Terms & Condition
DECLARATION (PLEASE READ CAREFULLY BEFORE SIGNING)
I/We agree that in compliance with anti-money laundering legislation, transaction above N5million and N10 million for individual and corporate organizations respectively will be reported to the Securities & Exchange Commission (SEC), the Central Bank of Nigeria (CBN), or any other regulatory body.
I/We confirm that the information given in this form is true and correct
That accounts are to be adequately funded and debit balance, if any, must be cleared within 3 days of its occurrence. The debit balance not cleared within 3 days will attract at least two and half times over treasury bill rate prevailing at the beginning of the month in question or 22% whichever is higher.
That the company reserves the right to sell from the portfolio of the defaulter to clear the debit balance and the accrued interest if the balance is not cleared after 14 days.
I/We, …………………………………………………………………………………hereby declare that we understand the conditions
stated above and agree to abide by the conditions.
I/We hereby certify that all the information given above is correct, I/we also certify that I/we have read, understand, and agree with the attached terms and conditions governing the accounts/products I/we have requested as well as an assessment of your services via the channels I/we have selected.
PRIVACY NOTICE
According to the Nigerian Data Protection Regulation 2019, which guides all entities that collect, process, Transmit and store data of natural persons to put in place policies and procedures that safeguard the rights of natural persons to data privacy, foster safe conduct of transactions involving the exchange at personal data and prevent manipulation of their data. Reward Investments & Services Limited (RISL) has responded per this regulation.
The following highlights our business requirement for collecting your personal data or information.
* To comply with, applicable laws and regulations that regulates our business.
* To respond to your inquiries about RISL. To improve our products and services
* To improve customer service delivery. *
* To send promotional emails about new products, exclusive offers, or other information that we think you may find helpful using the email address you have provided.
* To contact you occasionally for market research purposes. We may contact you by email, phone, fax, or mail.
* To deliver technical and functional management of our site.
* To provide services following the agreement you are entering or have entered with us.
We only collect the information you give us, and by patronizing us, you have consented to the collection. processing, transmitting and storage of your data.
We only require the minimum amount of personal information necessary to fulfill the purpose of your interaction with us; we do not sell it to third parties, and we only use it as the privacy policy describes. Please visit our website for the detailed privacy policy.
INDEMNITY MANDATE
This Indemnity Mandate grants Reward Investments & Services Limited (RISL) the authority to either receive an instruction letter/mandate form with verified signature with RISL, text message or email mandate (only from registered and verified phone number or email address with (RISL) to purchase or sell stocks on your behalf at the best market prices unless otherwise stipulated. This is necessary to meet regulator’s requirement for all mandates to be signed by the client.
N.B: In cases where the text message made of mandate is sent to a sales representative / relationship manager would reach out to you for the regularization of documents. RISL reserves the right for whatever reason to act or not act upon instructions received via text message without regularization of mandate form/instruction letter from the client.
I/We indemnify and hold Reward Investments & Services Limited harmless against all and any risks, proceedings, suits, costs, damages and claims, expenses, legal fees, liabilities and losses which Reward Investments & Services Limited may become exposed to, suffer from, subjected to, incurred or made against, whether arising out of or in connection with the sales or purchase of stocks which could arise as a result of, but not limited to fluctuations in market price, internet or mobile network transmission, mutilated, duplicated, illegible, and altered letter/mandate form, provision of incorrect bank details, delay in remittance of sales proceeding for any reason, late receipt of mandates errors from reliance on the information provided in this account opening document and signature specimen and other events of force majeure such as acts of God and other unforeseen natural events such as, but not limited to fire, flood, war, riot, urban unrest, terrorism, epidemic, and pandemic on my/our behalf.
RISK DISCLOSURE STATEMENT
REWARD INVESTMENTS & SERVICES LIMITED is registered with the Securities and Exchange Commission and licensed by the Nigerian Exchange Limited (NGX) to carry on securities trading business.
Generally, securities investments are suitable for clients who fully understand and appreciate the risks involved. It is highly speculative, involves a high degree of risk and may result in the loss of the entire investment. Therefore, before deciding to trade equities, and/or other related ancillary or capital market operations, Clients should carefully consider their objectives and risk appetite. The Client should exercise particular care in evaluating the risks involved and must decide whether in the light of the assessed risks, investment is appropriate. Clients should be aware that there are always significant risks involved when investing in securities in the capital market. Many unforeseen events such as new and existing government policies, domestic and international political and economic events, and other events of force majeure (acts of God, war, riot, urban unrest, terrorism, epidemic, pandemic, natural disasters etc.) may cause sharp market and price fluctuations. Clients are encouraged to consider all risks (material and non-material) as well as other qualitative and quantitative risk factors associated with investing in securities which differ across board.
The Client should acknowledge and note the risks listed and accept that all these risks could lead to the loss of some or the entire value of the Client's investments:
A. Risks Associated with Securities Trading
1. Investment Risk
All securities investments risk the loss of capital. Many unforeseeable events, including actions by various government agencies and domestic and international political and economic events and other events of force majeure, such as acts of God, and certain other events beyond reasonable control (e.g. war, riot, urban unrest, terrorism, epidemic, pandemic, natural disasters etc.), may cause sharp market and price fluctuations.
2. Market Liquidity Risk
Some of the listed securities in which the Client may invest, may be traded in very low volumes as such, there is the risk that investments may not be easily liquidated. The prices and values of securities can also be influenced by outside factors such as interest rate changes, price or level of any underlying asset, level of interest rates, foreign exchange rates, volatility and liquidity
The potential for profit or loss from transactions in foreign currency-denominated securities (traded locally or in other jurisdictions) will be affected by fluctuations in foreign exchange rates. Clients or companies that have assets or business operations across national borders are exposed to currency risk that may create unpredictable profits and losses.
4. Execution Risk
We, Reward Investments & Services Limited acting as a broker for the purchase, sale and/or investment in the Securities, may, on certain occasions, not be able to execute the purchase or sale or to undertake any action relating to the securities in accordance with the Clients’ instruction. These occasions include, amongst other things, a situation where the market conditions are not favorable, the order cannot be matched, the laws and regulations of the Exchange or other competent authorities impose limitations, etc.
5. Commission, Fees, Interest and Other Charges
All regulatory fees, commissions, charges are as approved by the regulatory authorities. The Client should obtain a clear explanation of all commissions, fees, interest and charges, and understand that these charges may affect the Client's net profit (if any) or increase the Client's loss. The Client agrees that he/she will be liable for these charges (as may be amended from time to time).
6. Settlement Risk
Settlement risk may arise as a result of technological issues or glitches within the infrastructure thus resulting to a delay in executing clients' mandates.
G. Risk Relating to the Investor’s Own Investment
Each decision by a client to invest in the securities is his/her own independent decision. The firm is not acting as an advisor. Before making a decision to invest, Clients should have confirmed that they have carefully studied and considered all information relating to the status, business, financial condition and operation of the company/entity issuing the securities, including the underlying assets of or other information relating to the securities in which the Clients will invest, and other relevant factors relating to the investment such as political, economic, legal and regulatory conditions, as well as market conditions, demand, supply and price of the underlying goods of the securities. As a result, the Clients bear all risks from the investment.
H. Regulatory Risk
Reward Investments & Services Limited is subject to the various laws and/or regulations of the competent relevant regulatory authorities. Any legislative or regulatory changes may impact the functions of the broker/dealer. All transactions performed by Reward will be executed in accordance with the relevant rules and regulations and any that fall contrary to the existing regulatory framework may be nullified by the regulatory authorities.
I. Non-Advisory Nature of Relationship
Unless the Client has a specific agreement with Reward Investments & Services Limited for the provision of advisory services or fund management services, the Client should note and accept that the relationship with Reward Investments & Services Limited in relation to the Client's securities and securities-related transactions is purely execution only
Whilst the we shall exercise all due care and skill at all times in the course of carrying out capital market services on y o u r behalf, all final investment decisions are taken by the Client and not the firm. Reward merely acts in a non-advisory capacity and executes orders on behalf of the Client unless otherwise specifically staled.
J. Risk Relating to Digital Trading
A Client can decide to trade electronically through the platform of his/her broker on his/her own account thereby taking responsibility for his / her action Trading via digital channels is subject to certain risks including, but not limited to, technological glitches, time-lag between order entry and real execution due to delay transmission, password compromise, viruses and other possible harmful elements that could corrupt, compromise, harm or otherwise impede the operation or performance of a computer system or network. Clients should ensure that they go through the terms of service applicable to any online service they wish to subscribe to.
Clients should also ensure that they maintain appropriate security measures in the operation of their online accounts including using strong passwords, keeping their passwords and log in details safe, avoiding log in from public computers and keeping their computers protected from viruses, etc.
INTERNAL POLICY ON COMPLAINTS MANAGEMENT
Reward Investments & Services Limited aims to provide an efficient, clear, non-threatening, fair and accessible mechanism for dealing with problems which arise in Customers Service/Client Relationship Management.
Where a customer is dissatisfied with our services for whatever reason, the customer is allowed to express his/her grievance as follows:
1. Complaint is made: A complaint shall be made in writing and addressed to the Managing Director/CEO or through the company’s website complaint/enquiries portal. The client's complaint shall be acknowledged and responded to within 5 working days of receiving such complaint.
2. Preliminary Action: The Managing Director/CEO or COO shall sensitively and carefully review such complaints to understand the grievances for conciliatory resolutions.
3. Outcome: An acceptable outcome shall be communicated to the appropriate regulatory bodies/agencies by the Chief Compliance Officer (CCO) to ensure that the outcome is implemented and followed.
4. Dissatisfied Client: Where the internal or in-house conciliation resolution fails, the client may seek redress FIRST from the secretariat of the Trade Group (ASHON/NSE/SEC).
5. Key Elements: All clients have the right to make and have complaint(s) resolved
CLIENT'S ONLINE PORTAL INDEMNITY
Access to and use of this website and portal is at the users or client’s own risk. Reward does not represent or warrant that the use of this site or any material downloaded from it will not cause damage to property, including but not limited to loss of data or computer virus infection.
No third party is permitted to link any other website to this site without obtaining prior written consent from Reward.
Reward shall not be responsible for theft or divulgence of password leading to any liability on the clients’ account.
Reward will make all reasonable endeavour to ensure the integrity and security of the server, however, Reward does not guarantee that the server will be free from unauthorized users or hackers. Reward shall not be liable for non-receipt of mis-routing of email or for any other failure of client(s) email.
I/We hereby agree to keep Reward Investments & Services Limited indemnified from and against all actions, proceedings, claims and demands which may be brought or made against Reward and all loses, costs, charges, damages and expenses which may be incurred or sustained or for which Reward may become liable by reason of honoring mandates received via recorded telephone lines, mandate line, e-mail and other electronic channels instructions, provided that Reward has taken all measures prescribed by this agreement irrespective of whether the instructions are in fact erroneous, fraudulent or issued otherwise in which Reward may be acting on client's behalf or in accordance with clients instructions.
CONFIRMATION
I/We hereby confirm that I/We have read and agree to the above indemnity mandate, risk disclosure statement, & other policy statements.
