Terms and Conditions

This Agreement governs your opening of an Account with Stake (Stakeshop Pty Ltd), your use of the Account as well as the provision of the Stake Service. We reserve the right to amend the Agreement from time to time. Any amendments shall come into effect 20 days after publication of the amendment on the Website. If the amendment is required for urgent technical, risk, or regulatory compliance reasons, or relates to a new product offering which does not impact your use of any existing Stake products, the amendment will come into effect immediately upon publication on the Website.

By creating an account with Stakeshop Pty Ltd, you not only agree to the Terms & Conditions laid out by us, but you also agree to the Terms & Conditions set out by our partners. Links to their Terms are below :

For DriveWealth Terms of Use, please click here.

For DriveWealth Customer Account Agreement, please click here.

For DriveWealth Limited Purpose Margin Agreement, please click here.

For Finclear Terms including Terms and Conditions, CHESS Sponsorship Agreement, Disclosure Statement, Financial Services Guide and Privacy Statement, please click here.

For Airwallex Terms including Airwallex Wallet Terms, Product Disclosure Statement, Financial Services Guide and Connected Account Terms, please click here.

For Stake AUS Rewards Terms & Conditions, please click here.

For Stake Wall St Rewards Terms & Conditions, please click here.

For the Stake Black Terms & Conditions, please click here.

For the Stake Customer Code of Conduct, please click here.

1. Interpretation

In this Agreement unless the contrary intention appears:

• the singular includes the plural and vice versa;
• a reference to a gender includes each other gender;
• a reference to a regulatory guide, statute or other law includes regulations and other instruments made under it and consolidations, amendments or replacements of any of them;
• a reference to a person includes:an individual or a firm, body corporate or association (whether incorporated or not); and
• the person’s legal personal representatives, successors, substitutes, transferees and assigns.

2. Definitions

The following words have the indicated meanings in this Agreement unless the contrary intention appears:

Account means your Stake account.

Account Holder means the person(s) named as the account holder.

Agreement means these terms and conditions.

Application means your application for an Account.

Application Form means an approved application form required to open an Account with us.

Australian Broker means Finclear Execution Limited or any other broker in Australia appointed by you to execute a Transaction in Australia.

Australian Tax Resident means a Person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 (Cth).

ASX means the Australian Securities Exchange.

Business Day means a day which is not a weekend or Public Holiday in New South Wales, Australia.

Capital Raise means an initial public offering or a placement.

CHESS means the Clearing House Electronic Subregister System used by the ASX to facilitate share trading.

Confirmation means the confirmation note we send you on execution or partial execution of a Transaction.

Currency means a form of money which is tradeable on the foreign exchange market.

Currency Conversion means the sale or purchase of Currency in accordance with your Instructions.

Custodian means the custodian appointed by us or our Service Providers from time to time.

Exchange means an official stock exchange whether in the USA, Australia or elsewhere overseas.

Fees and Charges means a fee and/or charge as set out on the Website and or within our mobile app.

Financial Product has the meaning given in Chapter 7 of the Corporations Act 2001 (Cth).

FINRA Rules means the regulatory rules set by the Financial Industry Regulatory Authority (FINRA) in the USA.

Force Majeure means any delay or interruptions in fulfilling our obligations under these terms and conditions if the circumstances are beyond our reasonable control or the control of any Service Provider. This includes problems with your telecommunications services, internet service provider, computer hardware and/or software, or difficulties in sending or receiving emails.

General Financial Product Advice means 'General Financial Product Advice' as defined by the Corporations Act 2001.

Information means information and data periodically provided by us and Service Providers, including but not limited to data derived from the manipulation of any part of the information. This may include Account information, market information, news, updates, analyses, notifications, data and research materials relating to financial Services and products.

Instructions means your instructions to arrange to execute Transactions.

Intellectual Property Rights means all intellectual property rights including current and future registered and unregistered rights in respect of copyright, designs, trade marks, patents, trade secrets, know-how, confidential information, terms and conditions, marketing assets and designs, client and other databases, goodwill and all other intellectual property as defined in article 2 of the convention establishing the World Intellectual Property Organization 1967.

Licensee means each of Sanlam Private Wealth Pty Ltd, Australian Financial Services Licensee 337927 and Airwallex Pty Ltd, Australian Financial Services Licensee 487221 (acting severally and not jointly).

Listed Entity means a company whose shares are traded on an Exchange.

Market Integrity Rules means the ASIC Market Integrity Rules (Securities Markets) 2017 (Cth) and ASIC Market Integrity Rules (Securities Markets - Capital) 2017 (Cth).

Mobile Application means Stake’s mobile application available for download and use in Android or iOS format or another format that becomes available for mobile applications.

Personal Financial Product Advice means 'Personal Financial Product Advice' as defined by the Corporations Act 2001.

POLi means the online payment option provided by Australia Post Pty Ltd allowing customers to use internet banking to securely pay for goods or services.

Registered Tax Agent means a qualified tax agent who is registered with the relevant regulatory body in the applicable jurisdiction (e.g. Tax Practitioners Board in Australia, Her Majesty’s Revenue and Customs in the United Kingdom).

Rules means the operating rules of an Exchange.

Securities means securities as defined in section 761A of the Corporations Act 2001 that are either: listed on an Exchange, whether within Australia or overseas; or over the counter; and includes a fractional interest in a Security.

Service Provider means the service provider nominated by us to provide services such as custody, bank account operation, payment collection, foreign exchange or execution and clearing services.

Stake Service means provision by us, or our Service Providers, of information, trading and settlement services, custody services, arranging to execute Transactions on your behalf, foreign exchange services and financial services as defined in the Corporations Act 2001 as authorised by our relevant Licensee.

Transactions means the sale or purchase of Securities or Financial Products, whether within Australia or overseas, in accordance with your Instructions.

Us, our, we, Stake means Stakeshop Pty Ltd (ACN 610105505), registered address c/o BDO Level 11, 1 Margaret St, Sydney NSW 2000, Australia, and its directors, employees and agents.

Wallet has the meaning given to it in the Airwallex Wallet Terms here.

Website means www.hellostake.com/au or our mobile application services.

You means the Account Holder.

3. General

3.1 This Agreement applies to all dealings between you and Stake. By opening an Account, you acknowledge that you have read, and agree to be bound by, this Agreement.

3.2 This Agreement will apply once we have accepted your application to open an Account.

3.3 We reserve the right to decline your application to open an Account.

3.4 All dealings between you and us are subject to:

• the Corporations Act 2001;

• the Rules, directions, requirements, customs and usage of and laws governing the Exchange;

• the customs and usages of the market; and

• Australian and international anti-money laundering and counter-terrorism laws.

3.5 You acknowledge that you have responsibility for all obligations that arise from Transactions we undertake on your behalf.

3.6 If we accept your application for an Account, the Stake Service will be provided in accordance with this Agreement.

4. Representations, Warranties and Obligations

4.1 You represent and warrant:

• the information you give us is complete and correct;
• if your Account is an individual Account, this Agreement will bind you in your personal capacity, if your Account is a company Account, this Agreement will bind the company in its corporate capacity, and if your Account is a trust account, this Agreement will bind you in your capacity as a trustee of the trust;
• you have authority to enter into this Agreement;
• your Instructions are lawful; and
• you are over the age of 18.

4.2 If the Account is a company Account, you additionally represent and warrant that:

• the company is a body corporate duly incorporated and validly existing under the laws of the palce of its incorporation or establishment;
• the company has the power and necessary authorisation to enter into and perform its obligations, and the Transactions contemplated, under this Agreement.

4.3 If the Account is a trust Account, you additionally represent and warrant that:

• you are the sole trustee of the trust and no action has been taken to remove or replace you as trustee;

• you have the power and necessary authorisation under the trust deed and constitution of the trust to execute and perform the obligations under this Agreement;

• all Transactions relating to this Agreement are or will be entered into as part of the due and proper administration of the trust and are or will be for the benefit of the beneficiaries; and

• you agree to provide us with up to date copies of the trust deed and constitution of the trust.

4.4 You agree that:

• you will utilise the Website and/or our mobile app to use the Stake Service, and will provide Instructions in relation to Transactions through the Website and/or mobile app;
• you will ratify and confirm any actions we or our Service Providers carry out based on your Instructions;
• you will pay us for any fees and charges which are reasonably incurred in implementing your Instructions and which are set out from time to time on our Website and/or within our mobile app; and
• you will inform us of any error or omission as soon as you become aware of it and you are responsible for taking necessary action to mitigate any potential loss from the error or omission.

5. Account Opening Requirements

5.1 Accounts can be opened by individuals over the age of 18.

5.2 We reserve the right not to open accounts for residents outside of Australia.

5.3 You will adhere to the account opening process, and if applicable confirm that we did not solicit, induce or market our services to you.

6. Tax File Number (for Australian Tax Residents only)

6.1 You do not have to provide us with your Tax File Number and declining to do so is not an offence. If you do not provide us with your Tax File Number, or notify us that you are eligible for an exemption from providing a Tax File Number, we or our Service Providers may have to deduct Pay As You Go withholding tax at the maximum marginal tax rate (plus the Medicare levy) from any income you earn through the Stake Service.

6.2 If you provide us with your Tax File Number, you agree to us providing that information to our Service Providers.

7. Access to Stake service on web and mobile

7.1 The Stake Service gives you the ability to instruct us or other Service Providers to arrange to execute transactions on your behalf. To use the Stake Service you will need to have access to the internet. You are responsible for maintaining any electronic equipment or software needed to give you access to the Stake Service or the Website or our Mobile Application.

7.2 We do not promise continuous, non-interrupted or fault free delivery of the Website and/or Mobile App or the Stake Service.

7.3 Access to the Website and/or Mobile App and the Stake Service may be unavailable or interrupted from time to time due to:

• technical or service delivery reasons;
• to conduct reasonable maintenance;
• regulatory or risk management reasons; or
• any other reason.

7.4 In addition, your access to the Website and/or Mobile App may be restricted or suspended as set out in Clause 21.

7.5 We may require you to use certain identity verification methods in order to login to your Account and access the Stake Service. It is your responsibility to protect your password and login credentials.

8. Account Opening

8.1 To open an Account, you must:

• Complete an Application form;

• Agree to be bound by these Terms and Conditions and the Terms and Conditions of our Service Providers;

• Provide us whatever information we reasonably request; and

• Successfully open accounts with our Service Providers (as required), as set out in Clause 11.

8.2 We may, in our absolute discretion, decline your application for an Account.

9. Funding an Account

9.1 Before you can provide an Instruction to buy Securities or Financial Products, you must fund your Account. Stake retains the discretion to allow purchase of Securities or Financial Products prior to any funding.

9.2 We may offer different payment methods and speeds for you to deposit funds to your Account and transfer funds between AUD and USD. Stake is not liable for any losses arising from funding delays or errors, including transfers between AUD and USD. We may charge you a fee for certain payment methods or speeds. Card payment fees apply to cover our reasonable costs of accepting these payment methods. We reserve the right to change the type of payment methods and speeds, and fees associated with them, at our sole discretion.

9.3 You agree that funds deposited via any funding method may not be available for withdrawal until the funds have cleared at Stake, which generally takes up to four (4) business days. After this time, if the funds have cleared they may be withdrawn by you.

9.4 You authorise Stake and any Service Provider, if required, to facilitate the transfer of funds deposited into your Account (which are not the result of a withdrawal) to either:

• the US client account of Stake’s US Broker;
• the Australian client account of Stake’s Australian Broker; or
• your Wallet.

9.5 You may also receive funds to your Wallet through Stake making a payment to you and by directing Airwallex to receive and credit your Wallet with such funds on your behalf. This may occur as a result of various promotions Stake may run from time to time.

9.6 Where you initiate a foreign exchange transfer on Stake, Stake will book a deal with FX partners, such as Airwallex (Airwallex Pty Limited) to convert your funds into US dollars. The applicable exchange rate will be the rate at the time the funds are received (rather than when they are sent by you). We may provide an estimated exchange rate at the time you initiate the transfer, however if you do not select an instant payment method (e.g. bank transfer), the actual exchange rate applied at the time that the funds are received may vary to the estimate provided.

9.7 Funds transferred will be sent to your payment Wallet with Airwallex and then remitted by Airwallex to the US client account in US dollars or Australian client account in AU dollars and you are entering into a direct contractual relationship with Airwallex as the remittance provider. Any dividends will also be paid into your Wallet.

9.8 You will be notified once the funds have cleared in the DriveWealth account or Wallet (as applicable) client account and are available to invest through Stake.

9.9 We may offer different payment methods and speeds to deposit funds to your Account and transfer funds between AUD and USD. Instant funding deposits and instant transfers provide you with access to funds for the purpose of trading immediately after confirmation of the funds transfer request by Stake, or that the underlying funds have been received by Stake (whichever occurs later). Transfer times may vary depending on (without limitation) the payment method selected. Instant funding bank transfers are subject to bank processing times and your "buying power" will be instantly credited when the funds are received by Stake.

9.10 You confirm that the intention of using these funds is not for any improper or illegal activity.

9.11 If you fund your Stake Account directly (not explicitly within the Stake Service, but through your own channel) you acknowledge that Stake is not responsible or liable for any loss. Stake does not support third party deposits. You acknowledge that third party deposits may be rejected and sent back to source and Stake may take any other action in respect of your Account, including suspension and/or charging a fee.

9.12 You must not fund your Stake Account from an international source.

10. Withdrawing Funds

10.1 You may withdraw funds from the US (subject to any hold period) to your local account at any time through instruction on the Stake website and/or our mobile app. The minimum withdrawal amount is $10 USD.

10.2 You may withdraw funds from your payment Wallet (subject to any hold period) to your local account at any time through instruction on the Stake website and/or our mobile app. The minimum withdrawal amount for AUD transactions is $1.

10.3 When you issue a withdrawal instruction, you authorise the transfer of your US dollar funds from the US client account or AU dollars from your Wallet to your local bank account.

10.4 The US dollar funds will be sent by DriveWealth to Stake’s FX partners (such as Airwallex) and remitted by Airwallex to a Bank account nominated by you, which must be an account in your name.

10.5 In accordance with clause 9.3, your funds may not be available for withdrawal until the funds have cleared at Stake. Once funds are deposited, it generally takes up to four (4) business days for them to clear.

10.6 Stake may in its discretion reduce the hold period for withdrawal on funds deposited without limiting its rights under Clause 17.

10.7 The name of the bank account which you nominate funds to be withdrawn to must match the name of your Stake Account.

10.8 Stake is not liable for losses arising from delays related to withdrawal of funds.

11. Appointment of Service Providers

11.1 You agree that we may from time to time appoint third parties to perform certain obligations under this Agreement.

11.2 Neither we nor the Licensees are participants on an Exchange. Accordingly, we have appointed DriveWealth, LLC and Finclear Execution Limited to provide execution and clearing services for the Transactions. We may appoint other Exchange participants from time to time. You must open an account with DriveWealth, Finclear Execution Limited or any other Exchange participant we may appoint in order to facilitate this.

11.3 You agree and acknowledge that it is necessary for you to open accounts with Service Providers and that we will arrange for applications for such accounts to be made to Service Providers on your behalf.

11.4 You provide authorisation for us to disclose personal information to third parties involved directly in delivering the Stake Service.

11.5 You agree and acknowledge that opening a Stake account involves usage of a Service Provider’s systems and is subject to that Service Provider’s terms and conditions. Stake may not be a party to any agreement between you and a Service Provider.

11.6 We may remove any Service Providers or appoint any Service Providers to perform any of our duties under this Agreement. We will exercise reasonable care in the selection of our Service Providers.

11.7 You agree that we will not be liable for any losses sustained or incurred by you by reason of:

The recipient has successfully opened an Account; and

The funds have arrived in the US and have been cleared, by any channel appointed by you.

11.8 Our Service Providers may appoint other agents to provide services under this Agreement. You agree that we will not be liable for any losses sustained or incurred by you by reason of any act, omission, fraud, negligence, insolvency or delay of such persons.

11.9 You acknowledge and agree that, under their terms and conditions, the Service Providers have:

• Placed limits on their liability;
• Do not guarantee the availability of their services; and
• Have rights in relation to the Securities or Financial Products that are purchased through them which they might be able to exercise contrary to your interests.

11.10 You acknowledge and agree to our Disclaimers in its entirety and as it relates to Stake and our Service Providers.

12. Appointment as Agent

12.1 You appoint us and each of our respective agents, directors, officers, Licensee and Service Providers (as applicable) severally (each referred to as ‘Agent’) as your Agent to do in your name everything necessary or expedient to:

• execute and deliver any documents necessary to ensure that the registration details of your Securities or Financial Products contain your true name, registration address and other necessary personal information as set out in the Application Form or otherwise provided by you;
• apply for accounts on your behalf with any Service Provider;
• appoint one or more substitute Agents to exercise one or more powers given to the Agent, and to revoke such appointments.

12.2 You must inform us immediately in writing if you withdraw the authority set out in this Clause 12.

13. Advice

13.1 We are not a Registered Tax Agent.

13.2 We recommend that you obtain professional financial, legal and taxation advice before entering into any financial investment decision.

13.3 As part of the Stake Service, we will not provide you with Personal Financial Product Advice. If we provide you with General Financial Product Advice, that advice has been prepared without considering your personal circumstances and does not take into account your specific financial needs or objectives.

13.4 You are responsible for any investment or trading decisions made by you with respect to your Account and we will not be responsible for determining the suitability, appropriateness or advisability of your Instructions, any Transaction or Currency Conversion.

13.5 We do not guarantee the performance of any Securities or Financial Products.

13.6 You must only provide Instructions and enter into Transactions for your own benefit and will not use your Account on behalf of third parties (unless agreed with us).

13.7 Where the Transactions are international, they will not be subject to any rules of the ASX and you will not receive the benefit of coverage under the National Guarantee Fund.

14. Your Instructions

14.1 Once you have opened an Account, you may place Instructions to buy or sell Securities or Financial Products (subject to, without limitation, clause 27 below).

14.2 Any Instructions must be given to us through the Website and/or our Mobile Application. Instructions are subject to the Rules and this Agreement.

14.3 You authorise us and our Service Providers to act on any Instructions we genuinely believe are given by you in accordance with this Agreement.

14.4 We are entitled to assume that any Instructions given via the Website or Mobile Application using your account details are from you. You are bound by any such Instructions.

14.5 As part of executing your Instructions, you will be charged brokerage by us and any nominated Service Provider at the rates we set, and any other applicable Fees and Charges in each case as specified on the Website and/or our Mobile Application. The brokerage fee payable will be calculated based on the value of your order at the time we receive your Instructions to place the applicable order. If your order is partially filled, expires or is cancelled, we or our Service Provider may make an adjustment to reflect the correct brokerage fee when necessary. These Fees and Charges may change from time to time and will differ depending on whether a fractional or whole interest in a Security is being purchased.

14.6 You acknowledge that the price at which the Instructions are executed may be different from the price the Security or Financial Product is trading at the time you give your Instructions.

14.7 We, or our Service Providers, may choose to accept or reject your Instructions at our discretion and do not guarantee that your Instructions will be executed:

• in full or in part;

• by a certain time; or

• at a particular price.

14.8 We may make different order types available which allows you to place Instructions to buy or sell Securities with different conditions or features. Different order types have varied risks associated with them, please read our Disclaimers for more information. It is your responsibility to manage any orders you submit when you place Instructions on the Website and Mobile Application. You acknowledge that you may not be able to edit or cancel your Instructions once they have been submitted. 

14.9 For certain order types, for example limit and stop orders for ASX listed Securities, you may give an Instruction to us to place an order for a Security when the Security’s price hits a certain threshold set by you (‘Conditional Order’). You acknowledge that Conditional Orders:

• are not guaranteed to be placed;

• if placed, are not guaranteed to be executed in full or part, by a certain time or at a particular price;

• may be canceled by our Service Providers; 

• may expire before being executed; and

• may be purged by us, our Service Providers or the market operator.

14.10 We are not responsible for any losses you may incur as a result of any of the events listed in clause 14.9 occurring.

15. Acknowledgements

15.1 When you provide Instructions, you acknowledge that:

15.2 You are able to pay for any Securities or Financial Products purchased, and any liabilities that arise.

15.3 We will only permit trading in Securities or Financial Products where you have sufficient funds available for trade.

15.4 You will pay all associated duties or taxes before the settlement time and date specified.

15.5 We will use our reasonable endeavours to arrange for the execution of your Instructions. You will receive Confirmation upon execution.

15.6 We will not be responsible for any losses you may incur as a result of any delay or error in the transmission or execution of your Instructions, and you acknowledge that international time differences and timing of public holidays or other similar observances may lead to delays in receipt of Instructions and execution by us and our Service Providers.

15.7 Instructions to buy or sell Securities or Financial Products may only be valid for terms that we, or our Service Providers, determine from time to time at our discretion and within the maximum terms allowed on the relevant Exchange.

15.8 If you request variation to or cancellation of a Transaction recorded by us, the Transaction will not be varied or cancelled until we notify you that your request has been accepted.

15.9 You will be liable to pay the applicable market fees for your trades.

15.10 You are responsible for any liability for contracts arising from your Instructions.

15.11 You will indemnify us against all loss, expense or any other liability in relation to the execution of your Instructions, except to the extent resulting from or caused by our negligence, fraud or dishonesty.

15.12 You acknowledge that if you initiate a chargeback against a card funding initiated by you or fail to clear funds deposited via POLi or any funding source that we have the right to suspend your account, place a hold on your assets and execute trades on your behalf to recoup any losses incurred by Stakeshop Pty Ltd.

15.13 You acknowledge that the website is only accessible on desktop devices and that the Mobile App will allow you access to the Stake Service on Mobile Devices.

15.14 You will be liable for losses caused by unauthorised Transactions where we can prove that you contributed to losses on the balance of probability:

• Through fraud or breach of the security requirements, or
• From unauthorised Transactions because you unreasonably delayed notifying us after realising that the security of your Account had been breached.

If you are liable for losses under this clause, you will be liable for the actual losses that occur between the time you realised, or should reasonably have become aware that your Account’s security had been breached and when you actually let us know.

15.15 You acknowledge that Stake has the right to claim any reasonable expenses and costs (legal or otherwise) in relation to resolving any claim against you or us (by you), whether resolved or not. In relation to this clause, you acknowledge that if a judgement is made against you in relation to such costs and expenses, you will be liable for those costs and expenses incurred by us.

16. Refusing Your Instructions

16.1 We and our Service Providers reserve the right to refuse to:

• respond to a request for information; and/or
• accept any Instruction.

16.2 Without limiting section 15.7 of this Agreement, notwithstanding the fact that you can only place orders to purchase shares once you have sufficient cleared funds, we and our Service Providers can decline to act on your behalf or accept your instructions for any reason, including (without limitation) if:

• your order does not meet the minimum or maximum trading limit set by us or our Service Providers from time to time;
• you do not provide sufficient cleared funds or do not maintain sufficient funds in your Stake Account to cover the cost of instructions (or any ancillary fees) to buy Securities or Financial Products before the Instruction is executed;
• we reasonably believe that your Instructions are unclear, ambiguous or incomplete;
• we believe that your Instructions breach (or may breach) this Agreement, any law, statutory requirements, or other regulatory requirements, including any Rules or regulations of the relevant Exchange; or
• we, or any of our Service Providers, believe that your instructions breach (or may breach) the terms and conditions of any agreement with, or any rules, requirements, limitations or directions as determined in their sole discretion by, our Service Providers.

16.3 We may also cancel any Transaction or generally restrict your ability to trade Securities or Financial Products through your Stake Account. We do not need to provide any reason for taking such action. We will notify you, as appropriate, of any such refusal or cancellation.

17. Failure to Settle

17.1 Without limiting any other rights and remedies we may have at law, in equity or in statute, if you:

• do not comply with the obligations set out in this Agreement or the Rules relating to a Transaction;
• do not make full payment or good delivery for your Transactions by the settlement date;
• make any chargeback on a Card funding transaction; or
• do not settle any funding from POLi or another funding service available on Stake; then

you authorise us, our directors and employees or agents (as your Agent) to:

• sell on your behalf any Securities or Financial Products, in your Account or in our control or possession at your risk and expense, including brokerage, stamp duty and other costs and apply the proceeds to reduce your liability to us;
• liquidate your account to recover any losses or expenses incurred;
• suspend your access to Stake; and/or
• seek damages for any losses or expenses incurred.

17.2 Where we have incurred additional costs, we will either set off or direct debit funds from you or demand payment from you in writing.

18. Confirmations

18.1 You authorise us to:

• give you a single Confirmation for a series of Transactions rather than individual Confirmations for each Transaction in the series, and
• accumulate Transactions in a particular security across multiple Exchanges on a single Confirmation and specify the volume weighted average price for those Transactions.

18.2 You acknowledge and agree that this Agreement is evidence that you have provided the authorisation under clause 18.1, and that this authorisation continues by you continuing to place orders with us.

18.3 You authorise us to send electronic Confirmations to your email address as notified to us from time to time.

18.4 You agree that if we issue you with a Confirmation, it constitutes evidence of the Transaction unless it includes an error. The Confirmation will be subject to the correction of errors and omissions.

19. Who Receives and Holds Your Cash and Assets

19.1 Stake does not accept any client money and is not a custodian of your funds, Securities, Financial Products or other assets. You will retain legal and beneficial ownership of the Securities.

19.2 When you sign up to Stake AUS, a digital Wallet is opened with Airwallex. The funds in your Wallet are held in an account with an Australian authorised deposit-taking institution and are protected by a bank guarantee in favour of you. 

19.3 You agree that any funds in your Wallet may be transferred by Stake to an account held on trust by Stake or its AFS licensee with an Australian bank. The funds held with the bank will be held as client monies under the Corporations Act. Stake may earn interest on the funds held with the bank at the relevant interest rate which applies from time to time. 

19.4 Stake AUS uses the CHESS sponsorship system. When you buy securities on Stake AUS via our Australian Broker, Finclear, you are the legal owner of those securities. Stake AUS is not a custodial model.

19.5 When you sign up to Stake Wall St, you appoint DriveWealth as the custodian of the funds, Securities and other eligible assets as per the DriveWealth Customer Account Agreement. Such assets are custodied in the United States and funds are cleared by Electronic Transactions Clearing (ETC).

19.6 Your funds may also be transferred to other persons, such as an Exchange. Where such a person is located outside Australia, the legal and regulatory regime applying to such a person will be different to that of Australia and, in the event of failure of such a person, this money may be treated in a different manner from that which would apply if the money was held by such a person in Australia.

20. Currency Conversion

20.1 You appoint our Service Provider to execute any Currency Conversions relating to your trades in international Securities.

20.2 You agree that you will bear the foreign exchange risks of a Currency Conversion, including but not limited to, the risks of cash held, or of interest or other income payments received, of expenses, taxation or other liabilities incurred in Currencies other than Australian dollars and of exchange controls or other laws that may prohibit or impose costs on the Currency Conversion and that we will not be liable for any loss suffered by you as a result of a Currency Conversion or the timing of a Currency Conversion.

20.3 When you place an order, you agree to accept the indicative quote for the Currency Conversion. You agree to exchange currencies at a rate, which may be different from the estimated rate, depending on market movements and market disruption events reasonably determined by our Service Provider, and which includes the Service Provider’s fees, charges and margins for executing the Currency Conversion. You agree that if a Currency Conversion is executed at an exchange rate that clearly and materially deviates from the market price, we will promptly notify you of such error and you will not be able to rely on the indicative exchange rate.

20.4 Not all Cross-Currency transactions are supported. Some Currency Conversions may require an intermediate transaction to/from Australian dollars or another currency.

20.5 You acknowledge that Currency Conversions applied to certain payments may incur a spread, and other fees and charges, which will be payable to the Service Provider.

20.6 You agree that Currency Conversions incur fees that may be collected by us or our Service Provider(s) in exchange for converting your funds between Australian Dollars, US Dollars or any other currency.

21. Restriction or Suspension of Access or Closure of Account

21.1 Subject to any applicable law, we can immediately close your Account or restrict or suspend your access to:

• The Stake Service;
• Your Account; and
• Any other services we may provide to you.

21.2 Our Service Providers may also restrict or suspend certain services provided to you via Stake in accordance with their terms.

21.3 We may exercise our right to close, restrict or suspend in clause 21.1 without prior notification for any reason, without limitation including if:

• you fail to pay any amount that you are liable for under this Agreement when it falls due;

• you breach any term on which access to the Stake Service is provided to you including, but not limited to the
• we have reasonable grounds to believe that your continued access to your Account would result in us or you breaching, or being an accessory to a breach of, the Corporations Act 2001 (Cth), any Australian law, the law of another country or any agreement entered into by us or you in relation to the provision of services under this Agreement;
• we have any reasonable grounds to believe that your Account is, or may be, being used in connection with a breach of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) or a similar law of another country;
• we have reasonable grounds to believe that you may have breached, or because of your continued access to your Account you will breach, any Rules including but not limited to the Market Integrity Rules and FINRA Rules;
• you use (or appear to use) our website or Mobile Application in a way that we think is inappropriate or unreasonable; oryou become bankrupt or insolvent.

21.4 If we exercise our right under Clause 21.1, we may tell you the reason for the restriction or suspension (and any conditions) as soon as is reasonably possible (unless prohibited for legal or regulatory reasons). We do not need to tell you before restricting or suspending your Account access or closing your Account.

21.5 If we close your Account, you authorise us to take the following actions:

• we will transfer your holdings to a third party broker nominated by you and transfer any cash balance in your Account to a bank account nominated by you, less any outstanding fees or losses to be recouped by us or our Service Providers;
• if you do not nominate a third party broker within fourteen (14) days of our request for such information, at our discretion we may sell any holdings in your Account. We shall not be liable for any shortfall between the amount you invested and the amount you get back after the sale;
• if you do not nominate a bank account for us to transfer any cash balance in your Account to, we may hold such cash in accordance with applicable laws; and
• if you have a cash balance of less than AUD$10, we shall retain such cash balance and you agree that such cash balance will be forfeited.

21.6 You may elect to close your Account at any time via the settings section of the Mobile Application or Website, however to do so you must not have any Securities or cash in the Account.

21.7 You may transfer some or all of your Securities to or from another broker. We may charge you a fee depending on the transfer method and size of your portfolio, see the Financial Services Guide for further information. Your outgoing or incoming broker may also charge additional fees for transfers. A sufficient cash balance is required in your Account to cover the transfer fees (if any) and commence the transfer. Fractional shares are not transferable to other brokerage accounts. We do not guarantee that a transfer will be completed by a certain time. Stake is not liable for any losses arising from delays or errors in the transfer of your Securities.

22. Anti-Money Laundering and Counter Terrorism Financing

22.1 You acknowledge that we are required by law to verify your identity before we can provide you with the Services. It is an offence under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) to provide false or misleading information about your identity. You must provide all information to us which we reasonably require to adhere to Australian and foreign jurisdictional requirements in order to manage money-laundering or terrorism financing and economic and trade sanctions risk or to comply with any laws or regulations in Australia or any other country. When applying for a trading account you give us consent to provide this information to a verification service or provider or other Service Provider who will check your personal information against sources which may include databases of driver’s license and passport details.

22.2 You must provide all information to us which we reasonably require to adhere to Australian and foreign jurisdictional requirements in order to manage money-laundering or terrorism financing and economic and trade sanctions risk or to comply with any laws or regulations in Australia or any other country.

22.3 You agree that we may delay, block or refuse to process any Transaction and give immediate notice to suspend or terminate the Stake Service without incurring any liability if we suspect that a Transaction:

• may breach any laws or regulations in any country;
• involves any person that is sanctioned or is connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by Australia or any other country, or
• may directly or indirectly involve the proceeds of, or be applied for the purposes of, unlawful conduct.

22.4 You declare and undertake that the processing of any of your Instructions will not breach any laws or regulations in any country.

22.5 When applying for an account and accepting our terms and conditions you give consent for Stakeshop Pty Ltd to disclose your name, residential address and date of birth to a credit reporting agency, verification provider or other Service Provider and ask the credit reporting agency, verification provider or other Service Provider to provide an assessment of whether the personal information so provided matches (in whole or in part) personal information contained in a credit information file in the possession or control of the credit reporting agency or other independent data sources of the verification provider or other Service Provider to assist in verifying your identity for the purposes of the Anti-Money Laundering and Counter-Terrorism Act 2006. The credit reporting agency, verification provider or other Service Provider may prepare and provide Stakeshop Pty Ltd with such an assessment and may use your personal information including the names, residential addresses and dates of birth contained in credit information files of you and other individuals for the purposes of preparing such an assessment. If you disagree with having your identity verified by a credit reporting agency, verification provider or other Service Provider, please select another contact Stakeshop Pty Ltd so that we can discuss other options with you.

23. Corporate Actions

23.1 You are responsible for understanding the terms, impacts and actions required in relation to any corporate action event and if required, take steps to seek further information or advice from the relevant Security issuer, applicable share registry or a financial adviser.

23.2 We are not obligated to notify you of any corporate action events or of any communications a Security issuer sends to its shareholders. In some instances we or our Service Providers may inform you of matters which may require you to act in respect of a corporate action, but we are not obligated to do so. If you are provided with information regarding any specific corporate action from either us or our Service Providers, you acknowledge that no guarantee is made to the accuracy or completeness of the information.

23.3 Stake, via its Service Providers, may assist with handling certain corporate action events such as dividends and stock splits. However, you acknowledge that you are responsible for taking any required actions (including without limitation giving instructions) in relation to all corporate action events directly with the applicable share registry for ASX securities, or directly with our US Broker for US securities, by the applicable deadlines. This includes, but is not limited to, corporate actions related to Securities or other contracts traded separately to the underlying Security. You understand that if you do not exercise your rights, or take the requisite action, by the deadline for the relevant corporate action event, that any rights associated with the corporate action event will lapse. 

23.4 Stake will not exercise your rights or take any action on your behalf in respect of a corporate action event, and will not be liable for any failure or delay by you to exercise those rights or take any action. For US securities, our US Broker will handle processing corporate actions in your account, please see DriveWealth’s terms for more information.  For ASX securities, in the event that the applicable share registry cannot assist you in taking actions in relation to a corporate action event, then Stake may at its discretion use reasonable endeavours to enable you to exercise your rights or take certain actions via its Service Providers, however we do not guarantee that this will be possible in every instance and we shall not be liable for any missed opportunities due to delayed, incomplete or inaccurate instructions. 

23.5 When certain corporate action events occur your Securities may be altered and we or our Service Providers may need to amend or purge any open orders you have given Instructions for, or restrict your ability to deal in those Securities on the Stake App or Website, or make other adjustments to your account after the corporate action event has occurred, without notice to you. Stake and its Service Providers shall not be liable for any delay, error or inaccuracy or other losses you may suffer as a result of taking such steps. 

24. Taxation

24.1 As the taxation implications when investing in Securities which are international are complex and different from investing in Securities which are in your local jurisdiction, you should seek advice from a taxation professional to evaluate whether an investment in international Securities is appropriate to your particular financial circumstances and to ascertain whether you are entitled to claim back any withholding taxes.

24.2 Securities and Financial Products may attract withholding taxes on income and cash dividends in some jurisdictions. All withholding tax is deducted in the applicable Currency of the jurisdiction in which the tax applies.

24.3 The Custodian will withhold tax at the rate applicable under the local laws. The rate may be different from treaty rates agreed to between Australia and the applicable foreign country.

24.4 We will inform you of how much tax was withheld. However, we reserve the right not to make or support any application to reclaim the withheld tax on the Securities or Financial Products. We recommend you consider how this may impact your particular financial circumstances.

24.5 You may be liable for tax on foreign sourced income and may be required to include this information in your Australian tax return.

24.6 We will not be liable for any tax implications and it is your responsibility to ensure that your details are up to date with the necessary regulatory body. We will assist with the filing of W8BEN and similar forms through our Service Providers, but cannot be responsible for any adverse implications.

25. Interest

25.1 We or our Service Providers will hold any funds we receive on your behalf in accordance with the Corporations Act 2001 (Cth). We or our Service Providers may retain any interest paid on such funds.

26. Capital Raises

26.1 If you wish to participate in any Capital Raise for which disclosure material has not been prepared by the offering company (for example, a placement), you must qualify as a sophisticated/wholesale investor. If you submit an application to be considered a sophisticated/wholesale investor, you represent and warrant to us that:

• you are a “wholesale client” within the meaning of the Corporations Act 2001 (Cth) (or if you are outside Australia, that you are a person to whom financial services can be offered in the manner contemplated in these Terms & Conditions under the laws of the jurisdiction in which you are located or resident);
• that each of the declarations made in the sophisticated/wholesale investor application form are true; and
• that the information in your qualified accountant’s certificate is accurate.

Each of these representations and warranties are made to, and for the benefit of, us, the offering company and any intermediary engaged by such company to facilitate the Capital Raise.

26.2 You acknowledge that we are not obligated to consider you a sophisticated/wholesale investor, nor are we obligated to allow you to participate in any offering of Securities or Financial Products, on your submission of an application to be considered a sophisticated/wholesale investor.

26.3 We will use our best endeavours to pass your bid onto the offering company or intermediary, but we do not guarantee we will do so, or do so by a certain time. We may, in our sole discretion, impose restrictions or conditions on your ability to submit bids, including bids below or above thresholds we determine in our sole discretion.

26.4 You acknowledge that a bid close date may be brought forward or extended at any time by the offering company or intermediary, and understand that Stake has no influence or control over changes to such timelines. You further acknowledge that this may impact your ability to validly place and/or cancel a bid.

26.5 By submitting a bid, you acknowledge and confirm that you are making a binding offer to acquire Securities or Financial Products, on the terms set out in your bid, in the relevant term sheet or any disclosure documentation, and in accordance with these Terms & Conditions. You acknowledge and confirm that your bid is irrevocable unless validly cancelled prior to close of bids.

26.6 You acknowledge that we do not guarantee that you will be allocated any or all of the Securities or Financial Products for which you place a bid. We may be required to scale back our customers’ bids if in aggregate our customers exceed the total number of Securities or Financial Products allocated to us. If we are required to scale back your bid, all customers will be scaled back pro rata by the same proportion, except that we will endeavour to ensure that no customer will be scaled back such that their bid fails to meet the minimum parcel required to participate in the Capital Raise. In certain circumstances, our aggregate allocation may limit our capacity to maintain bid sizes above the minimum parcel after a scale back has been applied. If this occurs and your bid size is too small, your bid may be cancelled at our sole discretion, and your funds returned to your account.

26.7 You acknowledge that we do not guarantee that your Securities or Financial Products will be available for trading immediately after you are issued those Securities or Financial Products and that a delay may apply.

26.8 It is your responsibility to ensure you have sufficient funds in your account ('Buying Power') prior to placing a bid. You authorise us to reduce your Buying Power by an amount equal to the value of your bid. If you validly cancel your bid prior to close of bids, your Buying Power will be increased by the value of your bid. If you are not allocated the full amount that you bid for (for example as a result of any scaleback that may apply), your Buying Power will be increased by the amount that you were not allocated.

26.9 You acknowledge and agree that:

• we offer an execution-only service and we do not recommend or endorse any investment opportunities and we assume no responsibility or liability in relation to the quality of any investment opportunities;
• we do not prepare any disclosure material or term sheets in respect of any investment opportunity and we assume no responsibility or liability in respect of the information contained therein;
• we do not conduct any due diligence on initial public offering and placement opportunities made available on the Capital Raises platform;
• it is your responsibility to assess and research each investment opportunity and determine its suitability for your purposes;
• prior to placing a bid, you have had an opportunity to seek independent financial, legal and tax advice; and
• prior to placing a bid, you have had access to information which you consider to be sufficient to enable you to conduct appropriate due diligence and make a decision in relation to the investment opportunity based on your own circumstances.

26.10 Once a bid has been passed onto the offering company or intermediary, we accept no responsibility or liability for any failure or delay by the company or intermediary to consider the bid. An investment opportunity may cease to be available at any time, which may occur before or after you submit a bid. If we receive notice from the offering company or intermediary that an investment opportunity ceases to be available, we will endeavour to pass this notice onto you as soon as reasonably practicable.

27. Information

27.1 Information presented on our website and/or mobile app has been obtained from sources believed to be true. Neither we nor our associates including all officers, directors, employees, agents, third parties, service providers, Licensees, suppliers or relevant Exchanges:

• make any warranty concerning the accuracy, or reliability, or completeness of the information, on or in relation to the Application . The accuracy, timeliness or completeness of information is not guaranteed by us or any third party; or
• accept any liability for any claim, loss or damage arising from the display or use of information on the Application . In particular, we and our associates are not liable for any omission, mistake, delay or interruption in providing the Information or the information being inaccurate, incomplete, or otherwise misleading, except to the extent resulting from or caused by our negligence, fraud or dishonesty.

27.2 Service Providers, including third party suppliers may assert proprietary interests in the information or Intellectual Property presented.

27.3 If we provide links to other applications or provide or make available (including by way of a referral) general research, information or recommendations provided by other persons, we are not liable to you if you rely on any research, information, advice or recommendation provided by such applications, persons or service providers.

27.4 The information supplied is for your personal and private use only. You must not:

• reproduce, broadcast, otherwise distribute or allow any unauthorised third party to access the information;
• use the information for any unauthorised or illegal purpose; or
• procure or assist another person to do an act prohibited by this clause.

27.5 If we suspect you are in breach of clause 28.4 we may immediately suspend your use of the Stake Service.

28. Intellectual Property

28.1 You acknowledge that intellectual Property Rights, including graphics, logos, trade marks, distinctive brand features, designs, text, icons, the arrangement of them, sound recordings and all software relating to the Website and Mobile Application, and relating to the information and derived information we provide (including information transmitted electronically), remain vested in us, its creator, or other Service Providers as applicable.

28.2 Such Intellectual Property Rights must not be used in any manner without the prior consent of the owner. If improper or unlawful use of materials under Intellectual Property Rights comes to your notice, you must notify us immediately.

28.3 You may view and use the Website and Mobile Application in accordance with the Agreement, but you may not in any form or by any means reproduce, modify, distribute, store, transmit, publish or display within another website or create derivative works from any part of the Website or Mobile Application without prior written consent of Stake, or other Service Providers, as applicable.

28.4 You may not modify or copy the layout or appearance of the Website or Mobile Application nor any computer software or code contained within, nor may you decompile, disassemble, reverse engineer or otherwise attempt to discover or access any source code related to the Website or Mobile Application.

29. Privacy

29.1 We respect the confidentiality of the personal information we collect about customers and potential customers. We abide by the Australian Privacy Principles contained in the Privacy Act 1988 (Cth) and our Privacy Policy can be found on the Website.

29.2 Subject to this Agreement we will keep any of your information confidential unless you have given your consent or we are required or permitted by law or under the terms of our privacy policy to disclose that information.

29.3 You agree to keep your password and username required to access your Account and the Website and/or mobile app confidential. Any actions taken within your account will be by its authorised user only. We cannot be responsible for any loss due to unauthorised access where a user has failed or shared information.

30. Notice

30.1 Either party may provide notice to the other party by electronic communication such as email. Notices sent by electronic communication will be treated as having been received one hour after being sent.

30.2 You may request that we provide notices to you by post. If you do so, the notice will be treated as having been received two business days after posting. If we have your email, we will use this as the default communication and reserve the right to use email exclusively.

30.3 You must ensure that:

• You provide us with a valid email address;
• The details you provide to us remain up to date;
• That you notify us of any change to your details.

31. Our Liability

31.1 We do not exclude or limit the application of any statute including the Australian Securities and Investments Commission Act 2001 (Cth), the Competition and Consumer Act 2010 (Cth) and any similar State or Federal Legislation where to do so would contravene the statute or cause any part of this Agreement to be void.

31.2 We, our Directors, our Licensees, Service Providers, officers or agents, are not liable for any actions, claims, demands, proceedings, liabilities, losses, damages, costs and expenses except to the extent resulting from or caused by our negligence, fraud or dishonesty due to:

• us acting upon your instructions;
• refusal to act on your instructions;
• your default;
• any legal action;
• compliance with a direction, request or requirement;
• error, omission, non-receipt, or invalidity in your Instructions;
• problems involving the relevant Exchange, market participant, and or/failure of an Exchange, including any error, omission, interruption, deletion, defect, delay in operation or transmission, or any other factor;
• any events or circumstances that we cannot reasonably control;
• any Force Majeure;
• any delay, interruption, omission, failure, error or fault by us in passing on and executing your Instructions;
• market movements and other risks associated with the trading of Securities or Financial Products;
• suspected or actual manipulative trading, including insider trading, false or misleading trading, market rigging and market manipulation; or
• faults, errors, defects, failures in the Website, the mobile app, other computer systems, or loss of access to your Account.

31.3 Subject to the provisions of the Corporations Act 2001 (Cth), Australian Securities and Investments Commission Act 2001 (Cth), Competition and Consumer Protection Act 2001 (Cth) and any other rights implied by law which cannot be excluded by agreement we and our Licensees, Service Providers our officers, employees and agents:

• make no warranty for merchantability or fitness for purpose with respect to the Stake Service, including the Services provided by the Service Providers; and
• exclude liability for any losses arising directly or indirectly out of: a disruption to or failure of the service or error in processing a Transaction you have Instructed us to process in accordance with this Agreement. We will however correct any incorrect entry because of any disruption, failure or error and will adjust any Fees and Charges as appropriate. You agree to reimburse us any amount that has been erroneously paid to you as a result of such disruption, failure or error; any delay in providing any information or the Stake Service to you; effecting an Instruction received from you which is unclear;our decision to stop offering the Stake Service in whole or part;our withdrawal of an Exchange and/or a Security and/or a Financial Product and/or Currency from the Stake Service;a change in any law or a rule of an Exchange, an order or directive received from a foreign Exchange, suspension of trading, unlawful access to Service by an unauthorised person; or any Force Majeure.

32. Your Liability

32.1 You will be liable for losses caused by unauthorised Transactions where we can prove that you contributed to losses on the balance of probability:

• through fraud or breach of the security requirements; or
• from unauthorised Transactions because you unreasonably delayed notifying us after realising that the security of your Account had been breached.

32.2 If you are liable for losses under clause 33.1 you will be liable for the actual losses that occur between the time you realised, or should reasonably have become aware, that your Account’s security had been breached and when you actually let us know.

33. Indemnity

33.1 You indemnify us, our Licensees, Service Providers, our officers, employees, agents and our related bodies corporate for any losses arising directly or indirectly out of:

• your use of the Stake Service;
• our acting on your Instructions;
• your failure to comply with this Agreement;
• your failure to comply with any legislation or Rule, whether foreign or domestic; and
• any of your acts or omissions or that of a person acting on your behalf.

You agree to indemnify us, our Licensees, Service Providers and each of our respective members and associates, and the directors, officers, agents of either us indemnified parties) against:

• any losses, liabilities or expenses incurred by you arising out of, or in connection with, any of the indemnified parties acting under, or in connection with, this Agreement except to the extent that any loss, liability, or expense is caused by the negligence, fraud or dishonesty of any indemnified party;
• any losses, liabilities or expenses incurred by any indemnified party arising out of, or in connection with, a breach by you of any of your obligations under this Agreement;
• any losses, liabilities or expenses incurred by any indemnified party arising out of, or in connection with, any incorrect or misleading representation or warranty given by you under this Agreement; and
• you agree that the risk and liability for unauthorised instructions or fraud lies with you alone, and that you will indemnify us from all loss, costs and expenses arising from such unauthorised instructions or fraud, except to the extent resulting from or caused by our negligence, fraud or dishonesty. We hold the benefit of this indemnity on trust for each indemnified party.

33.2 Your liability to indemnify us will be reduced proportionately to the extent a negligent or fraudulent act of ours contributed to the loss.

33.3 Each indemnity in this Agreement is a continuing obligation, which is separate and independent from your other obligations, and survives termination of this Agreement.

33.4 We do not need to incur expenses or make Transactions on your behalf before enforcing our right of indemnity under these terms and conditions.

34. Assignment

34.1 You may not assign, transfer or novate any of your rights or obligations under this Agreement without our written consent, which may be withheld.

34.2 We may assign, transfer or novate any or all of our rights or obligations under this Agreement by giving ten Business Days written notice to you.

34.3 In the event of an assignment, transfer or novation under Clause 35.2:

• You will have the same rights and obligations under this Agreement against the new party as you had against us prior to the assignment, transfer or novation;
• The new party has the same rights and obligations against you that we had prior to the assignment, transfer or novation;

• We, the Licensee and Service Providers are released from any obligations arising on or after the date of the assignment, transfer or novation.

35. Termination

35.1 This Agreement remains in force until it is terminated or we are no longer authorised to provide the Stake service.

35.2 Either party may terminate this Agreement:

• by sending a written notice to the other party terminating the Agreement. Termination will take effect thirty Business Days after the notice is received;
• immediately by written notice in the event of insolvency, bankruptcy, winding up, death or incapacity of the other party.

35.3 We may terminate the Agreement if:

• You fail to pay any amount you are liable to pay under this Agreement;
• You breach any term of this Agreement, the
• We reasonably believe that allowing you continued access to the Stake Service would result in us: breaching the Corporations Act 2001 (Cth), the Rules, any Australian law, or the law of another country;being accessory to a breach of the kind identified in Clause 34.1; or
• We reasonably believe that your Account is being used in connection with a breach of the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth).

36. Severance

36.1 If any provision of this Agreement is unlawful, void or unenforceable, then that provision shall be deemed severable from the remaining provisions and shall not affect their validity and enforceability.

37. Waiver

37.1 A waiver of any right or remedy under this Agreement or by law is only effective if given in writing and shall not be deemed a waiver of any subsequent breach or default. A failure or delay by a party to exercise any right or remedy provided under the Agreement or by law shall not constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict any further exercise of that or any other right or remedy.

38. Dispute Resolution

38.1 All parties must use all their reasonable endeavours to resolve any dispute arising in connection with this Agreement or any transactions thereunder.

38.2 If we cannot resolve a dispute to your satisfaction, depending on its nature, you can refer your complaint to:

• our relevant Licensee; or
• The Australian Financial Complaints Authority (AFCA) on 1800 931 678.

39. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of New South Wales, Australia. The parties agree to irrevocably submit to the non-exclusive jurisdiction of the courts of New South Wales, Australia.