Terms & Conditions
Terms & Conditions
|Prescient Global Funds ICAV||Omba Investments ICAV|
|c/o Prescient Investment Management (Pty) Ltd|
Block B, Silverwood
Steenberg Office Park, Tokai
Cape Town, 7945
Tel: + 27 21 700 3600
or c/o Prescient Fund Services (Ireland) Limited
35 Merrion Square East
Dublin 2, D02 KH30
Tel: +353 1 676 6959
|c/o Prescient Fund Services (Ireland) Limited|
35 Merrion Square East
Dublin 2, D02 KH30
Tel: +353 1 676 6959
- To be valid, the Account opening Form (incorporating the Declaration required by the Irish Revenue Commissioners) must be completed by the investor.
- Where there is more than one Investor, each person must sign. If this Account opening Form is signed by any Investor under power of attorney, such power of attorney or a duly certified copy thereof must accompany this Account opening form.
- If the Investor is a company, the Declaration must be signed by the Company’s Secretary or an authorised officer and a list of authorised signatories must accompany this Account Opening Form.
- This Account Opening Form and required documentation must be received before the dealing deadline as per the Prospectus on the Relevant Dealing Day.
- Subscription amounts must be received by the Company in the subscription account of the Custodian as cleared funds for value on the Settlement date as per the Prospectus. Any applications and/or cleared funds therefore received after the dealing deadline on the Relevant Dealing Day will be held over until the next Dealing Day.
- The dealing deadline for redemption requests is set out in the Prospectus.
- Redemptions will not be processed on non-cleared/verified accounts.
- No redemption payment may be made until all documentation required by the scheme and anti-money laundering and counter terrorist financing procedures have been completed.
Applicable if appointing a Financial Advisor (IFA)
- The Company will only accept applications, submitted on behalf of investors, from IFA’s who have been granted a licence by the regulating authority of the country in which the service is being rendered to the investor.
- The Company cannot be held responsible or liable for loss or damage suffered by the investor as a result of the IFA acting outside his / her licence parameters or because of delays in the processing or rejection of this account opening form, caused by the fact that the investor’s IFA is not authorised as per 1 above.
- The IFA is responsible for ensuring that the investor receives and understands all appropriate advice, product and fee information including changes in the working practices and procedures of the Company.
- The fees that apply to this investment are set out in the Prospectus.
- All fees may be amended by the Company from time to time, and in such event, a notification will be sent to the investor.
- The annual fee is the fee you pay to the Company for managing the fund, which may include both Management and Investment Management Fees.
- You may negotiate an annual advisor fee to be paid to your appointed IFA. Shares will be redeemed from your investment to pay your IFA this fee
Shares/Collective investment schemes are generally medium- to long-term investments. The value of shares may go down as well as up and past performance is not necessarily a guide to the future. Collective investment schemes are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees, charges and maximum commissions is available on request from the manager. There is no guarantee in respect of capital or returns in a portfolio. A CIS may be closed to new investors in order for it to be managed more efficiently in accordance with its mandate. Performance has been calculated using net NAV to NAV numbers with income reinvested. Where foreign securities are included in a portfolio there may be potential constraints on liquidity and the repatriation of funds, macroeconomic risks, political risks, foreign exchange risks, tax risks, settlement risks; and potential limitations on the availability of market information.
The investor acknowledges the inherent risk associated with the selected investments and that there are no guarantees. Commission and incentives may be paid and if so, are included in the overall costs. There is no guarantee in respect of capital or returns in a portfolio. Daily forward pricing is used. A Prospectus is available from the Company. Fluctuations or movements in exchange rates may cause the value of the underlying international investments to go up or down.
CUSTOMER INFORMATION NOTICE – COMMON REPORTING STANDARD
The Company intends to take such steps as may be required to satisfy any obligations imposed by (i) the Standard for Automatic Exchange of Financial Account Information in Tax Matters (“the Standard”) and, specifically, the Common Reporting Standard (“CRS”) therein or (ii) any provisions imposed under Irish law arising from the Standard or any international law implementing the Standard (to include the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information or the EU Council Directive 2011/16/EU (as amended by Council Directive 2014/107/EU)) so as to ensure compliance or deemed compliance (as the case may be) with the Standard and the CRS therein from 1 January 2016.
The Company is obliged under Section 891F of the Taxes Consolidation Act 1997 (as amended) and regulations made pursuant to that section to collect certain information about each Investor’s tax arrangements.
Please note that in certain circumstances the Company may be legally obliged to share this information and other financial information with respect to an Investor’s interests in the Company with the Irish Revenue Commissioners. In turn, and to the extent the account has been identified as a Reportable Account, the Irish Revenue Commissioners will exchange this information with the country of residence of the Reportable Person(s) in respect of that Reportable Account.
In particular, the following information will be reported by the Company to the Irish Revenue Commissioners in respect of each Reportable Account maintained by the Company:
- The name, address, jurisdiction of residence, tax identification number and date and place of birth, in the case of an individual, of each Reportable Person that is an Account Holder of the account and, in the case of any Entity that is an Account Holder and that, after application of the due diligence
- procedures consistent with CRS is identified as having one or more Controlling Persons that is a Reportable Person, the name, address, jurisdiction of residence and tax identification number of the Entity and the name, address, jurisdiction of residence, TIN and date and place of birth of each such
- Reportable Person.
- The account number (or functional equivalent in the absence of an account number);
- The account balance or value as of the end of the relevant calendar year or other appropriate reporting period or, if the account was closed during such year or period, the closure of the account;
- The total gross amount paid or credited to the Account Holder with respect to the account during the calendar year or other appropriate reporting period with respect to which the Reporting Financial Institution is the obligor or debtor, including the aggregate amount of any redemption payments made to the Account Holder during the calendar year or other appropriate reporting period.
- The currency in which each amount is denominated.
Please note that in certain limited circumstances it may not be necessary to report the tax identification number and date of birth of a Reportable Person.
In addition to the above, the Irish Revenue Commissioners and Irish Data Protection Commissioner have confirmed that Irish Financial Institutions (such as the Company) may adopt the “wider approach” for CRS. This allows the Company to collect data relating to the country of residence and the tax identification number from all non-Irish resident Investors.
The Company can send this data to the Irish Revenue Commissioners who will determine whether the country of origin is a Participating Jurisdiction for CRS purposes and, if so, exchange data with them. Revenue will delete any data for non-Participating Jurisdictions.
The Irish Revenue Commissioners and the Irish Data Protection Commissioner have confirmed that this wider approach can be undertaken for a set 2-3 year period pending the resolution of the final CRS list of Participating Jurisdictions.
Applicants and Investors can obtain more information on the Company’s tax reporting obligations on the website of the Irish Revenue Commissioners (which is available at http://www.revenue.ie/en/business/aeoi/index.html)
or the following link in the case of CRS only: http://www.oecd.org/tax/automatic-exchange/
All capitalised terms above, unless otherwise defined above, shall have the same meaning as they have in the Standard and EU Council Directive 2014/107/EU (as applicable).