002.v Sipp Clients Application 1

Transcription

1 Sipp Clients Application 002.v Sipp Clients Application 1

2 SIPP Clients Application This is an application form for SIPP Members wishing to trade using funds held within their SIPP (Self Invested Personal Pension). Both the SIPP Member (beneficial owner) and the SIPP Trustee (legal owner) must complete and sign the relevant parts of this form. Where the SIPP Member has appointed an Investment Advisor or Introducing Broker ( Investment Advisor ) the SIPP Trustee may grant Power of Attorney to the Investment Advisor above or to both the Investment Advisor and the SIPP Member. The SIPP Member must complete parts 1 to 12 of this application form. The SIPP Trustee should then complete parts 13 to 19. Before completing the following form it is essential that you have read and understood all the terms and conditions concerned with your One Financial Markets trading account as detailed in the Client Agreement (Terms & Conditions, Schedule and Client Notice). Please complete all sections of this from. When completed, this application will form part of your Customer Agreement with One Financial Markets. We will use the information gained from this application form to assess your suitability to open an account. For this reason it is essential that all the information provided is entirely accurate and if, at a future date, any circumstances adversely affect this information you are required to write to us advising us of these details. Please type or print clearly using block letters. For any questions related to the completion of this form, the terms and conditions or the required supporting documents please contact us on 0044 (0) Supporting Documentation All application forms must be accompanied by proof of residential address and proof of identity of the SIPP Member. I. Proof of Address: certified copy* of a recent (no more than 4 months old) utility bill or bank statement stating your name and residential address. Bills and statements printed off the internet are not acceptable. II. Proof of Identity: certified copy* of your valid passport or photocard drivers licence. *Certification may be carried out by a lawyer, Notary Public, Consulate or Embassy official or professional person such as accountant, FSA approved person or equivalent and be stamped as true copy of the original. All copies must be clear and certification must be legible, dated and signed with the full name and address of the certifier included. Sipp Clients Application 2

3 Part 1: SIPP Member Information Full Name (as on passport): Nationality: Passport Number: Date of Birth (dd/mm/yyyy): Residential Address: Address: Home Tel: Mobile: Work Tel: Preferred method of contact: Home Work Mobile Part 2: Employment Information Employment status: Self Employed Not Employed Employed If self employed, please state nature of business: Employer s name: Employer s principle type of business: Retired Student Other Position held: Years there: Is your employer an FSA member? Yes No If YES, please advise us of the address to which copy contract notes should be sent to satisfy personal account trading rules. Sipp Clients Application 3

4 Part 3: Financial Information The following information is required in order for us to correctly establish your customer classification. The information provided will not alter the service you receive, restrict your trading opportunities or limit your potential losses. Approximate annual income from all sources (GBP): Approximate net worth excluding private residence (GBP): Approximate value of your Investment Portfolio (GBP): Expected initial deposit size (GBP): Approx. value of funds available for trading with us (GBP): Part 4: Source of funds Please indicate the source(s) of your funds for trading (please tick one or more): Employment Pension Inheritance Self-employed business Savings and Investments only Other (please specify below) Part 5: Politically Exposed Person A Politically Exposed Person is an individual who is or has at any time in the preceding year, been entrusted with prominent public functions and an immediate family member, or known close associate of such a person. A - Prominent public functions include: Heads of State, heads of government, ministers and deputy or assistant ministers; Members of parliaments; Members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions are not generally subject to further appeal, except in exceptional circumstances; Members of courts of auditors or of the boards of central banks; Ambassadors, chargés d affaires and high-ranking officers in the armed forces; and Members of the administrative, management or supervisory boards of State-owned enterprises. Please note that the categories above do not include middle-ranking or more junior officials. B - Immediate family members of such persons as set out under part A are also Politically Exposed Persons, this includes: A spouse; A partner (including a person who is considered by his national law as equivalent to a spouse); Children and their spouses or partners; and parents. Close associates of such persons as set out under part A are also Politically Exposed Persons, this includes: Any individual who is known to have joint beneficial ownership of a legal entity or legal arrangement, or any other close business relations, with a person as stated in part A; and Any individual who has sole beneficial ownership of a legal entity or legal arrangement which is known to have been set up for the benefit of a person as stated in part A. Please tick to confirm: I declare that I am NOT a Politically Exposed Person as defined under A or B. I declare that I am a Politically Exposed Person as defined under A or B. Sipp Clients Application 4

5 Part 6: Previous Trading Experience Please give a brief description of why you wish to open an account, with reference to any previous experience in investment products. Which of the following have you traded in and for how long? Spot or Forward FX: Yes No Years Months Commodities: Yes No Years Months Options and Warrants: Yes No Years Months Shares: Yes No Years Months CFDs: Yes No Years Months On average how often in a month do you trade and what is the average trade size? Ave. Trades per Month Ave. Deal Size ($) Spot or Forward FX: Commodities: Options and Warrants: Shares: CFDs: Which companies have you dealt with? Was this on an execution only basis? Company Name Execution Only? Spot or Forward FX: Yes No Commodities: Yes No Options and Warrants: Yes No Shares: Yes No CFDs: Yes No When did you last trade? (dd/mm/yyyy) Do you have any current/former employment, professional experience/qualifications or training/education which would assist your understanding of our services? If so please describe. Sipp Clients Application 5

6 Part 7: Additional Information What are your investment objectives? (Please tick one or more) Speculation Hedge against other investments How did you hear about us? Magazine (specify below) Friend (specify below) Online Ad Introducer (if applicable): Promotional Code (if applicable): Search Engine (specify below) Newspaper Seminar Other (specify here) Please choose your platform: ONE XTS DMA MT4 DMA Fortex (ONE MT4, ONE Web, ONE Mobile) If you have chosen the ONE XTS platform, please select your account currency: USD GBP EUR Part 8: Market Awareness Do you understand the principles of margin trading and the risks involved in trading a leveraged financial product, in particular that you may lose more than you initial investment? Do you agree to accept these risks? Yes No Are you aware that you must maintain a minimum level of margin in your account to cover any margin requirements? Yes No Do you understand the term Mark to Market and that your account profit and loss will be debited or credited on a daily basis? Yes No Do you understand the concept of bid/offer? Yes No Are you aware you can short sell the market to benefit from down price trends? Yes No Are you aware that you can place Stop Loss orders to limit your losses? Yes No CFD Knowledge Do you understand there is no physical delivery of CFDs? Yes No Do you understand that all CFDs are rolled over at the end of each day? Yes No Do you understand that we are your counterparty and that your positions are taken against us and not with an exchange? Yes No Are you aware that upon expiry of your commodity position you will be rolled into the next future month? Yes No Are you aware that upon expiry any pending orders on commodities will NOT be rolled over to the next future month by us? Yes No Are you aware that corporate events are handled differently when trading CFDs than when trading physical shares? Yes No FX Knowledge Do you understand how currency pairs are quoted? Yes No Are you aware that we quote FX in fixed contract sizes? Yes No Are you aware that your positions will be rolled over at the end of each trading day? Yes No Sipp Clients Application 6

7 Part 9: Investment Advisor Information (Where member has appointed such an advisor) Name: Address: Address: Telephone Number: Co. Registration no: FSA firm reference no: Part 10: Risk Warnings Derivatives and Warrants This notice is provided to you as a Retail Customer in compliance with rules of the Financial Services Authority (FSA). This notice cannot disclose all the risks and other significant aspects of warrants and derivative products such as futures, options and contract for differences. You should not deal in these products unless you understand their nature and the extent of your exposure to risk. You should also be satisfied that the product is suitable for you in the light of your circumstances and financial position. Certain strategies, such as spread position or a straddle, may be as risky as a simple long or short position. Although warrants and/or derivative instruments can be utilised for the management of investment risk, some of these products are unsuitable for many investors. Different instruments involve different levels of exposure to risk and in deciding whether to trade in such instruments you should be aware of the following points. 1 Warrants a warrant is a time-limited right to subscribe for shares, debentures, loan stock or government securities and is exercisable against the original issuer of the underlying securities. A relatively small movement in the price of the underlying security results in a disproportionately large movement, unfavourable or favourable, in the price of the warrant. The prices of warrants can therefore be volatile. It is essential for anyone who is considering purchasing warrants to understand that the right to subscribe which a warrant confers is invariably limited in time with the consequence that if the investor fails to exercise this right within the predetermined time-scale then the investment becomes worthless. You should not buy a warrant unless you are prepared to sustain a total loss of the money you have invested plus any commission or other transaction charges. 2 Off-exchange warrant transactions transactions in off-exchange warrants may involve greater risk than dealing in exchange traded warrants because there is no exchange market through which to liquidate your position, to assess the value of the warrant or the exposure to risk. Bid and offer prices need not be quoted, and even where they are, they will be established by dealers in the instruments and consequently it may be difficult to establish what is a fair price. Your firm must make it clear to you if you are in an off-exchange transaction and advise you of any risks involved. 3 Futures transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some instances to settle the position with cash. They carry a high degree of risk. The gearing or leverage often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you. Futures transactions have a contingent liability, and you should be aware of the implications of this, in particular the margining requirements, which are set out in the Client Agreement. 4 Options there are many different types of options with different characteristics subject to the following conditions:- (a) Buying Options: Buying options involves less risk than selling options because, if the price of the underlying asset moves against you, you can simply allow the option to lapse. The maximum loss is limited to the premium, plus any commission or other transaction charges. However, if you buy a call option on a futures contract and you later exercise the option, you will acquire the future. This will expose you to the risks described under Futures (3 above) and contingent liability investment transactions (8 below). (b) Writing Options: If you write an option, the risk involved is considerably greater than buying options. You may be liable for margin to maintain your position and a loss may be sustained well in excess of the premium received. By writing an option, you accept a legal obligation to purchase or sell the underlying asset if the option is exercised against you, however far the market price has moved away from the exercise price. If you already own the underlying asset which you have contracted to sell, (when the options will be known as covered call options ) the risk is reduced. If you do not own the underlying asset ( uncovered call options ) the risk can be unlimited. Only experienced persons should contemplate writing uncovered options, and then only after securing full details of the applicable conditions and potential risk exposure. Sipp Clients Application 7

8 (c) Traditional options: Certain London Stock Exchange member firms under special exchange rules write a particular type of option called a traditional option. These may involve greater risk than other options. Two-way prices are not usually quoted and there is no exchange market on which to close out an open position or to effect an equal and opposite transaction to reverse an open position. It may be difficult to assess its value or for the seller of such an option to manage his exposure to risk. Certain option markets operate on a margined basis, under which buyers do not pay the full premium on their option at the time they purchase it. In this situation you may subsequently be called upon to pay margin on the option up to the level of your premium. If you fail to do so as required, your position may be closed or liquidated in the same way as a futures position. 5 Contracts For Differences Futures and Options contracts can also be referred to as contracts for differences (CFDs). These can be, inter alia, options and futures on an index or commodity, as well as currency and interest rate swaps. However, unlike other futures and options, these contracts can only be settled in cash. Investing in a contract for differences carries the same risks as investing in a future or an option and you should be aware of these as set out in 3 and 4 respectively. Transactions in contracts for differences may also have a contingent liability and you should be aware of the implications of this as set out in 8 below. 6 Off Exchange Transactions in Derivatives it may not always be apparent whether or not a particular derivative is arranged on exchange or in an off exchange derivative transaction. While some off-exchange markets are highly liquid, transactions in off-exchange or non transferable derivatives may involve greater risk than investing in on-exchange derivatives because there is no exchange market on which to close out an open position. It may be impossible to liquidate an existing position, to assess the value of a position arising from an off-exchange transaction or to assess the exposure to risk. Bid prices and offer prices need not be quoted, and, even where they are, they will be established by dealers in these instruments and consequently it may be difficult to establish what is a fair price. 7 Foreign Markets foreign markets will involve different risks from the UK markets. In some cases the risks will be greater. On request, your firm must provide an explanation of the relevant risks and protections (if any) which will operate in any foreign markets, including the extent to which it will accept liability for any default of a foreign firm through whom it deals. The potential for profit or loss from transactions on foreign markets or foreign denominated contracts will be effected by fluctuations in foreign exchange rates. Part 11: SIPP Member Declarations I declare by my signature: To have read, understood and agreed to the Client Agreement (Terms and Conditions, Schedule and Client Notice) and all of their contents and to agree to these documents being delivered to me in electronic format; To accept that a contract has been formed between me, One Financial Markets and the SIPP Trustee; To acknowledge that I recognise and understand the restrictions placed by One Financial Markets on the trading of SIPP funds in terms of the products that can be traded and the reduced leverage that can apply to these products. These restrictions may be additional to those imposed by the relevant legislation and/or the SIPP Trustee; To have been adequately informed by my SIPP Trustee of the legal restrictions that apply to the trading of SIPP funds; To have received, read and understood the product information material relating to the relevant products; To have received additional indepth verbal information about the products and the inherent risks if so requested; and To have received satisfactory answers to all my questions regarding the terms and conditions and other issues relating to the relevant products. Furthermore, I confirm: That the information represented here is true and accurate; That I agree to inform you promptly in writing should any of the information contained here cease to be correct; That the investment amount has been chosen by me taking my total financial circumstances into consideration and is considered by me to be reasonable under such circumstances; That One Financial Markets is authorised to act on any instructions it receives from the SIPP Trustee on my behalf; That I acknowledge and accept that my SIPP Trustee (as specified in Part 13 of this form), as Trustee of the SIPP Trust (as specified in Part 14 of this form), has granted Power of Attorney in accordance with the provisions of Part 17 of this form; That One Financial Markets is entitled to send newsletters or other investment material to me by or similar electronic messaging services, and that I must inform One Financial Markets in writing or otherwise, if I do not wish to receive such material. Full Name: Date (dd/mm/yyyy): Signature: Sipp Clients Application 8

9 Part 12: Retail Client Consent Please tick to confirm: I agree to be treated as a Retail Client and accept that this classification shall apply to all my transactions with One Financial Markets. I understand that I can request One Financial Markets to re-classify me either generally or in respect of a particular investment service or transaction or type of transaction or product and that One Financial can choose whether or not to provide their services on that basis. I have read One Financial Markets written warning advising me of the protections I might lose if I am re-classified to a higher classification. I am aware of the consequences of such re-classification and in the event I request a higher classification, am willing to accept any loss of protections that will result. The FSA rules in respect of MiFID requires your express prior consent to the following terms: I consent to One Financial (or its affiliates or associated companies as may be applicable) effecting transactions on my behalf outside a regulated market or multilateral trading facility I accept and agree to the above terms. Full Name: Date (dd/mm/yyyy): Signature: Part 13: SIPP Trustee Information Name: Address: Address: Telephone Number: Co. Registration no: FSA firm reference no - SIPP provider/administrator: Part 14: SIPP Trust Information SIPP Trust Name: Address: (if different to above) Scheme name: HMRC ref: SIPP Plan ref: Sipp Clients Application 9

10 Part 15: SIPP Bank Account Details Name of Bank: Address of Bank: Name of Account: Account Number: Sort Code: Part 16: Permitted Investments Please indicate which of the following investment types the SIPP Member is permitted to trade under the terms of the Trust Deed. FX CFDs Futures Shares/ETFs/Bonds/etc Part 17: Limited Power of Attorney The Principal - the SIPP Trustee as specified in part 13 of this form, as trustee of the SIPP Trust specified in part 14 of this form. The Attorney(s) please tick one or both as appropriate: 1. The Investment Advisor as specified in part 9 of this form And/or 2. The SIPP Member as specified in part 1 of this form Limited Power of Attorney I, (the Principal) hereby appoint the Attorney(s) to act as my agent under this Power of Attorney in the conduct of my account with One Financial Markets. I hereby confirm that:- (i) The Attorney(s) is authorised by me to have complete authority to conduct trades on my behalf with One Financial Markets in respect of the above account(s); (ii) The Attorney(s) is authorised by me to have complete authority to place, amend or remove orders on my behalf with One Financial Markets in respect of the above account(s); (iii) The Attorney(s) is authorised by me to have complete authority to pass and receive information on my behalf to One Financial Markets in respect of the above account(s); (iv) I place no restrictions in respect of the clauses above; (v) I shall be responsible for all actions taken by the Attorney(s) in respect of the conduct of my account(s) with One Financial Markets; (vi) One Financial Markets may accept all and any instructions given by the Attorney(s) as if they were given by me and shall not be responsible for any acts or omissions on their part; (vii) I understand and accept that the conduct of my account remains my full responsibility and my obligations under my Client Agreement with One Financial Markets are not diminished in any way by my signing of this Power of Attorney such that, any instructions given by the Attorney(s) may fully be deemed to have been given by me directly or any abuse of the services provided by One Financial Markets, by my Attorney(s), will remain my responsibility; (viii) I understand that the appointment made under this Power of Attorney and its contents shall be part of my Client Agreement with One Financial Markets and that the Client Agreement permits One Financial Markets to reject any instruction or request given by any appointee if, in their sole discretion, they have reasonable cause to believe such rejection to be appropriate; (ix) I undertake to provide written notice to One Financial Markets of any intention to terminate any appointment made under this or any other Power of Attorney and that such notice may not deemed to have been received and acted upon by One Financial unless and until I have received written confirmation from them; (x) This Power of Attorney shall be subject to the same legal jurisdictions and thresholds as stated in the One Financial Markets Client Agreement. Sipp Clients Application 10

11 Part 18: Limitation of Recourse Notice One Financial Markets agrees that your liability to it, in respect of transactions entered into with it through the ONE XTS trading platform(s) by you, or on your behalf, in respect of the SIPP Member (as stated in part 1), shall be limited in the absence of fraud committed by you to the amount credited to the One Financial Markets Trading Account opened in respect of that individual member ( Account(s) ). To that end, you agree that positions on the Account(s) will be liquidated when the Equity/ Margin ratio (i.e., Total Equity (Cash Balance Open P&L)/Margin Requirement) reaches 100%. We further agree that funds will only be transferred out of the Account(s) directly to the bank account of the relevant SIPP bank account. Furthermore, such transfers will only be made when written confirmation, signed by a duly authorised person, is received by One Financial Markets. For the avoidance of doubt this restriction on transfers out of the Account(s) shall not apply where such transfer is to pay agreed fees and commissions. Words and expressions used in the One Financial Markets Client Agreement have the same meanings in part 16 unless otherwise defined herein. References in this section to we, us and related expressions are references to CB Financial Services Ltd t/a One Financial Markets. References to you, your and related expressions are references to the SIPP Trustee as stated in part 13. This notice is supplemental to the One Financial Markets Client Agreement and, to the extent of any conflict between this notice and that agreement with respect to liquidations or your liability, this section shall prevail. Part 19: SIPP Trustees Declarations We declare by our signature that: We have understood and agreed to the Client Agreement (Terms and Conditions, Schedule and Client Notice) and all of their contents and agree to these documents being delivered to us in electronic format; The Trust is properly constituted and validly exists under the laws of its jurisdiction and has the authority to conduct its business and enter into the Client Agreement with One Financial Markets; All the trustees and authorised signatories of the Trust are over 18 years of age; The information represented in this application form, and in connection with this application form is true, accurate and not misleading; We agree to inform you promptly in writing should any of the information contained here cease to be correct; The Trustee, as Principal, has granted Power of Attorney in accordance with the Provisions of part 17 of this form; The SIPP Member (Beneficiary) may trade in the investment types indicated in part 16 and that by so doing, the SIPP Member (Beneficiary) will not be in breach of any laws or regulations nor the Trust Deed; We understand that, in order to comply with anti-money laundering legislation, One Financial Markets is required to verify both the address of the Trust and the identities and addresses of the Trust s authorised signatories and for this purpose, may use information held in any database or in other electronic format; The Trust has obtained the agreement of each of the authorised signatories to the electronic identity verification searches or to provide the required documentation. Executed on behalf of its duly authorised representatives: Full Name: Title: On behalf of: Date (dd/mm/yyyy): Signature: Full Name: Title: On behalf of: Date (dd/mm/yyyy): Signature: Sipp Clients Application 11

12 Important Information We rely solely on the information provided here in assessing your customer classification. It is therefore essential that if any of these details should change, you inform us in writing immediately so that we can reassess your classification. Please post all documents to: Account Opening One Financial Markets 20 Savile Row W1S 3PR United Kingdom For fast processing please return the completed form and supporting documentation by fax to 0044 (0) or scan your documents to Please note that if you send your application via or fax you still need to submit the original forms within 14 days by standard mail. One Financial Markets is an execution-only market-maker in financial derivatives, in particular Contracts for Difference (CFDs) on commodities, shares and stock indices, as well as margined Foreign Exchange. CFDs and margined Foreign Exchange are leveraged products which carry a high degree of risk which may result in you losing more than your initial deposit. Trading CFDs may not be suitable for all investors and you should fully understand the risks involved before opening an account. The information given in our brochures is not directed at or to be distributed to any persons domiciled in the United States or any other jurisdiction where its distribution or the services described herein may be contrary to local laws or regulations. You shall be responsible for identifying the requirements of your local laws and regulations and to ensure you are not in breach thereof. One Financial Markets is a trading name of CB Financial Services Ltd (CBFS). CBFS is authorised and regulated by the Financial Services Authority under company number CBFS is a company registered in England at 20 Savile Row, London, W1S 3PR under Company Reg. Number Sipp Clients Application 12