Account Terms and conditions

SECTION A

Stanbic IBTC Stockbrokers Limited's (SISL) offices are open for business between the hours of 8 a.m. and 5 p.m. on each day that is designated a business day in Nigeria ("business day").
The preferred channel for receiving clients' mandates is through the secure on-line brokerage account which can be access via https://www.sislbrokerage.com/IW/. Mandates can also be sent to the dedicated email address for mandates via [email protected]
The deadline for the receipt of clients' mandates via all channels is 8 a.m. on the intended business day of execution
In the absence of an express instruction as to a specific timeline for the expiration of clients' mandates, the mandate will be valid for 10 working days upon receipt after which it expires, and the unexecuted portion will be automatically cancelled.
Amendments/cancellation of mandates can be done via either the online brokerage account or via e-mail to [email protected]. This is also subject to the deadline in (3) above.
Where mandates/amendments/cancellations are submitted after the deadline stated in (3) above, the mandates/amendments/cancellations may not be treated until the next business day.
Mandates/amendments/cancellation received on a day that is not a business day will be deemed to have been received on the business day immediately following the day of actual receipt.
Where a mandate consists of a purchase instruction, it can only be treated if sufficient funds are available in the client's stockbroking account to execute such an instruction.
Where a purchase mandate is dependent on the sales proceeds of stocks, the purchase mandate may not be executed until the sales transaction has been executed. The sale mandate will be executed even if the stocks to purchase are not available.
SISL is acting as execution-only stockbroker and not financial advisors or portfolio manager. Consequently, SISL will only execute BUY and SELL mandates given by the client on the floor of The Nigerian Stock Exchange.
SISL executes transactions based on the ruling market prices of stocks on The Nigerian Stock Exchange at the time of execution.
SISL executes mandates on a best efforts basis only. It is therefore unable to guarantee that a mandate will be executed on a particular day even where such mandate indicates that the relevant transaction is to be effected at "market price".
Buy and sell mandates can only indicate one price and not a price range. You will be advised of the outcome of your mandate via e-mail. Where this is not received by close of business on the next working day after you submitted your mandate, kindly contact SISL via email to [email protected]
All sales proceeds of stocks sold shall be retained in the client's stockbroking account except if otherwise advised (expressly) by the client.
Funds deposited into client's stockbroking account with SISL including retained proceeds of sales is not interest bearing. A client's fund will remain in the client's stockbroking account until an expressed instruction/mandate is received authorizing the utilization of the fund
Settlement takes place at T+3 (3 days after trade) and transfer instructions are processed within 24hours after settlement (excluding weekends or holidays) and where the client's account is not credited with the requested amount within the stipulated period, the client is required to notify SISL via e-mail to [email protected].
Where an inter-bank withdrawal/transfer instruction has not been concluded within the period stipulated above, it is the client's responsibility to request for an evidence of execution of the interbank transfer from SISL and to follow up with the receiving bank. SISL shall in no circumstance be held liable for the lapses of other institutions involved in the withdrawal/transfer process.
The deadline for the submission of withdrawal/transfer instruction is 10a.m on business days for inter-bank withdrawal/transfer and 3p.m on business days for intra-bank withdrawal/transfer and any instruction submitted after the deadline may not be treated until the next business day.
Requests to withdraw funds from client's stockbroking account will only be honored if there are adequate cleared and unencumbered funds in the client's stock broking account with SISL. Associated transfer charge(s) for interbank transfers will be borne by the client.
SISL shall not make any payment from a client's stockbroking account to a 3rd party even if such payment have been authorized by the account holder.
I/We understand that all mandates, amendments, cancellations, transfer and withdrawal requests sent after the specified deadlines may not be treated till the next business day as specified above. SISL is not under any compulsion to treat any of the referenced instructions sent after the deadlines; however in event that such instructions are treated despite having been received after deadline by SISL, the instructions shall be binding upon me/us
SISL can be contacted via e-mail: [email protected], telephone: +234-1-4220004, +234-7080602700.

SECTION B

In Consideration of your Stanbic IBTC Stockbrokers Limited (SISL) having agreed to accept and to act on my/our instructions given via recorded telephone lines, e-mail, online brokerage account and other electronic channels (without requiring a written confirmation bearing my/our actual signatures in accordance with my/our mandate) in respect of any transactions regarding my/our account with SISL, I/We hereby confirm that:

I/We understand that it is my/our responsibility to keep my/our profile details (User name, password and other electronic channel details) as private and confidential to prevent unauthorized access to my/our stockbroking account with SISL.
I/We understand that it is my/our responsibility to notify SISL where I/we detect that my/our profile details (User name, password and other electronic channel details) have been compromised. I/We also understand that any transaction executed on my/our account before SISL is notified of such compromise is binding on me/us.
SISL is authorized to act on instructions, which have been transmitted via any of the referenced electronic channels without bearing my/our signature(s) provided such instructions emanated from my/our registered details in SISL's records.
SISL shall not be under any duty to verify the identity of the person(s) giving instructions in my/our name provided such instructions have emanated from my/our registered details in SISL's records and any transaction made pursuant to the instructions shall be binding upon me/us.
Except my/our instruction sent via any of the referenced electronic channels is duly revoked or modified by a subsequent instruction issued by me/us and such subsequent instruction has been communicated to and received by SISL before the execution of the prior instruction and within the stipulated deadline for revocation and or amendment of instructions, I/We undertake to be bound irrevocably by such prior instruction.
I/We understand that where a mandate/instruction is sent via e-mail to [email protected], I/We should receive an auto generated acknowledgment e-mail immediately. Where this is not received within 30 minutes, I/We understand that I/We should immediately contact SISL to confirm receipt of the mandate/instruction.
I/We understand that upon submission of my/our mandates/ instructions placed via my/our online brokerage account, it is my/our responsibility to confirm that such mandates/instructions have been successfully submitted and are reflecting on my/our online outstanding order module. Where the mandates/instructions are not reflecting, I/We understand that I/We should immediately contact SISL to confirm receipt of the mandate/instruction
I/We hereby agree to keep SISL indemnified from and against all actions, proceedings, claims and demands which may be brought or made against SISL and all loses, costs, charges, damages and expenses which may be incurred or sustained or for which SISL may become liable by reason of honoring such via recorded telephone lines, e-mail, online brokerage account and other electronic channels instructions provided that SISL has taken all measures prescribed by this agreement irrespective of whether the instructions are in fact erroneous, fraudulent or issued otherwise than as foresaid.
I/We agree to comply with all terms and conditions issued by SISL, governing the use of electronic services which SISL may from time to time offer and provide to me/us.
If I/We live outside Nigeria, I/We agree to ensure that my account complies with any other applicable law or rules which apply where I/We live, including any tax, foreign exchange or capital controls and for all payments, reporting or filing requirements that may apply as a result of my country of citizenship, domicile or residence. I/We agree to provide SISL with such information and must update information as reasonably required from time to time, enabling SISL comply with any applicable law.
Subject to applicable local laws, I/We agree that SISL can share my/our information with domestic and overseas regulators or tax authorities where necessary to establish my/our tax liability in any jurisdiction. Where required by domestic or oversea regulators or tax authorities, I/We consent and agree that SISL may withhold, and pay out from my account(s) such amounts as may be required according to applicable laws, regulations, agreements with regulators or authorities and directives. In addition, such information may also be shared with other affiliates of the Standard Bank Group.
I/We agree to notify SISL within 30 (thirty) days if there is a change in any information which I/we have provided to SISL.
Except where SISL is negligent of fraudulent or in willful default, SISL shall have no responsibility to me/us if any information held about me/us is or becomes inaccurate or incomplete.

Data Protection

You consent to us collecting your Personal Information from you and where lawful and reasonable, from public sources for trading, fraud and compliance purposes, as well as the purposes set out below.
If you give us Personal Information about or on behalf of another person (including, but not limited to, account signatories, shareholders, principal executive officers, you confirm that you are authorised to:
a. give us the Personal Information;
b. consent on their behalf to the Processing of their Personal Information, specifically any crossborder transfer of Personal Information into and outside the country where the products or services are provided; and
c. receive any privacy notices on their behalf.
You consent to us Processing your Personal Information:
a. To provide products and services to you in terms of this agreement and any other products and services for which you may apply;
b. To carry out statistical and other analyses to identify potential markets and trends, evaluate and improve our business (this includes improving existing and developing new products and services);
c. In countries outside the country where the products or services are provided. These countries may not have the same data protection laws as the country where the products or services are provided. Where we can, we will ask the receiving party to agree to our privacy policies;
d. By sharing your Personal Information with our third-party service providers, locally and outside the country where the products or services are provided. We ask people who provide services to us to agree to our privacy policies if they need access to any personal Information to carry out their services;
d. and within the Standard Bank Group.
You will find our Processing practices in our privacy statements. These statements are available on our website or on request.
If you are unsure about your tax or legal position because your Personal Information is processed in countries other than where you live, you should get independent advice.

Marketing and Promotion

Provided you have agreed to the above Data Protection Clause, we may use your personal or other information to share information with you on new products and services that may be of interest to you and from time to time will mail, email or SMS information to you about us, our products and services, or our partners and their products and services. If you do not wish to continue receiving this information, you may contact us and request that we delete your information from our mailing list.

RISK DISCLOSURE:

Stanbic IBTC Stockbrokers Limited (hereinafter referred to as "SISL") is registered with the Securities and Exchange Commission and the Nigerian Stock Exchange to carry on business as a broker-dealer.

As a Client of SISL, I/we am/are aware that there are always significant risks involved when investing in securities in the capital market. Many unforeseen events such as various government policies, domestic and international political and economic events and other events of force majeure (acts of God, war, riot, urban unrest, terrorism), may cause sharp market and price fluctuations.

Generally, securities investments are only suitable for clients who fully understand and appreciate the risks involved. It is highly speculative. It involves a high degree of risk and may result in the loss of the entire investment. Before deciding to trade equities, debt securities, exchange traded funds, or engage in securities borrowing or lending and/or other related ancillary or capital market operations, as a Client of SISL, I/we should carefully consider my/our objectives and risk appetite. I/we am/are expected to exercise particular care in evaluating the risks involved and must decide whether, in the light of the risks, investment is appropriate.

By executing the SISL Risk Disclosure Statement, I/we hereby acknowledge and accept that each of the risks listed hereunder can be associated with my/our securities investment. I/we also acknowledge and accept that these risks could lead to the loss of the entire value of my/our investments under this Agreement:

A. Risks associated with Securities Trading.

1. Overall Investment Risk.

All securities investments risk the loss of capital. Many unforeseeable events, including actions by various government agencies and domestic and international political and economic events and other events of force majeure, such as acts of God, and certain other events beyond reasonable control (e.g. war, riot, urban unrest, terrorism), may cause sharp market and price fluctuations.

2. Market Liquidity.

Some of the listed securities may be traded in very low volumes. There is therefore, the risk that investments may not be easily liquidated.

3. Currency Risks

The potential for profit or loss from transactions in foreign currency denominated securities (traded locally or in other jurisdictions) will be affected by fluctuations in foreign exchange rates.

4. Execution Risk.

SISL, acting as a broker-dealer for the purchase, sale and/or investment in the Securities, may, on certain occasions, not be able to execute the purchase or sale or to undertake any action relating to the Securities in accordance with the clients instructions. These occasions include, among other things, a situation where the market conditions are not favourable, the order cannot be matched, the laws and regulations of the Exchange or other competent authorities impose limitations, etc.

5. Commission, Fees, Interest and Other Charges.

All regulatory fees, commissions, charges are as approved by the regulatory authorities. As a Client of SISL, I/we should obtain a clear explanation of all commissions, fees, interest and charges, and understand that these charges may affect my/our net profit (if any) or increase my/our loss (if any). I/we agree that I/we will be liable for these charges (as may be amended from time to time).

6. Settlement Risks.

The procedures for settlement, clearing and registration of security transactions can give rise to technical and practical problems. In other cases, inefficient systems may result in delayed delivery of securities.

B. Risk associated with Debt Securities.

Debt Securities and Debt-linked investments offer fixed returns over a defined period and are intended to be held to maturity. These instruments carry a significant amount of risk such as credit, currency and liquidity risks. Credit risk in debt securities arises from default events that may result in the inability of the issuer to pay interest or principal. Default risk in debt securities is high when credit rating is non-investment grade or non-rated. In a default situation, the investor may lose both interest and principal. Currency risk in debt securities arises from holding debt securities that are issued in foreign currency, hence exposing the buyer to fluctuations in exchange rate. There is a high chance that if the currency moves adversely, the investor may lose more than his original interest and principal.

C. Risk of Margin Trading (eg. share margin financing).

The risk of loss in financing a transaction by deposit of collateral may be significant. I/we may sustain losses in excess of my/our cash and any other assets deposited as collateral. I/we may be called upon at short notice to make additional margin deposits or interest payments. If required margin deposit or interest payment is not made within the prescribed time, my/our collateral or positions may be liquidated at a loss without prior notification to me/us. I/we should therefore carefully consider whether such a financing arrangement with SISL is suitable in light of my/our financial position and investment objectives.

D. Securities Borrowing and Lending.

When I/we borrow securities, I/we will be required to deposit a required level of collateral. I/we may be called upon at short notice to place additional deposits if the level of collateral is inadequate in relation to the market value of borrowed securities. If the required deposit is not made within the prescribed time, the firm may buy-back the borrowed securities without prior notification to me/us. When I/we lend securities to SISL, I/we temporarily lose legal ownership rights to the securities but in place, has a right to claim equivalent securities and dividends.

E. Risk relating to the Clients own investment

My/our decision to invest in the securities is my/our own independent decision. SISL is not acting as an advisor. In making a decision to invest, I/we have confirmed that I/we have carefully studied and considered all information relating to the status, business, financial condition and operation of the company/entity issuing the securities, including the underlying assets of or other information relating to the securities in which I/we will invest, and other relevant factors relating to the investment such as political, economic, legal and regulatory conditions, as well as market conditions, demand, supply and price of the underlying goods of the Securities. As a result, I/we bear all risks from the investment and SISL has no fiduciary duty to me/us and is not responsible for any liabilities, claims, damages, losses, costs and expenses arising from such investment.

F. Regulatory Risk

SISL is subject to the various laws and/or regulations of the competent relevant regulatory authorities. Any legislative or regulatory changes may impact the functions of the broker/dealer. All transactions performed by SISL will be executed in accordance with the relevant rules and regulations and any that fall contrary to the existing regulatory framework may be nullified by the regulatory authorities.

CONFIRMATION:
I/We hereby confirm that I/We have read and agree to be bound by the above terms and conditions, risk disclosure and data privacy.