Assets Customer Agreement ("Stocks" BlackRock Global Fund)
Last updated: 31/03/2023
How to read this Agreement
This Agreement contains 26 sections. The headings are for reference only. Some capitalised terms have specific definitions which are listed in section 3. Underlined words in this Agreement contain hyperlinks to further information.
This Agreement includes important Investment Risk Warnings at section 18. Please familiarise yourself with such warnings.
1. Parties to this Agreement
1.1 This Agreement is between you (hereinafter called the “Customer” or “you” as applicable); Wise Payments Ltd (hereinafter called “Wise Payments”); and TINV Ltd (hereinafter called “TINV” and together with Wise Payments “Wise”, "we", "us", or "our" as applicable).
1.2 All payment and e-money services are provided by Wise Payments, and in addition to this Agreement, are subject to the Wise Customer Agreement.
1.3 All investment services shall be provided by TINV.
2. Why you should read this Agreement
2.1 What this Agreement covers. This Agreement contains the terms and conditions on which Wise Payments shall continue to provide you with e-money and payment services and on which TINV shall provide you with investment services, in each case in respect of your Investment Account (hereinafter referred to as the “Services”). It is essential that you read and understand the terms and conditions in this Agreement and we will ensure that you have a proper opportunity to do so. If you have any questions please let us know.
2.2 Why you should read them. Please read this Agreement carefully before you start to use our Services. This Agreement (always together with the documents referred to in it) tells you who we are, how we will provide the Services to you, how this Agreement may be changed or ended, what to do if there is a problem and other important information. If you think that there is a mistake in this Agreement or wish to request any changes, please contact us to discuss.
2.3 Other additional documents which apply to you. This Agreement refers to the following additional documents, and in each case these shall also apply to your use of our Services:
- Our Frequently Asked Questions ("FAQ") which provides answers to common customer questions.
- In order to receive some of our Services, you may be asked to agree to additional terms and conditions which we will notify you about at the relevant time.
- This Agreement is subject to the continued existence of and your compliance with your Agreement with Wise Payments, including the terms, conditions and acceptable use policies therein.
- Our Best Execution policy which outlines how TINV meets its obligation to take all sufficient steps to provide to its customers the most advantageous result when executing transactions on their behalf given the prevailing market environment.
2.4 You accept this Agreement. By visiting our Website and/or using our Services, you confirm that you accept and agree to this Agreement. If you do not agree, please do not use our Services.
2.5 Where to get a copy of this Agreement. You can always see the most current version of this Agreement on our Website. If you want a paper copy of this Agreement, please contact Customer Support.
In this Agreement:
“App” means our mobile application software, the data supplied with the software and the associated media.
“Buy Order” is an instruction from you to us to buy Shares issued by the Fund on your behalf at the price issued at the next Net Asset Valuation.
“Cut-off Time” is 07:00 AM UK time. All Buy Orders and/or Sell orders received by this time will be placed the same Trading day.
“E-money” shall have the meaning given to it in the EMRs.
“E-money Balance” is, in relation to any currency, the balance from time to time of E-money held in your Wise Account denominated in that currency, but excluding any E-money allocated to an E-money Jar, which balance shall be labelled as “cash” in the App and on the Website, and from which you may send, spend, or withdraw, as governed by your customer agreement with Wise Payments.
“E-money Jar” is, in relation to any currency, the balance from time to time of E-money held in your Wise account denominated in that currency, which balance shall be labelled as “cash” in the App and on the Website, which you have instructed us to identify separately, in a “jar”, from the remainder of your E-money Balance in that currency, and from any E-money Balances or E-money Jars you may hold in any other currency, as governed by your customer agreement with Wise Payments.
“EMRs” means the The Electronic Money Regulations 2011 as amended from time to time.
“FCA” means the Financial Conduct Authority or any successor or replacement regulatory body.
“FCA Custody Rules” means the rules and guidance as made or amended by the FCA from time to time in respect of the holding and safeguarding of customer assets, as currently set out in the Client Assets Sourcebook section of the FCA Handbook of Rules and Guidance.
“FCA Rules” means all applicable rules and guidance as made or amended by the FCA from time to time and which are set out in the FCA Handbook of Rules and Guidance.
“FSMA” means the Financial Services and Markets Act 2000 as amended from time to time.
“Fund” means the iShares World Equity Index Fund (LU), which is a segregated compartment established and maintained by the Global Fund.
“Fund Manager” is BlackRock (Luxembourg) S.A., a public limited company (société anonyme) established in Luxembourg under registration number B 27689, which is responsible for the day-to-day management of the Fund, either directly or by way of delegation.
“Global Fund” means BlackRock Global Index Funds, a public limited company (société anonyme) established in Luxembourg under registration number B 171278 as an open ended variable capital investment company (société d’investissement à capital variable), which has been authorised as an undertaking for collective investments in transferable securities pursuant to the provisions of Part I of the Law of 17 December 2010.
“Global Fund Prospectus” means the prospectus published by the Global Fund, a copy of which is available here.
“Invested Balance” refers to the balance from time to time that you have invested in the Fund in a given currency, but excluding any balance in an Invested Jar denominated in that same currency, which balance shall be viewable under “Stocks” in the App and on the Website, in accordance with the terms of this Agreement.
“Investment Account” means the account opened by you with TINV through the entering into of this Agreement, which shall allow you to invest in the Fund through TINV giving rise to Invested Balances and Invested Jars.
“Invested Jar” refers to the balance from time to time that you have invested in the Fund from an E-money Jar denominated in any given currency, which balance shall be viewable under “Stocks” in the App and on the Website, in accordance with the terms of this Agreement.
“Local Account Details” are the account number and sort code Wise Payments provides to you to for receipt of E-money into your Investment Account.
“Matched Principal Transaction” means any transaction where TINV interposes itself between its customers and the Fund in such a way that meets the requirements of Article 4(1)(38) of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (retained). TINV achieves this by, among other things, aggregating customer orders.
“Net Asset Valuation” is the aggregate value of the securities and other assets of the Global Fund allocated to the Fund, minus any relevant liabilities and calculated in accordance with the terms of the Global Fund Prospectus every Trading Day. This determines the trading value of Shares issued by the Fund.
“Sell Order” is an instruction from you to us to sell Shares issued by the Fund and held in your Investment Account on your behalf at the price issued at the next Net Asset Valuation.
“Share” means either the whole or a fraction of a share issued by the Global Fund which represents your participation in and associated rights in respect of the capital of the Fund.
“Trading Day” means a day other than a Saturday, Sunday or a public holiday in Luxembourg when financial institutions are open for business.
“Transfer Agent” means the transfer agent of the Fund from time to time.
“US Person“ means a US Person as defined under FATCA or Regulation S.
“Website” means any webpage, including but not limited to www.wise.com, where we provide or further explain the Services to you.
“Wise Account” means the account you opened with Wise Payments in accordance with the terms of the Wise Customer Agreement.
4. Who are we and how to contact us
4.1 Our company information. TINV is a company incorporated under the laws of England and Wales with company number 11905382. Wise Payments is a company incorporated under the Laws of England and Wales with company number 07209813.
4.2 Our UK Registered office. Our registered office is 6th Floor, TEA Building, 56 Shoreditch High Street, London, E1 6JJ, United Kingdom.
4.3 Regulatory status. TINV is authorised and regulated by the FCA under FSMA for the provision of investment services. The FCA reference number of TINV is 839689. Wise Payments is authorised and regulated by the FCA as an authorised electronic money institution under the EMRs. The FCA reference number of Wise Payments is 900507. Each of Wise Payments and TINV are included on the Financial Services Register maintained by the FCA.
4.4 How to contact us. You can contact us by email, web chat or telephone. Our contact details are provided on the “Contact” page of our Website.
5. Who can use our Services & Client Classification
5.1 You must be 18 years old or over. You must be 18 years or older to use our Services and by opening an Investment Account you declare that this is the case. We may ask you at any time to show proof of your age.
5.2 Your use of the Services must not violate any applicable laws. You commit to us that your opening and/or use of an Investment Account does not violate any laws applicable to you. You take responsibility for any consequences of your breach of this section.
5.3 Existing Wise Account. You must already have a Wise Account in order to open an Investment Account, and in addition you are required to have at least a neutral balance in either an E-money Balance or an E-money Jar so as to facilitate your investment through TINV in the Fund.
5.4 Customer categorisation. For the purpose of the FCA Rules, which require us to categorise our customers, we will categorise you as a ‘retail client’ in accordance with the FCA’s client categorisation criteria.
5.5 You must not be a U.S. Person.
6. Your Investment Account
6.1 About your Investment Account:
- Your Investment Account will be a custody account provided by TINV and will hold any Shares you purchase through TINV.
- By opening and maintaining your Investment Account, TINV will enable you to purchase Shares issued by the Fund on an execution only basis. The basis of our execution only service is that, where we accept an instruction from you, we will carry out the transaction on your behalf without assessing the suitability of that decision for your investment needs.
- We will not owe you a duty to give, and will not give you, any advice or recommendations in relation to the merits of any transaction which you instruct TINV to undertake on your behalf under this Agreement or otherwise.
- All transactions to buy or sell Shares will be executed as Matched Principal Transactions.
- As the purchasing of Shares issued by the Fund is not a “complex” investment, we are not obliged to carry out an “appropriateness assessment” to determine that you have the necessary knowledge and experience to understand the risks involved. You therefore shall not benefit from the protection of the FCA Rules on assessing appropriateness.
- By entering into this Agreement, you confirm that you have read and understood the Global Fund Prospectus, the Key Investor Information Document and the Factsheet and will review each of these documents each time you submit a Buy Order.
- Your Investment Account shall belong to you as the registered Investment Account holder.
- You shall not allow anyone to operate or access your Investment Account on your behalf.
6.2 TINV’s provision to you of an Investment Account is covered by the Financial Services Compensation Scheme (“FSCS”). You may be entitled to compensation from the FSCS if TINV cannot meet its obligations to you. Please refer to the FSCS website to see the latest compensation limits.
6.3 If you instruct Wise to transfer an amount of E-money into your Investment Account, whether from an E-money Balance or an E-money Jar, and such E-money remains in your Investment Account at the Cut-off Time on a Trading Day, you shall be deemed to have submitted a Buy Order to TINV for Shares in the amount of that balance. For the avoidance of doubt, any E-money moved out of your Investment Account prior to the Cut-off Time will not be invested in the Fund by TINV on your behalf.
7. Getting started
7.1 To start using our Services, you must open an Investment Account and provide your details as prompted.
7.2 Information must be accurate. All information you provide to us must be complete, accurate and truthful at all times. You must update this information whenever it changes. We cannot be responsible for any financial loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information and/or provide additional supporting documents and where we do so you acknowledge that not responding to our request may result in us rescinding your access to the Services temporarily or permanently.
7.3 Transacting on your own account. All activities undertaken or instructions received in respect of your Investment Account shall be deemed to be activities carried out by you. You shall only use the Services to transact on your own account and not on behalf of any other person or entity.
7.4 You shall be permitted to invest the whole of each of your E-money Balances and/or E-money Jars.
8. Getting to know you
8.1 We are required by law to carry out all necessary security and customer due diligence checks on you (including any parties involved in your transaction for example, your recipient) in order to provide any Services to you. You agree to comply with any request from us for further information and to provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. You authorise us to obtain one or more of your credit reports, from time to time, to establish, update, or renew your Investment Account with us or in the event of a dispute relating to this Agreement and activity under your Investment Account.
9. How to invest
9.1 To begin investing, you need to log into your Wise Account and follow the steps as they appear on screen to invest an E-money Balance or an E-money Jar.
9.2 By confirming you wish to invest an E-money Balance or an E-money Jar, you are instructing TINV to execute a Buy Order in relation to Shares in the Fund with the entirety of the funds held in that E-money Balance and/or E-money Jar at the Cut-off Time. The icon will show as ‘pending’ while an E-money Balance and/or an E-money Jar is in the process of being invested.
9.3 Any further E-money received into your Investment Account (including as a result of any refunds or reversals) will at the Cut-off Time be deemed a Buy Order for an equivalent value of Shares.
9.4 For an order to be executed on the same Trading Day, the order must be placed prior to the Cut-off Time. If you add E-money to your Investment Account after the Cut-off Time, the Buy Order will be placed the next Trading Day at the Cut-off Time.
9.5 Any E-money received into your Investment Account which is subsequently moved out of your Investment Account prior to the Cut-off Time of that Trading Day will not be invested.
9.6 TINV will update the value of the Shares held in your Investment Account following each publication of the Net Asset Valuation of the Fund by the Fund Manager.
9.7 You will be able to see within the App how many Shares we bought or sold for you each day after the publication of the Net Asset Valuation.
9.8 Local Account Details
9.8.1 If we have provided you with Local Account Details then any funds received into such Local Account Details will be invested in the Fund by us on your behalf automatically at the next Cut-off Time.
9.8.2 In entering into this Agreement you confirm to us that you will only provide to any third parties your Local Account Details for the purpose of such third parties transferring to you funds of which you are, or will be on receipt, beneficial owner. Using your Investment Account to invest on the behalf of third parties will constitute a breach of this Agreement.
9.8.2 Should funds be received into your Local Account Details in error, and a Buy Order has been placed as a result, TINV retains the right to submit a corresponding Sell Order equal to the value of the Buy Order placed to enable TINV to return such funds and you hereby consent to us doing so by entering into this Agreement.
9.9 Should we, in our reasonable opinion, be responsible for an error which results in the incorrect submission of a Buy Order or Sell Order, then TINV shall use best endeavours to promptly correct such error by crediting the appropriate E-money Balance or E-money Jar with E-money or crediting an Invested Balance or an Invested Jar with the correct number of Shares, as applicable.
9.11 If you submit a Buy Order or Sell Order on a non-Trading Day, or after the Cut-off Time on any Trading Day, then your order will be executed on the next Trading Day.
9.12 Notwithstanding any provision to the contrary within this Agreement, submission of a Buy Order or Sell Order prior to the Cut-off Time shall not guarantee that the respective order is executed on the same Trading Day. If for operational, legal or regulatory reasons (or any other reason outside of our control) your Buy Order or Sell Order cannot be executed on a given Trading Day TINV shall use its best endeavours to facilitate the execution of that order on the next Trading Day.
10. “Instant Access” from an Invested Balance
10.1 Subject to the remainder of this section 10, if you have an Invested Balance, a part of that Invested Balance may be marked as “available” for you to spend, send or withdraw on an instant access basis. Our App and Website will indicate the percentage of your Invested Balance marked as “available”. If you choose to access some or all of any such available balance by effecting a spend, send or withdraw transaction, you will be deemed at that same time to have submitted to TINV a Sell Order for a corresponding amount and to have assigned irrevocably to TINV the right to receive the proceeds of that Sell Order once settled. This facility will be called Instant Access within the App and on the Website and will be provided to you without any interest or other charges other than those already explained in section 17.
10.2 TINV reserves the right to suspend temporarily or permanently the provision of Instant Access, and to do so without notice. For the avoidance of doubt, any suspension of the provision of Instant Access shall not limit your right to submit a Sell Order in respect of any Invested Balance or Invested Jar.
11. “Instant Transfers” from an Invested Balance or Invested Jar
11.1 You are entitled to provide TINV with an instruction to instantly transfer the amount marked as “available” of the balance of any Invested Balance or Invested Jar into any other Invested Balance or Invested Jar, or any E-money Balance or E-money Jar, in each case irrespective of whether the specified balance or jar is denominated in the same currency as the Invested Balance or Invested Jar to which the instruction relates (an “Instant Transfer Instruction”).
11.2 Upon receipt of an Instant Transfer Instruction TINV shall process the requested transfer promptly and once it has done so the specified Invested Balance, Invested Jar, E-money Balance or E-money Jar will be credited with the amount that you have instructed TINV to transfer.
11.3 In submitting an Instant Transfer Instruction you will be deemed at that same time to have submitted to TINV a Sell Order for a corresponding amount and to have assigned irrevocably to TINV the right to receive the proceeds of that Sell Order once settled. In addition, if within an Instant Transfer Instruction you instruct TINV to transfer the balance of an Invested Balance or Invested Jar into any other Invested Balance or Invested Jar, you will be deemed to have submitted a Buy Order for an amount up to the value of the aforementioned Sell Order, and TINV shall submit such Buy Order on your behalf once the initial transaction has settled.
11.4 If within an Instant Transfer Instruction you instruct TINV to credit an Invested Balance in accordance with paragraph 11.3 above, you will be able to make use of our Instant Access facility in respect of that credited amount in accordance with section 10 above.
11.5 If within an Instant Transfer Instruction you instruct TINV to credit an E-money Balance in accordance with paragraph 11.3 above, you will be able to convert, spend, send or withdraw that credited amount in accordance with your customer agreement with Wise Payments.
12. Divesting an Invested Balance or Invested Jar
12.1 If you wish to divest the entirety of an Invested Balance or Invested Jar you must instruct TINV to divest the whole of an Invested Balance or Invested Jar into an E-money Balance or E-money Jar which is denominated in the same currency (a “Divestment Instruction”). In making a Divestment Instruction you will be deemed at the same time to have submitted to TINV a Sell Order in respect of all the Shares you hold through TINV in that Invested Balance or Invested Jar.
12.2 Subject to 12.3 below, once you have submitted a Divestment Instruction your E-money Balance or E-money Jar (as applicable) shall be credited at the point at which settlement of the subsequent Sell Order occurs and with an amount which corresponds to the value received for the Shares you instructed TINV to divest on your behalf.
12.3 If a portion of the balance of an Invested Balance or Invested Jar to which a Divestment Instruction relates is marked as “available”, that portion will be available for you to spend, send or withdraw.
12.4 By divesting the entirety of an Invested Balance or Invested Jar, you agree to TINV not treating the proceeds from the sale of the divestment as client money at the point at which settlement of the Sell Order occurs. TINV will hereby make use of the ‘Delivery versus payment transaction exemption’ in line with the FCA Custody Rules where this is applicable.
13. Investment Currency
13.1 The base currency of the Fund is US Dollar.
13.2 Buy Orders and Sell Orders that we submit to the Transfer Agent on your behalf shall be expressed in Euro, as this is a requirement of the Fund. The absolute number of Shares you will buy or sell in connection with any Buy Order or Sell Order will therefore be determined in part by the Euro / US Dollar currency conversion rate applied from time to time by the Transfer Agent.
13.3 Should you choose to invest from an E-money Balance or an E-money Jar denominated in a currency other than Euro, we will convert that relevant balance into Euro to meet the requirements of the Transfer Agent at the mid-market rate for that Trading Day. We shall make no additional charge for effecting this currency conversion.
13.4 The value of the Shares you hold through TINV will be shown within the App in the currency or currencies that you have chosen to invest in. In calculating this figure for the purposes of displaying your Invested Balances and Invested Jars we will apply the mid-market rate for that Trading Day for each necessary currency conversion.
14. Our responsibility for loss or damage
14.1 We are responsible to you for foreseeable loss and damage caused by us. If we do not reasonably meet our commitments to you, we are responsible for loss or damage you suffer that is a foreseeable result of our breaking this contract or our failing to use reasonable care and skill. We are not responsible for any loss or damage that is not foreseeable. Loss or damage is foreseeable if either it is obvious that it will happen or if, at the time the contract was made, both we and you knew it might happen, for example, if you discussed it with us during your account sign up process.
14.2 We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors and for fraud or fraudulent misrepresentation.
14.3 We are not liable for business losses. If you use our Services for any commercial or business purpose we will have no liability to you for any loss of profit, loss of business, business interruption, or loss of business opportunity.
14.4 We are not liable for technological attacks. We will not be liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect your computer equipment, computer programmes, data or other proprietary material related to your use of our Services.
14.5 We have no control over websites linked to and from our Website. We assume no responsibility for their content or any loss or damage that may arise from your use of them.
14.6 Our liability to you for unauthorised payments and transactions or our mistake:
14.6.1 Subject to paragraph 9.9 above, unauthorised payments or mistakes due to an error by Wise will be governed by the applicable Wise Customer Agreement.
14.6.2 In the case of an unauthorised Buy Order or Sell Order, TINV does not have an obligation to restore to you to the number of Shares you would otherwise have owned through TINV had the unauthorised Buy Order or Sell Order not occurred.
14.7 You are responsible for checking your Investment Account regularly. We rely on you to regularly check the transactions history of your Investment Account and to contact Customer Support immediately in case you have any questions or concerns.
14.8 We are not liable for things which are outside of our control. We (and our affiliates) cannot be liable for our inability to deliver or delay as a result of things which are outside our control. In addition, we are not liable to you for any loss or damage suffered by you as a result of your negligent or fraudulent acts or any acts which are otherwise contrary to your obligations under this Agreement.
14.9 You are liable for breaking this Agreement or applicable laws. In the unlikely event of loss or claims or costs and expenses arising out of your breach of this Agreement, any applicable law or regulation and/or your use of our Services, you agree to compensate us and our affiliates and hold us harmless. This provision will continue after our relationship ends.
14.10 What happens if you owe us money. In the event you are liable for any amounts owed to us, we may immediately remove such amounts from an Invested Balance or an Invested Jar (if available). If there are insufficient funds in an Invested Balance or an Invested Jar to cover your liability, we reserve the right to collect your debt to us by using any payments received in your Wise Account or Investment Account and otherwise you agree to reimburse us through other means. We may also recover amounts you owe us through legal means, including, without limitation, through the use of a debt collection agency.
14.11 Management of the Fund. The Global Fund, the Fund and the Fund Manager are authorised in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier. We are not responsible for the management or administration of the Global Fund or the Fund. In the event that you suffer loss by virtue of the performance, management or administration of the Global Fund or the Fund we shall not liable for such loss.
15. Our Custody Services
15.1 TINV shall provide its custody services to you in accordance with the FCA Custody Rules. This shall include, among other things, providing the following services in relation to your investment:
dealing with the administration involved in the buying and selling of Shares on your behalf;
appointing TINV Nominees Ltd as nominee of TINV to hold legal title to all Shares held in your Investment Account, as prescribed by the FCA Custody Rules;
maintaining adequate and appropriate organisational arrangements, including the maintaining of a complete and accurate internal ledger, for the purpose of ensuring that your investments may be easily identified; and collecting on your behalf any income and other entitlements accruing from your investments.
15.2 TINV Nominees Ltd, an entity within the Wise group, will hold legal title to the Shares issued by the Fund and held by TINV in custody on your behalf. It will hold these Shares on trust for TINV and you shall at all times retain an ownership interest in such Shares in addition to rights over any income or other entitlements accruing from the Shares.
15.3 We will identify, record and hold all customers’ assets separately from any of our own investments and other assets, and in such a manner that the identity and location of customers’ assets can be identified at any time.
15.4 Your investments may be pooled with those of other clients for administrative reasons, but the investments owned by you will always be clearly identified in our records.
16. Order Handling and Best Execution Policy
16.1 In executing transactions for you under this Agreement, we are under a regulatory duty to take all sufficient steps to provide to you the most advantageous result given the prevailing market environment. This is also known as ‘best execution’. If we arrange for the execution of your orders with a third party, we are under a duty to do so in accordance with your best interests. Our Best Execution Policy as of the date of this Agreement is available on our Website. By entering into this Agreement, you confirm your acceptance of the Best Execution Policy.
16.2 You will be given reasonable notice of any material changes to the Best Execution Policy before they are due to take effect and will be deemed to have consented to such change if you continue to use our services after that period.
17. How much will you pay?
17.1 You must pay the fees in connection with the use of our Services.
17.2 Your investments will be subject to the following fees:
Service fee: you shall be charged by TINV an annual fee of 0.4% in relation to the value of the Shares you hold through TINV. Such charges shall automatically be deducted from the value of an Invested Balance or an Invested Jar each month.
Management fee: the Fund Manager shall charge 0.15% annually to cover its costs incurred in relation to the management of the Fund. Such charge shall be automatically deducted from the assets of the Fund, and so will be reflected in the Net Asset Valuation of the Shares issued by the Fund.
17.3 You agree that we are authorised to deduct our fees, any applicable reversal amounts, and/or any amounts you owe Wise or TINV from your Investment Account held with TINV and/or from your E-money Balance held with Wise Payments. If you don’t have enough money in your Investment Account or E-money Balance to cover these amounts, we may refuse to execute the relevant transaction or provide any Services to you.
18. Investment Risk Warnings
Risk warnings are provided for your information and protection. We strongly encourage you to read them and to contact us if you have any questions or require further clarification. This document cannot cover all risks but is meant to act as a general guide to the most significant aspects of the risk associated with the investment service we offer you.
Performance risk. The value and income of investments and securities is dependent on market performance, and may therefore fall as well as rise. You may not get back the full amount of capital invested, and should be aware that past performance is not a guide to future performance.
Inflation risk. The real value of investments may be adversely affected by inflation, and you are reminded that, while an investment may have historically performed positively in an inflationary environment, past performance is not a guide to future performance.
Currency / Foreign exchange risk. As the base currency of the Fund is US Dollar and we will be submitting Buy Orders and Sell Orders on your behalf in Euro, foreign exchange rates may cause the value of your investments, and the income from them, to rise or fall. In particular, you should be aware and must acknowledge that movements in exchange rates could cause the value of your investments as displayed in your Investment Account to fluctuate other than as a consequence of the performance of the Fund. Any effects of foreign exchange rate movements could be more pronounced if you invest an E-money Balance or an E-money Jar denominated in a currency other than Euro, due to the fact that such balance will be subject to both a Euro and US Dollar conversion.
19. Closing your Investment Account
19.1 Subject to paragraph 19.3 below, you may end this Agreement and close your Investment Account at any time by divesting the entirety of each of your Invested Balances and Invested Jars.
19.2 Divesting an Invested Balance or Invested Jar will not terminate this Agreement if you are holding Shares issued by the Fund through TINV in any other Invested Balance or Invested Jar.
19.3 You must not close your Investment Account to avoid an investigation. If you attempt to close your Investment Account during an investigation, we may hold the Shares in your Investment Account until the investigation is fully complete in order to protect our interests or the interest of a third party.
19.4 You agree that you will continue to be responsible for all obligations related to your Investment Account even after it is closed.
20. Information security
20.1 You are responsible for configuring your information technology, computer programmes and platform in order to access our Services. You should use your own virus protection software. We cannot guarantee that our Services will be free from bugs or viruses.
20.2 You must not misuse our Services by introducing viruses, trojans, worms, logic bombs or other materials which are malicious or technologically harmful. You must not attempt to gain unauthorised access to our Website, the App, our servers, computers or databases. You must not attack our Website or the App with any type of denial of service attack. By breaching this provision, you would commit a criminal offence under the Computer Misuse Act 1990. We will report any such breach to the relevant law enforcement authorities and we will cooperate with those authorities by disclosing your identity to them. In the event of such a breach, your right to use our Website, the App and/or our Services will cease immediately.
21. When we can end this Agreement or suspend our Services
21.1 We may end this Agreement and close your Investment Account or any service associated with it by giving you one month prior notice, unless we are required by law to act sooner. On the closure date, all remaining Shares you hold through TINV will be sold and the proceeds deposited in your Wise Account, unless we are required by law to freeze your Investment Account.
21.2 You will have the right to request to move your Shares to a different broker, unless we are required by law to freeze your Investment Account. Please contact Customer Support should you wish to do so.
21.3 We may suspend, freeze, or close your Investment Account without notice in certain circumstances. We will lift the suspension and/or restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.
21.4 We may at any time suspend or close your Investment Account and/or end this Agreement without notice if:
- notifying you would be unlawful or compromise our reasonable security measures;
- you breach any provision of this Agreement or documents referred to in this Agreement;
- we are requested or directed to do so by any competent court of law, government authority, public agency, law enforcement agency or the FCA;
- we have reason to believe you are in breach of any applicable law or regulation; or
- we have reason to believe you are involved in any fraudulent activity, money laundering, terrorism financing or other criminal or illegal activity.
- allowing you to contribute or transfer in would breach legislation or HMRC and/or FCA rules; or
- the details you provided, including the declarations you accepted in opening your Wise Account or Investment Account, are incorrect and, had your application been correct, we would not have accepted your application for an Investment Account.
22. Our right to make changes
22.1 We may change this Agreement by giving you at least one week’s prior written notice. If we do this, you can terminate this Agreement immediately by providing written notice to us during the notice period. If we do not hear from you during the notice period, you will be deemed to have accepted the proposed changes and they will apply to you from the effective date specified in the notice.
22.2 In some instances, we may change this Agreement immediately. Changes to this Agreement which are: (1) more favourable to you; (2) required by law; or (3) related to the addition of a new service or extra functionality to the existing Services; or (4) changes which neither reduce your rights nor increase your responsibilities, will come into effect immediately if they are stated to do so in a change notice.
23. How we may contact you
23.1 We usually contact you via email. If you don’t maintain or check your email and other methods of communications, you will miss emails relating to your Investment Account and our Services. We cannot be liable for any consequence or loss if you don’t do this. If we have reasonable concerns either about the security of your Investment Account, or any suspected or actual fraudulent use of your Investment Account, we will contact you via telephone, email, or both (unless contacting you would be unlawful or compromise our reasonable security measures).
23.2 Other ways we may contact you. In addition to communicating via email, we may contact you via letter or telephone where appropriate. If you use any mobile services, we may also communicate with you via SMS. Any communications or notices sent by:
Email will be deemed received by you on the same day if it is received in your email inbox before 5pm on a Business Day. If it is received in your email inbox after 5pm on a Business Day or at any other time, it will be deemed received on the next Business Day.
Post will be deemed received three days from the date of posting for UK post or within five days of posting for international post.
SMS will be deemed received the same day.
23.3 Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our Website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. Do keep copies of all communications we send or make available to you.
23.4 If you need a copy of the current Agreement or any other relevant documents, please contact Customer Support.
23.5 This Agreement is made in the English language. Documents or communications in any other languages are for your convenience and only the English language versions are official.
24.1 If you have any complaints about us or our Services, you may contact us by following our Customer Complaint Procedure.
25. Other important terms
25.1 Nobody else has any rights under this Agreement. This Agreement is between you, Wise Payments and TINV. No other person shall have any rights to enforce any of its terms. Neither party will need to get the agreement of any other person in order to end or make any changes to this Agreement.
25.2 We may transfer this Agreement to someone else. You may not transfer, assign, mortgage, charge, subcontract, declare a trust over or deal in any other manner with any or all of your rights and obligations under this Agreement without our prior written consent. We reserve the right to transfer, assign or novate this Agreement (including the Investment Account) or any right or obligation under this Agreement at any time without your consent. This does not affect your rights to close your Investment Account under section 20.
25.3 If a court finds part of this Agreement illegal, the rest will continue in force. Each of the paragraphs of this Agreement operates separately. If any court or relevant authority decides that any of them are unlawful, the remaining paragraphs will remain in full force and effect.
25.4 Even if we delay in enforcing this Agreement, we can still enforce it later. If we delay in asking you to do certain things or in taking action, it will not prevent us taking steps against you at a later date.
25.5 This Agreement supersedes any other previous agreements. This Agreement supersedes and extinguishes all previous agreements between you and TINV, whether written or oral, relating to its subject matter.
25.6 Which laws apply to this Agreement and where you may bring legal proceedings. This Agreement is governed by English law. Any dispute between you and us in connection with your Investment Account and/or this Agreement may be brought in the courts of England and Wales.
26. Common Reporting Standard (CRS)
To help fight against tax evasion, over 100 governments around the world are complying with an information-gathering and reporting requirement for financial institutions, such as TINV, known as the Common Reporting Standard (“CRS”).
Under the CRS, we are obligated to determine where you are “tax resident”, which usually means where you are liable to pay income or corporate taxes. If you are a tax resident outside of the UK we are required to provide certain personal, account and financial details to HM Revenue and Customs (HMRC) who may then share that information with the tax authority of the country or jurisdiction where you are tax resident.
In the UK, we are required to complete CRS reporting to HMRC by 31 May every year in respect of customers we have identified as Reportable Persons or Reportable Entities.
How does the Common Reporting Standard impact you?
Customers identified as resident for tax purposes in the UK during the TINV onboarding process and therefore not a Reportable Person or Reportable Entity will only complete TINV onboarding to verify their UK tax residence. However, there will be some customers who based on the information we collect, we believe to be Reportable Persons or Reportable Entities.
If we feel we need further information we will ask you to provide additional information, such as your Taxpayer Identification Number (TIN) e.g. National Insurance Number, to help with the completion of a Tax Residency Self-Certification form. In some cases we will ask you for a reasonable explanation and/or additional documentary evidence as proof of tax residency
Do you need to do anything?
If you are affected by the CRS we may write to you asking you to fill in a Tax Residency Self-Certification form or to advise on missing information.
If you have any additional questions, please visit the OECD Automatic Exchange of Information portal for more information.
27. Moving outside the UK
27.1 If you permanently move to the United States, we will be required to close your Investment Account.
27.2 If you permanently move to any other country outside the UK
(a) your Investment Account opened under this Customer Agreement will continue to be serviced by TINV Ltd. However, you may be subject to certain limitations or closures as per Section 21.
(b) your Wise Account may no longer be serviced by Wise Payments Ltd, and you will be subject to the customer agreement based on your new address as outlined on the terms and conditions page here.