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      Transfers

      Prepared by

      Operations

      Date

      25-06-2024

      Below are the queries transfers will handle:

      • External stock transfer INTO DMA
      • External stock transfer OUT of DMA & account closure that may trigger remediation
      • Internal portfolio transfers DMA (including white label position moves)
      • Price amendments
      • Removal of delisted shares
      • Direct registration system

      Team members

      Olwethu Mnguni

      Escalation

      Jodi Swartz

      External stock transfer INTO DMA

      • Stock transfer template (latest template can be found on the DMA website).
      • PDF valuation statement reflecting the clients name and account number from the sending broker not older than 3 months.

      Additional requirements for wrapped products (GLP/OMI/MWI) and asset swaps:
      • Wrapped products – DMA requires a signed instruction letter from the wrapper provider confirming the transfer.
      • Asset Swap transfers – DMA requires proof that the account at the sending broker is also an Asset Swap account.

      External stock transfer OUT of DMA & account closure that may trigger remediation

      Confirm and provide the following to proceed.

      1. Confirmation that this will be an account closure
      2. Share transfer:
      – Completed transfer template (latest template can be found on the DMA website).
      – PDF valuation statement reflecting the clients name and account number from the receiving broker not older than 3 months.
      – A transfer out fee of ZAR 100/ USD 10 per line (capped at ZAR 1000/ USD 100) is applicable and is charged to the account we are transferring from.
      3. Cash transfer:
      – Local: Certified proof of banking details
      – Offshore: Certified proof of banking details and completed withdrawal form.

      Additional requirements for wrapped products (GLP/OMI/MWI) and asset swaps:

      • Wrapped products – DMA requires a signed instruction letter from the wrapper provider confirming the transfer.
      • Asset Swap transfers – DMA require a confirmation letter from the receiving entity (SARB approved Institutional Investor) confirming they have sufficient capacity to accept the transfer and will, subsequently to receipt, fulfil Quarterly Asset Allocation Reporting in terms thereof.

      Please note:
      In compliance with Public Compliance Communication 11 to the FIC Act no.38 of 2001 your request will be sent to our remediation team (remediation@dma.co.za) for relevant identification, verification and record keeping requirements as prescribed by the FIC Act for full account transfers and account closure requests.
      We will not transact on the account before remediation is complete.

      Completing the stock transfer template:

      A. Client ID: DMA ID number
      B. Account number: DMA account number
      C. Product type: Share – SH | Bond – BO | Mutual Fund – MF
      D. ISIN: Identification Share Number.
      E. Bond code: Bond number (Leave blank if only shares are being transferred)
      F. Exchange: XJSE, XNAS, XDUB, XLON …
      G. Currency: ZAR, USD, EUR, GBP …
      H. Amount: Quantity of shares
      I. Price: Open price or market price (change of beneficial owner) of share
      *Please note, GBP prices need to be in Pence and ZAR prices in Cents. Certain ETFs are tradeable in Pence and Pounds – ensure that the pricing convention is correct*
      J. Broker name: The Counter party’s name (Platform name)
      K. Broker contact: A contact person at the counter party
      L. Broker phone: A telephone number of the contact person at the counter party /sending broker
      M. Broker mail: Email address of the contact person at the counter party/sending broker
      N. Client account at broker: The client’s account number held at the counter party/sending broker
      Fees (please confirm which account to charge)
      Please ensure that all instruments in GBP are quoted in GBP(Pence) and all ZAR prices are quoted in cents, there will be a USD 10 per line charges if the prices are completed incorrectly.

      Internal portfolio transfers within DMA (and between white labels)

      Internal position moves

      • Position move template (sub account or between IDs – elaborated below)
      • Between wrapper and direct DMA account: Letter from policy owners (GLP/OMI/MWI) confirming asset transfer and acceptance. The letter must confirm if cash should be moved internally or paid out to the wrapper provider.
      • Between Saxo white label accounts: Client’s white label portfolio statement (reflecting the clients name and account number, not older than 3 months) and confirmation of same owner template.

      Types of position movements

      • Transfer between sub accounts

      Example 1:
      Transfer between “John Smith” USD account to “John Smith” GBP sub account

      • Transfer between two different client ID’s

      Example 1:
      Transfer from a private account to a policy (E.g. Sanlam account)

      Example 2:
      Estate late, process the transfer from the estate late account to the beneficiary accounts.

      • Between 2 white labels (WL’s)

      Example 1:
      Transfer from Standard Bank WL Saxo Bank to DMA

      Templates required:

      • Position Movement Template between 2 sub accounts
      • Position movement between 2 WL ID’s, required for WL transfers only.
      • Confirmation of same owner template, required for WL transfers only.

      Completing the position move template

      Client ID: Client’s DMA ID
      From account: Account number, positions should be moved FROM
      To account: Account number, positions should be moved TO
      Ticker: Abbreviation used to uniquely identify traded instrument (AAPL:xnas)
      Amount: Amount of shares that need to be moved
      Position number: Position ID, which can be found under Position details on Partnerconnect
      Purchase price: The price the shares need to be moved at
      Instrument Type : Instrument Type (etc. Shares, Bonds, Mutual Funds)
      Related Orders Cancelled: leave blank

      Fees

      – Please ensure that all instruments in GBP are quoted in GBP(Pence) and all ZAR prices
      are quoted in cents, there will be a USD 10 per line charges if the prices are completed incorrectly.
      – A USD 10 per line split fee is applicable for positions that need to be split (e.g. total positions in AAPL:xnas is 20 and you would only like to move 10).

      Third-party Transfers (external and internal)

      While third-party transfers are not a core function of our business, we recognize that such transactions may occur occasionally. Our approach to handling these transfers is guided by a commitment to maintaining the highest standards of accuracy, compliance, and customer satisfaction.

      DMA acknowledges the necessity of third-party transfers under certain circumstances and is dedicated to ensuring these transfers are handled with the utmost diligence. Although infrequent, third-party transfers require a specialized process to ensure they meet all regulatory requirements and maintain the integrity of our operations.

      Please note that internal approval is required for third party transfers and additional due diligence
      is required and is treated on a case-by-case basis.
      All third-party transfer documents must be sent to DQM@dma.co.za for sign off.
      Once sign off has been received, and DQM confirms that documents are in order, a request must
      be sent to transfers@dma.co.za attaching the relevant template and DQM sign off email

      Document requirements below (in addition to standard transfer requirements):

      • Signed instruction letter from the delivering party indicating a specified amount of shares and/ or cash from X account to Y account. The instruction letter must include the reasons for the transfer and include a legal basis such as whether it is a loan, donation, part of a sale.
      • A signed acceptance letter from the receiving party
      • Completed DMA third party form

      Fees (please confirm which account to charge)

      – Local: ZAR 1000
      – Offshore: USD 100

      Price amendments

      Requirements:
      -Completed price change template
      -USD 10 per line is applicable, please confirm which account to charge for the change

      Removal of delisted shares

      Note: The request is to remove a delisted/ unlisted holding from the client account. This means that the client forfeits this holding and cannot request for the position to be transferred back into the account.

      Requirements:
      -Completed and signed ‘Request for account closing transfer’ form

      Direct registration system

      The DRS enables clients to elect to hold their assets in book entry form directly with the issuer.

      The following documents are required: Canadian DRS:

      • Stock Power form
      • Holding Statement
      • United States DRS:
      • Holding Statement

      Costs:
      Canadian DRS – 1000 CAD per instrument
      United States DRS – 1000 USD per instrument

      Useful information

      – General SLA times for response to emails is 48 hours
      – Prices completed on templates are at the onus of investment managers and are responsible for completing the correct prices on templates.
      – Upon submission of transfer requirements, the completion of stock transfers is dependent on various factors e.g.: the response timeline of the counterparty, agreed trade and settlement dates, counterparty internal stock transfer process.
      – Mutual funds take a minimum of 15 days to settle from the date that the instruction has been sent to the TA (who is responsible for settling mutual funds).
      – We cannot transfer out or move positions from an account with a negative cash balance. The account must be on zero or positive balance to proceed.