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INITIAL HERE 1Registration number: 2003/023565/07 Tribe Capital (Pty) Ltd is an Authorised Financial Services Provider - FSP 44995
This document serves as confirmation of the business particulars ofDavid Lamb - Key Individual & Representative of Tribe Capital (Pty) LtdBenjamin Swanepoel - Representative of Tribe Capital (Pty) Ltd (Under Supervision)as required by the FAIS Act.
CONTACT DETAILSPhysical address: Suite M2, Block C, Northlands CornerCnr New Market Rd & Witkoppen RdNorthriding, 2169
Postal address:Postnet 136, Private Bag X51Rivonia2128
Land line no: 010 350 5400E-mail: [email protected]
LEGAL STATUS Employed Key Individual & RepresentativeQUALIFICATIONSBSc Honours Mathematics, Institute of Actuaries (UK), Actuarial Society of South Africa
1st Level RE: Key Individuals, Representatives and Cat II Key Individuals
EXPERIENCE 42 YearsYears’ experience in the Financial Services Industry Since 1964Work related experience Since 1964HOLDER OF PROFESSIONAL INDEMNITY INSURANCE YES
PRODUCT CATEGORIESThe mentioned intermediary is authorised to provide advice and intermediary services on the following Category I Product Categories:
Securities & Instruments : Shares Securities & Instruments : Warrants certificates and other instruments Securities & Instruments : Derivative Instruments Short-term Deposits MANDATESHORT-TERM TRADING IN DERIVATIVES AND SHARES
The mentioned intermediary is mandated via Tribe Capital (Pty) Ltd to act as intermediary on behalf of the following Companies:
RussellStone Agri / Grainvest Nedbank
Earned > 30% of total Short term Trading commission for the previous year from: VelocityDo not own > 10% of issued shares directly/indirectly in any Product Provider and are not an associated company of any Product Provider.CONFLICT OF INTEREST
This FSP has implemented a Conflict of Interest Management Policy. The FSP might on occasion receive gifts/prizes from Service Providers, the details of which are contained in the Gifts Register and is available for your perusal.Prospective clients may or may not have invested in a technical analysis software package. Please note that sellers of the said software or any introducer of business are not a representative of Tribe Capital.
R 220.00 or less per contract.
40 basis points of exposure per trade paid to the FSP and 10 basis points to Nedbank, Investec, Standard Bank. 40 basis points of exposure per trade paid to the FSP and 10 basis points to Velocity. Minimum brokerage = R50
30 basis points of exposure per trade paid to the FSP and 20 basis points to the service provider. Minimum brokerage = R150
COMPLAINTS Kindly direct all complaints in writing to the external compliance officer: Germa Beukes on fax 086 691 5253 or [email protected]
FAIS OMBUDSMAN: PO Box 74571 Lynnwood Ridge, 0040; Tel: 012 470 9080; Fax: 012 348 3447; www.faisombud.co.zaFSB: PO Box 35655 MENLOPARK, 0102; Tel: 0800 20 20 87; Fax: 0800 11 04 43; www.fsb.co.zaJSE: P/Bag x 991 174, Sandton, 2146; Tel: 011 520 7000; [email protected]; www.jse.co.za
PERSONAL PARTICULARS OF INTERMEDIARY
Kindly note that –
Broker: E-mail: has been appointed as my trader and that I at my own discretion, have instructed him to advise me on potential trades in Contracts for difference (CFD’s) and shares as part of a portfolio.
I, (Full names of client)acknowledge that sound and proper trading and investing advice can only be provided with full disclosure of relevant information. In this regard, I take note of the following:• I do understand that the service offered is only relevant for short term trading, and that neither Tribe Capital nor its representative is
attempting to provide financial planning services. • I understand that I need to consult an independent financial planner to advise me on the construction of my holistic investment
portfolio. Futures contracts and Contracts for difference (CFD’s) should constitute more than 5.00% - 10.00% of my total portfolio, and shares should note constitute more than 50.00% of my total portfolio.
• I undertake to complete all relevant mandates / documents personally, and truthfully. • In addition, I take note of all the relevant risks out lined in the document titled ‘Needs analysis and Risk profile for Investments’.• I will do my own analysis before acting on the recommendation of the trader.• It is the client’s responsibility to pay margin calls daily by 10:00 in the case of futures contracts. If this payment is not received by
10:00 positions will be closed to bring the account into line without contacting the client. In the case of CFD’s, the platform provider may use an algorithm to determine margin calls in real time. If there is not sufficient cash in the account, positions may be closed in real time to bring the account back into the risk parameters.
• If, for some reason, the trader regards me as a risky client, my initial margin requirement on futures contracts and CFD’s may be doubled. This means that where the normal gearing factor may be 10 times, it may be decreased to five times in such a case. [www.investopedia.com/terms/g/gearing ratio.asp - A general term describing a financial ratio that compares some form of owner’s equity (or capital) to borrowed funds]
• I will provide certified copies of my Identity document (ID) and proof of physical address. I understand that only once these documents together with all other original documents (mandate etc.) have been received by the trader, will he start giving advice.
BROKER DETAILS:Postal Address Physical Address (For courier services)Benjamin Swanepoel Benjamin SwanepoelPostnet Box 136Private Bag X51RivoniaSouth Africa2128
Suite M2Block CNorthlands CornerCnr New Market Rd & Witkoppen RdNorthriding2169
I/we further acknowledge that this consent to obtain information on my behalf, or the appointment of above advisor, will remain effective until cancelled by me / us in writing.CLIENT DETAILS:
Full names and Surname:
Telephone Number: ID number:
Physical Address: E-mail Address:
Client Signature Broker Signature
Benjamin Swanepoel [email protected]
CLIENT AUTHORITY / BROKER APPOINTMENT
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Needs AnalysisFor the purposes of this document we will assume the inflation percentage is: 6.00 %
BROKER DETAILS:Client Name:Date:Age:NEEDS ANALYSIS:Lump Sum: R Thereafter the amounts will be determined by the variation marginWhat is the origin of the funds? INVESTMENT NEEDS AND GOALS: (Please indicate the applicable answers)What is your main investment aim? Capital Growth Income from dividendsINVESTMENT PORTFOLIO:Do you have any other investments? (If yes, please indicate type and amounts) Yes NoType: Amount:
Total: RDEBT:Do you have any debt? (If yes, please indicate amounts) Yes NoBond RVehicle Finance ROther: RTotal: REMERGENCY FUND:Do you have sufficient funds set aside to cover most emergencies? Yes NoIf so, how much capital do you have available in case of an emergency? R
Client Signature Advisor Signature
NEEDS ANALYSIS AND RISK PROFILE FOR INVESTMENTS
Risk ProfileTrading in derivatives (http://en.wikipedia.org/wiki/Derivative_(finance)) can be risky. More specifically, futures contracts and contracts for difference (CFD’s) are types of derivative instruments.In finance, a futures contract (more colloquially, futures) is a standardized contract between two parties to buy or sell a specified asset of standardized quantity and quality for a price agreed upon today (the futures price) with delivery and payment occurring at a specified future date, the delivery date, making it a type of derivative instrument. The contracts are negotiated at a futures exchange, which acts as an intermediary between the two parties. The party agreeing to buy the underlying asset in the future, the “buyer” of the contract, is said to be “long”, and the party agreeing to sell the asset in the future, the “seller” of the contract, is said to be “short”.http://en.wikipedia.org/wiki/Futures_contract
In finance, a contract for difference (or CFD) is a contract between two parties, typically described as “buyer” and “seller”, stipulating that the seller will pay to the buyer the difference between the current value of an asset and its value at contract time (If the difference is negative, then the buyer pays instead to the seller). In effect CFDs are financial derivatives that allow traders to take advantage of prices moving up (long positions) or prices moving down (short positions) on underlying financial instruments and are often used to speculate on those markets. (http://en.wikipedia.org/wiki/Contract_for_difference)
The following risks are inherent in CFD’s (See above Wikipedia link) and to an extent in normal share trading:
1. COUNTERPARTY RISKCounterparty risk is associated with the financial stability or solvency of the counterparty to a contract. In the context of CFD contracts, if the counterparty to a contract fails to meet their financial obligations, the CFD may have little or no value regardless of the underlying instrument. This means that if Velocity Trading/Tribe Capital is liquidated, clients can lose all their money. (This risk is not relevant when trading futures contracts through an exchange like Safex / JSE).Do you understand and are you willing to take this risk? Yes No2. MARKET RISKThe main risk is market risk as the contract is designed to pay the difference between the opening price and the closing price of the underlying asset. Futures contracts and CFD’s are traded on margin, and the leveraging effect of this increases the risk significantly. Margin rates are typically small and therefore a small amount of money can be used to hold a large position. It is this very risk that drives the use of commodity futures contracts and CFD’s.It is the client’s responsibility to pay margin calls daily by 10:00 in the case of futures contracts. If this payment is not received by 10:00 positions will be closed to bring the account into line without contacting the client.In the case of CFD’s, the platform provider may use an algorithm to determine margin calls in real time. If there is not sufficient cash in the account, positions may be closed in real time to bring the account back within the risk parameters.Do you understand and are you willing to take this risk? Yes No3. LIQUIDATION RISKIf prices move against open futures contracts and CFD position additional variation margin is required to maintain the margin level. The CFD provider may call upon the party to deposit additional sums to cover this, and in fast moving markets this may be at short notice. If funds are not provided in time, the futures trading house / CFD provider may close/liquidate the positions at a loss for which the other party (client) is liable.Do you understand and are you willing to take this risk? Yes No4. LOSS OF CAPITAL RISKWhen trading futures contracts and CFD’s it is possible to lose more money that one deposited into the account. This is because of the variation margin mentioned in (3) above.Do you understand and are you willing to take this risk? Yes No
Other risks/realities that client needs to understand:5. OTHER RISKSIt is estimated that 80% of short term traders (i.e. that hold positions for less than six months) lose money. This means that the odds of making money for new entrants are not very good.Do you understand and are you willing to take this risk? Yes No
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6. OTHER RISKSA diversified futures contracts / CFD portfolio consists of at least 15 futures contracts / CFD’s. This means that if there are less futures contracts / CFD’s in a portfolio, it significantly increases the risk. This would imply that to construct a diversified futures contract / CFD portfolio an investor should invest / start the account with at least R 100 000.00 in initial capital.Do you understand this risk and will you attempt to comply with this recommendation? Yes No7. OTHER RISKSAs a general rule one should not put more than 5.00% - 10.00% of one’s total investments in derivative instruments (e.g. futures contracts / CFD’s). (Other, lower risk instruments to invest in include shares and bonds). This is in order to limit the risks in one’s total investments. Also, a diversified portfolio should not see more than 50% of one’s total portfolio exposed to shares.Do you understand this risk and will you attempt to comply with this recommendation? Yes No9. OTHER RISKSTribe Capital will attempt to provide clients with trading signals via electronic means. It is imperative that clients do their own analysis by using their software programs which they invested in.Do you understand and are you willing to take this risk? Yes No10. LIFE CYCLE ANALYSISIt is important to understand that there is an inverse correlation between investor / trader age and bearable investment / trade risk. This means that younger investors/traders (i.e. 20 – 40 years of age) can take relatively more risk than investors / traders of a more advanced age (i.e. 55 – and older). Younger investors/traders (i.e. 20 – 40 years of age) should thus not expose more than 5.00% - 10.00% of their total portfolio to derivative instruments (e.g. futures contracts / CFD’s), while investors / traders of a more advanced age (i.e. 55 – and older) should not expose more than 5.00% of their total portfolio to derivative instruments (e.g. futures contracts / CFD’s). Younger investors should also not expose more than 50.00% of their total portfolio to shares, while investors of a more advanced age should not expose more than 40.00% of their portfolio to shares.Do you understand this recommendation and will you contact your Financial Planner to assist you in this regard?
ADDITIONAL INFORMATION REGARDING THE CLIENT’S NEEDS, OBJECTIVES AND/OR RISK PROFILE
Client Signature Advisor Signature
Client Name:Date:This agreement, read with the benefits, terms and conditions in the quotation, which is accepted by the client as well as any additional terms and conditions that may be determined by the product supplier (futures contract exchange / short-term trading platform), will represent the record of advice as required by the FAIS Act. The content will form the basis of the advice that was provided by the provider in good faith, which is hereby accepted by the client.CLIENT INSTRUCTION(Please select the service you would like the advisor to provide)Investment Needs Analysis (Limited to short-term trading)Investment AdviceLimited Advice (If yes, please complete the section below)Short-term Trading (i.e. a holding period of less than 6 months) by utilising futures contracts and contacts for difference (CFD’s)
Client SignatureLIMITED ADVICE: (Complete even though a Needs Analysis was done)Focused advice (single need)• Even though Tribe Capital has done an Investment Needs Analysis, the company is only providing Limited Advice. The advice is
limited to short term trading (i.e. a holding period of less than 6 months) in futures contracts and Contracts for Difference (CFD’s). • You accept that there may be limitations on the appropriateness of the advice, as other needs or information have not been taken
into account. • You therefore have to consider this advice based on your own objectives, financial situation and particular needs.• It will therefore be prudent if you consult an independent financial advisor to advise you on Comprehensive Financial/Estate
Planning. As stated in the risk disclosure, you should not invest more than 10.00% of your total portfolio in futures contracts and CFD’s, and not more than 50.00% of your total portfolio in shares.
DECLARATION FOR FOCUSED ADVICEI understand that I should consider this advice based on my own objectives, financial situation and particular needs. Notwithstanding the above advice, I confirm that I have in my own discretion, selected the following:
• Specific (limited) advice Client Signature
DETAILS OF ADVICE AND SERVICE RENDERED(Please select the service that the advisor provided)Information collectedInvestment Needs Analysis doneRisk Profile done
CLIENT INSTRUCTION AND ADVICE - AND INTERMEDIARY SERVICE AGREEMENT
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RECOMMENDATIONS(The purpose for this is to reaffirm that Tribe Capital does not provide a financial planning service, and does therefore not address the needs and shortcomings that might be identified in a Comprehensive Financial Needs Analysis)Product/s: Futures contracts and Contracts for Difference (CFD’s) and SharesCompany/ies: Tribe Capital via the following companies: RussellStone Agri / Grainvest, Peregrine, Velocity, Nedbank, Standard BankReasons for recommendations and additional information:The client purchased a Trading Software Package which teaches and enables him/her to trade on the Johannesburg Stock Exchange (including Safex) as well as other offshore instruments.Tribe Capital was elected by the client to act as his/her broker. A Broker Appointment was signed by the client.Tribe Capital only advises on the construction of futures contracts and Contracts for Difference (CFD’s) and Share portfolios.An Investment Needs Analysis and Risk Profile were done. The client was advised that he/she should not invest more than 10.00% of their total portfolio in futures contracts and CFD’s and not more than 50.00% of their total portfolio in shares. The reason why a needs analysis was done, is only to ensure that a client does not invest more than 10.00% of his/her portfolio in futures contracts / CFD’s and not more than 50.00% of his/her portfolio in shares.The initial investment amount will be disclosed in the Investment Needs Analysis.
The client agreed to the following fee structure:Shares: Derivatives:Tribe Capital will communicate with the client electronically after the initial investment was made and audit trail of all future investments and communications will be kept.
Future service, next appointment:As Tribe Capital does not provide a financial planning service, and the client will only deposit a small lump sum in his/her trading account, the company will not be contacting the client from time to time to advise on financial planning. It is the responsibility of the client to seek advice if there is a change in his/her financial situation. The appropriate action of the client should be to close all short term trading accounts in futures contracts / CFD’s and shares if his/her financial situation has deteriorated.DECLARATIONSIn view of the record-keeping requirements in terms of the Financial Advisory and Intermediary Services Act, no amendments or variation of this agreement shall be effective, unless it is reduced to writing and signed by both parties. The Advisor undertakes to give you a copy of this document.
Declaration by client:1. I have received a copy of the disclosure document (broker certificate) from the advisor.2. I understand the recommendation and the impact of my decision on my financial portfolio.3. I have made an informed decision, as confirmed and accepted. 4. I will inform the broker if there are any substantial changes that may effect my financial portfolio.5. The client agrees to pay the advisor an amount equivalent to any commission that may be
payable to the advisor as payment for the abovementioned services rendered. The correct amount will be disclosed to the client by the advisor prior to the conclusion and implementation of the financial transaction.
Declaration by advisor:1. I have made all the disclosures in terms of FAIS, including fees and commission.2. I have been licensed and accredited to sell the product as discussed and recommended.
Client signature Advisor Signature
ENTERED INTO BETWEEN Tribe Capital (Pty) Ltd
(Hereinafter referred to as TC)
(Hereinafter referred to as the Client)
FOR THE RENDERING OF INTERMEDIARY SERVICES AND THE MANAGEMENT OF INVESTMENTS BY A DISCRETIONARY FINANCIAL
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1. AUTHORISATION1.1 Tribe Capital is the holder of a category II FSP license and is authorised to render intermediary services of a discretionary nature in
respect of investments schemes and products as defined in 1.3 below. Tribe Capital and its representatives have been appointed as my discretionary trader. I have thus, at my own discretion, instructed Tribe Capital to trade on my behalf. The company / it’s representatives therefore do not need to advise / contact me when trading on my behalf.
1.2 Tick which is applicable: 1.2.1 __________________TC shall exercise its discretion in the management on behalf of the investor.1.3 TC is authorised to invest in, and switch from any of the following financial products:
Category Sub Category Category Description
1 1 Long-Term Insurance : Category A1 3 Long-Term Insurance : Category B11 20 Long-Term Insurance : Category B21 4 Long-Term Insurance : Category C1 5 Retail Pension Benefits1 7 Pension Funds Benefits (excluding retail)1 8 Securities and Instruments :Shares1 9 Securities and Instruments : Money market instruments1 10 Securities and Instruments : Debentures and securitised debt1 11 Securities and Instruments : Warrants, certificates and other instruments1 12 Securities and Instruments : Bonds1 13 Securities and Instruments : Derivative instruments
1 14 Participatory interests in Collective Investment Schemes1 17 Deposits Defined in the Banks Act - exceeding 12 months1 18 Deposits defined in the Banks act - 12 months or less2 1 Long-Term Insurance : Category B12 16 Long-Term Insurance : Category B22 2 Long-Term Insurance : Category C2 3 Retail Pension Benefits2 4 Pension Funds Benefits (excluding retail pension benefits)2 5 Securities and Instruments : Shares2 6 Securities and Instruments : Money market instruments2 7 Securities and Instruments : Debentures and securitised debt2 8 Securities and Instruments : Warrants, certificates and other instruments2 9 Securities and Instruments : Bonds2 10 Securities and Instruments : Derivative instruments2 11 Participatory interests in Collective Investment Schemes2 13 Long-term Deposits2 14 Short-term Deposits
1.4 Investment products and portfolios will be applied and signed for by the client on the applicable initial investment application forms. TC shall have full discretion pertaining to the process of managing the client’s investments and shall not need to obtain instructions from the Client before entering into a transaction on behalf of the Client agreed to in terms of this mandate, taking the client’s risk profile and investment objectives into account as provided by the client. TC will invest in and switch the investments within the chosen portfolio/s. TC may also switch between portfolios, at the request of the client, or at its own discretion.
WHEREBY IT IS AGREED
1.5 TC will have full discretion in terms of this mandate to manage the Investor’s portfolio applicable to both local and off-shore jurisdictions unless the client indicates in writing that only the local jurisdiction applies. Should the client wish to exclude any of the above investment instruments it should be so indicated in writing.
1.6 TC may make use of the services of its staff, or that of other approved FSP’s, to execute certain administrative functions in the course of rendering intermediary services to the client.
2. INVESTMENT OBJECTIVES The investment objectives are specified as follows:
Long term (5 years or longer)Capital growthIncome generation
Medium (2 to 5 years)Capital growthIncome generation
Short Term (3 months to 2 years)Capital GrowthIncome Generation
Risk Preference* *(Risk profile is determined considering the current set of information and circumstances of the Client but may change as the circumstances of the Client change)
The following jurisdiction restrictions apply to the management of the above investments:
The following investment restrictions apply to the management of the above investments:
The following special instructions apply to the management of the above investments:
3. STATEMENTSTC will instruct the relevant product suppliers (e.g. Velocity Trade and Nedbank Capital) to provide the prescribed products such as statements and performance reports on a daily basis to clients. Physical statements by Tribe Capital and its partners / product suppliers will only be provided on request. Clients will also be able to generate their statements when they log onto the respective trading platform.
4. RISK DISCLOSURE4.1 TC uses its discretion to invest on the client’s behalf with great care and diligence. There is a risk associated however with investing in the financial products involved. The value of the investments and income may rise as well as fall, and there is a risk that the client may suffer substantial financial losses. When trading derivatives, a client may be liable for more than the initial capital deposited into their trading accounts. The client does not have a claim against TC in the event of the realisation of this risk unless it can be proved that the losses were due to negligence, fraud, misconduct or dishonesty by TC or its staff.
4.2 When investing in foreign investment products it is important to be aware of the following risks:
4.2.1 Getting access to investment performance information may be more difficult than South African based investments.
4.2.2 Investments are exposed to different tax regimes that may change without warning and it may influence investment returns.
4.2.3 Exchange control measures may change in the country of investment and it may influence accessibility to the invested capital.
4.2.4 The value of the Rand has deteriorated over the last number of years. However it is important to understand that should the Rand exchange rate strengthen against the exchange rate of the foreign currency / -ies in which the Client’s money is invested, it may create a loss of capital or reduced returns when the money is returned to South Africa in Rand.
4.3 TC may invest in wrap funds on behalf of the client in terms of this mandate and is thus required by the FSB to make certain disclosures regarding wrap funds and how they differ from fund of funds.
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4.3.1 A fund of funds is a collective investment scheme fund that is not allowed to invest more than 50% of the value of the fund in any one collective investment scheme fund. The Collective Investment Scheme Act guarantees the repurchase of participatory interests in a fund of funds by the management company.
4.3.2 A wrap fund is a basket of different collective investment schemes wrapped as a single investment portfolio. The underlying combination of collective investment schemes is selected to optimally target the risk/return requirements and investment objectives of the client. In fact it’s a number of separate investments in which the investor has direct ownership and could be better described as an account. These underlying investments are selected in line with the investment requirements of the client. There’s no joint ownership among investors and individual ownership of the participatory interests in the collective investment schemes can be transparently demonstrated at all times. A wrap fund investment is administered and facilitated by a linked investment service provider (LISP) i.e. an Administrative FSP. A wrap fund has no limit concerning the collective investment schemes that that it may include in its portfolio. The Administrative FSP of the wrap funds does not guarantee the repurchase of participatory interests in the collective investment schemes that comprise the wrap funds. The Administrative FSP has service level agreements in place with the management company of each collective investment scheme according to which the repurchase of participatory interests in collective investment schemes comprising wrap funds are guaranteed. The costs and other information applicable to wrap funds are set out in the documentation of the administrator of the wrap funds.
5. REGISTRATION OF INVESTMENTSTC shall register the investments that from time to time it holds on behalf of the Client in the name of the Client, or in the name of a FSB approved nominee company that the client may nominate in writing to TC. It should be noted that contracts for difference (CFD’s) do not represent a claim on the underlying instrument (e.g. Sasol Ltd shares) upon which it is based. The underlying instrument will be held in the name of the platform provider, e.g. Velocity Trade or Nedbank Capital.
6. VOTING ON BEHALF OF CLIENTS TC may vote on behalf of the Client in respect of a ballot conducted by collective investment scheme in so far as the ballot relates
to the investments managed by TC on behalf of the client.
7. INFORMATION TO BE DISCLOSED BY PRODUCT PROVIDERS The Client confirms that TC shall not be required to provide the investor with any other information than what a product provider such as a collective investment scheme or other listed insurance company is required by law to disclose to the client.
8. ACCRUALSAll cash accruals received in respect of the Investments, including dividends and interest, shall be reinvested as and when they fall due and shall form part of the Investments.
9. TREATMENT OF FUNDSWith regards to the Velocity Trade and Nedbank Capital portals, TC will not take receipt of client funds. Clients will deposit funds earmarked for discretionary trading directly in the bank detail provided by Velocity Trade and Nedbank Capital. All cash accruals (including dividends and interest) which are paid by the Investment Company will be re-invested by TC.
10. REMUNERATION 10.1 The Client shall remunerate TC for the management of the investments on behalf of the client as follows:
10.1.1 An annual management fee of 2.00 % based on the actual cash value (i.e. not based on exposure) of the portfolio of the Client. Such management fee will be calculated on the cash value of the portfolio at the end of each month and will be thus be payable monthly in arrears. The minimum monthly fee will be R 50.00 irrespective of the value of the account. 10.1.2 Brokerage of not more than 0.25% (25 basis points) of the exposure of the related trade. 10.1.3 Funding: CFD’s are funded by the Velocity Trade and Nedbank Capital trading portals at a rate of up to 300 basis points (3.00%) above the Safety annual rate. TC may share in the funding rate up to a maximum of 150 basis points (1.50%) per annum of the exposure taken in trades. The funding will, as per industry standard, be calculated daily and payable monthly in arrears. 10.1.4 Profit sharing: TC will share in 20% of all profits per annum. This will be calculated every six months, and will be payable biannually in arrears. A high watermark will be implemented in this regard. 10.2 Unless indicated in 10.3 above, TC will not receive any soft commissions, rebates, fee reductions, or any discounts from administrative FSP’s, Management Companies and/or members of an Exchange for placing funds with them.
11. REDEMPTION GATESClients can withdraw all their funds by providing a 30 day withdrawal notice. Withdrawal requests will only be acted upon during the first five business days of every month. This means that when the client gives notice during the first five business days of month one, the funds will be deposited into the client’s designated bank account during the first five business days of month two.
12. BANK DETAILS When clients requests withdrawals, the funds will be deposited into the following bank detail: Bank: Branch: Account type: Account number:
13. DECLARATION REGARDING FUNDS AND INVESTMENTS13.1 The Client declares that all funds and investments placed under TC ’s management in terms of this mandate are from a legitimate source and are not the “proceeds of unlawful activities”, as defined in the Prevention of Organised Crime Act, No.121 of 1998.
13.2 The Client further warrant that, where required, all funds placed under TC’ management in terms of this mandate are declared in terms of the Income Tax Act of 1962 and that the client has any necessary approval from the South African Reserve Bank for foreign funds, assets or investments owned by the Client
14. TERMINATION OF MANDATE14.1 Any amendment of any provision of this mandate shall be in writing and shall be by means of a Supplementary or New Agreement between TC and the Client.
14.2 TC or the Client shall be entitled to terminate this mandate after notice in writing of not more than sixty (60) calendar days.
15. EFFECTIVE DATEThis mandate will become of force and effect on
SIGNED AT ON THIS DAY OF For and on behalf of ***, the signatory warranting that he is duly authorised:
As witnesses to the signature of *** 1 2
SIGNED AT ON THIS DAY OF
By the Client:
As witnesses to the signature of the Client: 1 2