The following terms and conditions apply to all investment accounts opened and maintained with iFAST Financial Pte. Ltd.
In these terms and conditions, the following words and expressions shall have the meanings set out hereunder unless the context otherwise requires:-
"Account" means the account which the Customer opens and maintains to have access to the financial products and services provided by iFAST or where applicable, the Discretionary Account as defined below;
"Accredited Investors" means a Customer who has successfully declared themselves as accredited investor, as defined in the SFA, as the same may be amended, re-enacted or re-constituted from time to time;
"Agent Bank" means a bank which is allowed by the CPF Board to handle CPF moneys for the purpose of the CPFIS-OA;
"Applicable Laws" means all relevant or applicable statutes, laws, rules, regulations, directives, notices, stock exchange rules and circulars;
"Application Form" means the application form provided by iFAST to the Customer in accordance with its general operating procedures for the application by the Customer to open an Account;
"Business Day" means a day on which iFAST is open for business;
"Cash Fund" is an authorised scheme under the SFA;
"CDP" means the Central Depository (Pte) Limited;
"CPF" means the Central Provident Fund. For the avoidance of doubt, provisions herein relating to CPF will not be applicable and/or relevant to a Corporate;
"CPFIS Registered Investment Administrator" means an entity designated by the CPF Board as an investment administrator to liaise with the CPF Agent Banks and the CPF Board in relation to the purchase, subscription, sale and/or redemption of units or bonds (as the case may be) using CPF monies;
"Codes" shall have the meaning ascribed to it in Clause 18.2;
"Corporate" means a company, sole proprietorship, partnership, club, society, charity, trust or Management Corporation;
"Currency" means money denominated in the lawful currency of any jurisdiction;
"Custodian" means iFAST, or a custodian or sub-custodian (whether in Singapore or elsewhere) appointed by iFAST from time to time in respect of (1) monies of the Customer and/or (2) any Security subscribed for or purchased by the Customer through the Account;
"Customer" means any person(s) or Corporate(s) who hold(s) and operate(s) an Account with iFAST and includes the successors in title or legal representatives, whichever is applicable, of the Customer;
"Dealing Day" means, in respect of any Security, a day on which dealings take place or may be effected in relation to the relevant Security;
"Discretionary Account" means the account of the Customer maintained with iFAST, where the Customer has granted a discretionary authority to iFAST to make investment decisions and execute Securities Transactions on behalf of the Customer through the account under the Discretionary Portfolio Management Services, and the operation of such account shall be in accordance with the provisions set out in Clause 15;
"Discretionary Portfolio Management Services" mean the asset management services provided by iFAST as described in Clause 15;
"Electronic Services" shall have the meaning ascribed to it in Clause 18.1;
"Force Majeure Event" means any event beyond IFAST’ control, such as fire, earthquake, flood, lightning, riots, strikes, lockouts, government action, war, the acts, orders, directives, policies, regulations, prohibitions or measures of any kind on the part of any court, governmental, parliamentary and/or regulatory authority imposed after the fact, power failure, acts or defaults of any telecommunications network operator, telecommunications disruption or computer failure;
"Forward Exchange Rate" means the forward exchange rate quoted and agreed to by iFAST at its discretion having regard to the prevailing forward foreign exchange market conditions for the exchange of the Currencies bought and sold under a FX Forward on the Value Date;
"FX" means foreign exchange;
"FX Order" means any request, application, Standing Order or order, including order to purchase, sell, subscribe and enter into, any foreign currency or FX transaction (as the case may be) and includes any request or order to revoke, ignore or vary any previous request (in the form and manner acceptable to iFAST) made by the Customer, or which iFAST reasonably believes to be a request, application or order from the Customer;
"IA" means the investment advisers, who are licensed by MAS, appointed by iFAST to provide investment and/or insurance advisory services in Clause 12;
"iFAST" means iFAST Financial Pte. Ltd.;
"Intended Denomination" means the standard nominal amount (or its multiples) of a bond, which is specified in the bonds’ relevant documents, including, but not limited to, the offering circular, information memorandum, prospectus and pricing supplement;
"Fund" means any unit trust, investment fund, mutual fund, exchange traded fund ("ETF") or any other collective investment scheme authorised or recognised by the MAS (or deemed to be authorised or recognised under law) and distributed by or made available through iFAST from time to time;
"Loss" means any and all loss, damage, costs (including cost of funding), charges and expenses of whatsoever nature and howsoever arising, including legal fees on a full indemnity basis;
"MAS" means the Monetary Authority of Singapore;
"Manager" means the manager and/or issuer of any Fund;
"Market Data" means data (including but not limited to symbols information, statistics and any other data in letter or numeral form), whether real-time or delayed, disseminated by the relevant stock exchange(s) disclosing, describing, summarising or otherwise commenting on the trading of securities contract;
"Odd Lot" means the non-standard trading nominal size that does not equal to a Security’s Intended Denomination;
"Officer" means any officer or employee of iFAST;
"Order" means any authorisation, request, instruction or order (in whatever form, including but not limited to a Transaction, and howsoever sent) given or transmitted to iFAST by the Customer or which iFAST or an Officer reasonably believes to be the authorisation, request, instruction or order of the Customer, and includes any authorisation, request, instruction or order to revoke, ignore or vary any previous authorisation, request, instruction or order;
"Parking Facility Funds" shall have the same meaning ascribed to it in Clause 6;
"Parties" means iFAST and the Customer;
"Person" includes any individual, government, stock exchange, statutory body, business, firm, partnership, corporation or unincorporated body;
"Personnel" means the directors, officers, employees, servants, agents and employees of iFAST and/or its nominee;
"Processing Fee" means an administrative and/or advisory fee in relation to the handling of securities and/or investment products;
"Restricted Scheme" means a Fund which may only be offered or marketed to accredited investors in Singapore or such other relevant persons as may be permitted under the SFA;
"Round Lot" means the standard trading nominal amount that is equal to a Security’s Intended Denomination;
"Security" or "Securities" means debentures, stocks, shares, bonds (including but not limited to SGS Bonds), notes, rights, warrants, Units in any Fund, certificates of deposit issued by a government, body corporate or unincorporated or international body and includes any derivative instrument (including any warrant, option, transferable subscription right, loan stock and convertible right) in respect of any security;
"SFA" means the Securities and Futures Act, Chapter 289, as the same may be amended from time to time;
"SGS Bonds" means Singapore Government Securities bonds issued by the MAS pursuant to the Government Securities Act;
"SGX-ST" means Singapore Exchange Securities Trading Limited;
"SRS" means the Supplementary Retirement Scheme. For the avoidance of doubt, provisions herein relating to SRS will not be applicable and/or relevant to a Corporate;
"Standing Orders" means instruction(s) given by the Customer to iFAST from time to time without further instruction from the Customer to enter into the FX Order at an exchange rate or Forward Exchange Rate specified by the Customer in such instruction(s) which is open for acceptance at iFAST’ discretion;
"Subscriber" in relation to the usage of Market Data, means a Customer who uses the Market Data on the Website and agrees to the terms as specified in Schedule 2;
"Trading Representative" means a representative appointed by iFAST to provide dealing services;
"Transaction" means any transaction effected under the Account in respect of any Unit in a Security (where relevant) and includes the application for, subscribing, purchasing, switching, transferring, selling or redemption of any Unit in any Fund or the purchasing, subscription, sale or redemption of Securities (where relevant);
"Unit" means a share or unit in a Fund or Security;
"Value Date" means a date specified for payment or delivery under the FX Order and shall be determined in accordance with the relevant Business Day;
"Website" includes iFAST Financial Pte Ltd and/or its holding company, iFAST Corporation Pte Ltd, and/or its subsidiaries and/or the subsidiaries of its holding company website and its affiliated sites such as, and not limited to, iFAST Central, iFAST Global Prestige and Fundsupermart.com.;
Any reference to a statutory provision shall include such provision as may from time to time be modified, amended or re-enacted so far as such modification, amendment or re-enactment applies or is capable of applying to any Transaction.
(a) posting such change(s) on iFAST’s website;
(b) electronic mail or letter;
(c) notification in the Customer’s iFAST account inbox; or
(d) such other means of communication as iFAST may determine in its absolute discretion.
a) in the case of a Corporate, it is duly organized and validly existing under the laws of the country of its incorporation;
b) in the case of a Young Investor (as defined by the SGX-ST), it confirms that the risks and uncertainties associated with trading or investing in Securities have been properly explained to it and that it has an appropriate understanding of such risks;
c) it has full capacity and authority to accept and agree to these terms and conditions, to open, maintain and/or continue to maintain all Account(s) from time to time opened and/or maintained and/or continued to be maintained with iFAST, and to give iFAST Orders thereon and to enter into any Transactions contemplated herein. Furthermore, where it is a director, officer, trading representative or employee of another trading member, it shall inform iFAST and furnish iFAST with written approval from such trading member prior to entering into any Transaction;
d) it has taken all necessary corporate and other action and/or obtained all relevant authorizations, consents, licenses or approvals (whether under Applicable Laws or otherwise) required to accept and agree to these terms and conditions, to open, maintain and/or continue to maintain all Account(s) from time to time opened and/or maintained and/or continued to be maintained with iFAST, and to give iFAST Orders thereon and to enter into any Transactions contemplated herein;
e) no litigation, arbitration or administrative proceeding against the Customer is current, pending or threatened to restrain the Customer’s entry into or performance of the Customer’s obligations herein;
f) it has read, understood and accepted the terms of the risk disclosure statements, that the risk disclosure statements are not substitute for taking independent advice, and that no Transaction will be entered into in reliance on any statement, advise or information, unless provided otherwise, by iFAST;
g) unless agreed by iFAST, no person other than the Customer has an interest in any Account;
h) except with the express written consent of iFAST, no person has or will have any security or encumbrance over any Account and/or over any cash or assets in any Account;
i) any Orders placed or any dealings in the Account(s) is solely and exclusively based on its own judgment and after its own independent appraisal and investigation into the risks associated with such Orders or dealings;
j) it agrees to furnish appropriate financial statements to iFAST, disclose any material changes in its financial position to iFAST and furnish promptly such other information concerning the Customer as iFAST may reasonably request;
k) it shall immediately notify iFAST of any monies received in the Account which do not belong to the Customer and take the necessary steps as informed by iFAST.
The above representations and undertakings shall be deemed repeated whenever the Customer gives Orders to iFAST, enters into any transactions contemplated herein or whenever the Customer establishes a new Account with iFAST
a) park the sale or redemption proceeds and distribution income (including but is not limited to dividends and coupon proceeds) from the Customer’s investments;
b) pay the Loss stated in Clause 7.4 and any other fees and charges imposed by iFAST from time to time with the available funds in the Cash Account;
c) park excess monies for SGS Bonds and/or monies received for SGS Bonds orders that are subsequently voided or unfulfilled
d) park the rebate amount from iFAST with respect to the Customer’s insurance policies (if applicable); and
e) park any other monies of the Customer, including but is not limited to, the Customer’s stale or invalid cheques.
a) where the purchase or subscription is settled by cheque payment, upon the receipt of the Order and on a cleared-funds basis or, in the sole and absolute discretion of iFAST, upon the receipt of the Order and cheque and this shall not in any way be deemed as iFAST providing an advance, loan or credit facility to the Customer; or
b) where the purchase or subscription is settled by CPF or SRS funds, upon the receipt of the Order.
(a) a trading suspension on the Securities subject to the Customer's Orders has been lifted; or
(b) the Customer's Orders lapse or are cancelled by any relevant exchange.
a) authorises iFAST to make such application on behalf of the Customer;
b) warrants that the application for stocks made by iFAST on the Customer’s behalf is the only application made or intended to be made for the benefit of the Customer or any person for whose benefit the Customer has requested the application to be made;
c) warrants that no other application is being made or is intended to be made by the Customer itself or for the benefit of the Customer by any other person;
d) authorises iFAST to represent and warrant to the stock exchange (if applicable) on the application form that no other application is being made or is intended to be made by the Customer itself or for the benefit of the Customer by any other person;
e) authorises iFAST to disclose that application made by iFAST on the Customer’s behalf is the only application made or intended to be made for the benefit of the Customer or any person for whose benefit the Customer has requested the application to be made;
f) acknowledges that the representations, warranties and disclosure referred to above will be relied upon by the issuer of the stocks in deciding whether or not to allot stocks to iFAST on behalf of the Customer;
g) agrees to comply with such other terms and conditions as iFAST may require; and
h) agrees to indemnify iFAST and its Personnel in full against any and all Loss arising out of or in connection with any breach of Clause 9.6.
a) When the nominated Security in the RSP has been completely sold off or switch out from the Customer holdings;
b) When there are 3 consecutive failed transactions; or
c) When the nominated Security is disabled for purchase, terminated or suspended for trading
a) viewing details or information relating to his Account;
b) transmitting Orders to iFAST for execution;
c) engaging in any other activities and services as iFAST may include as part of such Electronic Services from time to time; and
d) having access to, including but not limited to, Market Data, key market indicators and real-time quotes.
a) any reliance by the Customer on any information and/or reports which are incomplete, inaccurate, corrupted, non-sequential, untrue or out-of-date, notwithstanding that such information and/or reports may or may not have been customized for the use of the Customer;
b) the loss or unauthorised use of the Codes;
c) the unauthorised use of or access to the Electronic Services;
d) forgery of the Customer's digital signature;
e) any delay, fault, failure or loss of access to, or unavailability of the Electronic Services for whatever reason (including but not limited to the failures of third party providers);
f) any delay, failure or omission in the execution of the instructions of the Customer, inclusive but not limited to the need to verify instructions due to considerations of security;
g) any non-performance, defective performance or late performance of the Electronic Services through any cause whatsoever, including errors due solely to malfunction of the Electronic Services or equipment, infrastructure or programs;
h) any telecommunication or interconnection defects, faults or problems, system crashes, software errors or defects, sabotage or unlawful access; or
i) any failure, downtime, crash, breakdown or malfunction of or defects or glitches in the Electronic Services.
a) reproduce, retransmit, disseminate, sell, distribute, publish, broadcast, circulate, exploit (whether for commercial benefit or otherwise) the information and/or reports obtained from or through the Electronic Services in any manner whatsoever without the express written consent of iFAST and shall not use the information for any wrongful or illegal purpose or in contravention of Applicable Laws;
b) make any additions, modifications, adjustments or alterations to, tamper any part or corrupt any information or services available on or through the Electronic Services;
c) permit any equipment or software to be linked to or communicate in any manner or be used in connection with any other service or system whereby any information and/or reports obtained from iFAST may be accessed, used, stored or redistributed by or through such other equipment or software; and
d) use the facilities available under the Electronic Services otherwise than as contemplated under these terms and conditions or such other directions which may be issued by iFAST from time to time.
a) amend, modify, suspend or terminate the operation of the Electronic Services;
b) suspend or terminate the Customer's access to or use of the Electronic Services; or
c) deactivate the Codes, and shall not be liable to the Customer for any Loss which may be suffered by the Customer consequent upon any of the above actions.
a) the term "Customer" shall refer to the Main Applicant of this Account;
b) iFAST shall be entitled to debit that Account at any time in respect of any sum howsoever due or owed to iFAST by the Main Applicant of this Account; and
c) the Customer is only allowed to use cash investments in a Beneficiary Account, and cannot use either his or her CPF or the Beneficiary Applicant's CPF account to invest in the Beneficiary Account.
a) any failure by the Customer to comply with these terms and conditions;
b) any failure by the Customer to provide full and accurate details as requested by iFAST;
c) any failure by the Customer to having sufficient Securities in the Account and/or direct securities account with CDP to meet sell orders;
d) iFAST acting in accordance with the Orders or in any manner permitted under these terms and conditions;
e) iFAST acting in accordance with any order of court/authority;
f) any change in any Applicable Laws; and/or
g) any act or thing done or caused to be done by iFAST in connection with or referable to these terms and conditions or any Account or the instructions of the Customer.
The Customer's obligation to indemnify iFAST and its Personnel shall survive the termination of the Account, these terms and conditions or the Electronic Services.
a) any reliance by the Customer on any information and/or reports which are incomplete, inaccurate, corrupted, untrue or out-of-date, notwithstanding that such information and/or reports may or may not have been customised for the use of the Customer, where such information and/or reports have been prepared, compiled or produced by any Manager/counterparty/stock exchange or any third party, received by iFAST in good faith and forwarded to the Customer by iFAST or made available through the Electronic Services;
b) any loss or unauthorised use of the Electronic Services or delay in the transmission or wrongful interception of any Order or contract through any equipment or system, including any equipment or system owned and/or operated by or behalf of iFAST;
c) any delay, fault, failure or loss of access to or unavailability of the Electronic Services for whatever reason; or
d) any non-payment by the Manager/counterparty/stock exchange;
e) any delay, failure or omission in the execution of the Orders of the Customer due to any reason, circumstances, acts or Force Majeure Events beyond the control of iFAST or where such Orders are ambiguous, contradictory or conflicting;
f) the manner in which the Custodian holds the Securities or deals with monies received or intended to be received in connection therewith;
g) the performance or non-performance of iFAST hereunder;
h) any corporate action(s) which the Customer participates in or which the Customer is unable to participate in;
i) any act, omission or insolvency of any entity providing central depository, clearing and/or settlement facilities;
j) any liability for tax or similar payment or withholding in connection with any Security;
k) iFAST suspending or terminating the operations of any or all of the Customer’s Accounts and/or services under the terms herein.
a) an Account that has no holdings and/or activity for the past two (2) years;
b) an Account that has been deemed to be dormant based on a set of criteria that iFAST may determine from time to time;
c) an Account where the aggregate value of the Customer’s holdings fall below a certain threshold, to be decided by iFAST;
d) the Customer fails to comply with, or when iFAST forms the view, in good faith, that an event had occurred that might have a material adverse effect upon the Customer’s ability to comply with, any of its obligations hereunder or under any Account or Transaction;
e) an encumbrancer takes possession or a receiver or receiver and manager is appointed over any of the property or assets of the Customer;
f) the Customer makes any voluntary arrangement with its creditors or becomes subject to an administration order;
g) the Customer is the subject of a petition presented or an order made or a resolution passed to wind up the Customer, to place the Customer in bankruptcy, to place the Customer in judicial management or to take any similar or analogous action in respect of the Customer;
h) where applicable, the Customer ceases, or threatens to cease, to carry on business;
i) any of the Customer's representations, warranties or statements hereunder or in the Application Form or in any document delivered pursuant to the Account has not been complied with or is incorrect or incomplete in any respect; or
j) iFAST forms the view, in good faith, that an Account is not operated in a proper or regular manner;
k) iFAST deems it necessary or appropriate in good faith to comply with applicable laws, regulations, notices, directives or good standard of market practice; or
l) iFAST forms the view, in good faith, that it should take action in order to preserve its rights or interests in relation to any Account or under its relationship with the Customer.
a) suspend (indefinitely or otherwise) or terminate the Account, or iFAST’s relationship with the Customer, accelerate any and all liabilities of the Customer to iFAST so that they shall become immediately due and payable, and exercise its rights under Clause 26.1;
b) cancel any of the Customer's outstanding Order(s);
c) apply any amounts of whatsoever nature standing to the credit of the Customer against any amounts which the Customer owes to iFAST (of whatsoever nature and howsoever arising, including any contingent amounts), or generally to exercise iFAST’s right of set-off against the Customer;
d) exercise its right of sale and/or redemption in respect of any of the Customer’s Securities or call upon any security including but not limited to any guarantees and letters of credit which may have been issued to or in favour of iFAST as security for the Account;
e) demand any shortfall after (c) or (d) above from the Customer, hold any excess pending full settlement of any other obligations of the Customer, or pay any excess to the Customer by way of cheque to the last known address of the Customer; and
f) exercise such other authority and powers that may have been conferred upon iFAST by these terms and conditions.
term.and.conditions.effective.date
Customers who trade or transact in Securities through iFAST should be aware of the following risks which may be involved in such trading:
An overseas-listed investment product is subject to the laws and regulations of the jurisdiction it is listed in. Before you trade in an overseas-listed investment product, you should be aware of:
A warrant is a time-limited right to purchase and/or subscribe for securities and is exercisable against the original issuer of the underlying securities. A relatively small movement in the price of the underlying security results in a disproportionately large movement, favourable or unfavourable, in the price of the warrant. The prices of warrants can therefore be volatile. It is essential for anyone who is considering purchasing warrants to understand that the right to purchase and/or subscribe which a warrant confers is invariably limited in time with the consequence that if the investor fail to exercise this right within the predetermined time-scale then the investment becomes worthless.
The fluctuations in foreign currency rates have an impact on the profit/loss and the financial investment where the transaction is denominated or settled in a different currency from the currency where you carry on your ordinary business or keep your accounts.
You need to be aware of the identity of the contractual counterparty you are or may be matched with. Often, you will be purchasing an unsecured obligation of such counterparty and you should evaluate the comparative credit risk.
You should understand the tax implications prior to entering into any transactions. Different transactions may have different tax implications. Therefore, you should consult your tax adviser to understand the relevant tax considerations.
Because the prices and characteristics of over-the-counter transactions are individually negotiated and there is no central source for obtaining prices, there are inefficiencies in transaction pricing. As a result, the Customer is exposed to credit risk of the counterparty in which they enter into a bilateral agreement with. The Customer may also be exposed to liquidity risk and iFAST cannot and does not warrant that there is an active trading market and the price iFAST secures for the Customer will at any time be the best price available to the Customer. In entering an OTC transaction, iFAST may make a profit despite the Customer incurring a loss.
ETFs are open-ended collective investment schemes, traded as shares on stock exchanges, and typically replicate a stock market index, market sector, commodity or basket of assets. ETFs can be broadly grouped into two types. Traditional ETCs track, replicate and correspond to the performance of an underlying index. Synthetic ETFs mimics the behavior of traditional ETFs through the use of derivatives such as swaps and performance-linked notes.
Bonds are debt securities that offer fixed returns over a defined period and are intended to be held to maturity. These instruments carry a number of risks such as credit, default, interest, currency and liquidity risks.
You should note and accept that our relationship with you in relation to your Securities and Securities-related transactions is purely as execution-only broker/dealer or as counterparty to you. In either case, while you are entitled to expect us or our employees or representatives to answer your queries, the obligation in so answering is only to be honest. Such answers should not be assumed to be backed by any prior reasonable due diligence or research or specifically suitable for reliance by you without you first independently confirming that the answer is intended as specific advice to and is suitable for or to your specific financial needs and objectives or you verifying the same with your independent advisers on our specific suitability for your specific financial needs and objectives.
The above statements do not purport to disclose or discuss all of the risks and other significant aspects of any transaction. In light of the risks, the Customer should undertake such transaction only if he/she understands the nature of securities, including derivatives and the contracts which he/she is entering into and the extent of his/her exposure to risk. The Customer should therefore consult with his/her own legal, tax and financial advisers before entering into any particular transaction.
In relation to the usage of HKEX Market Data, the Subscriber acknowledges and agrees to the following:
The Subscriber agrees to pay Market Data fees as stipulated by iFAST from time to time.
HKEX INFORMATION SERVICES LIMITED, ITS HOLDING COMPANIES AND/OR ANY SUBSIDIARIES OF SUCH HOLDING COMPANIES ENDEAVOUR TO ENSURE THE ACCURACY AND RELIABILITY OF THE INFORMATION PROVIDED BUT DO NOT GUARANTEE ITS ACCURACY OR RELIABILITY AND ACCEPT NO LIABILITY (WHETHER IN TORT OR CONTRACT OR OTHERWISE) FOR ANY LOSS OR DAMAGE ARISING FROM ANY INACCURACIES OR OMISSIONS.
In relation to the usage of SGX-ST Market Data, the Subscriber acknowledges and agrees to the following:
The Subscriber agrees to pay Market Data fees as stipulated by iFAST from time to time.
In relation to the usage of AMEX and NYSE Market Data, the Subscriber acknowledges and agrees to the following:
In relation to the usage of NASDAQ Market Data, the Subscriber acknowledges and agrees to the following:
In addition to the above, the Subscriber acknowledges and agrees to the following: