Farmer Trading Service Terms and Conditions

Last updated: 24 January 2025

1. About these Farmer Terms

1. The terms set out in the General Terms and Conditions (General Terms) apply to your use of the Farmer Trading Service, save as amended by these Farmer Trading Service Terms and Conditions (Farmer Terms). These Farmer Terms are a supplement to, and must be read together with, the General Terms, which set out the general terms relating to use of our Services. The meaning of capitalised words used in these Farmer Terms is set out in the Dictionary at the end, or are defined in the General Terms.

2. By accessing or using our Farmer Trading Service you agree that:

• these Farmer Terms apply between you (the person using our Farmer Trading Service and any Farm Entity you’re authorised to represent that is approved by us) and Sharesies Limited (Sharesies/us/we), a New Zealand-based entity, which provides the Farmer Trading Service to you, is the legal custodian solely for customers’ NZD cash assets, and the NZX market participant and broker-dealer for FSF Units and the FCG Shares; 

• we collect and use your information in line with our Farmer Trading Service Privacy Policy. The Farmer Trading Service Privacy Policy applies instead of our standard Privacy Policy solely in relation to the Farmer Trading Service and any Save account should you choose to open one;

• additional terms may also apply to your use of the Farmer Trading Service (including any such terms imposed by Fonterra) and should be read together with these Farmer Terms; for example any special terms that apply if you participate in a promotion, or use special features, or the Save Terms and Conditions if you choose to open a Save account. 

3. Please note: Sharesies has separate terms that will apply if you wish to use our general Invest Service—these Farmer Terms relate solely to your use of the Farmer Trading Service and any subsequent Save account you may open.

2. Support Crew for the Farmer Trading Service

The Farm Entity is the legal owner of the Investments

1. In relation to the Farmer Trading Service, the Farm Entity is the legal owner of the Investments in the Portfolio. You can buy, sell, or hold Investments directly under the CSN for your Farm Entity.

The Farm Entity is the beneficial owner of the money in the Wallet

2. In relation to the Farmer Trading Service, the owner(s) of the Farm Entity is the beneficial owner of the money in the Wallet (provided they don’t owe any amounts to us—see sections 6(10) to (12) ‘Our rights if you owe us money’ below). The money in the Farm Entity’s Wallet will be held on bare trust for the owner(s) of the Farm Entity as the ultimate beneficial owner by Sharesies Nominee Limited, in accordance with these Farmer Terms. To the extent permitted by Applicable Law, the provisions of the Trusts Act 2019 will not apply to this bare trust.

3. Sharesies Limited works with others—our Support Crew—to deliver our Farmer Trading Service, including:

3. Getting started with our Farmer Trading Service

Opening an Account 

1. To open an Account for your Farm Entity and use our Farmer Trading Service, you will need to meet our eligibility criteria to have an Account with us as well as any additional eligibility criteria imposed by Fonterra: 

• be 16 or older and living in New Zealand

• be a natural person (unless otherwise agreed in writing with us, for example if the Farm Entity is a company or a trust)

• have a New Zealand bank account

• have a registered New Zealand address

• provide the information we request 

• agree to and comply with these Farmer Terms and the Sharesies Code of Conduct 

• provide accurate and current tax information (if you’re a foreign tax resident you’ll need to provide a relevant tax identification number (TIN))

2. Please also note:

• We don’t have to open an Account for the Farm Entity or give reasons if we decide not to do so.

• You agree that Fonterra will (on your behalf) provide us with the full name and details of nominated Trading Contact(s) for your Account, and notify us if the Trading Contact(s) changes from time to time. If the Trading Contact(s) has an existing Sharesies Account, the Trading Contact(s) should link your Business Profile to this existing Sharesies Account, and use the same login credentials for their existing Sharesies Account to log in to your Business Profile. All Trading Contact(s) must also accept these Farmer Terms to use the Farmer Trading Service.

• Only Trading Contact(s) (and anyone else with apparent authority from time to time) can use your Account, not any other person (unless otherwise agreed in writing with us).

• Fonterra will provide us with the details of your minimum and maximum holdings of FCG Shares. 

• You must tell us if the Farm Entity is a Prescribed Person or later becomes one. 

• We can in our sole discretion change or waive any criteria from time to time. 

• You must only use our Farmer Trading Service for the Investments of your Farm Entity. 

You must give us certain information about you

3. You must provide both us and Fonterra with the information we request from time to time and promise this information is true and complete.

4. If the NZX or a member of our Support Crew interacting with the NZX requires more information about you, your Account or any Order or Trade, you (or Fonterra on your behalf) must promptly provide that information, including the identity of any person with access to your Account.

5. If you don’t give us this information, we may suspend your access to or use of our Farmer Trading Service and/or sell any Investments you may own and close your Account.

6. Initially, we will need certain information about you, including a valid email address, phone number, tax residency details, the Farm Entity’s bank account, and IRD numbers—Fonterra will provide these to us on your behalf. Fonterra will also provide us with the full names of the owner(s) or shareholder(s) (or any other beneficial owner(s)) of the Farm Entity. You (or Fonterra as relevant) must tell us promptly of any changes to this information, or update this in your Account.

7. We may need to seek additional or updated information about the Farm Entity when you first deposit funds into the Wallet or seek to place an Order to buy or sell the Investments, or if you choose to open a Save account. For regulatory reasons, we may also need to understand the source of funds from time to time.

Data use and privacy

8. Our Farmer Trading Service Privacy Policy sets out how we collect and use your information. There may be times when for the purposes of providing the Farmer Trading Service or the Save account we need to share your information with Fonterra, and Fonterra needs to share your information with us, and you consent to us and Fonterra doing so on this basis. 

We pool your money

9. Your money may be pooled with the money of our other customers and ourselves and held in ‘pooled accounts’. 

10. Your money is individually identifiable to us in the records we maintain but typically isn’t individually identifiable in third party registries (such as bank accounts because the legal title is held in the name of Sharesies Nominee Limited or a third party sub-custodian). 

How you can contact us

11. Section 9(2) of the ‘Communication and contacting us' section in the General Terms is replaced by the following section for the purposes of these Farmer Terms:

“You can contact us at help@sharesies.co.nz”

Topping up your Wallet

12. You can only top up your Wallet in NZD. 

13. You can use a direct transfer from a local bank account to top up your Wallet. We may restrict the types of bank account that can be used to top up. 

14. We may require you to top up from a local bank account that’s in the Farm Entity’s name. 

We apply rounding

15. We may apply rounding to values in your Wallet and Portfolio. The decimal place we round to is different for money and for different types of Investments. Sometimes we round to more decimal places in the background than in the displayed values that you see. 

 Withdrawing from your Wallet

16. We may require you to withdraw to a local bank account that’s in the Farm Entity name, that the money in the Wallet originally came from. You can only withdraw money from the Farmer Trading Service in NZD. 

17. Due to third party banking restrictions, we may impose a limit on the amount of money that can be withdrawn at one time. If your Wallet contains less than $0.01 then you cannot withdraw that amount and if your Account is closed, we keep this small amount.

18. When transferring money into your Wallet you must do this only with the intention of buying and selling Investments available through our Farmer Trading Service (or withdrawing money you have used for that purpose).

19. We might show the money you will receive for a sell Order in your Wallet before the sell Order has settled, and we may not allow you to trade with or withdraw the money until the Order has settled. 

We have measures in place to identify financial crime 

20. We may ask you for further information and may restrict withdrawals while we wait for this information. 

21. If you top up, do not Trade and want to withdraw your money, you may be restricted to withdrawing your money to the bank account that you topped up with. 

Earning income 

22. If your Investment earns money (for example if you sell it, or it pays a dividend or distribution) we will deduct any applicable fees (see section 6 for more details) and add the balance to your Wallet, unless you have previously instructed us to do otherwise.

23. In some cases you may receive no money in your Wallet in relation to earning income if the value of that income minus applicable fees is less than $0.01.

24. There may be a delay between your Investment earning money and the money being available in your Wallet. Delays happen for reasons including the processing times for us, Fonterra, our Support Crew, the NZX, the Investment Provider or bank. The length of this delay can vary across Investments.

25. If your consent is required to receive money or income you agree we can provide that consent for you. 

What if we can’t tell which Account money should go to?

26. If you have provided the wrong reference details when you deposit money to your Wallet, we might not be able to identify which Account the money should go to.

27. If we cannot identify the Account money should go to, we may hold that money while we wait to hear from you. If we do not hear from you and cannot find where the money should go after some time, we may return the money to the source it came from. 

28. If your Account has closed, and your money arrives after this time, we make reasonable efforts to pay this money to you. We treat any unclaimed money in accordance with Applicable Laws. 

Errors 

29. If we incorrectly put money in your Wallet or Investments in your Portfolio that do not belong to you, you agree we can remove that money or those Investments without notice. If you withdraw the money or trade the Investments before we can do so, you will owe us the value of that money or those Investments. 

4. Risks

Investing isn’t always straightforward

1. Some risks of investing and of our Farmer Trading Service:

• Investing involves risk. You may not make any money and you could get back less money than you put in.

• Investments can go up and down in value, or stay the same.

• Fees and taxes apply.

• Investments may or may not make income (such as paying a dividend or interest).

• We don’t give financial, legal or tax advice or recommendations.

• Our Farmer Trading Service has limits, and doesn’t work perfectly all of the time.

• You’re exposed to market risk when using Sharesies, as the Investments you own may have decreased in value when you want to sell or exchange them.

• Investments might change in value for lots of reasons, including political, economic, tax or legal reasons. Changes might impact a specific Investment, the NZX, or sector or be wide reaching. 

• Sharesies doesn’t issue or manage the Investments on our Farmer Trading Service and we don't have any responsibility for the performance of your Investments. 

• Prices displayed on the Farmer Trading Service may be delayed (often by at least 20 minutes) and are provided by a third party. This means the price you see in the Farmer Trading Service may not be the market price of the Investment (and also may not be the price that your Trade is executed at). 

• Past performance of an Investment or currency is not a guarantee of future performance.

• Local and overseas taxes can impact the overall return on your Investments. You are responsible for your tax obligations.

Sometimes you may not be able to buy or sell Investments or currency at the time you want or at the price you want

2. This might be because: 

• You need to wait on a corresponding buyer or seller. Sometimes there may be no one who wants to buy or sell at or near the price you’ve set. 

• Some Investments have specific rules around when you can buy or sell them (see an Investment's relevant offer documents or other disclosure documents for details).

• The status of an Investment may mean you’re prevented from trading, for example if an Investment is in a trading halt or the exchange has suspended trading. 

• Our Services or a party we rely on may not be working properly. 

We don’t support all Investment options and features

3. We don’t provide discretionary Portfolio management services for your Investments.

4. We act on your instructions under these Farmer Terms (as provided by your Trading Contact(s) or anyone else with apparent authority from time to time).

Our Farmer Trading Service has limits 

5. Our Farmer Trading Service does some pretty amazing things, however it doesn’t do everything. For example, our Farmer Trading Service doesn’t let you:

• participate in all types of corporate actions 

• transfer your Account or Investments to another Sharesies Invest Service.

Service Availability

6. Section 2(1) of the ‘Service Availability' section in the General Terms is replaced by the following section for the purposes of these Farmer Terms:

“Other than as expressly set out in the Terms, we do not make any specific promises about the Services. We work hard to provide great Services and undertake to carry out our Services with reasonable care and skill in accordance with our obligations under law, but cannot guarantee that our Services will be 100% secure, uninterrupted, error-free, or free from bugs. We provide our Services on an ‘as is’ basis—we aim to have the Farmer Trading Service available 99% of the time during a Trading Day, but there may be times when the Farmer Trading Service is limited or unavailable, and we cannot guarantee that the Services will always suit your needs, or that they'll work on time.”

What happens if Sharesies or our Support Crew become insolvent or default on their obligations

7. In relation to the Farmer Trading Service: (i) the Farm Entity is the owner of the Investments in your Portfolio; and (ii) the owner(s) of the Farm Entity are the beneficial owner of the money in your Wallet—Sharesies Nominee Limited holds such money on bare trust. If we or any of our sub-custodians (including third party sub-custodians) were to go broke, the money in your Wallet and Investments in your Portfolio cannot legally be used to pay Sharesies’ debts (or any debts of the sub-custodians). 

8. Your Wallet and Portfolio are protected from our general creditors, and the general creditors of our sub-custodians. 

9. Other than as you agree in these Farmer Terms or the General Terms (for example to pay fees), we, and our sub-custodians, aren’t allowed to use your Investments or any money in your Wallet for ourselves or for any other person. 

10. If we become insolvent or materially default on our obligations (or other parties involved in your Order or Trade do), then we (or others) may cancel your Orders or Trades that haven’t settled and we may suspend trading. If a third party that holds money for you becomes insolvent or materially defaults on material obligations, we will use reasonable endeavours to enforce our rights against them under applicable contracts and Applicable Law.

5. Investing

1. Only the Investments are available to you through the Farmer Trading Service. Sharesies Limited is not the issuer or offeror of these Investments.

2. We try to help you understand Investments, including terminology and processes, however it is your responsibility to understand the way the Investments work in our Farmer Trading Service.

You tell us what to do with your Investments and your money

3. You are responsible for all use on your Account.

4. When it comes to your Investments and your money, including any money in any Save account you choose to open—a Trading Contact (or anyone else with apparent authority from time to time) tells us what to do and we act on their instructions, provided we can within our Farmer Trading Service’s existing capability, and that their instructions are consistent with our obligations under Applicable Law and the Farmer Terms.

5. The Trading Contact (or anyone else with apparent authority from time to time) tells us to buy or sell Investments for you by making an Order, through the Farmer Trading Service:

• To make a buy Order you usually need to have enough money in the Wallet to cover the value of the Investment and our fees.  It may be possible for you to use our trading facility—if it’s available, we’ll make this clear to you in the Farmer Trading Service (also see sections 5(17) to (19) ‘Trading Facility’ below).

• To make a sell Order you need the Investments in your Portfolio to sell. 

6. You agree that we can rely on instructions through your Account from the Trading Contact(s) or anyone else with apparent authority from time to time as being a valid instruction from you.

We try our best to complete your Order (in accordance with these Farmer Terms)

7. When you make an Order we try to place that Order, but note we are subject to the terms in these Farmer Terms, Applicable Law, our technical limitations and legal obligations, and applicable terms of the relevant registry or Investment Provider. 

8. You agree that we may:

• complete a buy or sell Order 

• act for you as both a buyer and seller

• act for the other side (the corresponding seller or buyer) in a Trade you told us to make

• accumulate or bundle Orders

• delay acting on your Orders for any reason, including to allow for ‘crossings’ (as defined in the NZX Rules) 

• pool your money with those of our other customers

• set and change limits for your Orders. We can do this generally or for particular Investments or customers. For example, we may limit the dollar value, number of FCG Shares or FSF Units, frequency, or type of Orders you can make.

9. You can override our discretion to accumulate, bundle or delay your Order by cancelling your Order before it starts processing.

10. You agree that it is your responsibility (not ours) to comply with the applicable minimum and maximum holdings constraints Fonterra has placed on the Farm Entity’s trading in FCG Shares, or any other restrictions Fonterra places on the Farm Entity from time to time.

Orders to buy or sell Investments

How do Orders for FCG Shares and FSF Units work?

11. FCG Shares and FSF Units are Investments that are listed on the NZX. We place your Order for either FCG Shares or FSF Units as a limit Order.

How your Order for FCG Shares or FSF Units becomes a Trade 

12. You authorise us to place your Order for FCG shares and for FSF Units; on the NZX.

13. Sometimes your Order for FCG Shares or FSF Units may process almost immediately and become a Trade, but it can take longer. Reasons for this may include because you placed your Order outside of the Trading Day, your Order may be waiting on a corresponding buyer or seller in the market, the NZX may have suspended trading, or third-party systems or our systems may be unavailable or experiencing delays. 

What happens after we get your Order for FCG Shares or FSF Units

14. After we get your Order, we usually put it on the NZX as follows: 

15. If we receive your Order during a halt or an interruption of the NZX, the FCG Shares, or the FSF Units, or when there are technical issues, for example, the NZX is down or the FCG Shares or FSF Units have suspended trading or there are issues affecting our ability to place Orders, we may:

• not let you submit an Order; 

• reject your Order; 

• hold your Order; or

• place it on the market to queue for when trading resumes

16. When you place your Order, you acknowledge that: 

• We might not have direct contact with the actual buyer or seller on the other side of the Trade.

• The NZX may have rules and processes that you, we, our Support Crew and third parties need to comply with.

• The processing time for your Trade will depend on our requirements and the requirements of third parties.

Trading facility 

17. To place an Order to buy an Investment through our Farmer Trading Service you usually need to have enough money in the Wallet. It may be possible for you to use our trading facility instead for a buy Order for FCG Shares—if it is available, we’ll make this clear to you in the Farmer Trading Service, together with any of our fees and limits and other terms that may apply from time to time.

18. Using our trading facility would mean your Wallet does not need to contain the required funds for the buy Order at the time you place this Order. Instead, the Farm Entity will need to settle the required funds for the buy Order by the prescribed time on “T+2”, meaning two Trading Days after the Trade occurs.

19. If the Farm Entity fails to provide us with the required money for any Trade of FCG Shares by the prescribed time, then we may sell the relevant FCG Shares involved. We will have the rights set out under sections 6(10) to (12) ‘Our rights if you owe us money’ below. In the event that we do sell the FCG Shares:

• the Farm Entity must pay any direct Loss we incur as a result. In such a case, you agree that: (i) the Farm Entity has instructed Fonterra through the Farmer Trading Service to recover this Loss on our behalf by deducting it from any amounts payable by Fonterra to the Farm Entity for milk supplied to Fonterra; and (ii) Fonterra will accordingly pay such amounts directly to Sharesies instead to cover our Loss;

• the Farm Entity will be entitled to any surplus if we sell the relevant FCG Shares for more than we bought them for.

When you get the money for a completed sell Order

20. We show the value (less fees for FSF Units if applicable) for a completed sell Order of FCG Shares or FSF Units to your Wallet. We may do this shortly after the Trade has executed (before the Trade settles). If we show the money in your Wallet and update your Portfolio before a Trade settles, we might put some limits on that money, such as not allowing you to withdraw that money or transfer investments out, until the Trade has settled.

21. The NZX currently operates on a “T+2 settlement cycle”, this means that the money and Investments for Trades are settled two Trading Days after the Trade occurs. Trades can fail or be late to settle.

Prices for FCG Shares and FSF Units change

22. Prices shown in the Farmer Trading Service may be delayed (often by at least 20 minutes) and the process for an Order to become a Trade takes time. During that time the price of the FCG Shares or FSF Units can change a little or a lot. 

23. The price we show on the Farmer Trading Service when you place an Order may not be the final price. If your limit Order Trades, it’s at the price you’ve set or better. Trades occur subject to these Farmer Terms which includes our best price policy.

NZX—Specifics of trading

24. You need to know the relevant NZX Rules that will apply when you use the Farmer Trading Service. We provide more information on the NZX Rules in our help centre. The below terms in this section apply to Trades in the Investments:

• We’re authorised by NZX to act as a:

  • Trading and Advising Participant in respect of trading in the FSF Units and the FCG Shares; and 

  • Clearing Participant for both the FCG Shares and the FSF Units, to clear and settle a Trade under the NZX Rules.

• We may also use a third-party and, if we do, we’ll let you know their details. 

• Under the NZX Rules, you agree that we ‘step into your shoes’ as a buyer or seller. This is called a novation. You give us full and exclusive rights, power, and authority as your agent under the NZX Rules, including to bind you to the Clearing & Settlement Rules, and to direct money held for you or Investments (as you instruct us to and in accordance with these Farmer Terms).

• NZX-owned NZ Clearing Limited (CHO) (the operator of the NZX clearing house) stands in the middle of Trades. We deal with CHO, and CHO deals with us. This means that we don’t have any direct contact with the actual buyer or seller on the other side of the Trade. Because of this, you don’t have any rights against, or obligations to, CHO to clear and settle the Trades. 

• CHO must hold money and Investments on trust for Sharesies Limited. This protects the money and Investments against a claim by CHO or any other market participant. 

• Except as ordered by a court or required under the Clearing & Settlement Rules, CHO don't have to recognise your interest in that money or those Investments. This means you don’t have a direct right or claim against CHO, you may only claim through and against Sharesies Limited. You agree that you will not assert any right or interest against CHO or any person acting on their behalf. 

• You acknowledge and agree that CHO and NZX’s liability to you is limited or excluded by the Clearing & Settlement Rules.

25. Your FCG Shares (and your FSF Units if applicable) that you own will be displayed in your Sharesies Portfolio as part of the Farmer Trading Service. You agree to provide us with your FIN in order for you to sell your Investments using the Farmer Trading Service. You authorise us to hold your FIN in encrypted form and acknowledge that we will have access to your Investments if your FIN and CSN is kept by us. We will store your CSN and FIN until you remove it. There are potential risks of unauthorised use and/or unauthorised access of your FIN, however we will at all times use reasonable efforts to protect your FIN from unauthorised use and/or unauthorised access.

26. We are not liable for any Losses you may suffer in connection with unauthorised use of or unauthorised access to your FIN where we have taken reasonable endeavours to protect your FIN from such unauthorised use and unauthorised access.

27. You authorise us to use your CSN and FIN for the following purposes:

• to check your FIN is correctly matched to your CSN

• to transfer your FCG Shares or FSF Units in accordance with your instruction

• for any other purposes related to the provision of the Farmer Trading Service to you.

Cancelling your Order 

28. You can instruct us to cancel an Order via the Farmer Trading Service before it has become a Trade. Where this is possible, you can do this from within your Account. We do not guarantee that your instruction to cancel will be successful. You cannot edit an Order—you’ll need to cancel it and place it again.

29. You can't cancel any part of an Order that has become a Trade.

30. Limit Orders expire (and are cancelled) when they aren’t filled within a certain timeframe. 

We might cancel or delay your Order or Trade

31. We may refuse to action, cancel or void all or part of any action or instruction (including any deposit, withdrawal, Order, or Trade) and we don't have to give you reasons for doing so. For example, we may refuse to act on your instructions or cancel an Order or Trade if:

• it is likely to breach these Farmer Terms, or the Law, or we reasonably suspect it is illegal activity or is being used to support illegal activity

• cancellation is required or may be permitted under the NZX Rules

• the NZX recommends or requires cancellation

• it contains, or is based on, an obvious error

• it could cause or contribute to market stability or system integrity concerns

• it is outside the applicable minimum and maximum holdings constraints Fonterra has placed on the Farm Entity’s trading in FCG Shares

• a third-party custodian or sub-custodian has or will restrict an Investment

• we know or suspect there has been a security breach 

• it (or a remaining part) does not complete within 90 calendar days

• it is a limit Order set at a price we (or our third parties) consider to be too far outside the prevailing market price. 

32. Nothing in these Farmer Terms requires us to refuse to action, cancel or void all or part of any action or instruction (including any deposit, withdrawal, Order, FX Order or Trade).

What happens if you don't give us what we need to settle a Trade

33. If we're unable to deliver Investments for a Trade by the necessary time because you do something you shouldn’t do, or don’t do something you should do, then we may cancel the Trade (if possible), or buy back, sell, or take possession of the relevant Investments involved and you must immediately pay any direct Loss we incur as a result.

Trade confirmation 

34. We provide a paperless service and make information about your Account, trading, and Investments available to you exclusively through our Farmer Trading Service or email (we are not required to send you paper statements or hard copies).

35. We confirm your Trades via email or through our Farmer Trading Service with a trade confirmation notification called a “Contract Note”. It is your responsibility to promptly check the Trade details in the Contract Note are correct. If you believe the Trade is incorrect in any way, you need to let us know ASAP, and within two days.

36. If an Order is partially completed during a Trading Day, then you will receive a Contract Note for only the completed part of the Order. You’ll get a Contract Note if other parts of your Order are completed on following Trading Days. 

37. We may show the Investments in your Portfolio before settlement has happened or we may wait until settlement has happened. If we do show the Investment before settlement, we may impose restrictions, such as not trading those Investments until settlement has happened. 

Settlement

38. ‘Settlement’ is when ownership is transferred and we receive the Investments or money to hold for the Farm Entity (settle / settles and settled have a corresponding meaning). 

39. We're not responsible for any delay in Settlement resulting from circumstances beyond our control, or the failure of any other person or party (including you) to perform all the necessary steps to settle your Trade. 

Owning Investments

40. When you own an Investment, your Investment might: 

• go up or down in value

• receive income, or not receive income (such as with dividends, distributions or capital returns) 

• be restructured (such as with a spin off, splits, consolidations or company mergers) or acquired by another company

• give rights to vote 

• give other rights (such as options or warrants or rights to acquire more FCG Shares or FSF Units at a particular price)

• go into liquidation, become insolvent or be delisted.

The above list is not exhaustive.

6. Fees

Fees for Buy and Sell Orders for FSF Units

1. When you use our Farmer Trading Service to trade FSF Units on the NZX, you agree to pay us the fees we set, which will be in NZD. 

2. You pay a transaction fee to buy and sell FSF Units (unless otherwise specified). Orders for FCG Shares are not charged our transaction fee—Fonterra pays these on your behalf. 

3. Each Order for FSF Units incurs a separate transaction fee. For example, if you place two Orders for FSF Units, you will be charged two transaction fees (one for each Order).

4. For a limit buy Order for FSF Units, the transaction fee is calculated as a % of the amount we invest for you up to an applicable fee cap as you will have ‘pay-as-you-go’ pricing. We calculate the transaction fee on the amount to invest (the net amount) and add the fee on top of the order amount you enter. For example, if you enter $10 as the order amount, if the full Order trades you’ll be charged $10 plus the additional amount of our transaction fee. 

5. For a sell Order for FSF Units, the transaction fee is calculated as a % of the amount we receive for you. The value of your completed sell Order that we put into your Wallet is the amount we receive for your completed sell Order, minus our fees. For example, if your order sells for $10, you receive $10 minus our transaction fee. 

6. We show you estimated transaction fees before you confirm a buy or sell Order. The final fees for Trades are shown in your Contract Notes. 

7. The current transaction fees for ‘pay-as-you-go’ pricing are set out on the Pricing page on the Website (the ‘pay-as-you-go’ transaction fees and caps that apply to our Invest Service are the same fees and caps that apply to trading in the FSF Units).

Other ways we make money

8. Money we receive from you (or from a third party) into your Wallet may earn interest from the bank where it is deposited. You accept that we keep any interest on the money we (or our sub-custodians) hold for you in your Wallet when using our Farmer Trading Service.

9. Sometimes we make money from third parties. Fonterra pays us a fee to provide you with the Farmer Trading Service. 

Our rights if you owe us money

10. If the Farm Entity owes us money, for example if you fail to settle or pay any amount due in respect of an Order or Trade, or any applicable fees or costs (including any cancellation fees, levies or other costs that we may have incurred), we’ll let you know, sometimes by showing a negative balance in your Wallet or sending the Farm Entity a request to pay us. 

11. If your Wallet has a negative balance you must repay the amount owing to us immediately. If you top up or receive money into your Wallet, we’ll use some of this money (or all, as relevant) as payment against your negative balance.  

12. If the Farm Entity owes us money, we may take reasonable steps to recover the amount owing to us (and offset any money the Farm Entity owes us and has failed to pay against any money we may owe the Farm Entity from time to time), including:

• directing Sharesies NZ Nominee to pay us using the money in your Wallet; 

• selling (or otherwise dealing with) Investments in your Portfolio and directing Sharesies NZ Nominee to repay us with money from this;

• cancelling or suspending your access to our Farmer Trading Service and / or any of your Orders without any responsibility to you;

• taking legal action against you or using debt collection services, and charging you for the costs and expense we incur in recovering the debt.

Additional services

13. We may charge a fee for any additional services provided to you. Additional services may be subject to additional terms. 

You need to pay tax on your Investments

14. We don’t provide you with any tax advice and you are responsible for understanding and meeting your tax obligations. You should seek professional tax advice if you are unsure about your tax obligations.

7. Farmer Trading Service principles

To the extent permitted by Law, you agree that:

• By using our Farmer Trading Service, you accept the risks of investing.

• You’re fully responsible for your Investment decisions, and any obligations relating to your Investments.

• We’re not responsible for how your Investments perform.

• You will comply with the rules and requirements of good broking practice, including the relevant NZX Rules for the NZX, and you won’t cause us to breach the relevant NZX Rules by doing something you shouldn’t do or by not doing something you should do.

8. Liability

Section 5 ‘Liability’ in the General Terms is replaced by the following section for the purposes of these Farmer Terms.

Your rights under consumer law

1. If you’re a ‘consumer’ under the Consumer Guarantees Act 1993, nothing in our terms will limit any rights or remedies that you may have under the Consumer Guarantees Act 1993. 

Your responsibilities when using our Services and what we’re responsible for

2. The Farm Entity agrees that if it owes us money, the Farm Entity is responsible to pay all such money to us and we have the rights set out under sections 6(10) to (12) ‘Our rights if you owe us money’.

3. The Farm Entity agrees that it is responsible and will indemnify us, our directors, officers, employees, agents, Support Crew, and third party providers and hold us harmless for any direct Loss we suffer that is a result of the Farm Entity, the Trading Contact(s) (or anyone else acting with apparent authority):

• breaking these Terms; 

• failing to comply with Applicable Law.

An indemnity means a promise to pay someone to make up for a loss they have suffered. This indemnity from you will not apply to the extent that such direct Loss is shown to be directly caused by our breach of Applicable Law, negligence, fraud, or wilful default on, or breach of, our obligations to you under the Terms. 

4. The Farm Entity’s liability in section 8(3)(i) for breach of the Terms is limited to NZD$250 for any event or series of related events within any 12 month period. This limitation does not apply to the Farm Entity's obligation to pay any money it owes us (or to any breaches of the relevant Terms that relate to this), or to any Loss caused by your breach of Applicable Law, fraud, or wilful default.

5. You agree to take reasonable steps to avoid or minimise any Loss the Farm Entity could sustain or incur as a result of any breach or default by us.

6. You accept that: 

• we’re only responsible to the Farm Entity for its direct Loss to the extent that such loss is directly caused by our:

  • breach of Applicable Law

  • negligence

  • fraud

  • wilful default on, or breach of, our obligations to you under the Terms; 

• we’re otherwise not responsible to you for anything in any way related to our Services, whether for breach of contract, tort, misrepresentation, or other cause;

• we’re not responsible for anything outside our reasonable control or the reasonable control of our directors, officers, employees, agents, Support Crew, or other third party providers;

• we’re not responsible for any Losses you may suffer arising out of or related to Fonterra providing us with any incorrect information regarding you or the Farm Entity;

• we’re not responsible and exclude liability (whether direct or indirect) for any loss of profits, revenue, business opportunity, goodwill, or anticipated savings; any loss or damage that is not foreseeable; or any indirect, special or consequential loss or damage;

• if we are responsible to the Farm Entity, our total responsibility, whether for breach of contract, tort, misrepresentation, or other cause, is capped for any event or series of related events to an amount equal to the greater of: (i) 150% of the fees paid by or on behalf of the Farm Entity under these Terms in the 12 month period immediately preceding the date on which the claim giving rise to the liability arose; or (ii) NZD$250. This limitation does not apply to any Loss caused by our fraud, or to any liability that we can’t exclude or limit by Law;

• the exclusions and limitations in these Farmer Terms apply to us, our directors, agents, employees, Sharesies NZ Nominee, and other third party providers for our acts and omissions and their acts and omissions.

7. We will take reasonable steps to avoid or minimise any Loss we could sustain or incur as a result of any breach or default by you or the Farm Entity (whether claimable under an indemnity or otherwise).

Third party rights

8. In addition to Section 11 of the General Terms ‘Transferring rights and obligations under the Terms’, a new Section 11(3) is added for the purposes of these Farmer Terms:

(a) “Fonterra on behalf of a Farm Entity will have the right to make a claim against Sharesies Limited under section 8 ‘Liability’ of these Farmer Terms, as if Fonterra was a party to these Farmer Terms, notwithstanding that Fonterra may not itself have suffered actual loss, and for these purposes Losses of the Farm Entity will be deemed to be Losses of Fonterra. You acknowledge and agree that you will not be entitled to bring a claim for, or recover for, a Loss to the extent that Fonterra has on your behalf made a claim for, or recovered for, such Loss under these Farmer Terms.

(b) Where these Farmer Terms contemplate Fonterra doing something on the Farm Entity’s behalf for the purposes of us providing you with the Farmer Trading Service, for example, collecting or sharing information with us as set out in section 3(8) of these Farmer Terms, you give permission for Fonterra to do so and Fonterra can rely on this.”

9. Goodbye: Closing accounts

1. Section 12(5) of the ‘Goodbye: Closing Accounts’ section in the General Terms is replaced by the following section for the purposes of these Farmer Terms:

“What happens when your Account is closed?

Whether you close your Account or we close your Account, the following applies:

• you agree to pay us any money you owe us, including after your Account is closed;

• we won't refund any valid fees or other charges incurred;

• see our Farmer Trading Service Privacy Policy for information on what happens to your personal information after your Account is closed; 

• we may cancel or complete any incomplete Orders (in our discretion);

• you will no longer be able to trade your FCG Shares or FSF Units through our Farmer Trading Service; 

• we may transfer any money in your Wallet (less fees, and any other amount you owe us) to your bank account. We may impose restrictions around which bank account we will transfer this money to, for example it may need to be a local bank account in the name of the Farm Entity; 

• you authorise us to do these things and to instruct our Support Crew as needed to do these things on your behalf.”

10. Dictionary

Some capitalised words in these Farmer Terms have a special meaning. Each capitalised term used but not defined in these Farmer Terms will have the meaning set out in the General Terms, save as amended below.