certificated (materialised) or non certificated ( dematerialised) form.
Certificated (Materialised) – a certificate is issued by the company's registrar to confirm you are the legal and beneficial owner of a certain quantity of shares. Nowadays, a CREST Transfer or SDRN form is printed on the back of the certificate, and this must be signed by the shareholder when selling shares in order to allow the ownership of stock to transfer to the new owner.
Non certificated (Dematerialised) – stock is held either under the legal and beneficial ownership of the client (via a Crest Personal Member Account (PMA)), or beneficially held on behalf of the client (via a broker's nominee, or a third party safe custody institution).
CREST Personal Member Account (PMA)
Campbell O'Connor & Company offers clients the facility to hold their CREST eligible securities in a CREST Personal Member Account through Euroclear Crestco. Clients hold their stock in dematerialised electronic format in these accounts, as against holding stock in paper form. The benefits of such accounts are:
Your name appears on the company's share register.
The Legal & Beneficial ownership of securities is vested with you.
Direct receipt of Annual Reports and dividends to your registered address.
Direct receipt of corporate event information to your registered address.
Reduced settlement times for trades, increasing your flexibility when trading, and eliminating settlement fines.
No certificates to lose, thereby eliminating the costly and time wasting exercise of replacing lost certificates and the potential losses from late settlement.
An investor's rights arising from an electronic shareholding of Crest eligible securities are identical to the rights of a paper-based investor.
An investor's name will still appear on the company register of shareholders as proof of ownership.
An investor will still have a direct relationship with the company whose shares they hold, and they will continue to receive dividend payments, company annual reports and any shareholder perks directly from the company.
An investor does not have to hold all of their shares in CREST and can keep some holdings in certificated form if they prefer. They can readily convert shares back into certificated form from a Crest PMA if they so wish.
The charge for a Crest PMA is displayed on the Charges schedule on our website, www.camocon.ie
Application forms for a Crest PMA are available from our office, or online at www.camocon.ie
In order to use our Nominee Service you must complete and sign our Form SC1.
We operate a Designated Nominee Account service for clients. Each client has a unique designation within the Nominee Account. This service allows the directors of the Nominee Company to execute the transfer of shares in and out of the Nominee Account, on behalf of our clients. It saves clients the problem of having to sign and return transfers and having to organise the safecustody of share certificates. We charge per stock held under your designation per annum. We will confirm your holdings as per the safe custody regulations issued by the Central Bank of Ireland.
The legal ownership of the stock remains with the nominee company, but the beneficial ownership resides with the investor.
The charge for a Nominee service is displayed on the Charges schedule on our website www.camocon.ie
We will provide dealing services and safe custody in the following investments to you -
- shares in Irish or UK , Canadian, or US companies, and certain European stocks
- debenture stock, loan stock, bonds, notes, certificates of deposit, commercial paper or other debt instruments, including government, public agency, municipal and corporate issues.
- warrants to subscribe for investments falling within (i) or (ii)
- depository receipts or other types of instrument relating to investments falling within (i), (ii), or (iii) above, including Exchange Traded Funds (ETF's)
- unit trusts, mutual funds and similar schemes,
- Covered Warrants, and
- any other investment instruments at the discretion of the Directors
In respect of deals executed on your behalf, we act as an Agent. In very limited circumstances on small value trades we may enter into transactions with you as a principal and not act on your behalf as agent, in order that we can facilitate your trade. Your contract note will state the capacity in which we dealt.
All orders are dealt on a first come first served basis in order to ensure equal treatment.
The Directors reserve the right to apply dealing restrictions whenever appropriate.
Advisory accounts will only be opened if we have received a Know Your Client form from you. The information contained therein must be kept up to date at all times.
Our Client Registration form has a section called a “Nomination Section” whereby you can nominate who may issue instructions over your account.
Regarding the Types of orders to be given?
You may place two types of orders ;
You may instruct us to buy or sell at a given price – we will not buy above this price, or sell below this price. This is referred to as a “ limit order ”. Your order is entered into a queue for dealing. In the event that you decide to alter your order in any way, your order will be placed at the bottom of all other similar priced instructions already in the market.
You may instruct us to deal ” at market ” – we will deal immediately at the prevailing market price.
Company announcements ; Dealing in securities within 24 hours prior to, or after an announcement, from the company whose securities are to be dealt, is totally at your own risk, as new information from outside the market, may unduly influence the market price of the share.
Orders may be given to us by visitation , or by phone . These orders will be accepted immediately .
Orders may be transmitted by letter , fax , or e-mail, but will only be accepted upon being read at our office .
Orders are deemed valid for 90 days unless we are instructed otherwise.
You should quote your account number with us when placing an order.
Clearly state whether you wish to buy or sell, followed by the quantity and name of the stock you wish to deal.
Your telephone calls are recorded to protect all parties in the event of error. We deal with our clients in the English language.
International Stock Exchanges deal primarily on a Trade + 3 business days settlement cycle, referred to as (T + 3).
Depending on market conditions, there may be an alteration to the price for extended settlement.
In order to be able to meet your cash obligations for purchases on Settlement day, we require cleared funds in your account prior to Purchases being executed for normal settlement.
In order to meet your settlement obligations for certificated sales on Settlement day, we require a valid certificate together with a correctly signed Crest transfer form to be in our office whereupon we will deal T + 3.
Otherwise, we will deal extended settlement T + 10 days in order to facilitate timely settlement of your transaction.
A Complainant is defined as a client being dissatisfied with our handling of their instruction. The deliverance of this dissatisfaction may be in writing or orally.
In the event of you being dissatisfied with our handling of your instructions there is a complaints process in place internally within the firm. Correspondence should be addressed to the Compliance Officer, Campbell O'Connor & Company.
In the event that this does not prove satisfactory, your complaint should be addressed to;
The Financial Services Ombudsman, WWW.financialombudsman.ie. A standard complaint form is available on this website. The finding of the Financial Services Ombudsman is binding on the complainant and any other party to the complaint.
When we purchase your Shares, we will send you a contract note, setting out: Stock name, Quantity dealt, Stock price, Stamp duty, Commission, PTM levy, if applicable, Dealing date & time, and settlement date.
When you place an order to purchase shares, it is important to give the correct name and address that you want to appear on the share register as we cannot make changes after the settlement date. Company Registrars will charge a fee to make an alteration on a share register once it has been registered.
Share certificates: Company Registrars may take up to four weeks to issue share certificates if requested to do so. When we send you your share certificates, we also enclose a receipt, which must be signed by you, and returned to us. Share certificates should be kept in a safe place, as they will have to be surrendered when you finally sell the shares. If the certificates are lost, you will have to pay Insurance fees, Registrar fees and our fees to get a duplicate.
When we sell your Shares, we will send you a contract note, setting out: Stock name, Quantity dealt, Stock price, Commission,PTM levy, if applicable, Dealing date & time, Settlement date.
Registration details of the selling account.
When you are placing a certificated sale order through us, it is important that you clearly identify the owners of the shares, eg single or joint holding. For certificated sales, we need a Crest transfer form signed by the registered holders exactly as they are described on the Certificate. The transfer and corresponding Certificate must be in our office before we execute your certificated trade, for normal settlement. In the case of a company, the transfer form must be sealed, and signed by two directors, stating their capacity.
Certificated stock correctly delivered to our office, or stock held in our nominee account, a safe custody account, or a CREST PMA can be sold T + 2, otherwise we will deal T + 10 days.
We use third party systems for trading, settlement, communications and baning. We endeavour to select reliable partners at all times for these systems.
We shall not be held accountable for not acting on your instruction as a result of the failure of any third party.
The full details of all current charges are available on our website www.camocon.ie
The charges shown below reflect sample fee levels and may be subject to change .
-1. COMMISSION :
Commission is charged on a sliding scale on the gross consideration per contract, i.e. quantity of shares by price per share.
Our commission rates for equity trades are:
up to 12,500
Charged in the currency in which you deal
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 .25 on Irish stocks over €12,500 in value
Or £1 on Sterling stocks over £10,000 in value
To fund the Takeover Panel in both countries.
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.
Campbell O’Connor & Company. Best Execution Policy
Our Best Execution Policy sets out the policy and methods used to execute client orders pursuant to the provisions of Regulations 97, 98, 106 of the Markets in Financial Instruments Directive (MIFid).
Our approach to Best Execution
As members of the Irish & London Stock Exchanges we have direct market access to the dealing platforms of the Exchanges which are Regulated Investment Exchanges. This allows us to deal electronically or otherwise for our clients in their best interests. All our clients are treated as “retail” clients for MiFID purposes unless the client request a reclassification, however, it is our policy to afford all clients the highest level of protection and therefore reserve the right not to agree to such a request.The overarching objective is to achieve, on a consistent basis, the best possible result for our clients. To that end a Trading Policy, the selection of trading venues, the selection of Agents, and a Delivery Policy have been put in to best serve clients.
Our Trading policy is to obtain the best total consideration via the best possible price at a given time for our clients from the markets within which we operate. We take in to account, price, cost of trade, speed of execution, size of trade, liquidity, settlement days, likelihood of execution and settlement size, and any other considerations relevant to the execution of a client order.
Trading Venues & Regulated Agents
Campbell O’Connor & Company does not support unlimited trading venues. The Firm has direct market access to the Irish and London Stock Exchanges. Other markets are accesed via Agents who are highly reputable and have been vetted by the Firm.
Our Execution Strategy for classes of financial instruments is as follows for the following classes of financial instruments:
Equities, Bonds, Funds, Warrants, ETF's:
Irish & UK
via Direct Market Access (DMA) on ISE & LSE, or via Retail Service Provider (RSP)
via Agent, Bank of Montreal or via LSE for CREST CDI's
US & Canadian
via Agent, Bank of Montreal
via Agent, WH Ireland Plc
As Agreed with client, subject to settlement & custody requirements
The Agents above are regulated for Conducy of Business under thier own home state regulations. The Directors are of the view that the Client Asset Protection for financial instruments from these foreign regulated firms offer protection that match or exceed those available under our own regulations.
Ranking of Outcomes
The best outcome of Total Consideration for clients is the prime objective when dealing for clients.However there may well be exceptions to this rule. These would include size of trade, speed of execution, cost of trade, ability to fill an order, liquidity of stock, and numbers of days to settlement. Trades are normally dealt individually per client. In the event that aggregation of orders is beneficial to the client, the firm retains the right to do so.
It is common for Market Makers to add a premium for extra settlement days for funding the trade. Market Makers may reduce the bid price for large sales as they take the principal risk on holding the stock, and may charge a premium when offering stock for sale, outside of normal market size. Campbell O’Connor & Company state in their Terms of Business that extended settlement will apply to all trades using certificates as a means of delivery. Trades outside the Yellow Strip are referred to clients for their acceptance, or they will have given prior approval by way of limit order. In determining the relative importance of these factors, we will use our own professional experience and judgements.
Delivery of policy
To deliver on our Best Execution Policy, Campbell O’Connor & Company subscribe to a dealing best execution service which
• Combines the best market bid and best market offers by individual stock.
• It takes into account, liquidity, market depth, size of trade, & days for settlement.
Our choice of best execution services do not compete across instruments, therefore, further ranking under Reg 98.3 is not required.
The Best Execution Service takes the Yellow strip (the current market bid and offer for any quantity of shares) as its market reference price. It is important to understand that a small quantity of shares could form the price on the Yellow Strip, and therefore may not reflect the depth of the market.
Agents are carefully selected so as to deliver our Best Execution requirements. A Monitoring Policy is in place in the Firm together with a testing regime from a Third Party.
Campbell O’Connor & Company will monitor the effectiveness of its best execution arrangements, to include execution venues, and Execution Policy at least annually or whenever a material change occurs that affects our ability to obtain the best execution of orders on a consistent basis to identify, and where appropriate, correct any deficiencies. Any material changes will be notified on our website www.camocon.ie.
The Retail Service Provider (RSP) Best Execution Service will in itself produce the best possible price for each trade based on current market parameters. Where we have access to multiple venues, we compare the venues for price and quantity, pre trade. All trades are verified on a daily basis by a senior member of staff before contracts are issued.
Policy for Vulnerable clients;
The firm supports a policy on the matter which is available from our office on request.
Order Allocation and Order Execution
Orders are dealt on receipt whenever possible. SHould a situation arise where a build-up of orders occurs, a first in, first out policy applies. In the event that the order size is above the Normal Market Size (NMS) one NMS block of shares will be dealt and the remaining stock will move to the back of the queue.
Oversight & Review
One of our Directors shall be designated as Head of Dealing. By virtue of this position he will be aware of the results of the Best Execution Service.
In the event of any difficulties with the RSP Best Execution automatic system he will immediately notify Compliance and other dealing staff so they can be further vigilant until the Best Execution Service is back in operation.
In the event of a query or challenge, we have the facility to recall the market prices by time for 21 days.
The appropriateness of the execution arrangements is reviewed annually by the Directors, or whenever a material change occurs that affects our ability to execute trades.
External Auditors test our Compliance Plan. The testing includes comparison of results achieved as against the Best Execution Policy outlined above. Any differences are noted by the Head of Trading. Any prescient trends are notified to the Board so it can take appropriate action.
We will notify clients of any material changes to our execution arrangements by way of announcement on our website www.camocon.ie.
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.
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. (Central Bank of Ireland, 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 Central Bank of Ireland 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 :
(Central Bank of Ireland, 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.
(Central Bank of Ireland, 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.
(Central Bank of Ireland, 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.
(Central Bank of Ireland, 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;
(Central Bank of Ireland, 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.
(Central Bank of Ireland, 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 (Central Bank of Ireland, 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 Central Bank of Ireland'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.
(Central Bank of Ireland, 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 Central Bank of Ireland.
All stock will be registered in a company called Ashdale Investment Trust Services Ltd, who's directors are the Directors 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 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 behalf
All monies held on your behalf are held in a bank account separately designated from this firm's funds as required under The Central Bank of Ireland'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.
(Central Bank of Ireland, 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.
(Central bank of Ireland, 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.
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; and
In accordance with the provisions of the Investor Compensation Act 1998, Campbell O'Connor & Company 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.
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.
Consumer Protection Code - The Consumer Protection Code (CPC) introduced in January 2012 forms an integral part of the approach that Campbell O'Connor & Company, tkaes in safe guarding its client's interests. Campbell O'Connor & Company, promotes a consumer focused ethos within the firm, through strict compliance and training, where the firms strives in all instances to deal in its clietns best interests. Details relating to Consumer Protection can be found at Consumer Protection
Dealing in US STOCKS ?
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:
Our Conflicts of Interest Policy is designed to identify actual or potential conflicts of interest that may arise between:
different clients or groups of clients of the firm,
staff members and clients,
and to detail the procedures we have put in place to manage such conflicts.
Conflicts of Interests will be reviewed and actioned upon by the Directors of the firm. A view will be taken by the directors as to whether any transaction should be altered, or not entered into after due consideration of MiFid rules, National laws, or any other relevant contributing factor(s).
In the event that we are unable to satisfy ourselves that our procedures and measures for managing conflict or potential conflict will prevent the risk of damage to your interests, we will seek legal advice thereon. We will disclose to you the nature of the potential conflict in order to give you an opportunity to consider whether or not to accept our service.
By way of example, in providing investment services to you, or when we recommend a transaction to you or enter into a transaction for you we (or some person connected with the firm) could be:
Aggregating your transaction with transactions for other clients, but only where it is unlikely that the aggregation will operate to yours or any other client’s disadvantage.
Buying investments where we are involved in a new issue, rights issue, take-over or a similar transaction concerning the investment.
Buying investments where we, an associate or an affiliate are involved in a new issue, rights issue, take-over or a similar transaction concerning the investment.
May have an interest (large holding), relationship (connected party) or arrangement that is material in relation to the investment, transaction or service concerned.
We attempt to manage these conflicts by managing…
Directorships held by staff not creating conflicts with the firm’s clients,
Remuneration and inducements for staff being appropriate,
Personal Account dealing rules for staff which place clients’ transactions ahead of staff,
Order flow prioritisation,
Staff training for constant affirmation & understanding of requirements,
Guidelines for Directors on how to handle conflicts of interest.
Issuance of clear notifications to clients regarding services and associated fees.
Reviewing the Policies to identify any potential new scenarios.
The Directors believe these actions will prioritise clients at all times, and provide resolution mechanisms should any conflicts arise.
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 GBP, US Dollars, Canadian Dollars, or Euro.
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 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. Market 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.
We will, where possible, communicate, with you through email. Your acceptance of these terms will be taken by you supplyinh your email address and ticking the appropriate box on your Registration Form. Should you change the email address which you supply on your Registration Form at any stage in the future, it will be your responsibility to inform us of your new address.
All postal 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.
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 .
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
1. Anti-Money Laundering Documentation
2. Client Registration Form
3. PEP Declaration Form
4. FATCA Declararion Form
An “Advisory” account requires
1. Anti-Money Laundering Documentation
2. Client Registration Form
3. Know Your Client Form
4. PEP Declaration Form
5. FATCA Declaration Form
For a Personal Account
All clients are required to comply with the Criminal Justice Act 2010.
Under this Act we are obliged to request from you (One item from the A list and two items from the B list):-
must be issued within the last 3 months.
A certified copy of your current passport
A certified copy of your bank statement .
A certified copy of your current drivers licence
A certified copy of a credit card statement
A certified copy of a recent utility Bill . Addresses to your residence only please.
Certification of documents can be carried out by
A member of the Garda Siochana,
A Bank Manager,
A Building Society Manager,
A Chartered or Certified Public Accountant,
A Notaries Public or Practicing Solicitors,
A manager with An Post, or Embassy/Consular Staff.
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
Anti-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.
Anti-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.
Information about the Nature & Risks of Financial Instruments
This 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.
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.
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 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.
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.
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.
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.
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 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:
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.