Stake (Stakeshop Pty Ltd) – Terms and Conditions (Australian Service)

 

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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, 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 Macquarie Bank Terms of Use, please click here.

For Macquarie Cash Management Account Product Information Statement, please click here.

For Stake’s Gifting Terms & Conditions, 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; and
      • 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 persons 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 Tax Resident means a Person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 (Cth).
    • Business Day means a day which is not a weekend or Public Holiday in New South Wales, Australia.
    • Card fundings means a funding channel through which you fund your Stake account via your Credit or Debit Card, whether American Express, Visa or Mastercard or any other card provider.
    • 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 overseas.
    • Fees and Charges means a fee and/or charge as set out on the Website.
    • 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 us to arrange to execute Transactions.
    • Licensee means Sanlam Private Wealth Pty Ltd, Australian Financial Services Licensee 337927.
    • Listed Entity means a company whose shares are traded on an Exchange.
    • 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.
    • Rules means the operating rules of an Exchange.
    • Securities means securities as defined in section 761A of the Corporations Act 2001 that are listed on an Exchange, whether within Australia or overseas, 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 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 Sanlam (our authorising AFS Licensee).
    • Transactions means the sale or purchase of Securities, whether within Australia or overseas, by us on your behalf and in accordance with your Instructions.
    • Us, our, we, Stake means Stakeshop Pty Ltd, its directors, employees and agents.
    • Website means www.hellostake.com or our mobile application services
    • You means the Account Holder.

3. GENERAL

    • 3.1 This Agreement applies to all dealings between you and us. 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;
      • this Agreement will bind you in your personal capacity;
      • you have authority to enter into this Agreement; and
      • your Instructions are lawful;
      • you are over the age of 18.
    • 4.2 You agree that:
      • you will utilise the Website to use the Stake Service, and will provide Instructions in relation to Transactions through the Website;
      • you will ratify and confirm any actions we carry out based on your Instructions;
      • 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;
      • 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 AND WEBSITE

    • 7.1 The Stake Service gives you the ability to instruct us 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 or the Stake Service.
    • 7.3 Access to the Website and the Stake Service may be unavailable or interrupted from time to time due to:
      • technical or service delivery reasons; or
      • to conduct reasonable maintenance; or
      • regulatory or risk management reasons; or
      • any other reason.
    • 7.4 In addition, your access to the Website and the Stake Service may be restricted or suspended as set out in Clause 21.

 

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
      • 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 us with an Instruction, you must fund your Account. Stake retains the discretion to allow purchase of Securities prior to any funding.
    • 9.2 You allow Stake to place a hold on any funds deposited for a period of up to Sixty (60) days prior to making it available for withdrawal.  We will provide you with advanced details of the hold period based on your funding method.
    • 9.3 You allow Stake to place a hold on funds deposited via POLi (or any other funding method) until the funds have cleared at Stake which could take up to four (4) business days. After this time, the funds may be withdrawn by the customer if their funds have cleared.
    • 9.4 You authorise Stake, if required, to facilitate the transfer of all funds deposited into your Account (which are not the result of a withdrawal from the US) to the US client account of Stake’s broker-dealer (DriveWealth, LLC).
    • 9.5 For transfers on Stake, Stake will book a deal with FX partners, such as OFX (OzForex Limited) to convert your funds into US dollars.
    • 9.6 Funds to be transferred will be sent to our FX partner and remitted to the US client account in US dollars. Stake has contracted with its FX partners directly and you are not entering into a contractual relationship with that FX partner.
    • 9.7 You will be notified once the funds have cleared in the US client account and are available to invest through Stake.
    • 9.8 All client funds are custodied in the US by the Custodian and cleared by ETC (Electronic Transaction Clearing) and DriveWealth LLC.
    • 9.9 You confirm that the intention of using these funds is not for any improper or illegal activity.
    • 9.10  You are able to transfer USD directly into your Stake and DriveWealth account using existing USD or via an FX remittance service. Transfers of USD should be done in accordance with the requirements set out in the Stake Service, which includes not transferring funds in the name of a 3rd party.

 

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.
    • 10.2 When you issue a withdrawal instruction, you authorise Stake to facilitate the transfer of your US dollar funds from the US client account to your local bank account.
    • 10.3 On receiving the withdrawal instruction, Stake will book a deal with its FX partners or one of DriveWealth’s FX partners, to convert your funds from US dollars into your local currency.
    • 10.4 The US dollar funds will be sent by DriveWealth to Stake’s FX partners (such as OFX) and remitted to a Bank account nominated by you, which must be an account in your name. Stake has contracted with its FX partners directly and you are not entering into a contractual relationship with that FX partner.
    • 10.5 Stake has the discretion to place a hold on funds deposited, in which case the funds may not be available for withdrawal for a period of no less than Sixty (60) days from the date of deposit.  The relevant hold periods will be provided to you in the Stake service.

 

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 Licensee are participants on an Exchange. Accordingly, we have appointed DriveWealth, LLC or other relevant Exchange participant and may appoint other Exchange participants to provide execution and clearing services for the Transactions. You must open an account with DriveWealth, LLC 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 that are purchased through them which they might be able to exercise contrary to your interests.
    • 11.10 You acknowledge and agree to Stake 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 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 will inform us immediately 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 information and does not take into account your specific 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 For New Zealand resident investors, we will not provide financial advice for the purposes of the Financial Advisers Act 2008 or the Financial Markets Conduct Act 2013. To the extent you require further information about the relevant New Zealand legislation that may apply, or require specific advice, please contact your legal and/or financial adviser (as appropriate);
    • 13.6 We do not guarantee the performance of any Securities;
    • 13.7 You must only provide us with Instructions and enter into Transactions for your own benefit and will not use your Account on behalf of third parties (unless agreed with us);
    • 13.8 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 Instruct us to buy or sell Securities on your behalf. We will then arrange to execute your Instructions.
    • 14.2 Any Instructions:
      • must be given to us through the Website;
      • are subject to the Rules and this Agreement;
    • 14.3 You authorise us 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. 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 is trading at the time you give your Instructions;
    • 14.7 We do not guarantee that your Instructions will be executed:
      • in full or in part;
      • by a certain time; or
      • at a particular price.

15. ACKNOWLEDGEMENTS

    • 15.1 When you provide us with Instructions, you acknowledge that:
    • 15.2 You are able to pay for any Securities purchased, and any liabilities that arise.
    • 15.3 We will only permit trading in Securities 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 may only be valid for terms that we determine from time to time 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.

 

16. REFUSING YOUR INSTRUCTIONS

    • 16.1 We reserve the right to refuse to:
      • respond to a request for information; and/or
      • accept any Instruction.
    • 16.2 Notwithstanding the fact that you can only place orders to purchase shares once you have sufficient cleared funds, we can decline to act on your behalf or accept your instructions if:
      • 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 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.
      • we may also cancel any Transaction or generally restrict your ability to trade Securities 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 If you do not:
      • comply with the obligations set out in this Agreement or the Rules relating to a Transaction; and
      • make full payment or good delivery for your Transactions by the settlement date you authorise us, our directors and employees or agents (as your Agent) to:
        • sell on your behalf any Securities that are the subject of the Confirmation, outstanding 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.
    • 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.
    • 17.3 We reserve the right to liquidate your account to recover any losses or expenses incurred and suspend your access to Stake in relation to a chargeback on a Card funding transaction or in relation to the non settlement of any funding from POLi or another funding service available on Stake.

 

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. YOUR ACCOUNT & SECURITIES

    • 19.1 Your Securities and Currencies will be held by a Custodian. You will retain legal and beneficial ownership of the Securities.
    • 19.2 Your money may be passed by us to a Service Provider. Your money 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 acknowledge that we are not authorised under Australian or any other country’s financial services law to deal in foreign exchange contracts. 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 which includes the Service Provider’s fees, charges and margins for executing the Currency Conversion.
    • 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

    • 21.1 Subject to any applicable law, we can immediately restrict or suspend your access to:
      • The Stake Service;
      • Your Account; and
      • Any other services we may provide to you.
    • 21.2 We will only exercise our right to restrict or suspend in clause 21.1 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, any policies or codes of conduct that we reasonably require you to adhere to in using the services that are made available to you on the Stake Service or in accordance with this Agreement;
        • we have reasonable grounds to believe that your continued access to your Account would result in us:
        • breaching the Corporations Act 2001 (Cth), any Australian law, or the law of another country; or
        • being an accessory to a breach of the Corporations Act 2001 (Cth), Australian law or the law of another country;
        • 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; or
        • you become bankrupt or insolvent.
    • 21.3 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.
    • 21.4 If you use (or appear to use) our website or Mobile Application in a way we think is inappropriate or unreasonable, we may suspend or restrict your access without notice.
    • 21.5 We reserve the right to suspend your account without any prior notification for any reason. If this occurs and there are no losses to be recouped by Stakeshop Pty Ltd for your actions, we will organise for your funds and holdings to be transferred out to a broker and/or bank of your choice.

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 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 and ask the credit reporting agency 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 to assist in verifying your identity for the purposes of the Anti-Money Laundering and Counter-Terrorism Act 2006. The credit reporting agency 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, please select another contact Stakeshop Pty Ltd so that we can discuss other options with you.

 

23. CORPORATE ACTIONS

    • 23.1 You will retain legal or beneficial ownership (as applicable) of any Security. Accordingly, it is your obligation to fulfil any voting or other requirements which attach to these Financial Products (Corporate Actions).
    • 23.2 If we become aware of any matter which may require you to take a Corporate Action, we may inform you of this, but are not obligated to. It is important that you ensure we have accurate personal details for you to allow us to do this.
    • 23.3 By entering into this Agreement, you agree and acknowledge that decisions relating to the Corporate Actions you make are separate to the discretions which will be exercised by us under the Agreement.

 

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 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. 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 should not be liable for any tax implications and it is their responsibility to ensure that theirdetails 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

    • 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. INFORMATION

    • 26.1 Information presented on our website has been obtained from sources believed to be true. Neither we nor our associates including all officers, directors, employees, agents, third parties, service providers, authorising Australian Financial Services licensee, 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.
    • 26.2 Service Providers, including third party suppliers may assert proprietary interests in the information or Intellectual Property presented.
    • 26.3 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.
    • 26.4 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.
    • 26.5 If we suspect you are in breach of clause 26.4 we may immediately suspend your use of the Stake Service.

27. INTELLECTUAL PROPERTY

    • 27.1 You acknowledge that copyright and intellectual property rights 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.
    • 27.2 If improper or unlawful use of materials under copyright or other intellectual property rights comes to your notice, you must notify us immediately.

 

28. PRIVACY

    • 28.1 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.
    • 28.2 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.
    • 28.3 You agree to keep your password and username required to access your Account and the Website confidential. Any actions taken within your account will be by it’s authorised user only. We cannot be responsible for any loss due to unauthorised access where user has failed or shared information.

 

29. NOTICE

    • 29.1 Either party may provide notice to the other party by electronic communication such as email.
    • 29.2 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.
    • 29.3 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.

30. OUR LIABILITY

    • 30.1 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.
    • 30.2 We, our Directors, our Licensee, 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;
      • 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, other computer systems, or loss of access to your Account.
    • 30.3 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 Licensee, 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
      • 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;
        • our withdrawal of an Exchange and/or a Security 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.

31. YOUR LIABILITY

    • 31.1 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.
    • 31.2 If you are liable for losses under clause 31.1 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.

 

32. INDEMNITY

    • 32.1 You indemnify us, our Licensee, 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 Licensee, 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.
    • 32.2 Your liability to indemnify us will be reduced proportionately to the extent a negligent or fraudulent act of ours contributed to the loss.
    • 32.3 Each indemnity in this Agreement is a continuing obligation, which is separate and independent from your other obligations, and survives termination of this Agreement.
    • 32.4 We do not need to incur expenses or make Transactions on your behalf before enforcing our right of indemnity under these terms and conditions.

33. ASSIGNMENT

    • 33.1 You may not assign, transfer or novate any of your rights or obligations under this Agreement without our written consent, which may be withheld.
    • 33.2 We may assign, transfer or novate any or all of our rights or obligations under this Agreement by ten Business Days written notice to you.
    • 33.3 In the event of an assignment, transfer or novation under Clause 33.2:
      • 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.

 

34. TERMINATION

    • 34.1 This Agreement remains in force until it is terminated or we are no longer authorised to provide the Stake service.
    • 34.2 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.
    • 34.3 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, or any code of conduct or policy we reasonably require you to adhere to and which we make available to you;
      • 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 32.1.
      • 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).

 

35. SEVERANCE

    • 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.

 

36. DISPUTE RESOLUTION

    • 36.1 All parties must use all their reasonable endeavours to resolve any dispute arising in connection with this Agreement or any transactions there under
    • 36.2 If we cannot resolve a dispute to your satisfaction, depending on its nature, you can refer your complaint to:
      • our Licensee;
      • The Australian Financial Complaints Authority (AFCA) on 1800 931 678.

 

37. 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.

Stakeshop Pty Ltd, trading as Stake, ACN 610105505, is an authorised representative (Authorised Representative No. 1241398) of Sanlam Private Wealth Pty Ltd (Australian Financial Services Licence No. 337927).

Stakeshop Pty Ltd is registered as an overseas company in New Zealand (NZBN: 9429047452152).

Stake is the trading name of Hellostake Limited (no. 11676409), authorised and regulated by the UK Financial Conduct Authority (FRN: 830771).

The information on our website or our mobile application is not intended to be an inducement, offer or solicitation to anyone outside of Australia, the United Kingdom or in any jurisdiction in which Stake is not regulated or able to market its services. 

At Stake, we’re focused on giving you a better investing experience but we don’t take into account your personal objectives, circumstances or financial needs.

Any advice is of a general nature only. As investments carry risk, before making any investment decision, please consider if it’s right for you and seek appropriate taxation and legal advice.

Please view our Financial Services Guide, Terms & Conditions, Privacy Policy and Disclaimers before deciding to use or invest on Stake. By using the Stake website or service in anyway, you agree to our Privacy Policy and Terms & Conditions

All financial products involve risk and you should ensure you understand the risks involved as certain financial products may not be suitable to everyone. Past performance of any product described on this website is not a reliable indication of future performance.

For New Zealand resident customers, the following also applies: The content provided on our website or mobile application is for general information purposes only and is not intended to constitute financial advice for the purposes of the Financial Advisers Act 2008 or the Financial Markets Conduct Act 2013, or an invitation or an offer to buy or sell any financial product or security.

To the extent you require further information about the relevant New Zealand legislation that may apply, or require specific advice, please contact your legal and/or financial adviser (as appropriate).

Stake is a registered trademark under classes 9 and 36 (Australia). 

Copyright © 2019 Stake. All rights reserved.