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Disclaimer and Limitation of Liability
Although we have taken care to ensure that the content on this site is accurate
and that you suffer no loss or damage as a result of your use of this site, this
site and the online services are provided 'AS IS'
Use of this site and the online services is entirely at your own risk. You
assume full responsibility for the risk or loss resulting from your use of this
site and your reliance on the material and information contained on it.
We and our affiliates, shareholders, agents, consultants or employees are not
liable for any damages whatsoever relating to your use of this site or the
online services or the information contained on this site or your inability to
use this site or the online services. This includes, without limitation, any
direct, indirect, special, incidental, consequential or punitive damages,
whether arising out of contract, statute, delict or otherwise and regardless of
whether we were expressly advised of the possibility of such loss or damage.
Without derogating from the generality of the above, we will not be liable for:
Any interruption,malfunction, downtime or other failure of the site or online
services, our system, databases or any of its components, for whatever reason;
Any loss or damage arising from your orders, investment decisions, purchases or
disposal of goods and services, including financial instrument(s) or currency,
from third parties, based on the information provided on this site;
Any loss or damage with regard to customer data or other data directly or
indirectly caused by malfunction of our system, third party systems, power
failures, unlawful access to or theft or data, computer viruses or destructive
code on our system or third party systems; programming defects; negligence on
our part or caused by the year 2000 computer problem;
Any interruption, malfunction, downtime or other failure of goods or services
provided by third parties, including, without limitation, third party systems
such as the public switched telecommunication service providers (currently
Telkom), internet service providers, electricity suppliers (Currently Eskom),
local authorities and certification authorities;
Any event over which we have no direct control.
How disputes will be resolved
Subject to the relevant service terms, all disputes arising as a result of your
use of the site or on the interpretation of these conditions or on any matter
which in terms of the conditions requires agreement by the parties, (other than
where an interdict is sought or urgent relief may be obtained from a court of
competent jurisdiction), will be submitted to and decided by arbitration.
That arbitration will be held with only the parties and their representatives
present at the offices of the Arbitration Foundation of Southern Africa, Sandton,
Gauteng, South Africa. The arbitration will be governed by the rules of the
Arbitration Foundation in terms of South African law and will be heard by an
arbitrator or arbitrators appointed by the foundation.
Either party will be entitled to have the award made an order of court of
competent jurisdiction. The parties will keep the evidence in the arbitration
proceedings and any order made by any arbitrator confidential unless otherwise
contemplated. The arbitrator will have the power to give default judgement if
any party fails to omake submissions on due date and/or fails to appear at the
arbitration.
Capacity to enter into agreements
You hereby warrant to us that you have the required legal capacity to enter into
and be bound by contractual terms. Minors must be assisted by their legal
guardians when reading these conditions. If you are unsure whether you have the
legal capacity to enter into agreements, contact someone able to provide you
with this information before you continue using this site.
Certificate
A certificate signed by us will constitute prima facie proof of the operation or
functionality of the online services or any part thereof and the contents of any
information displayed on the site on a given date.
Our address for notices and service of legal process
Our chosen address for any legal notice is:
Director, Middle Office 17 Melrose Boulevard Melrose Arch 2196
The law governing our relationship
The conditions will be governed and construed in accordance with the law of the
Republic of South Africa
COLLECTIVE INVESTMENTS
Statutory Disclosure and General Terms and Conditions:
Net Asset Value (NAV)
Prices are calculated on a NAV basis, which is the total value of all assets in the Portfolio including any income accrual and less any permissible deductions from the Portfolio divided by the number of participatory interests in issue. Permissible deductions include brokerage, MST/UST, auditor?s fees, bank charges, trustee/custodian fees, RSC levies and the annual management charge levied by STANLIB Collective Investments Limited (?the Manager?).
Initial Charges
The initial charge is deducted from the full investment value and the remaining amount is allocated to the selected investment options. Commission paid to intermediaries is incorporated in the initial charge. Any additional investment will incur an initial fee.
The charge is set at a maximum of 5,70% of investments made in the equity portfolios and the asset allocation portfolios, and may range from 1,14% to 3,42% in the fixed-interest portfolios.
In the Standard Bank Money Market Fund, initial charges of 0.29% are levied on debit order investments and investment amounts below R10?000.
These charges are all VAT inclusive.
Annual Service Charge (levied monthly incl. VAT)
The annual service charge for the individual portfolios is accrued daily and levied monthly on the market value of the portfolio. Certain portfolios have a performance based service charge which shall be a variable amount that may either increase or decrease, depending on whether the Manager has added or detracted value for the portfolio relative to a passive investment in the portfolio?s benchmark. Please refer to the latest fund fact sheet(s) for more details. The annual service charge is normally deducted from the income received by the portfolios.
Switching
A "switch" involves selling participatory interests (units) in one portfolio and investing the proceeds in another portfolio. STANLIB Collective Investments Limited does not normally charge initial charges twice, other than in the instance where the original entry was into a portfolio with lower charges than the portfolio into which the investor will be investing. Accordingly, the investor will have to pay in the difference in the initial charges. However, the investor and the representative (intermediary) may agree on a different arrangement to that mentioned above, in which case an initial fee as agreed, between the investor and the intermediary, will be charged on the switch transaction. As costs may change from time to time, please consult with your authorised intermediary.
Income Distributions
Income distributions are made at regular intervals for all portfolios. Portfolios either declare distributions monthly, quarterly (31 March, 30 June, 30 September, 31 December), half-yearly (30 June, 31 December), or annually (31 December). These distributions are paid on the last working day of the following month or in some cases, earlier. Please refer to the latest fund fact sheet(s) for more details. Distribution payments will only be made if the value of the payment is above R50. Initial charges are levied on reinvestments.
Money Market Portfolios
STANLIB Collective Investments Limited will endeavour to give clients access to their cash within a period of 48-hours, provided that there are no outstanding administrative issues between the Manager and the client, that the client has a bank account with Standard Bank, and that the client?s repurchase request has reached the Manager before 12h00 on any business day.
The Manager will not accept responsibility for not being able to make payment to the client within 48-hours if the above-mentioned requirements have not been met, or the delay was caused due to circumstances beyond the control of the Manager.
From 1 October 2004, the minimum transaction amount for this fund will be R2'000. The initial minimum investment remains R25'000. If the balance of the account is below R2'000, any repurchase instruction will result in the total balance being redeemed and the account will be closed. If the balance of the account is above R2'000, any repurchase request below R2'000 will result in the minimum transaction amount of R2'000 being redeemed, in keeping with the new fund rules. Any additional investment below R10'000 will be charged an initial Fee of 0,25% (excl. VAT). The reinvestment of income does not attract this fee.
General
Collective investment schemes in securities are generally medium to long term Investments.
The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future.
An investment in the participations of a collective investment scheme in securities is not the same as a deposit with a banking institution.
A constant price will be maintained for the participatory interests of all Money Market Portfolios.
Where exit fees are applicable, participatory interests are redeemed at the net asset value where after the exit fee is deducted and the balance is paid to the investor.
A Portfolio of a collective investment scheme in securities may borrow up to 10% of the market value of the Portfolio to bridge insufficient liquidity as a result of the redemption of participatory interests, and may also engage in scrip lending.
Where different classes of participatory interests apply to certain Portfolios, they would be subject to different fees and charges.
A schedule of fees and charges and maximum commissions is available on request from STANLIB Collective Investments Limited (?the Manager?).
Commission and incentives may be paid and if so, would be included in the overall costs.
The exposure limit to a single security in certain Portfolios can be greater than is permitted for other Portfolios in terms of the Collective Investment Schemes Control Act, 2002. Details are available from the Manager.
A Fund of Funds Portfolio only invests in other portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for these portfolios.
A Feeder Fund Portfolio only invests in the participatory interests (units) of a single portfolio of a collective investment scheme, apart from assets in liquid form.
The Manager reserves the right to close certain Portfolios from time to time in order to manage them more efficiently. More details are available from the Manager.
The holdings of offshore investments in certain portfolios may be subject to current South African Reserve Bank regulations.
Forward pricing is used.
Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down.
The Manager undertakes to repurchase participatory interests at the price calculated according to the requirements of the Collective Investment Schemes Control Act, 2002, and on the terms and conditions of the relevant Deeds.
Payment will be made within 14 days of receipt of a valid repurchase form. Please note that there is a 21-day clearance period for cheques and direct deposits, a 45-day clearance period for debit orders, and a 60-day clearance period for once-off debit orders.
Any capital gain realised on the disposal of a participatory interest in a collective investment scheme is subject to Capital Gains Tax (CGT).
The Manager is obliged to report on the weighted average cost method for CGT purposes.
All portfolios are valued on a daily basis at 15h30 with the exception of some of the Fund of Funds Portfolios and Feeder Fund Portfolios, which are valued at 17h00. Investments and repurchases will receive the price of the same day if received prior to 15h30.
The client confirms that neither the Manager nor any of its staff provided him / her with any advice and that he/she has taken particular care to consider on his/her own or with the assistance of his/her authorised FSP (financial adviser) whether the investment is appropriate considering his/her unique objectives, financial situation and particular needs.
The Manager is a member of the Association of Collective Investments
Statements
Investors in the Standard Bank Money Market Fund will receive consolidated statements monthly, or quarterly should their investment value fall below R25'000. , All other investors will receive consolidated statements quarterly. , IT3B and IT3C documents will be sent to investors by May each year.
Cooling off rights
Due to the nature of this product, cooling off rights are not offered on this product.
Non-residents and Emigrants
Please provide the name and address of your foreign exchange dealer.
Query Support & Middle Office: Compliance & Complaints
PO Box 202, Melrose Arch, 2076. Tel: 0860 123 003.
Trustees' contact details
Absa Bank Ltd, 6th Floor, Absa Towers North (6E1), 180 Commissioner Street, Johannesburg, 2001. Telephone No. (011) 350-4000.
Manager's contact details
STANLIB Collective Investments Limited. Registration number 1969/003468/06.
17 Melrose Boulevard, Melrose Arch, Johannesburg, 2196.
PO Box 202, Melrose Arch, 2076.
Telephone No: 0860 123 003.
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