Summary Guide
This table summarises the key features of the GStocks Global product, so that you can use this as a guide when reading the legal terms and conditions. This table is not a legal agreement. For a proper understanding, you must read all of the terms and conditions set out in the Agreement.
| Parties |
- You and First World Trader Proprietary Limited trading as EasyEquities (“EasyEquities”) will trade Securities through EasyEquities' appointed US Broker.
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| What are US Securities? |
- They are Securities (for example shares) which are listed on a stock exchange in the United States of America (for example the New York Stock Exchange).
- Where you cannot afford a Whole Security, you can still invest in a fraction of a Security by entering into a CFD Transaction with us to obtain Fractional Security Rights.
- We use a US Broker to buy, sell, clear and settle Securities bought and sold on a US stock exchange, and to hold your Securities in safe custody.
- You place Orders for Securities via the EasyEquities Platform.
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| How do I Trade? |
- First, you must open an Account with us for all your Trades in US Securities.
- Then, you must transfer money solely from your GCash Wallet to your Account in accordance with the conditions and limits set out in clause 20.
- You may only buy Securities with the Free Cash available in your Account, subject to a maximum transaction limit of PHP50,000 per Trade.
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| Regulations |
- EasyEquities is an authorised financial services provider under the Financial Advisory and Intermediary Services Act, 2002 (“FAIS”) and a licensed over-the-counter derivatives provider under the Financial Markets Act, 2012 in South Africa.
- You will be subject to the provisions of Applicable Law, including US and Philippines securities and taxation laws.
- You will be subject to the provisions of SEC Memorandum Circular No. 09, series of 2024 also known as the SEC STRATBOX (“Strategic Sandbox”).
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| Other |
- Only Filipino citizens who are non-residents of the United States of America may open an Account for US Securities with us.
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The following allowable amounts apply to GStocks Global:
| Lifetime top-up per client: |
PHP 150,000 |
| Maximum top-up per transaction: |
PHP 50,000 |
| Maximum trade value per transaction: |
PHP 50,000 |
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Buying and selling Securities on the EasyEquities Platform
| How to buy a Security |
- Place an Order for a chosen Security in PHP or number of Securities.
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If you place your Order in PHP, for example, the PHP-equivalent of a $1,200’s worth of Securities
(this example does not include the costs payable for your Trade):
- If the Securities are trading at the PHP-equivalent of $500 per Security, you will buy 2 Whole Securities and you will own those 2 Whole Securities.
- You will have a remaining balance of a PHP-equivalent of $200, which is not enough to buy another Whole Security.
- We will enter into a CFD Transaction with you and the Underlying Reference Instrument will be 40% of that Security (this is because USD200 is 40% of USD500, the Security’s current price).
- You will have a contractual right under the CFD Transaction to 40% of the income earned on the Underlying Reference Instrument, and to the changes in the value of the Underlying Reference Instrument, pro-rated to 40%. We call this a Fractional Security Right.
- As with all CFD Transactions you will not own the Underlying Reference Instrument.
- You will have a contractual claim against us under the CFD Transaction, which means that you may enforce your rights under this Agreement and any CFD Transaction directly against us, and only us.
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If you place your Order by number of Securities: e.g., 200 Whole Securities
(this example does not include the costs payable for your Trade), you will pay for and own 200 Whole Securities.
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| How to sell a Security |
- You may not sell a Security which you do not own.
- You may sell any of your Whole Securities and Fractional Security Rights on the EasyEquities Platform by placing a sell Order.
- Proceeds from sales will be paid to you up to 2 (two) Business Days after the Trade date.
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What protections do you have?
| Cash and Securities |
- Your cash and Securities are held either by the US Broker or FWT Nominees (whichever is applicable) in terms of Applicable Law. Your cash and Whole Securities belong to you and will be kept separate from our estate and our assets, and from the estate and assets of the US Broker. You will have a contractual claim against us to the value of your Fractional Security Rights when you sell them.
- Your cash and Securities will be held on an omnibus basis together with the cash and Securities of our other clients in segregated cash and securities accounts opened in the name of FWT Nominees either by the US Broker or FWT Nominees (whichever is applicable).
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Trading risks
| Profits and losses |
- You are responsible for all Trades on the EasyEquities Platform.
- We do not give you any advice or recommendations regarding Trades.
- You are responsible for any profits or losses as a result of Whole Securities or Fractional Security Rights which you buy and sell or decisions you make regarding your Trades.
- Engaging in this type of transaction can carry a high risk and you may lose all of your money in respect of Whole Securities and Fractional Security Rights.
- The issue of Fractional Security Rights are not subject to Philippines securities laws or regulations and you may not rely on the provisions of any Philippines securities law or regulation in respect of your Fractional Security Rights.
- The buying and selling of Fractional Security Rights does not occur on a Recognised Exchange and, may consequently expose you to greater risks than exchange-based transactions.
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TERMS AND CONDITIONS
- INTRODUCTION
- This client agreement, including any Annexures, (“Agreement”) sets out the terms and conditions between you (being an individual) (“you” or the “Client”) and First World Trader Proprietary Limited (“EasyEquities” or “we” or “us”), to open an EasyEquities US trading account (an “Account”) and receive services from us primarily through your investment in Securities, including Whole Securities and Fractional Security Rights via our EasyEquities Platform.
EasyEquities acts as an agent for the sale of Whole Securities, where you are the beneficial owner of those Whole Securities and are entitled to Dividends, participation in Corporate Actions and all the economic benefits and risks associated with share ownership. In respect of Fractional Security Rights, FWT acts as principal to a contract for difference issued to you where you will have a contractual claim against FWT to the economic benefits (or losses) associated with share ownership (price movements and Dividends) without having ownership rights in the underlying share. Fractional Security Rights which are issued through a contract for difference. Unlike Whole Securities, Fractional Security Rights do not carry any voting rights. As you make further investments in Fractional Security Rights, the value of your Fractional Security Rights may ultimately add up to a Whole Security and the contract for difference will be closed out and a Whole Security will be delivered to you. - There are clauses in this Agreement that require your careful consideration. To assist you, those terms which may limit any of your rights, or which provide for specific acknowledgements or warranties required by/from you, are in bold font. You acknowledge that you have read and appreciated the importance of the terms and clauses in bold font.
- This Agreement is legally binding and all Trading under it is enforceable against either Party. By completing your Application Form and electronically accepting the terms and conditions set out in this Agreement, you acknowledge that you have read the Agreement and that you fully understand its contents and you agree that all your Trading on the EasyEquities Platform will be governed by the terms and conditions of the Agreement. You should not commence Trading unless you fully understand the terms and conditions of the Agreement. If you would like us to explain any of the terms and conditions to you, you can submit a ticket via the Support Portal and ask us any questions you may have.
- The applicability of SEC Memorandum Circular No. 09, series of 2024 also known as the SEC STRATBOX (Strategic Sandbox):
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- GStocks Global is offered during an approved regulatory sandbox program, by virtue of the provisions of SEC Memorandum Circular No. 09, series of 2024.
- You acknowledge and agree that during the regulatory sandbox program, the following principles apply to GStocks Global:
- financial products and services are offered in a live and regulatory controlled environment with appropriate regulatory oversight within an approved period;
- while the offering of financial products and services will be conducted in compliance with the provisions existing laws, rules, regulations, and SEC issuances, including but not limited to the provisions of the Securities Regulation Code, Revised Corporation Code, and Financial Products and Services Consumer Protection Act, and their respective implementing rules, the SEC may, in its capacity as provided by law, grant certain waivers or modifications applicable to such financial products and financial services, based on levels of risk involved, security measures in place, benefits provided to the public, among others; and
- financial products and services in the regulatory sandbox program may have obtained approvals for specified regulatory relief, where the SEC may have modified or relaxed specific licensing, registration, compliance, or other regulatory requirements that would otherwise apply to such financial products and financial services. Upon the expiration of the approved period, such regulatory requirements waived or modified by the SEC or any other applicable regulator shall expire, and the financial products and financial services will need to comply with appropriate legal and regulatory requirements.
- You must ensure that you understand this Agreement and the nature of our service before you begin to Trade.
- DEFINITIONS AND INTERPRETATION
- In this Agreement, unless the context requires otherwise:
- Account: Your EasyEquities US trading account (with corresponding account number) opened in terms of this Agreement for your Trading in US Securities with EasyEquities under which all your Trading is recorded and reconciled.
- Account Holder, Client or you: means you, the person identified in the Application Form and electronically accepting this Agreement.
- Advanced Buy Limit Order: An Advanced Limit Order is an Order to buy an Issuer Security in future when the prevailing “Ask” price (buying at price) of that Issuer Security on the relevant Recognised Exchange is equal to or less than the price specified by you in the Advanced Buy Limit Order subject to the terms and conditions set out in clause 10.
- Advanced Order Fee: The fee charged for an Advanced Buy Limit Order, an Advanced Sell Limit Order, a Break Order, a Stop Loss Order and a Take Profit Order in accordance with the provisions of clause 10 below and as set out in the Cost Profile.
- Advanced Sell Limit Order: An Advanced Sell Limit Order is an Order to sell an Issuer Security in future when the prevailing “Bid” price (selling at price) of that Issuer Security on the relevant Recognised Exchange is equal to or greater than the price specified by you in the Advanced Sell Limit Order subject to the terms and conditions set out in clause 10.
- Affiliate: Any member of the Purple Group Limited group of companies, including without limitation, any subsidiary (whether direct or indirect), holding company or fellow subsidiary of any holding company of Purple Group Limited.
- Agreement: As defined in clause 1.1, including any Annexures to the Agreement.
- Annexures: means any annexures attached to this Agreement as may be amended or supplemented from time to time.
- Applicable Law: means in relation to the Parties and the provisions of this Agreement, any law, regulation, rule, official directive, request or guideline of any Government, including without limitation, the Government of the US, or the Government of the Philippines, or any entity or regulatory body or any regulatory requirement, judgment, order or determination, codes of practice published by the regulatory bodies having jurisdiction over the Parties (in South Africa or any other country, including without limitation, the US and the Philippines) and the provisions of this Agreement, including legislation which may be subordinate, derivative or otherwise.
- Applicable Top Up Foreign Exchange Rate: The PHP to USD exchange rate actually offered to us by the Authorised Dealer, on the Currency Conversion Date, when you submit a Top Up Currency Transfer Request, which foreign exchange rate will be used to calculate the USD value stated in your Top Up Currency Transfer Request, less any fees and charges.
- Applicable Withdrawal Foreign Exchange Rate: The USD to PHP exchange rate actually offered to us by the Authorised Dealer, on the Currency Conversion Date, when you submit a Withdrawal Currency Transfer Request, which foreign exchange rate will be used to calculate the PHP value stated in your Withdrawal Currency Transfer Request, less any fees and charges.
- Application Form: The online application form that you are required to complete for the purpose of applying to become a client of EasyEquities.
- Authorised Dealer: UnionBank of the Philippines, a universal banking corporation supervised by the BSP, or any other authorised dealer in foreign exchange duly authorised in terms of Exchange Control, and appointed by FWT from time to time.
- Basic Buy Limit Order: A Basic Buy Limit Order is an Order to buy an Issuer Security in future when the prevailing “Ask” price (buying at price) of that Issuer Security on the relevant Recognised Exchange is equal to or less than the “Ask” price (buying at price) which is displayed to you on the EasyEquities Platform at the time of placing your Basic Buy Limit Order subject to clause 10 below.
- Basic Sell Limit Order: A Basic Sell Limit Order is an Order to sell an Issuer Security in future when the prevailing “Bid” price (selling at price) of that Issuer Security on the relevant Recognised Exchange is equal to or greater than the “Bid” price (selling at price) which is displayed to you on the EasyEquities Platform at the time of placing your Basic Sell Limit Order subject to clause 10 below.
- Batch Period: The period determined by FWT in our sole discretion during which all currency transfer requests submitted to FWT by all of our clients during that time will be accumulated, pending the next Currency Conversion Date.
- Break Order: A Break Order is an Order to buy an Issuer Security in future when the prevailing “Ask” price (buying at price) of that Issuer Security on the relevant Recognised Exchange is equal to or greater than the price specified by you in the Break Order subject to clause 10 below.
- BSP: Bangko Sentral ng Pilipinas.
- Business Day: Any day other than a Saturday, Sunday or official public holiday in the Republic of South Africa, or the US, or in the Cities of Taguig or Makati in the Philippines.
- Buy Instruction: A Buy Instruction is an Order to buy an Issuer Security that is placed outside of the market hours of the relevant Recognised Exchange or outside the Trading hours of the EasyEquities Platform or during an intra-day auction subject to clause 10 below.
- Calendar Day: Any day of the week including Saturday, Sunday and official public holidays in the Republic of South Africa, or the US, or or in the Cities of Taguig or Makati in the Philippines.
- CFD Transaction or contract for difference Transaction: A derivatives contract between you and FWT, where we agree to exchange the difference between the opening value and closing value of an Underlying Reference Instrument (i.e. a financial instrument, for example a share), which contract for difference will be entered into between us, in instances where you cannot afford to buy a Whole Security, so rather place an Order to invest in a Fractional Security Right as set out in clause 11 of this Agreement.
- Company (ies): Companies listed on any Recognised Exchanges that may, from time to time, offer their Securities for sale.
- Contract Note: A tax invoice issued by us to confirm the details and the terms of your Trade.
- Cost Profile: The list of costs which apply to your Account with EasyEquities, as published on the Website or otherwise communicated to you from time to time, including at the time of purchase or sale of Securities, that may include, but are not limited to, costs in relation to execution fees, exchange trading fees and data fees (including the data usage fees levied by Recognised Exchanges), commissions, brokerage fees, regulatory fees, cash management fees, administration fees or access fees, certain product and/or service fees (including without limitation, US Brokerage Fees, Account inactivity fees, Advanced Order Fees, voucher fees and any other associated costs).
- Corporate Action: An event in respect of an Issuer that is a Company that affects the Issuer Securities.
- Currency Conversion Date: The date and time at the end of the relevant Batch Period when your Top Up Currency Transfer Request or Withdrawal Currency Transfer Request (together with all other client's Top Up Currency Transfer Requests or Withdrawal Currency Transfer Requests in the same Batch) is finalised by the Authorised Dealer, and (i) US Dollars are cleared into your Account, or (ii) PHP credited to your GCash Wallet, whichever is applicable.
- CSD: In respect of any Recognised Exchange, CSD means any licensed central securities depository which provides electronic settlement of transactions concluded on the Recognised Exchange.
- Dividend: Any amount of money or shares or other property transferred by an Issuer which is a Company to or for the benefit of any shareholder in relation to that Company by virtue of any share held by that shareholder in that Company, whether by way of distribution, or as consideration for the acquisition of any shares in that Company or otherwise. Companies can generally choose to pay Dividends either in cash or in shares.
- Dollar or USD: The United States Dollar.
- EasyEquities, “we” or “us”: First World Trader Proprietary Limited trading as EasyEquities, as defined in clause 1.1, a private limited liability company with registration number 1999/021265/07, incorporated in accordance with the company laws of South Africa.
- EasyEquities Platform: The EasyEquities online trading platform, accessed via our mobile application or by any other electronic means or devices, using your personal user name and password.
- EasyEquities USD Bank Account: The offshore US Dollar bank account held in the name of FWT Nominees for purposes of holding client money in terms of clause 15.
- Exchange Control: The legal requirements and/or regulations relating to the transfer of money, into and out of the Republic of the Philippines as administered and regulated by the BSP.
- Execution Price: The price at which a Trade is actually made or executed as set out in the applicable Contract Note and as contemplated in clause 12.
- Execution Queue: The system generated random order queueing system determined by our trade execution facilities in which random order your Pending Transactions and the Pending Transactions of our other clients will be executed, determined on an individual basis (i.e. one by one) and not on an aggregate or bulk basis.
- FAIS: Financial Advisory and Intermediary Services Act, 2002.
- FINRA: The US Financial Industry Regulatory Authority.
- Fractional Security Rights or FSRs: That fraction of a Whole Security corresponding to the value of your Dollar Order which Fractional Security Right is issued to you where you do not have enough money to buy a Whole Security and is issued through a CFD Transaction over an Underlying Reference Instrument.
- Free Cash: The amount of client money reflecting in your Account which is not being used for a Trade;
- FSCA: The Financial Sector Conduct Authority, established in terms of the Financial Sector Regulation Act, 2017.
- FSP: Financial Services Provider, as defined in FAIS.
- FWT Nominees: First World Trader Nominees (RF) Proprietary Limited, a ring fenced, private, limited liability company with registration number 2013/091397/07, registered in accordance with the company laws of South Africa and approved as a nominee company to hold assets in its name on behalf of clients by the FSCA.
- GCash: G-Xchange Inc, a corporation duly organised and existing in accordance laws of the Republic of the Philippines.
- GCash App: Has the meaning given to it in the GCash Terms and Conditions.
- GCash Terms and Conditions: https://www.gcash.com/terms-and-conditions.
- GCash Wallet: Has the meaning given to it in GCash Terms and Conditions.
- Issuer(s): Those issuers (including Companies) whose securities are listed on a Recognised Exchange that may, from time to time, offer those securities for sale.
- Issuer Security(ies): Securities issued by an Issuer and that may, from time to time, be Traded.
- Lock Period: The relevant period during which we may prevent the withdrawal of certain funds from your Account, for any reason in our sole discretion;
- Market Order: A Market Order is an Order to buy or sell an Issuer Security during the market hours of the relevant Recognised Exchange at the prevailing market price on the relevant Recognised Exchange for that Issuer Security at the time we execute your Trade as reflected in the Contract Note (i.e. the Execution Price).
- Order: An Order is a conditional instruction given to us through the EasyEquities Platform to either buy or sell a certain PHP-equivalent of the Dollar amount of Whole Securities and Fractions or a certain number of Whole Securities, which can be a Market Order, Buy Instruction, Sell Instruction, Basic Buy Limit Order, Basic Sell Limit Order, Advanced Buy Limit Order, Advanced Sell Limit Order, Break Order, Stop Loss Order or a Take Profit Order. An Order is merely an instruction and is not binding on us.
- Parties: EasyEquities and the Client, and Party means, as the context requires, any one of them.
- Pending Transaction: An Order which has been duly accepted by us and raised on the EasyEquities Platform but which has not yet been executed on the EasyEquities Platform for any reason whatsoever.
- Personal Information: Has the meaning given to this term in POPI.
- PHP: The Philippine peso.
- POPI: The Protection of Personal Information Act, 2013.
- Process: Has the meaning given to this term in POPI.
- Purple Group Limited: Purple Group Limited, a public limited liability company with registration number 1998/013637/06, incorporated in accordance with the company laws of South Africa.
- Quoted Prices: The price of a particular Security displayed by us on the EasyEquities Platform, which price could be a delayed price or the previous days’ closing price for that particular Security as quoted on the Recognised Exchange.
- Recognised Exchange: Those external securities exchanges recognised by the World Federation of Exchanges as may be confirmed by EasyEquities for Trading on the EasyEquities Platform as published by EasyEquities on the EasyEquities Platform from time to time, including without limitation, any Recognised Exchange in the US.
- Requested Dollar Value: The specific number of USD set out in your Withdrawal Currency Transfer Request which you instruct EasyEquities pay to your GCash Wallet in accordance with the provisions of clause 20.
- Requested PHP Value: The specific number of PHP set out in your Top Up Currency Transfer Request which you instruct GCash to convert into Dollars in accordance with the provisions of the GCash Terms and Conditions and Exchange Control.
- SEC: The Securities and Exchange Commission of the Philippines.
- Securities: Any financial instrument (for example a share) issued by an Issuer and listed on a Recognised Exchange, including Issuer Securities. For avoidance of doubt, and for purposes of GStocks Global, the term “Securities” shall refer exclusively to equity securities issued by the top 50 Issuers listed on a US stock exchange, as determined in accordance with a well-defined criteria based on, but not limited to, liquidity, market capitalization, and classification as a blue-chip stock.
- Sell Instruction: A Sell Instruction is an Order to sell an Issuer Security that is placed outside of the market hours of the relevant Recognised Exchange or outside the Trading hours of the EasyEquities Platform or during an intra-day auction subject to clause 10 below.
- Settings Page: The page on the EasyEquities Platform which will allow you to, amongst other things:
- block Trades in specified Issuer Securities either permanently or for a specified period of time; and
- to amend the standard cost settings which apply by default to your Account and your Orders in accordance with clause 17.4 below.
- Stop Loss Order: A Stop Loss Order is an Order to sell an Issuer Security in future when the prevailing “Bid” price (selling at price) of that Issuer Security on the relevant Recognised Exchange is equal to or less than the price specified by you in the Stop Loss Order subject to clause 10 below.
- Support Portal: https://help.gcash.com/hc/en-us.
- Take Profit Order: A Take Profit Order is an Order to sell an Issuer Security in future when the prevailing “Bid” price (selling at price) of that Issuer Security on the relevant Recognised Exchange is equal to or greater than the price specified by you in the Take Profit Order subject to clause 10 below.
- Time: All references to the time of day in this Agreement are references in the format of the 24 hour clock and relate to the time in accordance with Philippine standard time or New York, as applicable.
- Top Up Currency Transfer Request: The electronic request submitted by you via the GCash App instructing GCash to debit your GCash Wallet with PHP and pay EasyEquities with the Dollar equivalent on your behalf in accordance with Exchange Control and the GCash Terms and Conditions.
- Trade or Trading: Any transaction confirmed by a Contract Note for the purchase or sale of Whole Securities and Fractional Security Rights.
- Underlying Reference Instrument: The percentage of an underlying Security which relates to a CFD Transaction issued to you in terms of clause 11 of this Agreement so that you can invest in a Fractional Security Right where you do not have enough money to buy a Whole Security. The percentage of the Security which constitutes the Underlying Reference Instrument of your CFD Transaction will be calculated pro rata according to the USD-equivalent of the PHP amount specified in your Order. You will obtain exposure to the profit or loss on price movements in respect of the Underlying Reference Instrument (as explained in clause 11 below) in terms of this Agreement but you will not own the Underlying Reference Instrument.
- US: The United States of America.
- US Broker: Any broker-dealer appointed by EasyEquities from time to time to:
- facilitate the execution, clearing and settlement of your Trades in Securities; and
- provide custody services in respect of your Securities,
which broker-dealer will be duly registered pursuant to Applicable Law and a member of FINRA in good standing.
- US Brokerage Fees: The fees (including without limitation all fees and commissions levied by the US Broker, together with any other fees, costs and charges related to your Trades in US Securities) which will be charged by EasyEquities for each Trade implemented by you on the EasyEquities Platform, as set out in the Cost Profile from time to time.
- US Person: Any person or entity which is defined as a “US Person” in terms of Regulation S of the US Securities Act, 1933 as amended.
- Website: www.easyequities.io or any other U.R.L. owned or controlled by EasyEquities or its Affiliates that connects the public with EasyEquities.
- Whole Security: One hundred percent of a Security (including, without limiting the generality of the aforegoing, whole shares) purchased or sold through the EasyEquities Platform in terms of this Agreement.
- Withdrawal Currency Transfer Request: The electronic request submitted by you via the EasyEquities Platform instructing EasyEquities to debit your Account with USD and pay GCash with the PHP equivalent on your behalf in accordance with the provisions of clause 20.
- This definitions clause is not exhaustive and you will find other terms defined elsewhere in this Agreement.
- If any provision in a definition confers rights, or imposes obligations on you or us, effect is given to it as a substantive provision of this Agreement.
- Any capitalised term used but not defined in any Annexure will, unless the context shows otherwise, have the same meaning as in this Agreement.
- Any reference in this Agreement to a person means any natural person or juristic person as the context requires.
- WARRANTIES AND UNDERTAKINGS
- When you submit your Application Form to us and each time you place an Order to Trade, you represent and warrant to us that as the Client and Account Holder:
- you are not a US Person;
- you do not require any approval to open your Account under any Applicable Law ("Account Opening Approval"), and in particular:
- you are not an employee of a FINRA member organisation or an associated person of such member organisation requiring Account Opening Approval;
- you are not an employee of a self-regulatory organisation requiring Account Opening Approval; and
- you are not an employee of a financial institution requiring an Account Opening Approval;
- to the extent that you require any approval to open your Account and commence Trading, you have obtained all necessary approvals required under Applicable Law prior to opening your Account and Trading on the EasyEquities Platform;
- you know and understand that you open your Account of your own volition and the opening of an Account on the EasyEquities Platform and the availability of any Securities on the EasyEquities Platform shall not be considered a solicitation by EasyEquities to you to buy or sell Securities if such solicitation would be illegal under the Applicable Law of your jurisdiction;
- you know and understand that access to the Website by you does not constitute an offer to sell Securities, a solicitation of an offer to buy Securities or a recommendation of any Security or any other product or service offered by EasyEquities on the EasyEquities Platform;
- you enter into the Agreement and Trade with us as principal, in your own name, on your own behalf only for yourself and not on behalf of a third party as that party’s agent or representative;
- you are fully authorised and legally entitled to enter into the Agreement, to conduct Trading with us and to perform your obligations under the Agreement;
- you will not use our name or any of our trademarks in any way without our prior written consent;
- you are of legal age in the country in which you reside, have contractual capacity to enter into and perform your obligations under this Agreement, and have prior investing experience;
- you have obtained the any applicable and necessary Exchange Control approvals which may be required to open this Account, and to Trade the Securities in the manner contemplated in this Agreement;
- you will perform your obligations and exercise your rights in terms of this Agreement only within the parameters of any Exchange Control approvals contemplated in clause 3.1(10) above and within any foreign investment or remittance allowance to which you may be bound under Exchange Control or in terms of any other Applicable Laws;
- you know and understand that the provisions to which you may be bound under Exchange Control, including without limitation, your offshore investment and other remittance allowances are subject to change at any time at the discretion of the BSP and you alone are responsible for confirming whether it is lawful under Exchange Control or in terms of any other Applicable Laws to Trade with us at any given time;
- you will use the services offered in this Agreement, in good faith and will not perform any act, whether intentionally or negligently, to defraud or cause any direct or indirect loss, harm or damage to EasyEquities or any of its other clients;
- you will not use any electronic device, software, or any trading strategy that seeks to manipulate the manner in which we construct and/or provide our buy or sell prices;
- you are not prevented by any Applicable Law from Trading on the EasyEquities Platform and when you Trade, you will comply with your obligations under Applicable Law; and
- all information given by you in connection with the EasyEquities services provided in terms of the Agreement is true and correct, and EasyEquities may rely on the truthfulness and correctness of that information.
- You are responsible to ensure that each of the warranties set out above are complied with at all times because we will rely on the warranties and if at any time you are in breach of any warranty, you will be liable to us for any loss or damage which we suffer. We will be entitled, in our absolute discretion and for as long as the breach is not remedied, to suspend your Account and/or close any Trade you have open at the market price prevailing at the time of closure.
- You undertake that, throughout the duration of the Agreement, you will, as quickly as you reasonably can, (i) inform us and (ii) confirm the information in writing if:
- you have reason to expect that there will be a change in your financial position as set out in your Application Form and that the expected change may, if it came to our attention, affect our decision as to whether or not to operate your Account; or
- there has been an actual change in your financial position, and the change may, if it came to our attention, affect our decision as to whether or not to operate your Account; or
- there is any change of your contact or any other details as set out in the Application Form.
- Any breach of undertaking will entitle us, for as long as the breach is not remedied and in our absolute discretion, to suspend your account and/or close any open Trade you have at the market price prevailing at time of closure.
- We will endeavour, at all times, to keep the EasyEquities Platform safe for use and free from viruses. We will also endeavour to provide you with accurate, up to date and clear information. However, we are unable to provide any express or implied warranty regarding the EasyEquities Platform or any other aspect of our service. Specifically, we do not warrant:
- the correctness, accuracy, timeliness, reliability or completeness of any information which we receive from third party data providers that you may obtain through the EasyEquities Platform. We will publish the information received directly from our third party data providers on the Website, but we cannot guarantee the accuracy of the information which they provide to us. You must read clause 33 of this Agreement to resolve any issues regarding Manifest Errors, as defined in that clause;
- the continued availability or uninterrupted access to the EasyEquities Platform, any of the functions of the EasyEquities Platform; or
- that the EasyEquities Platform will be free of viruses, bugs, trojans or any other harmful coding.
- Any Issuer whose Issuer Securities may be purchased through the EasyEquities Platform may rely on the representations, warranties, and agreements given by you in this Agreement and otherwise to EasyEquities as if that Issuer were a party to this Agreement.
- TRADING VIA THE EASYEQUITIES PLATFORM
- The online EasyEquities Platform allows you to place Orders to purchase or sell Issuer Securities listed on a Recognised Exchange. The fact that a particular Issuer Security is listed on the EasyEquities Platform does not mean that EasyEquities is making any recommendation in relation to that Issuer Security, or that the purchase of that Issuer Security is an appropriate investment for you. The Issuer Securities available on the EasyEquities Platform are not chosen based on current or perceived future value. As with all securities, the Issuer Securities may gain or lose value and there is always the risk that the Issuer Securities could lose all of their value.
- You acknowledge that all investment decisions are made solely by you. In addition, any information relating to particular Issuer Securities available on the EasyEquities Platform, whether provided by us or by an Issuer, will not constitute a recommendation from us regarding a particular security, transaction, or investment. This means that you make your own choices about investment decisions and even if you rely on information provided on the EasyEquities Platform, we will not be responsible for any losses you suffer because of investments made through the EasyEquities Platform. You further acknowledge that we shall not be liable for any loss, damage, cost, or expense you may suffer as a result of or in connection with fluctuations in any currency exchange rate. This includes, but is not limited to, losses arising from changes in the value of your cash balances, the value of your securities, or the cost of settling transactions.
- You agree that your Trading on the EasyEquities Platform will be subject to, and take place in accordance with, Applicable Law in effect from time to time.
- The EasyEquities Platform does not facilitate the matching of buy Orders and sell Orders for securities of multiple buyers and sellers. The EasyEquities Platform is not a securities exchange.
- APPLICATION TO OPEN AN ACCOUNT
- Before you can Trade on the EasyEquities Platform, you are required to complete an Application Form and agree to the terms and conditions set out in this Agreement.
- We are required, under Applicable Law to, among other things, take steps towards the prevention of money laundering and terrorist financing. We therefore need to confirm and verify your identity, determine whether you are a domestic politically exposed person or a foreign politically exposed person and determine whether you are a sanctioned person before we open your Account. We will request such information as we consider necessary to confirm your identity. As part of our anti-money laundering and anti-terrorist financing obligations under Applicable Law, we will monitor your transactions on the EasyEquities Platform and money moving into and out of your Account. We will provide reports of any suspicious transactions or movements of money to the relevant governmental authority in terms of Applicable Law. We will apply ongoing measures to monitor the transactions and Trades in your Account and reserve the right to request additional information from you where necessary and close or suspend your Account if we have reason to believe that you are depositing and withdrawing money from your Account for any reason not expressly provided for in this Agreement.
- All applications to open an Account are subject to requests for further information and final approval by our compliance department.
- Despite the fact that we do not grant you any credit facilities or loans under this Agreement, you authorise us to carry out any identity checks which we deem appropriate including obtaining references from your employer and bank and/or contacting an appropriate reference agency to determine identify, intended purpose, and source of funds in compliance with Applicable Law
- You authorise us to give information, which may be protected by data protection legislation, including amongst others, POPI, regarding your Account and trading history to any person we reasonably determine to be seeking a credit reference in good faith for any lawful reason.
- By opening an Account or continuing to Trade with us, you agree to timeously comply with all of our rules in terms of Applicable Law and requests for information.
- You acknowledge that EasyEquities:
- may decline an application to open an Account in our sole and absolute discretion and need not give reasons for our decision; and
- does not have to grant equal terms to each customer.
- You warrant and represent that:
- you will submit to any screening, including without limitation, any sanctions screening conducted by EasyEquities in terms of their anti-money laundering obligations under Applicable Law; and
- you will provide EasyEquities with all the relevant information necessary to conduct the screening in terms of clause 5.8(1) above, including without limitation, whether or not you are a domestic prominent influential person or a foreign prominent public official as contemplated under FICA or any other Applicable Law;
- USER ID AND PASSWORD
- If EasyEquities accepts you as a Client and agrees to open an Account in your name, you will be able to log in to your Account using your Gcash App credentials (your “Account Details”).
- You should memorise all your Account Details. You will not be considered a Client until your live Account has been duly accepted by us in terms of this Agreement. You should not give your Account Details to any other person. It is your responsibility to ensure that you keep your Account Details safe and secure from unauthorised persons. To the extent that we store this information on our systems, we will keep this information safe from unauthorised access or usage.
- You will contact us immediately when you become aware or suspect that:
- any unauthorised person has gained access to your Account Details;
- your Account Details have been lost, stolen or misused; or
- any other breach of security has occurred.
- You will change your Account Details immediately when you become aware of or suspect any one of the circumstances set out above.
- We may suspend your use of the EasyEquities Platform if:
- we have reasonable grounds to suspect that the confidentiality of your Account Details has been compromised or breached; or
- you tell us that you know or suspect that your Account Details may be known by, or used by, an unauthorised person.
- You may not give permission to someone else to Trade with your Account Details. However, if someone uses your Account Details (irrespective of whether or not that person is doing so with your permission) you will be solely responsible for all Orders transmitted using the EasyEquities Platform, all actions performed using the EasyEquities Platform and the use of any information or services obtained or used through the EasyEquities Platform. The sole exception to your liability in this instance is where you can prove that the person using your Account Details got them from us as a result of our negligence or misconduct.
- YOUR ACCOUNT
- For your Trading via the EasyEquities Platform, we will open an Account on your behalf. As stated on EasyEquities Platform, our Website, promotional materials and customer communications from time to time, you may be offered the opportunity to associate your Account with a specified customer group. Our classification of your Account this way is solely at our discretion and subject to any applicable terms and conditions that we may publish or otherwise communicate to you from time to time, both in terms of when the classification will take effect and when the classification may expire. Certain customer classifications may result in an increase, decrease, or even waiver of one or more items listed on your Cost Profile.
- You are our customer and are personally responsible for performing your obligations under the Agreement.
- If we have reason to believe that someone other than you may be controlling or otherwise Trading through your Account, then we may suspend or close your Account as we see fit. The same applies if we suspect that someone other than you has a duly executed power of attorney over your Account and we have not agreed to this arrangement.
- In addition to all of your other obligations in terms of this Agreement, your Account is at all times subject to review by our compliance department which, in its discretion, may ask you for additional documents or other information. Your failure to provide documentation and information requested within a stipulated time may, at the election of the compliance department, result in your Account being suspended or closed immediately. Such closing may be permanent or until any and all issues are resolved to the satisfaction of the compliance department.
- Trading with us is on an execution-only basis. This means that we carry out the Trading instructions (Orders) that you give us and that we owe you no duty in respect of the suitability of your Trading with us or to provide any information relating to your intended or actual Trades. As an execution-only client you will not be provided with investment advice although we may provide you with factual market information. You agree and acknowledge that you will rely solely upon your own judgment in all aspects of your Trading with us and that all Trades are made at your own risk without liability to Easy Equities.
- You agree that despite any information which may be provided to you, your Trading decisions are yours and yours only and that you warrant that you will not seek recourse against us on any basis in connection with any information given or, in your view, not given. This means that you may not institute a claim against us because of information given or not given to you by us, unless the information provided was deliberately false or misleading.
- You will be able to monitor the status of your Account through the EasyEquities Platform.
- All queries in relation to your Account should be reported to us by submitting a ticket for the Support Portal.
- ACCOUNT TYPES
- All Accounts are “cash” accounts. This means that all Trades must be paid for with money which has cleared and is standing to the credit of your Account as Free Cash. You may pay money into your Account for all purposes contemplated in this Agreement by submitting a Top Up Currency Transfer Request in accordance with clause 20 below.
- EasyEquities only provides Accounts for individuals and does not currently open joint accounts.
- PURCHASES AND SALES
- The EasyEquities Platform allows you to place an Order to “buy” that may be specified in either the PHP-equivalent of the Dollar amounts or a specified number of Securities. If the PHP-equivalent of the Dollar amount of your Order is sufficient to pay for one or more Whole Securities, you will be allowed to buy one or more Whole Securities.
- Buy Orders specified in the PHP-equivalent of Dollar amounts may result in a balance of funds remaining, after funds have been allocated toward the purchase of Whole Securities.
For example, you place an Order for the PHP-equivalent of $800’s worth of Securities issued by Issuer X (“X Securities”). At the time of your Order, X Securities are trading at $300 per Security. Therefore, the PHP-equivalent of the Dollar amount of your Order allows you to buy two X Securities and leaves you with a remaining balance of the PHP-equivalent of $200. The PHP-equivalent of $200 is not enough money to purchase an X Security (as the price is $300 per Security). If this happens and, where you do not have enough money to purchase a Whole Security, you will be allowed to enter into a CFD Transaction with us, referencing X Security as the Underlying Reference Instrument in terms of clause 11 below to allow us to issue you with a Fractional Security Right. In this example, the balance available for a CFD Transaction will be:
Order Amount – (No. of Whole Securities x Execution Price of X Security) = Balance for CFD Transaction.
$800 – (2 x $300) = $200.
This example excludes all costs and charges associated with your Order and you would therefore be liable to pay for these costs over and above the PHP equivalent of the Dollar amount of your Order. - The EasyEquities Platform also allows you to sell any Securities which you own, although no short selling is permitted (short selling is where you sell a security which you do not own, and this is not allowed on the EasyEquities Platform). All profits or income from the sale of your Securities will be paid by EasyEquities into your Account, only upon settlement of the Trade i.e. up to 2 (two) Business Days after the date of the Trade subject to clause 9.8.
- Trades on the EasyEquities Platform may not be “real time” market Orders i.e. Orders that are executed immediately when you enter your Order. Quoted Prices and Execution Prices will be obtained and given in terms of clause 12.
- All Trades in Whole Securities must be cleared and settled through the US Broker according to the rules of the CSD and the Recognised Exchange on which the Whole Securities are traded. We may cancel any of your Trades in Whole Securities if the US Broker, Recognised Exchange or the CSD:
- refuses, fails or is unable to confirm, execute, clear and/or settle the Trade for any reason; or
- regards the Trade as a failed trade under the rules of the CSD and/or the Recognised Exchange; or (without limiting the generality of the aforegoing)
- cancels or rejects the Trade (including the delivery or receipt of any cash or Securities) for any reason whatsoever.
- We will not be liable for any losses, damages, costs, fees, charges or liabilities which you may incur as a result of any cancellation of your Trade in terms of clause 9.6.
- Despite any other clause in this Agreement, all Securities which are successfully cleared and settled by the US Broker, the CSD and the Recognised Exchange will be delivered to you (i.e. allocated to your Account) within 2 (two) Business Days of the date of your Trade. We will not be liable for any losses, damages, costs, fees, charges or liabilities which you may incur as a result of any such delay in the delivery of the Whole Securities into your Account. Despite any such delay, your Trade will be priced at the Execution Price as contemplated in clause 12.
- TYPES OF ORDERS
- The EasyEquities Platform may allow you to place different types of Orders when buying or selling Issuer Securities. The following types of Orders may be available on the EasyEquities Platform from time to time.
- Market Order: A Market Order is an Order to buy or sell an Issuer Security during the market hours of the relevant Recognised Exchange at the prevailing market price on the relevant Recognised Exchange for that Issuer Security at the time we execute your Trade as reflected in the Contract Note (i.e. the Execution Price). A Market Order may not be a “real time” Market Order i.e. an Order that is matched immediately when you enter your Order. Quoted Prices and Execution Prices will be obtained and given in terms of clause 12. A Market Order is the default Order setting on the EasyEquities Platform.
- Buy Instruction: A Buy Instruction is an Order to buy an Issuer Security that is placed outside of the market hours of the relevant Recognised Exchange or during an intra-day auction. If your Buy Instruction is duly accepted by us, we will raise your Order on the EasyEquities Platform and your Order will become a Pending Transaction. Upon the EasyEquities Platform re-opening for Trading, your Buy Instruction will be treated as a Market Order and executed as per clause 10.1(1) above.
- Sell Instruction: A Sell Instruction is an Order to sell an Issuer Security that is placed outside of the market hours of the relevant Recognised Exchange or during an intra-day auction. If your Sell Instruction is duly accepted by us, we will raise your Order on the EasyEquities Platform and your Order will become a Pending Transaction. Upon the EasyEquities Platform re-opening for Trading, your Sell Instruction will be treated as a Market Order and executed as per clause 10.1(1) above.
- Break Order: A Break Order is an Order to buy an Issuer Security in future when the prevailing “Ask” price (buying at price) of that Issuer Security on the relevant Recognised Exchange is equal to or greater than the price specified by you in the Break Order. If your Break Order is duly accepted by us, we will raise your Break Order on the EasyEquities Platform and your Break Order will become a Pending Transaction. Break Orders will only be available on pre-selected Issuer Securities as determined by us from time to time.
- Stop Loss Order: A Stop Loss Order is an Order to sell an Issuer Security in future when the prevailing “Bid” price (selling at price) of that Issuer Security on the relevant Recognised Exchange is equal to or less than the price specified by you in the Stop Loss Order. If your Stop Loss Order is duly accepted by us, we will raise your Stop Loss Order on the EasyEquities Platform and your Stop Loss Order will become a Pending Transaction. Stop Loss Orders will only be available on pre-selected Issuer Securities as determined by us from time to time.
- Take Profit Order: A Take Profit Order is an Order to sell an Issuer Security in future when the prevailing “Bid” price (selling at price) of that Issuer Security on the relevant Recognised Exchange is equal to or greater than the price specified by you in the Take Profit Order. If your Take Profit Order is duly accepted by us, we will raise your Take Profit Order on the EasyEquities Platform and your Take Profit Order will become a Pending Transaction. Take Profit Orders will only be available on pre-selected Issuer Securities as determined by us from time to time.
- The placing of Advanced Buy Limit Orders, Advanced Sell Limit Orders, Break Orders, Stop Loss Orders and Take Profit Orders on the EasyEquities Platform may be subject to certain limits in terms of the number of Orders placed or the number of Issuer Securities per Order as determined by us from time to time. We reserve the right to immediately cancel or disallow any Order/s that exceed these limits without liability.
- Execution of Market Orders:
- Market Orders will be executed in accordance with the provisions of clause 10 and clause 12.
- Execution of Buy Instructions and Sell Instructions:
- Basic Buy Limit Orders that become Pending Transactions will be executed during market hours of the relevant Recognised Exchange when the prevailing “Ask” price of the Issuer Security on the relevant Recognised Exchange is equal to or less than the “Ask” price which is displayed to you on the EasyEquities Platform at the time of placing your Basic Buy Limit Order, provided the Issuer Security is open for Trading on the EasyEquities Platform and is subject to the place of that Pending Transaction in the Execution Queue.
- Execution of Basic Buy Limit Orders:
- Basic Buy Limit Orders that become Pending Transactions will be executed during market hours of the relevant Recognised Exchange when the prevailing “Ask” price of the Issuer Security on the relevant Recognised Exchange is equal to or less than the “Ask” price which is displayed to you on the EasyEquities Platform at the time of placing your Basic Buy Limit Order, provided the Issuer Security is open for Trading on the EasyEquities Platform and is subject to the place of that Pending Transaction in the Execution Queue.
- Execution of Basic Sell Limit Orders:
- Basic Sell Limit Orders that become Pending Transactions will be executed during market hours of the relevant Recognised Exchange when the prevailing “Bid” price of the Issuer Security on the relevant Recognised Exchange is equal to or greater than the “Bid” price which is displayed to you on the EasyEquities Platform at the time of placing your Basic Buy Limit Order, provided the Issuer Security is open for Trading on the EasyEquities Platform and is subject to the place of that Pending Transaction in the Execution Queue.
- Execution of Advanced Buy Limit Orders
- Advanced Buy Limit Orders that become Pending Transactions will be executed during market hours of the relevant Recognised Exchange when the prevailing “Ask” price of the Issuer Security on the relevant Recognised Exchange is equal to or less than the price specified by you in the Advanced Buy Limit Order, provided the Issuer Security is open for Trading on the EasyEquities Platform and is subject to the place of that Pending Transaction in the Execution Queue.
- Execution of Advanced Sell Limit Orders:
- Advanced Sell Limit Orders that become Pending Transactions will be executed during market hours of the relevant Recognised Exchange when the prevailing “Bid” price of the Issuer Security on the relevant Recognised Exchange is equal to or greater than the price specified by you in the Advanced Sell Limit Order, provided the Issuer Security is open for Trading on the EasyEquities Platform and is subject to the place of that Pending Transaction in the Execution Queue.
- Execution of Break Orders:
- Break Orders that become Pending Transactions will be executed during market hours of the relevant Recognised Exchange when the prevailing “Ask” price of the Issuer Security on the relevant Recognised Exchange is equal to or greater than the price specified by you in the Break Order, provided the Issuer Security is open for Trading on the EasyEquities Platform and is subject to the place of that Pending Transaction in the Execution Queue.
- Execution of Stop Loss Orders:
- Stop Loss Orders that become Pending Transactions will be executed during market hours of the relevant Recognised Exchange when the prevailing “Bid” price of the Issuer Security on the relevant Recognised Exchange is equal to or less than the price specified by you in the Stop Loss Order, provided the Issuer Security is open for Trading on the EasyEquities Platform and is subject to the place of that Pending Transaction in the Execution Queue.
- Execution of Take Profit Orders:
- Trade Profit Orders that become Pending Transactions will be executed during market hours of the relevant Recognised Exchange when the prevailing “Bid” price of the Issuer Security on the relevant Recognised Exchange is equal to or greater than the price specified by you in the Take Profit Order, provided the Issuer Security is open for Trading on the EasyEquities Platform and is subject to the place of that Pending Transaction in the Execution Queue.
- Any Order that becomes a Pending Transaction is subject to the following terms and conditions:
- You acknowledge that a Pending Transactions may be delayed due to the place of the Pending Transaction in the Execution Queue, including without limitation, indefinitely. Your Pending Transactions and the Pending Transactions of our other clients will be executed according to their place in the Execution Queue, on an individual basis (i.e. one by one) and not on an aggregate or bulk basis and subject to the further provisions of clause 13.5 which apply mutatis mutandis.
- You agree that despite any Quoted Price, your Pending Transactions will be executed at the Execution Price, i.e. at the prevailing market price offered on the relevant Recognised Exchange at the time we execute your Pending Transaction and as reflected in the Contract Note which time will depend on your Pending Transaction's place in the Execution Queue and, where applicable, the conditions specified in the specific Order.
- You may cancel a Pending Transaction at any time, provided your Pending Transaction is still in a pending state and has not been executed.
- We will charge you an Advanced Order Fee for Advanced Buy Limit Orders, Advanced Sell Limit Orders, Break Orders, Stop Loss Orders and Take Profit Orders. The Advanced Order Fee will be charged in addition to any other fees and costs listed in the Cost Profile. The Advanced Order Fee will be disclosed to you on the EasyEquities Platform when you place the relevant Order. The Advanced Order Fee is paid to us and will be confirmed in the relevant Contract Note. Advanced Order Fees are not charged on Market Orders, Buy Instructions, Sell Instructions, Basic Buy Limit Orders and Basic Buy Sell Orders.
- The provisions of clause 9 apply mutatis mutandis to the execution of Orders specified in this clause 10.
- TREATMENT OF FRACTIONAL SECURITY RIGHTS
- If you place an Order for an Issuer’s Securities (which Order is denominated in the PHP-equivalent of a certain Dollar amount), and that PHP-equivalent of the Dollar amount is not enough to buy one or more Whole Securities, you may only have enough money to acquire a Fractional Security Right in respect of an Issuer Security. In order to give effect to your Order and issue you with a Fractional Security Right, FWT will enter into a CFD Transaction with you in terms of which the Underlying Reference Instrument will be a percentage of the Whole Security specified in your Order. In respect of Fractional Security Rights, we act as principal to the CFD Transaction.
- The Underlying Reference Instrument of your CFD Transaction will be calculated in proportion to the corresponding percentage of the Execution Price paid by you after the purchase of one or more Whole Securities.
- For example, where the Execution Price of a Whole Security is USD500, and you pay us USD200 in terms of your Order, you will enter into a CFD Transaction with us in terms of which the Underlying Reference Instrument will be:
(USD Amount / Execution Price) x 100 = % of Whole Security
In this example, the Underlying Reference Instrument will be:
USD200 / USD500) x 100 = 40% of Whole Security
- This will give you exposure to the economic benefits of a 40% interest in a Whole Security. As with all CFD contracts, you will not own the Underlying Reference Instrument. You will have a contractual claim against us (FWT) under the CFD Transaction. This example excludes all costs and charges associated with your Order and you would therefore be liable to pay for these costs and above the PHP equivalent of the Dollar amount of your Order.
- Fractional Security Rights do not mean that you own a fraction of a Security. The term Fractional Security Rights (as explained above) is used to explain the scenario where you obtain exposure to the economic benefit of share ownership (profit or loss on price movements in respect of Securities in terms of this Agreement) in circumstances where you do not have enough money to buy Whole Securities.
- Your claims in respect of Fractional Security Rights are therefore limited to a contractual claim against us for payment of the relevant sale amount (profit or loss) in proportion to your FSR. As you are not the owner of the Underlying Reference Instrument, they can never be delivered to you or transferred to another person or nominee.
- Fractional Security Rights are not transferrable. If you close your Account or transfer your Account to another broker, the Fractional Security Right must be liquidated on the EasyEquities Platform and sold by you by placing a sell Order.
- Your Orders for Fractional Security Rights will be rounded down to the nearest four decimal places. This may affect your purchase of a fixed Dollar amount Order. For example, if you place a buy Order for the PHP-equivalent of $100 of a Security, your transaction may not total exactly the PHP-equivalent of $100 due to rounding (it could be a cent less, but would never be more than the buy Order amount).
- QUOTATIONS AND EXECUTION PRICE
- We will display the price of the Securities on the EasyEquities Platform. These prices may reflect delayed prices, or may be the Recognised Exchange price which was quoted by the Recognised Exchange on the previous trading day (“Quoted Price”).
- Despite the Quoted Price, your Trades in Securities will be executed at the prevailing market price on the relevant Recognised Exchange for that Whole Security at the time we execute your Trade as reflected in the Contract Note (“Execution Price”). The Execution Price may be different to the Quoted Price, depending on how the Security’s market price has moved during the course of the market day (or in the time taken between obtaining the Quoted Price and executing the Trade) over which we have no control. Accordingly, we cannot give any guarantee that the Execution Price will be at or near the Quoted Price.
- Execution Pricing on the EasyEquities Platform will be done on a best execution basis i.e. we will take all reasonable steps to get the best available price for you, in accordance with your Trade Order. You agree that EasyEquities will have no obligation to execute any Trade at the Quoted Price and will have no obligation of best execution in dealing with or for you and you waive any requirement in any applicable rules of Recognised Exchanges to provide best execution.
- Sometimes we may give you information on the value of your Securities based on the Security price at the closing time of the Recognised Exchange on the latest market day. Such information is for your information only and does not reflect the price you may get if you buy or sell your Securities. Where you place an Order to buy or sell any Whole Securities we will execute these Trades at the Execution Price prevailing at the time of execution.
- You acknowledge that the Quoted Prices, and information provided based on quotes, which we obtain, are obtained from sources that EasyEquities believes to be reliable but that EasyEquities does not guarantee the accuracy and completeness of those quotes or information. In addition, you represent that you will use the Quoted Prices and information solely for your own personal use related to your EasyEquities Account or Trading activity and not for professional use. You waive any claim that you might have against EasyEquities or the quote provider related to the Quoted Prices or the quote-based information on the EasyEquities Platform.
- Issuer Information
For your convenience and easy reference we may from time to time display links on our Website/the EasyEquities Platform to the webpages of third party data providers who provide objective data and factual information about certain Issuers. EasyEquities will take reasonable efforts to provide you with accurate information. However we do not guarantee the accuracy and completeness of information on third party web pages. In addition, you acknowledge that EasyEquities will not be liable for any losses you may suffer as a result of Issuer information provided by third party data providers and your reliance thereon, and you will hold EasyEquities harmless in this regard.
- TRADING LIMITS AND ILLIQUID STOCKS
- The Issuer Securities available on the EasyEquities Platform may be subject to a prescribed maximum amount or value for purchases, as prescribed either by the Issuer or by EasyEquities.
- Because of this, EasyEquities may from time to time limit the:
- total value of Trades which you may execute;
- total value of Trades which you may execute in a given Security;
- total number of Trades which you may execute; and
- total number of Trades which you may execute in a given Security.
- Where applicable, EasyEquities will give you notice of the Trading limits which apply to you (and any changes to these limits) on the EasyEquities Platform.
- You may not open multiple Accounts in order to circumvent any of your trading limits, maximum trade sizes or other restrictions imposed on you in terms of this Agreement.
- Some of the Issuer Securities available on the EasyEquities Platform may not be available to buy or sell from time to time due to a lack of supply or demand for that particular Issuer Security (an “Illiquid Stock”). Where you have placed an Order for an Illiquid Stock and we are unable to sell or buy that Illiquid Stock for you on the Recognised Exchange, we will notify you of this fact. Your Order will be cancelled. We will not be liable for any losses, damages, costs, fees, charges or liabilities which you may incur as a result of any cancellation of an Order for Illiquid Stocks.
- CONTRACT NOTE AND STATEMENTS
- You will receive a Contract Note in respect of Trades sent to your email address of record unless you request (and we agree in writing) that they be sent by another method. No Trade will be valid and binding against us until you receive a Contract Note. If you do not receive an expected Contract Note, you may check all your email folders, including spam and junk, before promptly notifying us through our designated support channels. Upon such notification, we will take reasonable steps to re-issue the Contract Note.
- Each Contract Note will contain the following information:
- date and time of the transaction;
- identification number of the transaction;
- charges applicable to the transaction;
- Execution Price;
- amounts due to you, or from you, by EasyEquities; and
- settlement date for the transaction.
- You can check the position of your Account and the details of your current holdings and Free Cash, balances, any realised profits or losses, open Trades and Trades that were closed at any time by logging into your Account via the EasyEquities Platform.
- If you find a mistake or an error or if the details do not match your records relating to your Trade, you must notify us within 48 (forty eight) hours of the Contract Note being sent to you, by submitting a ticket via our Support Portal. If you do not, the Trades recorded as having been accepted by us in the Contract Note will be deemed to be agreed by you. The provisions of clause 22 regarding Notices applies.
- OWNERSHIP AND CUSTODY
- When you buy Whole Securities, you become the beneficial (true) owner of all those Whole Securities, which Whole Securities will be held by FWT Nominees on your behalf. Subject to clause 9.8, EasyEquities will make sure that you are reflected as the beneficial (true) owner of your Whole Securities in our books of account within 8 (eight) Business Days of the date of your Trade. EasyEquities will:
- open a sub-custodian account with the US Broker and cause your Whole Securities to be registered in the name of FWT Nominees on behalf of its clients for the holding of your Whole Securities in safe custody by FWT Nominees. The US Broker will operate a separate cash and Securities account in the name of FWT Nominees and all of your Securities (and any cash related to or arising from your Trades in Securities) (together with the cash and Securities of our other Clients) will be held on a segregated omnibus basis in safe custody strictly in accordance with Applicable Law. The US Broker will attend to the receipt and delivery of your Securities and the receipt and payment of funds owed to or by you strictly in accordance with Applicable Law; and
- administer all Corporate Actions concerning any of the Whole Securities held in terms of this Agreement.
- In addition to the custodial arrangements set out in 15.1 above, your cash may from time to time, be held in safe custody by FWT Nominees in the EasyEquities USD Bank Account on a segregated omnibus basis, together with the cash of our other clients strictly in accordance with Applicable Law.
- All Whole Securities bought on the EasyEquities Platform are protected by law in the event of an insolvency of EasyEquities and/or the US Broker, as all Whole Securities are segregated from the estate and assets of EasyEquities and the US Broker and held in safe custody by the US Broker and registered in the name of FWT Nominees. You are noted as the beneficial (true) owner of such Whole Securities.
- As the beneficial (true) owner of Whole Securities you will:
- receive all income from the Issuer on Whole Securities held on your behalf; and
- participate in all Corporate Actions in respect of Whole Securities held on your behalf subject to clause 16; and
- exercise voting rights in respect of any Whole Securities held on your behalf subject to clause 16.
- In respect of Fractional Security Rights, you will:
- be entitled to payment of a cash equivalent of a pro rata percentage of the income that is received from an Issuer, based on the fraction of the Underlying Reference Instrument of the CFD Transaction;
- have a contractual right, against us, to the profit or loss under the CFD Transaction, in accordance with clause 11.6 above;
- not have any voting rights in relation to the to the Underlying Reference Instrument
- If you, over time, enter into enough CFD Transactions with the same Underlying Reference Instrument so that you acquire rights to 100% of a Security, then the CFD Transactions will be closed out, and a Whole Security will be delivered to you. You will only then receive a Whole Security, and you will be noted as the beneficial (true) owner, and become entitled to those rights set out in clauses 15.1 and 15.5 above.
- CORPORATE ACTIONS AND VOTING RIGHTS
- For the Whole Securities registered in the name of, and held by, FWT Nominees, you agree that we will exercise your election in respect of all Corporate Actions and you hereby designate that your chosen elections for all Corporate Actions will be those elections as set out in this clause 16.
- If a Corporate Action is the type of Corporate Action where you have no choice as to how the Corporate Action will be effected (a "non-elective event") then we will give effect to the Corporate Action in the manner prescribed and as notified by the Issuer of the relevant Issuer Security.
- If a Corporate Action is the type of Corporate Action where you have a choice as to how the Corporate Action will be effected (an "elective event"), you agree that we will give effect to the default election set out in the Corporate Action, and such default election will be applied to your Issuer Securities.
- If a Corporate Action relates to cash Dividends:
- for Whole Securities:
- the Dividend, minus any applicable withholding tax, in respect of Whole Securities, will be paid by EasyEquities into your Account
- for Fractional Security Rights:
hide line- a payment of a cash equivalent of the pro rata percentage of the Dividend, that is received from an Issuer based on the fraction of the Underlying Reference Instrument of the CFD Transaction, which cash will be paid into your Account minus any applicable withholding tax; and
- CHARGES
- The charges listed in the Cost Profile will be levied against your Account. Despite any other provision of this Agreement, charges will change and are not limited to only those charges set out in the definition of Cost Profile in 2.1(25). Additional charges may be charged and payable by you from time to time to make provision for any new fees, including without limiting the generality of the afore-going, any administration fees, commissions, taxes, costs, charges or any other funding costs which EasyEquities and/or the US Broker may become subject to or which may be associated with the performance by EasyEquities and the US Broker of their obligations under this Agreement. New or additional charges will be charged by EasyEquities in its sole and absolute discretion from time to time. We will provide your with at least sixty (60) days’ advance notice before such change takes effect, unless the amendments are directed by the BSP or directed under any other Applicable Law to take effect immediately or unless provided in existing laws, rules and regulations.
- EasyEquities may amend the charges payable on your Account and the EasyEquities Platform, and may introduce new charges payable on your Account and the EasyEquities Platform, where necessary and from time to time. Details of any changes to the applicable charges will be posted on the Website. You acknowledge that by continuing to engage in any Trading activity using the EasyEquities Platform, and following any notice of the new or amended charges, any Trades will be subject to the new or amended charges and you agree to be bound by any new or amended charges.
- Without prejudice to EasyEquities’ rights to recover indemnity costs under clause 28 below, and Account charges listed in the Cost Profile, if your Account has an overdue debit balance (i.e. is in arrears) and it becomes reasonable for us to refer the matter to a law firm for collection, EasyEquities has the right to add a charge which reflects our legal costs of referral to lawyers in connection with the collection of overdue accounts.
- Your Account and each of your Orders will be subject to the standard cost settings which apply by default to all of our Client's Accounts and Orders. This means that when you place an Order on the EasyEquities Platform, the PHP-equivalent of the Dollar amount of your Order will by default automatically exclude all costs and charges associated with your Order and you will therefore be liable to pay for these costs over and above the PHP-equivalent of the Dollar amount of your Order. We may permit you, in our sole discretion to amend the default cost settings applicable to your Account and your Orders on the Settings Page. However, certain costs may in our sole discretion, never be included in the Dollar amount of your Order.
- MODIFICATIONS TO THE EASYEQUITIES PLATFORM
- EasyEquities may in our sole discretion, change, update, or improve the EasyEquities services from time to time, but has no duty to do so. EasyEquities may also stop providing any available service to any person at any time without prior notice and may, in its sole discretion, remove Issuer Securities supported by the EasyEquities Platform (“Discontinued Securities”).
- You will be able to view the Discontinued Securities held by you in your Account. You will not however be able to Trade in Discontinued Securities via the EasyEquities Platform. EasyEquities will however accept written instructions to sell Discontinued Securities, but no new buy Orders will be permitted.
- SECURITY INTEREST AND SET-OFF
- The assets in your Account and all rights that you may have to claim against EasyEquities will be subject to a first, perfected, and prior lien, security interest, and right of set-off and these rights are ceded in security by you in favour of EasyEquities as security for the payment in full of any amounts owing, any indebtedness or any other obligation you may owe to EasyEquities whether in terms of this Agreement or for any other reason.
- The assets in your Account will be held by EasyEquities as security for payment of any liability you may have towards us. You agree to pay any debt owed to EasyEquities and pay any debit balances in your Account on demand. If payment is not made within 7 (seven) days of demand, EasyEquities may sell some or all of your Securities, without prior notice, to pay for any liability. EasyEquities will not be liable for any losses that arise out of or relate to any such actions, including tax consequences you may face as a result of such actions. In the event EasyEquities sells assets to satisfy a debt, EasyEquities reserves the right to restrict or close your Account, and to seek payment of any residual indebtedness through any legal means possible, including but not limited to, reporting such debt to credit agencies.
- Set-off and Netting:
- We may (in addition to any general lien, right of set-off, right to combine accounts or any other right to which it may be entitled), without notice to you, set off any obligation of yours to make payment to us under this Agreement against our liability to you in respect of any credit balance (or any part thereof in such amounts as we may elect) in the Account.
- On the liquidation or sequestration (whichever may be applicable) of either us or you:
- all unperformed obligations of either party in terms of any transactions executed in accordance with this Agreement:
- will terminate; and
- will become due immediately;
- the values of the unperformed obligations will be determined; and
- these values will be netted, so that only a net amount is payable to or by a party,
and the value of any assets (if applicable) which have been transferred as Margin for obligations under any of the transactions executed in accordance with this Agreement will be included in the calculation of the net amount payable upon such liquidation or sequestrations (whichever may be applicable).
- TOP UPS AND WITHDRAWALS
- You can pay money into your Account for any purpose under this Agreement by means of a Top Up Currency Transfer Request submitted via the GCash App in accordance with the GCash Terms and Conditions and Exchange Control. GCash will debit your GCash Wallet with the Requested PHP Value stated in your Top Up Currency Transfer Request and on receipt, EasyEquities will credit your Account with the Dollar equivalent, calculated at the Applicable Top Up Foreign Exchange Rate, subject to the terms and conditions set out in this clause 20.
- Successful payments made in terms of clause 20.1 will be credited to your Account as Free Cash. You will be responsible for payment of any transaction fees and charges arising from your Top Currency Transfer Request contemplated in clause 20.1.
- If your Top Up Currency Transfer Request is declined or reversed for any reason whatsoever and EasyEquities has already credited your Account with Dollars, you acknowledge and agree that EasyEquities may reverse the crediting of Dollars into your Account. If your Account goes into negative as a result of this reversal, or for any other cause, you must pay us that amount of money equal to or exceeding the negative balance on your Account. If you do not correct the negative balance by the end of the trading day in the US, this may be an Event of Default and you agree that EasyEquities may immediately sell some or all of your Securities, without prior notice, to extinguish the negative balance. EasyEquities will not be liable for any losses that arise out of or relate to any such actions, including tax consequences you may face as a result of such actions. In the event EasyEquities sells assets to satisfy a debt, EasyEquities reserves the right to restrict or close your Account, and to seek payment of any residual indebtedness through any legal means possible, including but not limited to, reporting such debt to credit agencies. You acknowledge that we are not liable for any Top Up Currency Transfer Requests submitted by you which are delayed or declined and that you indemnify us for any delay or decline unless the delay or decline is as a result of our misconduct or negligence.
- In addition to the provisions of clause 20.3 above, if you allow your Account to go into a negative balance for any reason whatsoever, you must pay us in cleared funds, that amount of money equal to or exceeding the negative balance on your Account. If you do not correct any negative balance by the end of the trading day in the US, this failure to pay may be an Event of Default.
- You will also pay us interest on any overdue amounts owing in terms of this Agreement at the rate of 5% above the SAFEY base rate from time to time.
- You may request that the whole or part of your Free Cash be paid to you as long as the Free Cash is not being used for any Trade. In order to give effect to your withdrawal request, you must submit a Withdrawal Currency Transfer Request on the EasyEquities Platform. Unless you are subject to a Lock Period, EasyEquities will debit your Account with the Requested Dollar Value stated in your Withdrawal Currency Transfer Request and pay the PHP equivalent, calculated at the Applicable Withdrawal Foreign Exchange Rate to your GCash Wallet. We will only make payments into your GCash Wallet. You acknowledge and agree that EasyEquities does not make third party payments.
- Where you do not ask for a withdrawal, we are under no obligation to, but may, at our discretion, pay such monies to you.
- All your Free Cash and other assets that we may hold on your behalf are held as security for the payment and satisfaction of all monies, other indebtedness and liabilities which you may owe to EasyEquities. The enforcement by EasyEquities of its security interest over such assets may be effected at any time in accordance with Applicable Laws and regulations. EasyEquities will at all times be entitled to exercise its right of lien, combination or set-off between accounts opened for you in its books.
- For every Withdrawal Currency Transfer Request you submit via the EasyEquities Platform, you will be responsible for payment of any transaction fees and charges arising from your Withdrawal Currency Transfer Request.
- You warrant and represent that:
- you will perform your obligations and exercise your rights in terms of this Agreement and in particular, in terms of any Top Up Currency Transfer Request and Withdrawal Currency Transfer Request, only within the parameters and rules of Exchange Control and within any foreign investment to which you may be bound under Exchange Control or in terms of any other Applicable Laws; and
- you know and understand that the provisions to which you may be bound under Exchange Control, including without limitation, your offshore investments allowances, are subject to change at any time at the discretion of the BSP and you alone are responsible for confirming whether it is lawful under Exchange Control or in terms of any other Applicable Laws to submit Withdrawal Currency Transfer Requests to us at any given time.
- You acknowledge and agree that the applicable foreign exchange rate may fluctuate significantly between the time of submission of your Top Up Currency Transfer Request or Withdrawal Currency Transfer Request, as the case may be, and when the USD equivalent, or the PHP equivalent, reflects in your GCash Wallet and that this may expose you to currency risk due to fluctuations in the Dollar to PHP exchange rate (or, in the PHP to Dollar exchange rate) during the lag period. EasyEquities, FWT Nominees and all Affiliates will not be responsible for any losses you suffer as a result thereof.
- You hereby indemnify EasyEquities, FWT Nominees and all Affiliates, and hold us harmless from and against any and all claims, proceedings, damages, loss, costs, and expenses relating to or arising from any Withdrawal Currency Transfer Request submitted by you via the EasyEquities Platform, including, without limitation, those relating to or arising from any delay, failure or refusal by your bank, GCash or the BSP to process any Withdrawal Currency Transfer Request, for any reason whatsoever.
- We have the right to suspend your use of Top Currency Transfer Request or Withdrawal Currency Transfer Requests at any time, for any reason whatsoever.
- CAMPAIGN VOUCHER
- EasyEquities may from time-to-time host promotional competitions, marketing campaigns, giveaways or the like in terms of which the winner/s may receive a voucher from EasyEquities deposited into their Account (“Campaign Voucher”). You acknowledge and agree that you will not be able to withdraw the funds of the Campaign Voucher from your Account for a period of at least 3 (three) years following the date of deposit by us into your Account, or until such time as we may in our discretion, decide otherwise.
- NOTICES AND ADDRESSES
- Notices
- Any notice, consent, approval or other communication in connection with this Agreement (“Notice”) will be in writing in English.
- You acknowledge and confirm that any Notice from EasyEquities made under or in connection with the Agreement may be made verbally or in writing in Notices or other communications to your last known home address, place of work, land line telephone number (including a telephone answering machine), mobile telephone (including answer phone), fax number, email address or other contact details, as provided by you in your Application Form, or subsequently amended by you.
- Addresses
- EasyEquities chooses the physical address, and/or email address below as the address to which any Notice must be sent.
Physical address:
WeWork - Coworking Office Space 1F 173 Oxford Road, Rosebank Johannesburg 2196, Gauteng, South Africa
Philippines:
EasyEquities Philippines, Inc. 6th Floor One Ayala Corporate Center East Tower 1 Ayala Avenue, Makati City 1226, Philippines
Email address:
https://help.gcash.com/hc/en-us
Marked for the attention of:
Client Relations
- You choose the email address set out in your Application Form as the address to which any Notice must be sent.
- Any Party may by Notice to the other Party change its address and/or the person, if any, for whose attention any Notice must be marked by sending a Notice to the address chosen in clauses 22.2(1) and 22.2(2).
- Effective on receipt
- Any Notice takes effect when received by the party receiving it (“recipient”) (or on any later date specified in the Notice) and, unless it is proved otherwise, is considered to be received:
- When left at your last known home or work address;
- If given by leaving a telephone or mobile phone or voice mail message, one hour after the message being left on the relevant medium;
- If sent by post on the day after the subsequent day (or third day in the case of air mail) after posting (excluding Sundays and public holidays);
- If sent by private post or courier service, on the next day (or on the third day in the case of air mail) after posting (excluding Sundays and public holidays);
- If sent by email, one hour after sending to the email address of record which you provided in your Account application, or subsequently changed in writing to us and which change of email address of record we have accepted by confirmation of same to you. A “bounce back” or other form of rejection from the server or host domain of your email address of record will NOT serve as a basis to contest receipt where the bounce back or other form of rejection was through no fault of EasyEquities or otherwise attributable to its own internal systems.
- If sent by SMS to your mobile phone, as soon as the “message sent” or like confirmation is provided by the mobile phone network.
- Despite anything to the contrary in this Agreement, a Notice actually received by a Party is effective even though it was not sent, or delivered, or sent and delivered to its address in clause 22.2.
- Service of legal process
Hide LineHide Line- Each Party chooses its physical address referred to in clause 22.2 as its address at which legal process and other documents in legal proceedings in connection with this Agreement may be served (domicilium citandi et executandi).
- Any Party may by Notice to the other Party change its address at which legal process and other documents in legal proceedings in connection with this Agreement may be served to another physical address in South Africa or the Republic of the Philippines as the case may be.
- TAXES
- You are responsible for paying all taxes, including without limitation, any applicable securities transfer tax and value added tax, that may arise as a result of your Trading activity, whether under current or changed Applicable Law or practice and if we become responsible for making any payment or payments relating to your Trading you authorise us to deduct any such payment from your Account or otherwise require you to pay or reimburse us.
- You will be responsible for paying the full amount of all taxes in respect of Whole Securities purchased via the EasyEquities Platform. For accounting purposes, your tax liability will be rounded off to the nearest cent.
- We will not be responsible for notifying you of a change in tax law or practice and you should seek professional advice as to your personal tax situation.
- You will also be responsible for paying any applicable fees to the CSD in respect of Whole Securities purchased via the EasyEquities Platform.
- EasyEquities will be responsible for paying any dividends tax in respect of any and all dividends declared and paid by Issuers on Whole Securities or Fractions which shall be levied at the rate stipulated under Applicable Law in your jurisdiction, from time to time, and calculated on the amount of such dividends (“Dividends Tax”).
- You also consent to and allow us to deduct any Dividends Tax levied in terms of Applicable Law from any and all gross dividends declared and paid to your Account and for us to only pay you the net amount of such dividends and to pay the DWT to the relevant taxing authority on your behalf.
- For tax purposes, your intention when you transact determines if any gain made on a Trade is subject to income tax or capital gains tax. We cannot make this determination on your behalf. We may however provide you with a report which will summarise the gains and losses you made during a year. This report may make use of the weighted average method to calculate any gains and losses. We will take care in preparing the information but we give no representation, warranty or undertaking and no responsibility will be accepted by us as to the accuracy of the information contained in any report we provide to you.
- We are not able to provide you with any tax advice pertaining to any of the above. We would recommend that you obtain specific tax advice from your tax advisor or from a tax authority.
- You alone are responsible and liable to pay and where necessary, reclaim all levies, taxes, duties and other governmental charges (including, without limitation, any interest or penalties on those amounts) which relate to your Trades, your Account or to any aspect of this Agreement, whatsoever under any Applicable Laws.
- If either EasyEquities or the US Broker are required to pay any levy, tax, duty or other governmental charge (including, without limitation, any interest or penalties on those amounts), you authorise both EasyEquities and/or the US Broker to deduct and debit from your Account any such amount payable and to pay such amount to the appropriate taxing or revenue authority under any Applicable Laws.
- TRANSFER OF ACCOUNTS
- If you decide to transfer your Account to another provider, you may only do so by providing written instructions to transfer your Account to another provider. A transfer may only be made to an Account in your name with another provider in accordance with the provisions of Applicable Law.
- A fee(s) may be charged for the transfer of Whole Securities to another provider, as listed in the Cost Profile.
- Only Whole Securities may be transferred. You will be responsible for the payment of any taxes, costs or expenses in respect of Whole Securities transferred to another provider.
- Fractions are not transferrable. If you transfer your Account to another broker, you must liquidate your Fractional Security Rights on the EasyEquities Platform.
- In the event that you transfer Whole Securities from another provider to us, we will facilitate this transfer, but we will not be liable or responsible for any tax consequences arising from such a transfer, and you will be responsible for paying all taxes that may arise as a result of the transfer. This means that you will have no claim against us in this regard.
- PROTECTION OF PERSONAL INFORMATION
- Only authorised persons may use the EasyEquities services. EasyEquities may view, monitor, and record activity on our Website and/or the EasyEquities Platform without notice to or permission from you.
- You acknowledge that by opening an Account with us and by Trading with us you will be providing us with Personal Information, which may be protected by data protection legislation, including amongst others, POPI. You authorise us to:
- Process all such Personal Information;
- transmit any such Personal Information to any Affiliate (which will be Processed by the Affiliate) for the purposes of EasyEquities’ performance in terms of the Agreement, and in furtherance of our legitimate interests including statistical analysis, marketing of our services and credit control;
- transmit such Personal Information to an appointed third party service provider (which will be Processed by the appointed third party service provider) for the purposes of EasyEquities’ performance in terms of this Agreement, and in furtherance of our legitimate interests including statistical analysis, marketing of our services and credit control;
- transmit any such Personal Information to any Affiliate for marketing purposes.
- From a marketing perspective, you consent also to receive direct marketing of our services and products, and those of our Affiliates, to be marketed by means of electronic communication.
- INTELLECTUAL PROPERTY RIGHTS
- You acknowledge and agree that the copyrights, trademarks, service marks and all other intellectual property or other rights to any information distributed to or received by you whether sent by us or on our behalf, by any means (including but not limited to by Internet electronic communication or mobile phone), together with any advertising media, Website or other material connected to the EasyEquities Platform and in any databases that contain or constitute the information, will remain our sole and exclusive property.
- You will not permit or facilitate, and will take steps to prevent any sale, re-distribution, dissemination, re-publication or re-display of the information referred to in clause 26.1, however received, to any third party.
- INTERNET TRADING
- You may only open and close Trades during our published trading hours, as found from time to time on the EasyEquities Platform. It is your responsibility to familiarise yourself with these trading hours. We will not execute any instructions to Trade outside of these hours (and, if the EasyEquities Platform allows for a Trade entry outside these hours, we reserve the right to cancel any and all such Trade(s)). We may suspend your ability to Trade in the circumstances set out in clause 32 (Force Majeure).
- We may reject any internet Trading instruction for any reason including, but not limited to, the fact that you do not have enough money in your Account to pay for the proposed Trade.
- Internet Trading instructions must be accepted by us and as such we will have no liability to you if the internet connection is lost with the result that you are unable to Trade at any given price.
- We take reasonable precautions to ensure that data created by us has been checked for viruses, but it is your responsibility to ensure that the onward transmission, opening or use of this data will not negatively affect your systems or data. Please make sure that your computer has up-to-date virus detection software and please carry out virus and other checks as you consider appropriate. We accept no responsibility for losses that you may suffer as a result of the onward transmission of viruses, from us to you.
- The EasyEquities Platform is a sophisticated trading platform and although we take reasonable care to ensure that it operates correctly, it may be subject to errors or failures from time to time. As a result of such errors or failures, and even though we have a back-up disaster recovery site which we may operate from to reduce any risks to you, you may still experience problems with the EasyEquities Platform, including that:
- You cannot Trade or communicate with us through it;
- You receive misleading or inaccurate information from it, including information about prices;
- You may not be able to open or close Trades; and
- You may not receive messages that we send you, for example Contract Notes.
- While we employ reasonable efforts to maintain the operational integrity and availability of the EasyEquities Platform, we do not guarantee that the EasyEquities Platform will be without any problems, and you Trade on the EasyEquities Platform at your own risk of sustaining loss or damage as a result of any such problems. Such loss and damage might happen as a result of:
- Being unable to open or close a Trade at a particular time;
- Believing that you have Traded (for example by opening or closing a Trade) when our system records state that you have not, or believing that you have not Traded when our system records show that you have;
- Making Trading decisions (including for example decisions concerning the opening and closing of Trades) on the basis of inaccurate information about prices; and
- Other difficulties, misunderstandings, errors or unintended consequences caused by problems with the EasyEquities Platform.
- If as a result of problems with the EasyEquities Platform our computer records differ with your records or what you remember of your Trading, the version of events recorded by our computer will apply (in the absence of dishonesty by us) and our obligations to each other (including the obligation to pay any money) will be calculated on the basis that our computer records are correct. Therefore, if you are having difficulty with the EasyEquities Platform in any way, you should submit a ticket to us via the Support Portal as quickly as possible so that any misunderstanding or mistake can be avoided or corrected, and especially if you wish to Trade.
- We have the right to remove altogether, or reduce the availability of, the EasyEquities Platform, at any time.
- Platform Continuity and User Protections: In the event that the EasyEquities Platform (or the Strategic Sandbox period) is discontinued, removed, or shut down, your cash, Securities and economic rights will remain fully protected. You will continue to enjoy legal ownership of your cash and Whole Securities through FWT Nominees, EasyEquities’ regulated nominee structure. We will notify you no less than 30 days in advance of any termination of service, during which period, you will have the opportunity to sell your holdings and withdraw proceeds from your GCash wallet or other designated account (if permitted by the regulator), and if you are unable to liquidate your holdings within the notice period, we will provide alternative arrangements (such as access via its online platform or through direct support) to ensure clients retain the ability to sell their holdings and withdraw cash. At all times, your legal entitlement to your Securities and cash will remain safeguarded in accordance with EasyEquities’ nominee structure and applicable regulations. To reiterate:
- Your cash and Whole Securities belong to you and will be kept separate from our estate and our assets, and from the estate and assets of the US Broker, held on an omnibus basis together with the cash and Securities of our other clients in segregated cash and securities accounts opened in the name of FWT Nominees either by the US Broker or FWT Nominees (whichever is applicable) in accordance with clause 15.3 of this Agreement.
- You will have a contractual claim against us to the value of your Fractional Security Rights when you sell them in accordance with clause 11.4 to 11.7 of this Agreement.
- We strongly recommend that you keep your own records of your internet Trading instructions including details of the times, dates, and nature of your instructions. These details may be important if there is a dispute.
- INDEMNITY
You agree to defend and indemnify EasyEquities, FWT Nominees and all Affiliates, and hold them harmless from and against any and all claims, proceedings, damages, injuries, liabilities, losses, costs, and expenses (including reasonable attorneys’ fees and litigation expenses), relating to or arising from any breach by you of this Agreement, any Applicable Law or FSCA determination. This means that if you do not comply with the terms of this Agreement or any Applicable Laws, you will have to pay for any of the above losses and expenses caused to EasyEquities, its nominees or Affiliates, or any third party because of your breach.
- ASSIGNMENT
- The Agreement will operate for the benefit of you and EasyEquities. The Agreement is binding on you, us and our respective successors. You may not transfer (assign) any of your rights or obligations under this Agreement to any third party, unless a director of EasyEquities has agreed to the transfer in writing.
- EasyEquities may, without your approval, transfer (assign) any part of its rights or obligations under the Agreement to any third party as of a date and on such terms notified to you as per clause 22.3. Where EasyEquities transfers rights and obligations in this way:
- we will advise you of the transfer in accordance with clause 22; and
- you agree that EasyEquities may provide information about you (including information that may be protected by law), your Trades and Account, to the transferee (i.e. the person to whom EasyEquities is transferring its rights and obligations), disclose to a potential assignee or transferee any information about you (including information that may be protected by law) your Account and your Trades, provided that any such disclosure is done in compliance with the applicable data protection legislation, including Republic Act No. 10173, also known as the Data Privacy Act of 2012, and that all reasonable measures are taken to ensure your sensitive and personal data are adequately protected.
- DISPUTES
- You must give us written details of any dispute as soon as it arises by submitting a ticket via the Support Portal. Sometimes, you may have only a limited time within which to advise EasyEquities of a dispute. If you do not advise us of the dispute within the allowed time period, we may reject (i.e. not accept) the dispute. Disputes must be referred to EasyEquities’ compliance department. Contact information for our compliance department is listed on our Website. EasyEquities will try to settle your dispute quickly and reasonably taking into account industry practice.
- If EasyEquities closes any Trade according to clause 30.1 above EasyEquities may recover any losses made by you on the Trade if you are contractually bound by it as though we had closed the Trade in accordance with your express instructions.
- If we think that it is necessary, we may close any open Trade or cancel any related buy or sell Order to limit the amounts involved in the dispute.
- EasyEquities has the right to refuse to accept any Trading instructions from you except for instructions to close existing Trades, in scenarios where there is any unresolved dispute with you.
- TERMINATION
You or EasyEquities may close your Account at any time. If your Account is closed, you are still responsible for all debts or obligations you owe to EasyEquities and in respect of any previous or pending Trades.
- FORCE MAJEURE
- To the extent that it becomes impossible for you or EasyEquities (a Party) to perform any obligation (other than a payment obligation) in terms of this Agreement as a result of an event or circumstance that:
- was not considered when the Agreement was entered into;
- even if it was considered, cannot be guarded against or reasonably avoided,
- either Party may: advise the other Party within 5 (five) Business Days that an unforeseen event has happened, and the nature, extent, effect and likely duration of the event;
- keep the other Party updated as may be reasonably required by the other Party;
- take all reasonable action to correct or lessen the consequences (and report to the other Party); and
- continue to perform its obligations under this Agreement as soon as possible and advise the other Party when performance of the obligation again becomes possible.
- Performance of obligations under this Agreement is suspended for as long as the event or circumstance continues to make the performance impossible.
- If the event or circumstance continues for longer than 7 (seven) Business Days either Party may cancel this Agreement on written notice to the other Party provided that the obligation which the affected Party is unable to perform is a material obligation under this Agreement.
- MANIFEST ERROR (INCLUDING PRICING DATA ERRORS AND CORRECTIONS MADE BY EXCHANGES)
- EasyEquities quotes thousands of prices each month and there may be instances where we mistakenly provide you with an incorrect Quoted Price. The following provisions apply in the case of an obvious error having regard to all relevant market information and conditions (including the Recognised Exchanges) and any mistake or misunderstanding of, any information source, e.g. price data information, commentator, official, official result or pronunciation (“Manifest Error”).
- An error in a Quoted Price will be a Manifest Error if it is different from the price that we would normally have quoted at the time when you asked for it, having regard to the nature and size of the Trade, our pricing policy at the time, market price feeds and other data we receive, and to the state of any Recognised Exchange.
- If at the time that you place, modify or close your Trade with us on the basis of an incorrect price where you know or suspect that the quote was wrong or you should have known that it was wrong, we have the right to declare any Trade void (i.e. invalid and unenforceable) based on the incorrect price or, if appropriate, reinstate the Trade at the correct market price.
- To avoid any doubt, we will work on the basis that any Trade pricing error is a Manifest Error where it is based on:
- an incorrect price feed from our pricing data providers;
- a pricing error generated by our own system; or
- in rare circumstances where you are able to use the EasyEquities Platform to execute a Trade outside of the market hours of the Recognised Exchange.
- Where this happens we will reverse or modify any Trade(s) based on the pricing error(s).
- We also have the right to suspend any Trades in any Security, for as long as we think necessary (acting reasonably) under any abnormal conditions that affect the Recognised Exchange.
- If a Recognised Exchange identifies an error in the price, index movement, or the like which affects the settlement price of one or more Trades and where the exchange levies additional cost on the Trade as a result of steps taken to correct the situation, we have the right to revise the outcome of any Trade(s) and adjust your profit or loss accordingly.
- If a Manifest Error has occurred and we choose to exercise any of our rights under this clause 33, and if you have received any monies from us in connection with the Manifest Error, you agree that you owe, and must pay, those monies to us without delay.
- In case of any dispute arising other than in connection with pricing errors or corrections made by the Recognised Exchanges, as to whether you should have known that the Quoted Price was incorrect under clause 33.3 above, you will be deemed to have known at the time when you entered into the Trade(s) in question, the true price of the Security underlying your Trade(s) or that the Recognised Exchange was not open for trading at the time of your Trade(s) executed on the EasyEquities Platform.
- We are not liable to you for any loss, cost, claim, demand or expenses you suffer (including any indirect losses) resulting from a Manifest Error including our reversal of the Trade(s) you executed on the basis of the Manifest Error
- EVENTS OF DEFAULT
- An Event of Default includes all of the following:
- you do not provide any payment due to EasyEquities in relation to your Trading or other dealings with EasyEquities; or
- you do not act in accordance with the terms of this Agreement; or
- you die or become a mental patient within the meaning of any applicable mental health legislation; or
- a bankruptcy or insolvency petition is presented against you, or any act analogous to any of those events occurs in any of the jurisdictions in which you are a citizen or resident; or
- you convene a meeting for the purpose of making or proposing or entering into any arrangement or composition for the benefit of your creditors (other than for the purposes of a bona fide reconstruction or amalgamation); or
- any distress, execution, or other process is levied against any of your property and is not removed, discharged or paid within seven days; or
- you have any security created by any form of mortgage or charge and the mortgagee and/or chargee takes steps to enforce the security; or
- any debt owed by you becomes immediately due and payable or capable of being declared so due and payable, prior to its stated maturity by reason of default on the part of any person, you fail to discharge any indebtedness on its due date whether to EasyEquities or not (other than a liability which you are contesting in good faith); or
- you commit any breach of any representation or warranty that you gave to us for the purposes of opening or closing any Trade, series of Trades or Orders, or if you fail to immediately advise us if any representation or warranty subsequently becomes untrue or misleading after it has been made; or
- EasyEquities reasonably believes that you will be unable to pay your debts as they fall due and action in accordance with clause 34.2 below is necessary or desirable to protect the commercial interests of EasyEquities and of its other customers; or
- any payment order made by you is countermanded or returned by your bank unpaid (it will be an Event of Default should a cheque paid by you not clear on first presentation); or
- an insolvency event in respect of EasyEquities occurs.
- If an Event of Default occurs in relation to you, EasyEquities (or its administrator, receiver, trustee, business rescue practitioner or the like), without prejudice to any other right against you which it may have, may:
- close, without prior notice to you, any or all of your Trades (in whole or in part) at a level based on EasyEquities’ then prevailing price or, if no prevailing price, at a level which is fair and reasonable;
- exercise its rights of set-off under this Agreement;
- close your Account and refuse to accept any further Trades from you or undertake any Trading with you;
- recover any sums which are payable by you in respect of realised losses on your Account;
- charge you interest on any money due, from close of business on the date when monies first fell due until the date of actual payment at a rate not exceeding SAFEY +5%; and/or
- if you fail to make a payment when due, inform your partner, employer, any professional, regulatory or other organisation with which you are associated or any person who we believe to have an interest in knowing such facts of the amount of such overdue sum, the circumstances thereof, the fact that you have failed to make payment, and any other relevant facts or information. By entering into this Agreement you expressly consent to any disclosure of this data by us in the circumstances set out herein.
- If you do not pay us any money you may owe us on time, it will be treated as a continuing Event of Default and give us the right to close any or all of your Trades, in whole or in part, at any time before the money is paid. This includes the closure of any and all Trades which would be profitable to you at the time of the forced closure (where reasonably possible) to the extent necessary for you to meet your outstanding monetary obligations to us.
- We do not owe you any duty to consider your interests in exercising our rights on the occurrence of an Event of Default.
- You must give notice to EasyEquities if you have reason to believe that an Event of Default has occurred in relation to your Account or if you have reason to believe that an Event of Default will occur.
- MARKET ABUSE
- EasyEquities will frequently hedge its potential liability to you by entering into transactions with other institutions. The results of us doing this is that when you place a Trade it may, through our hedging transaction, influence the price of the underlying Security on the Recognised Exchange and impact our own Quoted Price for that Security. This creates a possibility of market abuse and the purpose of this clause is to prevent such abuse. You represent and warrant to EasyEquities and agree that each such representation and warranty is deemed repeated each time you open or close any Trade that:
- you will not place and have not placed any Trade(s) with EasyEquities relating to a particular Security if placing these Trades would result in you or other people with whom you are acting in concert, having an exposure to that Security which is equal to or exceeds the amount of a declarable interest in the Security. (Declarable interest is that level set by the Recognised Exchange(s) on which the underlying Security is listed);
- You will not place and have not placed any Trade(s) in connection with:
- a placing, issue, distribution or other similar event; or
- an offer, take-over, merger or similar event;
in which you are involved or otherwise interested whether directly or indirectly; and
- You will not place or have not placed any Trade(s) that violates any law against any form of market manipulation whether in terms of Applicable Law or otherwise (including without limitation, any prohibitions relating to insider trading, price manipulation, entering orders to buy or sell Securities which involve no change in the beneficial ownership of those Securities or effecting or assisting a market corner). You agree that your Trading with us will be treated as dealing in Securities within the meaning of applicable anti-fraud provisions of the country of the Recognised Exchange and/or of incorporation of EasyEquities and any other country which may be able to legally take action against you and/or us on the basis of the violation of such anti-fraud provisions.
- In the event that you place any Trade(s) in breach of the representations and warranties given in clause 35.1 above or we suspect that you have done so, EasyEquities may:
- close any Trade(s) that you may have open at the time;
- enforce the Trade(s) against you in order to recover any losses attached to that/those Trade(s); or
- where you have made a profit on such Trade(s), treat the Trade(s) that we close as void in terms of this clause, unless you are able to prove that you have in fact not committed the breach of warranty and/or misrepresentation. If you do not prove your compliance to the representation or warranty within one week of the closing of the Trade, the Trades will be finally treated as null and void between us.
- You acknowledge that EasyEquities may not transfer voting rights relating to any Security held by EasyEquities or otherwise be allowed to influence the exercise of voting rights held by us or on our behalf.
- ADJUSTMENTS AND TAKEOVERS
- “Market Events” are any declaration by an Issuer which is a Company of the terms of any of the following:
- a subdivision, consolidation or reclassification of shares, a share buy-back or cancellation, or a free distribution of shares to existing shareholders by way of a bonus, capitalisation or similar issue;
- a distribution to existing holders of shares of additional shares, other share capital or securities granting the right to payment of dividends and/or proceeds of liquidation of the issuer in equal proportion with such payments to holders of the underlying shares, or securities, rights or warrants granting the right to a distribution of shares or to purchase, subscribe or receive shares, in any case for payment (in cash or otherwise) at less than the prevailing market price per share as determined by us;
- any other event in respect of the shares similar to any of the above events or otherwise having a diluting or concentrating effect on the market value of the shares; or
- any event similar to those described above that has a diluting or concentrating effect on the market value of any financial instrument not based on shares.
- If there is a Market Event, you agree that we may deal with your Orders or Trades in good faith in order to preserve the economic equivalent of the rights and obligations of both of us in relation to such Trades immediately before that Market Event. In order to do this, we may either:
- Vary the terms of your Trade; or
- Cancel and/or close out the Trade on notice to you.
- Any adjustment as set out in clause 36.2 above will be effective from the date determined by us. We will inform you of any adjustment or amendment as soon as possible.
- If at any time a take-over offer is made in respect of an Issuer which is a Company, then at any time before the closing date of that offer we may give notice to you of our intention to close any open Trades relating to that Company’s Securities. The date of such notice will be the closing date and we will notify you of the closing price.
- In the event of a special dividend we may make an appropriate adjustment (including a retrospective adjustment i.e. one that applies to past Trades) to the opening price of a Trade.
- Where you have an open sell Trade on a single Security and that Security is recalled resulting in the closure of our hedged position, we have the right to close your Trade at our then prevailing buy quote without giving prior notice to you.
- SUSPENSION AND INSOLVENCY
- If at any time trading is suspended in any Security which is the subject of an open Trade then that Trade will be valued at the mid-price quoted by us at the time of suspension. Where the suspension continues for 5 (five) Business Days, we may agree a closing date and a closing price, which price will be the closing price for that Trade. Where we do not agree on a closing price or closing date, any affected open Trade will stay open until the suspension is terminated or until, where the Security is in respect of a Company, that Company goes into insolvency or is otherwise dissolved. We have the right at all times during the term of an open Trade where the Security is suspended to adjust the mid-price quoted by us.
- If a Company, whose Securities represent all or part of the subject matter of an open Trade goes into insolvency or is otherwise dissolved, we will treat the day on which the Company goes into insolvency or is otherwise dissolved as the closing date of that Trade. The closing price will be the value of any distribution a holder of a Security of the same type as the Security underlying the Trade would receive.
- EasyEquities has the right at all times when your Trades are suspended under this clause 37, to revalue the price of that Trade and/or to change the Margin requirement.
- BREACH
- Should either Party (“Defaulting Party”) breach (fail to comply with) any of the provisions of this Agreement, then the other Party (“Aggrieved Party”) may give the Defaulting Party 7 (seven) Business Days written notice or such longer period of time as the Aggrieved Party may specify in the notice, to comply or correct the breach. If the Defaulting Party fails to comply with the notice, the Aggrieved Party may:
- claim immediate payment and/or performance by the Defaulting Party of all of the Defaulting Party’s obligations that are due for performance under the Agreement; or
- cancel this Agreement upon written notice to the Defaulting Party where the breach constitutes a material breach (a material breach is one that defeats the purpose of the Agreement),
in either event without prejudice to the Aggrieved Party’s right to claim damages or to exercise any other rights that the Aggrieved Party may have under this Agreement or in law.
- Without detracting from the provisions of clause 38.1, the Aggrieved Party may cancel this Agreement at any time by giving to the Defaulting Party notice of the cancellation if:
- the Defaulting Party commits a material breach of this Agreement which cannot be corrected;
- the Defaulting Party is, other than for the purposes of reconstruction or amalgamation, placed under voluntary or compulsory sequestration, winding-up, judicial management, business rescue or the equivalent of any of these in any country;
- a judgment against the Defaulting Party which cannot be appealed; or
- the Defaulting Party makes or offers to make a general assignment or any arrangement or composition with or for the benefit of its creditors generally (or any class of its creditors) for releasing it wholly or partially from its debts.
- Any cancellation of this Agreement by the Aggrieved Party will be effective once a cancellation notice has been received by the Defaulting Party (in the case of a material breach) or the date of the breach (in circumstances mentioned in clauses (2), (3) or (4)).
- Any cancellation is without prejudice to any claim that either Party may have in respect of any breach of the terms and conditions of this Agreement by the other Party arising before the Agreement was cancelled.
- VARIATION OF THIS AGREEMENT
- This Agreement may be varied by EasyEquities at any time. The variation will be effected by publishing the new version of the Agreement on the Website and will apply to all your trading with us as from 60 (sixty) days after the date of publication unless the amendments are directed by the BSP or directed under any other Applicable Law to take effect immediately, or unless otherwise provided in existing laws, rules and regulations.
- Alternatively, we may notify you by email whenever a variation of this Agreement is made and provide you with details of same and when such variation will take effect and, if necessary, where you can find a copy of any new version of the Agreement on the Website. You may request, at any time, that we send you a paper copy of the varied Agreement.
- You acknowledge that by continuing to have an Account with us or engage in any Trading activity using the EasyEquities Platform, which includes making payments or withdrawals in accordance with clause 20 you agree to be bound by any new version of the Agreement, published on the Website, emailed to you or delivered to you in hard copy or by any other manner from time to time.
- Any amended Agreement, as published on our Website, will supersede any previous agreement on the same subject matter and will govern any Trade or Order entered into after, or outstanding on, the date the amended Agreement comes into effect. It is therefore your responsibility to ensure that you are aware of the latest version of the Agreement as published on the Website before opening any new Trade and/or continuing to use the EasyEquities Platform and the services therein.
- GENERAL
- This Agreement is the whole agreement between the Parties.
- No indulgence by a Party to another Party, or failure to enforce the terms of this Agreement, will be interpreted as a waiver or be capable of founding an estoppel (estoppel is a legal principle which allows a court to stop a litigant from taking an action which he/she would otherwise be able to take).
- The Parties will do everything reasonable to ensure the effectiveness of this Agreement and the performance of their obligations under the Agreement.
- If a term of this Agreement is illegal or unenforceable, that particular term may be cancelled and the remaining terms of the Agreement will still operate.
- This Agreement is governed by Singapore law.
- The Parties consent and submit to the non-exclusive jurisdiction of the High Court of Singapore in regard to all matters arising out of this Agreement.
- This Agreement may be executed in counterparts, each of which will be an original and which together constitute the same agreement. Signature of this Agreement by the Parties sent electronically by fax, email or by electronically accepting the terms and conditions on the EasyEquities Platform and/or Website will be treated as the Party`s original signatures for all purposes under this Agreement. Sending copies of this Agreement and the pages requiring signatures by fax, by email in “portable document format” (“.pdf”) form, or by any other electronic means intended to preserve the original appearance of the Agreement, or by a combination of these methods, will be effective execution and delivery of this Agreement to the Parties and may be used as an original Agreement for all purposes. You acknowledge that by continuing to engage in any Trading activity using the EasyEquities Platform, you agree to be bound by the latest version of the Agreement, published on the EasyEquities Platform and/or the Website, emailed to you or delivered to you in hard copy or by any other manner from time to time.
September 2025
