ASB Portfolio Series. Client Agreement

Transcription

1 ASB Portfolio Series Client Agreement

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3 Client Agreement These terms and conditions form an agreement between us, ASB Bank Limited, and you. You agree to be bound by these conditions by applying for, or agreeing to a portfolio of recommended investments within, ASB Portfolio Series. This agreement forms part of our relationship with you and should be read alongside the following documents: 1. The service disclosure statement (available at: asb.co.nz/portfolio-series); 2. The investment proposal; and 3. The investment authority provided by you. 1. ASB Portfolio Series service Implementation and administration of investment portfolio 1.1 You have agreed to a portfolio of recommended investments within ASB Portfolio Series and to the investment strategy pursuant to which we will manage your portfolio. This is your investment portfolio. Your investment portfolio is set out in the investment proposal provided to you by an ASB Wealth Manager or as otherwise agreed by you with an ASB Wealth Manager (Investment Proposal). 1.2 You authorise us to implement your investment portfolio pursuant to the Investment Proposal and to manage your investment portfolio (including acquiring and disposing of any investments, on your behalf and managing any limits on types of assets applicable to your portfolio) in accordance with the investment authority you provide us (Investment Authority). You must sign the Investment Authority and provide it to us to enable us to provide the ASB Portfolio Series service to you. 1.3 We may change the Investment Authority, including the investment strategy within the Investment Proposal from time to time. We will notify you if we do so. 1.4 You may request a change to your Investment Authority by notice to us in writing. If we agree to your request, we will implement the change to the Investment Authority. 1.5 You authorise us to exercise any of your rights in corporate actions on your behalf. You may not give us instructions in relation to the exercise of your rights in corporate actions on your behalf. 1.6 You authorise us to instruct the custodian regarding administration of your investment portfolio, including the acquisition and disposal of your investments and the exercise of your rights in relation to your investments such as executing certificates of ownership, declarations or other certificates as required. 2. Responsibilities Our responsibility 2.1 We must, in providing the ASB Portfolio Series service: (a) act honestly; (b) in exercising any powers, or performing any duties, under this agreement act in your best interests and treat you and other users of the ASB Portfolio Series service equitably; (c) not make use of any information we acquire through providing the ASB Portfolio Series service to gain any improper advantage or cause any detriment to you or any other users of the ASB Portfolio Series service; and (d) in exercising any power of investment or performing any duties in that capacity in relation to the ASB Portfolio Series service, exercise the care, diligence and skill that a prudent person engaged in providing the ASB Portfolio Series service would exercise in the same circumstances. 2.2 Notwithstanding our obligations above, we: (a) do not guarantee any investment or returns on investments; and (b) are not responsible for any losses arising from any investments made by you or on your behalf. Your responsibility 2.3 You acknowledge that: (a) any investment is subject to risk. The value of investments can increase or decrease and your investment portfolio may not keep pace with inflation; (b) exchange rates are volatile and the New Zealand dollar value of foreign currency denominated investments and their returns may decrease or increase due to exchange rate movements; and (c) forecasts of expected returns are for illustrative purposes only. The actual performance of any investment is subject to fluctuation and may be above or below any performance forecast. 2.4 You should carefully read all disclosure documents relating to the investments in your investment portfolio. 3. Custody of investments Appointment of custodian 3.1 We have appointed Investment Custodial Services Limited (ICSL) as custodian. 3.2 We may appoint another custodian or remove any person as custodian at any time. We will notify you if we do so. Holding of investments 3.3 You agree that the custodian will hold the investments in your investment portfolio on your behalf. Legal title to the investments will be in the name of the custodian. You are the beneficial owner of the investments. 3.4 The custodian will generally hold your investments in a pooled account with other investments. If investments are held in a pooled account, the custodian will record and hold your investments in a separate portfolio in its books so it is clear what the custodian holds on your behalf. 4. Instructions Carrying out instructions 4.1 You may not give us instructions relating to the investments in your portfolio. There may be other limited instances where you give us instructions (for example, in relation to establishing a regular withdrawal). You authorise us to rely on and act upon instructions from or purporting to be from you. We will have no liability for acting upon your instructions. 1

4 4.2 We will not be liable to you or any other party if instructions are unauthorised, forged or fraudulently given and we could not reasonably have detected that from the instructions received. To the maximum extent permitted by law, you will indemnify us for any losses we incur acting on such instructions. 4.3 We will determine the order in which we carry out your instructions. 4.4 We will not be liable for any delays acting on instructions from you provided we use our reasonable endeavours to process instructions promptly after receipt. We will let you know if there is a significant delay to our normal processing times. 4.5 It may not be possible to change or stop an instruction once you have instructed us. Refusal to carry out instruction 4.6 We may refuse to carry out an instruction if: (a) you request a partial withdrawal from your investment portfolio and the amount requested to be withdrawn is less than our minimum withdrawal amount; (b) the amount in your cash account is below the required minimum cash amount or if carrying out your instruction would reduce the amount in your cash account to below the required minimum cash amount; (c) carrying out your instruction would reduce the total amount of your investments in your investment portfolio to below the required minimum total amount; (d) we are unable to include the investment in your investment portfolio, for example where the investment has been withdrawn from the market, or does not meet the investment criteria of the ASB Portfolio Series; (e) the instruction is not clear or you have not provided us with the correct details; (f) you have not provided us with the appropriate documentation, information, authorisations, or assistance to carry out your instruction; (g) you are or we reasonably consider you might be in breach of this agreement; (h) we learn of your bankruptcy or other lack of legal capacity, or if we learn that a petition of bankruptcy has been filed against you; (i) we reasonably believe or suspect that carrying out your instruction will give rise to a cause of action against us; (j) we reasonably believe you or someone else has used or is using or obtaining, or may use or obtain a service or money illegally or fraudulently; (k) we are prevented from doing so due to the occurrence of an event or circumstance beyond our control; (l) there is a legal requirement, or a court order or other authority tells us, to act in that way; or (m) we consider that we have other reasonable grounds to do so. We will let you know if we refuse to carry out an instruction. We will do this at the earliest opportunity. Instructions by electronic means 4.7 We may accept, at our sole discretion, instructions from you by telephone, facsimile, or other electronic means. 4.8 If we do accept instruction from you by telephone, facsimile, or other electronic means, to the extent permitted by law, you indemnify us against all liabilities incurred by us resulting from us acting or omitting to act in accordance with such instructions that are, or purport to have been, given by you. 4.9 You will need to select a password to give us instructions by telephone, facsimile, or other electronic means. You must not choose an unsuitable password such as birth dates, months or years or other easily accessible personal data. You must safeguard your password and contact us immediately if your password has been disclosed or you suspect it has been disclosed. 5. Cash account 5.1 You must maintain a cash account with the custodian for the purposes of our administration and management of your investment portfolio. 5.2 Funds are held by the custodian on behalf of you and other ASB Portfolio Series clients as bare trustee and will be deposited into one or more client accounts. Each account will be a pooled account held with a registered New Zealand bank or with an overseas bank. These are the custodian s client accounts. The custodian will maintain a separate account in its books for you so it is clear what funds the custodian holds on your behalf. This is your cash account. The custodian is the legal owner of the client accounts. You are the beneficial owner of your cash account. 5.3 You must keep a minimum cash amount of 2% of the total amount invested in your investment portfolio in your cash account at all times unless otherwise agreed with us. This is the required minimum cash amount. 5.4 If the amount in your cash account is below the required minimum cash amount or if carrying out your instruction would reduce the amount in your cash account to below the required minimum cash amount, you authorise us to either: (a) sell investments in your investment portfolio; or (b) require you to put money into your nominated account, to bring the amount in your cash account up to the required minimum cash amount. 5.5 You authorise us to manage your cash account to administer your investment portfolio in accordance with this agreement. This includes instructing the custodian to: (a) deposit and hold in your cash account all moneys received from or for you in connection with your investment portfolio; (b) debit from your cash account the amount of any fees and any other amounts due and owing to us or the custodian under this agreement; (c) debit from your cash account any costs and withholding taxes (including Portfolio Investment Entity (PIE) tax) payable by you or by the custodian in connection with your investment portfolio or your cash account; (d) debit from your cash account all moneys required for the purchase or acquisition of any investments or any other dealings of investments for you; and (e) otherwise deal with your cash account in accordance with instructions from you. 6. Income 6.1 The custodian will receive any income (including dividends and distributions of any kind) and principal (including the proceeds of any disposal) in respect of your investments on your behalf and will pay all dividends and interest received into a client account, and record all such dealings in your cash account. 2

5 6.2 Any interest received by the custodian in respect of funds held to the credit of your cash account will be credited to your cash account. 6.3 You agree to open and maintain a nominated account for the purposes of receipt of any payments made to you by us and to notify us of the details of the account. 7. Fees and charges 7.1 We will charge you fees we set from time to time. These will be deducted from your cash account. The initial fees are either set out in your Investment Proposal or as otherwise provided by us to you in writing. We may change the fees from time to time by giving you 30 days notice. 7.2 The issuer of the investments purchased by you or by us on your behalf may charge you fees in respect of those investments. You authorise us to instruct the custodian to pay these on your behalf. 7.3 You agree to reimburse us for costs and expenses reasonably incurred by us or the custodian in connection with the provision of the ASB Portfolio Series service under this agreement, including but not limited to registry fees and brokerage fees. 7.4 We have the right to recover any amounts owing to us by you in relation to ASB Portfolio Series service at any time. In order to recover such amounts we may debit any such amount from any of your accounts with us (including any account you hold jointly with other persons) or require payment by any other means. 8. Electronic communication 8.1 You consent to us giving to you documents (including disclosure documents), reports, notices and communications in electronic form by electronic communication in accordance with legislation through for example: (a) the Aegis Client Portal; (b) FastNet Classic (for example via your messaging inbox and/or document storage function); (c) any other internet banking system provided by us; or (d) any application available through your mobile device approved by us for this purpose. 8.2 You agree that any such electronic communication is taken to be dispatched by us and received by you at the time it is uploaded to the relevant system. 8.3 You consent to any such documents, reports, notices and communications being in a commonly used format (for example, PDF) and being accessible by commonly used software (for example, Internet Explorer). 9. Tax 9.1 The ASB Portfolio Series service does not include advice on the taxation consequences of any investment decision, the acquisition or disposal of investments, or anything else arising from the service. 9.2 You should obtain independent tax advice on the tax implications of implementing your investment portfolio or making or withdrawing from any investment. 9.3 The custodian may deduct withholding tax or pay PIE tax as required by law in relation to your investment portfolio. 9.4 You will notify us of any changes in your tax details (i.e. Resident Withholding Tax (RWT) rate, Prescribed Investor Rate (PIR)) on a timely basis, or provide such information the custodian may require from you in order for the custodian to comply with its obligations under tax law. 9.5 We do not accept any responsibility for any withholding taxes incorrectly deducted or PIE tax incorrectly paid where the tax details you provided are incorrect or have changed and you have not advised the custodian of these changes. 9.6 We do not accept any responsibility for the tax liabilities and tax return or disclosure filing requirements that might arise from the ASB Portfolio Series service. 9.7 In the event that no tax or an incorrect amount of tax is withheld in circumstances where the custodian was liable to withhold or deduct tax by law from the payments made or credited to your investment portfolio or cash account, the custodian may deduct the amount of such tax from your cash account (plus any interest and penalties that may be incurred by the custodian unless the error arose due to an error by the custodian, in which case the custodian may deduct only the amount of the tax). 10. Joint customers 10.1 Where the investments in your investment portfolio are held in the joint names of two or more persons: (a) each of you is separately responsible for complying with the terms of this agreement. If any one of you does not comply with the conditions, we can take action against any or all of you alone or together; (b) any one of you can give us instructions independently except for when you instruct us to end the agreement or you instruct us to change your Investment Proposal. All joint customers must together give us instructions in these circumstances; (c) we may give any information about your investments to any one of you; (d) we can act on information about you that any of you gives us; and (e) we may accept a payment in favour of any one or more of you If you and another joint customer give us contradictory instructions, we may take steps to prevent any of you giving instructions individually until we are satisfied the dispute has ended. 11. Companies, partnerships and trusts 11.1 If you are a company, we will require you to confirm the names of the persons authorised to give us instructions relating to your investment portfolio. You must notify us immediately of any changes to the directors of the company or any changes to the authorised persons. We may require you to complete a new directors certificate where there are changes to directors or authorised persons If you are a partner in a partnership you must notify us immediately of any changes to the partners or any change to the partnership that affects the power of investment of the partnership The liability of each partner in a partnership is joint and several If you are a trustee of a trust you must notify us immediately of any changes to the trustees or any change to the trust that affects the power of investment of the trust. We will require you to complete a new trustee certificate where a trustee retires or a trustee is appointed. 3

6 11.5 A trustee is liable both in his/her capacity as trustee and personally. Independent trustees (such as a lawyer or accountant) who have no direct or indirect interest in the trust and whose liability we have agreed is limited in that capacity, will not be personally liable to us if the assets of the trust are not sufficient to repay indebtedness to us. This limitation of personal liability will not apply to the extent that the trust assets have been diminished by, or we cannot have recourse to the trust assets because of, one or more of the following circumstances: (a) the dishonesty of, or wilful breach of trust by, the independent trustee at any time; and/or (b) a term of the trust excludes or limits the independent trustee s right to be indemnified against the liability Any one of the directors, partners, trustees, or other persons authorised by you to give us instructions relating to your investment portfolio can give us instructions independently except for when you instruct us to end the agreement or you instruct us to change your Investment Proposal. All directors, partners or trustees must together give us instructions in these circumstances. 12. Ending this agreement 12.1 This agreement will continue until you or we end it When this agreement ends you will still be responsible for any transaction made up to the time of termination, and outstanding debit balances, fees and charges must be paid immediately. You end the agreement 12.3 You may end this agreement by writing to us and giving us 7 days' notice. If your investments are held in the joint names of two or more persons or by a company or partnership, all joint customers, directors or partners must sign the termination notice We will, within 10 days of the end of this agreement, start disposing of your investments and organising payment of the proceeds less any fees and charges and taxes to your nominated account. We will complete this process as soon as reasonably practicable. If instructed by you, we will transfer to you some or all of your investments rather than dispose of them. We will only transfer investments to you including any wholesale products (as defined in regulation 226(2) of the Financial Markets Conduct Regulations 2014) (Wholesale Products) where the issuer of the investments allows it We may not be able to dispose of, or transfer, your investments immediately Where we dispose of your investments, the proceeds will depend on factors outside our control including market conditions. We end the agreement 12.7 We may end this agreement: (a) by writing to you and giving you 30 days notice; (b) immediately if: (i) you are, or we reasonably consider you may be using or obtaining or allowing someone else to obtain, a service or money illegally, acting fraudulently or unlawfully, or behaving improperly; (ii) we reasonably consider that by continuing the agreement we may breach a court order or other legal requirement; (iii) we learn of your death, bankruptcy or other lack of legal capacity; (iv) we learn that a petition of bankruptcy has been filed against you; or (v) you have broken this agreement in any other way We will, within 10 days of the end of this agreement, start disposing of your investments and organising payment of the proceeds less any fees and charges and taxes to your nominated account. If instructed by you, we will transfer to you some or all of your investments rather than dispose of them. We will only transfer investments to you including any Wholesale Products where the issuer of the investments allows it We may not be able to dispose of, or transfer, your investments immediately Where we dispose of your investments, the proceeds will depend on factors outside our control including market conditions. 13. Liability Our liability 13.1 To the extent permitted by law, neither us nor the custodian shall be liable for losses of any kind which may be suffered or incurred by you in connection with the ASB Portfolio Series service, unless such losses are due to the fraud or gross negligence of us or the custodian In addition, we will not be liable for losses or costs caused by abnormal and unforeseeable circumstances outside our reasonable control, which would have been unavoidable despite all efforts to the contrary, for example delays or failures caused by industrial action, problems with any system or network and mechanical breakdown To the extent permitted by law, any liability we or the custodian may have to you in connection with the ASB Portfolio Series service will be limited to the direct loss suffered by you and shall exclude any consequential loss or loss of income, business, profit or saving or other indirect cost or expense. Your liability 13.4 You are responsible for all liabilities relating to your investment portfolio and your relationship with us. To the maximum extent permitted by law, you indemnify us against these liabilities unless the liability results directly from our fraudulent or grossly negligent acts or omissions The indemnities provided by you in this agreement are subject to the requirements of section 436(1)(b) of the Financial Markets Conduct Act Confidentiality of your information Collecting and using information 14.1 You agree to provide us with all information which we may reasonably require from time to time We will collect, hold and use information about you for the purposes of: (a) providing you with the ASB Portfolio Series service; (b) the administration, marketing, operation, investment and management of the ASB Portfolio Series service; (c) providing you with the use of, and information about, any other ASB products and services and products and services of our related companies (whether 4

7 incorporated or constituted in New Zealand or elsewhere); (d) administering and maintaining any products or services provided to you by us or our related companies (whether incorporated or constituted in New Zealand or elsewhere); (e) managing your relationship with us so, for example, we can respond to your queries; (f) monitoring your accounts, products and services for fraud and crime detection purposes; (g) conducting market research, data processing and statistical analysis; and (h) confirming your identity and address, for example by electronically matching your information with identification information in third party databases and, if you are an incorporated entity, the identity and address of each beneficial owner and person authorised to give instructions to us You authorise us to obtain information about you from our related companies (whether incorporated or constituted in New Zealand or elsewhere) for the above purposes Your information may be held on our behalf by data storage providers, including cloud-based storage providers, in New Zealand or elsewhere. Releasing information 14.5 Your information may be given to: (a) our related companies (whether incorporated or constituted in New Zealand or elsewhere); (b) our agents and other third parties (whether in New Zealand or overseas) that provide services to, or for, us; (c) research firms engaged by us to carry out customer surveys and conduct market research; (d) the police, certain governmental agencies or other financial institutions where we reasonably believe that disclosure will assist the investigation, detection and/or prevention of fraud or other criminal offences; (e) a regulator for the purpose of carrying out its functions in connection with our business; and (f) any other party authorised by you Certain laws require us to disclose information about you. Overseas banks, agents, contractors or financial services providers who assist with international transactions and same day cleared payments will be subject to the laws of their jurisdiction which may require them to disclose your information. Accuracy of information 14.7 It is important that you give us complete and accurate information. If you do not, we may decline your application for the ASB Portfolio Series service We will do our best to ensure that the information we hold about you is accurate. Prompt advice of any changes in your personal contact details such as residential or address, or telephone or facsimile numbers will help us do this. Access to information 14.9 Your information will be collected and held by ASB at its registered office (currently ASB North Wharf, 12 Jellicoe Street, Auckland 1010). We may change our registered office from time to time. You have rights of access to, and correction of, personal information (as defined in the Privacy Act 1993) held by us. 15. Changes to these conditions 15.1 We may vary any or all of these conditions at any time When informing you of a variation to these conditions, we will: (a) give at least 30 days notice in writing of such variation; and (b) communicate such changes in accordance with clause 8 of this agreement. 16. Agent We may appoint or remove any person as our agent to perform any of our obligations, or exercise any of our rights under this agreement. 17. Consumer Guarantees Act You agree that where the services provided under these terms and conditions are supplied or acquired in trade, to the maximum extent permitted by law, we and you contract out of the provisions of the Consumer Guarantees Act Waiver We may from time to time choose not to enforce our contractual rights against you. If we choose not to exercise rights against you, we can still do so later. 19. Invalidity Any part of this agreement that is illegal, invalid or unenforceable will be severed from, and shall not affect the legality, validity or enforceability of, the remainder of this agreement. 20. Transferring rights and obligations You may not transfer any obligations or rights, benefits or interests under this agreement to someone else unless we say you can in writing. 21. Governing law This agreement is governed by New Zealand law and the courts of New Zealand shall have non-exclusive jurisdiction. 5

8 Investment Custodial Services Limited Disclosure Statement Prepared 1 July 2013 Investment Custodial Services Limited ( ICSL ) holds, as custodian, investments made through the Aegis service, including investments made through the Investor Choice Superannuation Scheme ( Investor Choice ). AEGIS Limited provides an electronic administration service designed to hold, trade and report on investments for effective management of investors portfolios. The contact details for ICSL are: Investment Custodial Services Limited ASB North Wharf 12 Jellicoe Street Auckland 1010 Phone: (0800) Procedures for Dealing with Investment Money and Investment Property How the Investor is to Pay Money to ICSL Payments to ICSL can be made by cheque made payable to Investment Custodial Services Limited or by electronic transfer to the ICSL external trust account. Arrangements for Holding Investor s Money and Property in Trust ICSL will at all times hold all investment money and investment property that is received by ICSL on bare trust for the relevant investor (except for money or property received through Investor Choice, which will be held on bare trust for the trustee of Investor Choice). The investment money and investment property will be so held until it is disbursed or distributed in accordance with proper instruction received from the investor (or, for Investor Choice, from the trustee of Investor Choice). ICSL maintains an external trust account in its name, into which all cash received by it as bare trustee is deposited. Records Kept and How an Investor can Access those Records ICSL will hold and maintain a separate internal account for each underlying investor which records all transactions made by, or on behalf of, that investor. ICSL will keep a proper book of records in relation to the receipt, payment, withdrawal (including Inland Revenue Department deductions) and other transactions of investment money or property. These records are reconciled to the appropriate external records. All relevant records (except records relating to Investor Choice) may be accessed by an investor or their adviser as reasonably required by them, within five days of a written request. Records relating to an investor s investment in Investor Choice are available to the investor on request. Audit The receipt, holding and disbursement of investment money and the receipt, holding and distribution of property by ICSL will be audited. PricewaterhouseCoopers are the appointed external auditor for ICSL. Use of Investor s Money by Broker or Third Party Apart from the deduction of fees from an investor s cash or Investor Choice account in accordance with contractual obligations, ICSL will not use an investor s investment money or property for the benefit of itself or any other person. Criminal convictions, Insolvency and Disciplinary Proceedings Neither ICSL nor any of its principal officers has in the preceding five years been: Convicted of an offence or of a crime involving dishonesty (as defined in section 2(1) of the Crimes Act 1961); A principal officer of a body corporate at a time when that body corporate committed an offence referred to above; Adjudicated bankrupt or placed in statutory management or receivership; Prohibited by an Act or a court from taking part in the management of a company or a business; The subject of an adverse finding by a court in any proceeding that has been taken against it in its professional capacity; and Expelled from, or been prohibited from being a member of, a professional body. 6

9 ASB Portfolio Series Application Form 1. Customer details - This information will be treated in the strictest confidence Title Mr Mrs Miss Ms First name(s) Other Telephone home Telephone work Surname Mobile Home address Fax number address Postcode: Date of birth D D M M Y Y Y Y IRD number PIR 10.5% 17.5% 28% Country(s) of citizenship (if more than one, please specify all) Country(s) of foreign tax residence (if more than one, please specify all) Foreign tax number(s) (mandatory if USA) Use None if you don t have foreign tax residence in any other country. 2. Second customer details - This information will be treated in the strictest confidence Title Mr Mrs Miss Ms First name(s) Other Telephone home Telephone work Surname Mobile Home address Fax number address Postcode: Date of birth D D M M Y Y Y Y IRD number PIR 10.5% 17.5% 28% Country(s) of citizenship (if more than one, please specify all) Country(s) of foreign tax residence (if more than one, please specify all) Foreign tax number(s) (mandatory if USA) Use None if you don t have foreign tax residence in any other country. 7

10 3. Third customer details - This information will be treated in the strictest confidence Title Mr Mrs Miss Ms First name(s) Other Telephone home Telephone work Surname Mobile Home address Fax number address Postcode: Date of birth D D M M Y Y Y Y IRD number PIR 10.5% 17.5% 28% Country(s) of citizenship (if more than one, please specify all) Country(s) of foreign tax residence (if more than one, please specify all) Foreign tax number(s) (mandatory if USA) Use None if you don t have foreign tax residence in any other country. 4. Partnership/Company/Trust customer details - This information will be treated in the strictest confidence Partnership/Company/Trust Name (title) What is your Entity type Company - Government Bodies Authorised Representative/Trustee Authorised Representative/Trustee Authorised Representative/Trustee Company - Private Company - Public Trust - Standard Trust - Charitable Trust - Family Registered Address Other What is your country of foundation Telephone Postcode: Foreign tax number if applicable (mandatory if country of foundation is the USA) Mobile Fax number Are you a financial institution Yes - what is your Global Intermediary Identification Number (GIIN) No address IRD number Is your entity's primary business activity selling goods or services? (select yes if the entity earns 50% or more of its total income from these trading activities AND 50% or more of the entity's assets produce or are held for producing this trading income) Yes PIR 0% 10.5% 17.5% 28% No Does your entity have any USA controlling Persons Yes - What is their USA tax number No 8

11 5. Taxation Whose IRD number is being used for tax residency purposes? First customer s Second customer s Third customer s Partnership s/company s/trust's Taxation summary reporting method Cash Accrual. If accrual please choose: Mark to market Straight line Please tick if required Please include a Foreign Investment Fund (FIF) statement with my annual taxation summary. What is your tax status? Resident Non-resident Non-resident AIL If your tax status is resident, which rate would you like your Resident Withholding Tax (RWT) deducted at? 10.5% 17.5% 30% 33% Exempt (if exempt, please attach your certificate of exemption) References in this section are to the person or entity whose IRD number is being used. 6. Nominated bank account details Please nominate a bank account that all the money you may take out of the ASB Portfolio Series will go into. Account name Bank name Account number Branch address Bank reference 7. Payment methods I/We authorise you to transfer the initial investment amount from my/our ASB account number: 8. Regular income option Commencement date of regular income I/We wish to have $ (minimum amount $500) D D M M Y Y Y Y withdrawn from my ASB Portfolio Series each Month Quarter and direct credited to the nominated bank account in section Signatures I/We attach evidence of my/our identity in accordance with the Identification Requirements for Individuals and Entities attached to this Agreement and Application. First customer s signature Second customer s signature Third customer s signature Date Date Date D D M M Y Y Y Y D D M M Y Y Y Y D D M M Y Y Y Y If additional customers are required, please attach their signatures. For Bank Use Only Method of identification - first customer First customer internal number Method of identification - second customer Second customer internal number Method of identification - third customer Third customer internal number Accepted by - user ID/surname Introduced by - user ID/surname Trustee Certificate Directors Certificate Date Stamp Signature(s) verified by - user ID/surname Certificate of Non Revocation 9

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13 Identification Requirements for Individuals and Entities Whenever an individual or an entity not known to us applies for one of our bank accounts, products or services, we need to verify the identity of that individual or entity. For entities we also need to verify the identity of the individuals associated with the entity. This is a legal requirement designed to protect you and/or your entity and ASB. What are the Individual ID requirements? Please supply us with evidence of your identity by supplying a certified photocopy of: Any one of these: Passport (New Zealand or overseas) New Zealand firearms licence Certificate of Identity* Refugee Travel Document* National identity card Or New Zealand driver s licence with any one of the following: Credit card (with matching signature and embossed name) Debit card (with matching signature and embossed name) SuperGold Card Bank statement Government agency statement Or one of these: New Zealand full birth certificate Overseas full birth certificate Certificate of New Zealand citizenship Overseas citizenship certificate With any one of these: 18+ card New Zealand driver's licence New Zealand Armed Forces ID New Zealand Police ID SuperGold Card (with photo) Overseas driver s licence (with photo) and valid international driving permit Student ID from a New Zealand Institution (under 18s only) *either issued by NZ Immigration Services or Department of Internal Affairs New Zealand containing a photographic image of holder. What ID is required for an entity? The type of documentation needed varies depending on the entity type. Below is a list of the most common documentation that can be used. Trust deed Partnership deed Partnership agreement Company extract Certificate of registration Certificate of incorporation Copy of the articles, rules or constitution of the entity Who in an entity needs to provide identification? Persons associated with the entity will need to be identified in line with individual identification requirements. The people we will need to identify are listed below. Owners Beneficial Owners/Effective Controllers (e.g. partners, trustees, beneficiaries, shareholders, directors, officers) Persons Acting on Behalf of (e.g. administration staff, FastNet Business Administration and Users who authorise) Authorised signatories What is required to verify addresses? Individuals need to supply proof of their residential address. Entities need to supply proof of the physical address and registered address (where applicable) for all entity types, excluding trusts and all individuals associated with the entity. Below are some examples of documentation that can be used for address verification. Please supply us with any one of the following: Bank statement or bank correspondence - this must be a statement that has been posted and is dated within the last 12 months. Local authority rates bill - this must be a statement for rates or water that has been posted and is dated within the last 3 months. Government agency statement - this must be a statement that has been posted and is dated within the last 12 months. Insurance policy - this must be a current insurance policy. Utility bill - this must be a statement for utility service at a fixed location that has been posted and is dated within the last 3 months. Current vehicle registration - this must be a current vehicle registration that has been posted. Superannuation scheme correspondence - this must be a statement or general correspondence that has been posted for a superannuation or KiwiSaver scheme which must be regulated by the Financial Markets Authority. 11

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16 Keep in touch Drop in to any ASB branch Call Visit asb.co.nz Visit us at facebook.com/asbbank Follow us on twitter.com/asbbank asb.co.nz ASB Bank Limited