Invest Terms and Conditions

Last updated: 5 August 2024

1. About these Invest Terms

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

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

• the Invest Terms apply between you (the person using our Invest Service and any 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 Platform and Invest Service to you and is the NZX market participant and broker-dealer for NZX Listed Shares; 

• additional terms may also apply to your use of the Invest Service (which we will communicate to you through the Services) and should be read together with the Invest Terms, for example any special terms that apply if you participate in an Investment Opportunity or a promotion, or use special features. 

Australian customers

3. If you were an existing Australian resident customer before 1 April 2024 who signed up to access and use the Sharesies platform through an introduction from Sharesies AU Pty Limited—a corporate authorised representative of Sanlam Private Wealth Pty Limited (Australia Financial Services Licence No. 337927), and you have not transitioned across to our Australian company Sharesies Australia Limited, you also agree to the additional Australian terms and conditions that apply at Part 1A below. 

4. If you are a new customer living in Australia and looking to sign up to Sharesies Australia, please visit sharesies.com.au.

1A. Australian Resident Investor Specific Terms

This part applies only for investors residing in Australia

Applicable jurisdiction

1. The Service is provided to Australian resident investors from New Zealand. This means that the Service is regulated under New Zealand law. You will not have the same protections as if the Service was provided under Australian law and you may not have the same rights as New Zealand investors with respect to the Service.

2. If you have a complaint about the platform Service, your rights of recourse will be against Sharesies and will follow its complaints process.

Eligibility to open an account

3. You must be 18 years or older to hold an Account. No new Australian-based investors will be accepted on Sharesies New Zealand’s platform. If you’re looking to sign up to Sharesies, please visit sharesies.com.au. 

Foreign custodian

4. The money in your Wallet and Investments in your Account will be held on bare trust for you as the ultimate beneficial owner by Sharesies Nominee Limited, a New Zealand-based entity, or held by another approved third-party at our discretion.

5. For instance:

• Drive Wealth LLC, a US-based company, may be used to facilitate the purchase of US Listed Shares;

• Sharesies Australia Nominee Pty Limited, an Australian-based company, may be used to hold ASX Listed Shares and AUD money.

National Guarantee Fund

6. The Australian National Guarantee Fund does not apply to New Zealand or US-based investments acquired through the Platform.

Withholding tax

7. You’re responsible for your own tax obligations. Sharesies may make things easy by deducting withholding tax from Investment income made through the Service and pay to the relevant government tax authority.

8. You do not have to provide us with your tax file number (“TFN”) and declining to do so is not an offence. If you fail to provide us with your correct TFN or notify us that you are eligible for an exemption from providing a TFN, we may not be able to provide all our Services to you.

Restricted offering

9. As of 1 April 2024 you will have limited access to the Sharesies platform operated by Sharesies NZ. To continue to have access to all available features on Sharesies for Australian-based investors, you will need to read and agree to the terms provided by Sharesies Australia. If you do not agree, please connect with our Investor Care team to discuss your options.  

Transfer of Service

10. We may change how we provide this Service to Australian resident investors, including assigning rights under these terms and conditions to another Sharesies Group entity, third party or an approved custodian. We will notify you of any transfer of Service.

11. To the extent anything in Part 1A differs from the rest of the terms and conditions, the terms of Part 1A will prevail to the extent of the inconsistency.

2. Support Crew for the Invest Service

You are the beneficial owner

1. You are the beneficial owner of the money in your Wallet and the Investments in your Account (provided you don’t owe any amounts to us—see sections 6(17) to 6(19) ‘Our rights if you owe us money’ below). The money in your Wallet and Investments in your Account will be held on bare trust for you as the ultimate beneficial owner by Sharesies Nominee Limited, in accordance with these Invest Terms. To the extent permitted by Applicable Law, the provisions of the Trusts Act 2019 will not apply to this bare trust.

2. We may use separate or third-party custodians to buy, sell or hold Investments and we work with others—our Support Crew—to deliver our Invest Service to you, including:

3. Getting started with our Invest Service

Opening an Account

1. To open an adult Account and use our Invest Service you’ll need to meet our eligibility criteria to have an Account with us:

• be 16 or older and living in New Zealand;

• be a natural person (unless otherwise agreed in writing with us);

• have a New Zealand bank account;

• have a New Zealand residential address;

• provide the information we request;

• agree to and comply with the Invest Terms and the Sharesies’ Community 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. To open a Sharesies Kids Account you will need to provide the child’s IRD number and also agree to and comply with the Kids Accounts Terms and Conditions.

3. Please also note:

• we don’t have to open an Account for you or give reasons if we decide not to do so;

• you must tell us if you are a Prescribed Person or later become one. We may close your account on such notification or when we become aware you or any representative is a Prescribed Person;

• we can in our sole discretion change or waive any criteria from time to time; 

• you must only use our Invest Service for your own personal Investments. If agreed in writing with us, you may be permitted to use our Invest Service for a trust, group investing or business purpose (this may be subject to additional terms). 

You must give us certain information about you

4. You must provide us with the information we request and promise this information is true and complete.

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

6. You must tell us promptly if your information changes or update this in the Invest Service.

We pool your money and Investments 

7. Your money and Investments may be pooled with the money and Investments of our other customers and ourselves or our sub-custodians (including third party sub-custodians) and held in ‘pooled accounts’. 

8. Your money and Investments are individually identifiable to us in the records we maintain but typically aren't individually identifiable in third party registries (such as bank accounts or company share registers because the legal title is held in the name of Sharesies Nominee Limited or a separate or third party sub-custodian). 

Topping up your Wallet

9. To place an Order to buy an Investment, or any other products available through our Services, you need enough money in your Wallet. 

10. You may be able to top up your Wallet in NZD, AUD, or USD currency.

11. You can use a direct transfer from a local bank account (ensure you include your unique Sharesies customer reference number), a credit or debit card, or a Sharesies Gift to top up your Wallet. We may restrict the types of bank account, credit or debit cards that can be used to top up and not all of these options may be available to you. 

12. We may set limits on the amount you can gift or top up by debit or credit card in a certain period. 

13. We may require you to top up from a local bank account that’s in your own name. 

14. See the Pricing page on the Website for card processing fees and other fees that apply.

We apply rounding

15. We 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 your own name or to the account the money originally came from. 

17. There isn’t the ability currently to include customer reference numbers on withdrawals. We therefore recommend that you avoid withdrawing money straight to another pooled bank account. 

18. You can only withdraw money from the Invest Service in local currency. You cannot withdraw foreign currency from the Invest Service, this must be exchanged for local currency first and our currency exchange fees apply. 

19. Due to third party banking restrictions, we may impose a limit on the amount of money that can be withdrawn at one time. 

20. 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.

21. When transferring money into your Wallet you must do this only with the intention of buying and selling products available through our Services (or withdrawing money you have used for that purpose).

22. 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. If you want to make a withdrawal that includes unsettled money, for a fee we may be able to pre-pay you the unsettled amount (so you could receive your withdrawal faster and don’t need to wait for your trade to go through settlement). 

We have measures in place to identify financial crime 

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

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

Earning income 

25. If your Investment earns money (for example if you sell it, or it pays a dividend or distribution) we will deduct any applicable fees, costs and taxes (see section 6 ‘Fees and taxes’ below for more details) and add the balance to your Wallet, unless you have previously instructed us to do otherwise (such as if you auto-invest your dividends or have opted in to an Investment’s dividend reinvestment plan).

26. 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, costs and taxes is less than $0.01.

27. 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, our Support Crew, and those of the relevant Exchange, Investment Provider or bank. The length of this delay can vary across Investments and Exchanges.

28. If your Investment earns money in a currency we don’t offer to you in our Invest Service, we may convert it to a currency we do offer (and our standard FX fees may apply). 

29. If the functionality is available for you to provide us with a standing instruction to reinvest dividends for an Investment, you might not have the most current disclosure documents for that Investment at the time that we act on your instruction and acquire the additional holdings. It is important that you routinely review the disclosure documents of Investments that you have standing instructions associated with, and amend or cancel those instructions as you see fit.

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

What if my investment gives me extra shares (not money)?

31. If your Investment delivers additional Shares (in an Investment we provide in our Invest Service) those Shares will be added to your Portfolio. 

32. If your Investment delivers additional Shares or other items of value that we do not hold or support in our Invest Service, we may try to get that item to you, but we may not reasonably be able to do so given technical or other constraints (including restraints imposed by Applicable Law or due to our own (or our sub-custodian’s) commercial decisions—see sections 5(85) and 5(86) ‘Delisted or otherwise not available to hold through our Invest Service’ for more details). If we do make this available, it may be subject to additional terms and limitations; these may be imposed by the Investment Provider and/or by us. 

Changing currencies

33. Usually Investments are bought using the local currency where the Investment is listed or otherwise offered. Generally, if you:

• receive income for a foreign Investment (for example if you sell it or receive a dividend), you’ll receive foreign currency in your Wallet;

• buy foreign Investments, you’ll need to exchange your local currency for the foreign currency using our foreign exchange services (often called FX) prior to the buy order being placed. If you don’t do this beforehand, you agree that Sharesies will automatically do this FX exchange on your behalf if you buy an investment in foreign currency, but don’t have that currency in your Wallet. For example, if you buy US Listed Shares:

  • we will try to purchase the US Listed Shares with the USD, NZD, and/or AUD currency in your Wallet (in that order—unless it’s an auto-invest Order), and do any FX exchange required;

  • if it’s an auto-invest Order, we will try to purchase the US Listed Shares with the USD and/or NZD (or AUD if you’re an Australian-based investor) currency in your Wallet (in that order) and do any FX exchange required.

Please note, however, we will not exchange any foreign currency back to local currency if the Order for the foreign Investment fails or is cancelled.

34. We transact with third parties so we can provide the foreign exchange service to you through our Invest Service. 

35. Things to know about our FX services:

• once you have submitted your FX Order through the Invest Service, you cannot cancel it;

• exchange rates displayed are not final until you receive confirmation of your FX Order. If the exchange rate moves materially, you may receive an error screen and need to re-submit your FX Order; 

• we charge currency exchange fees for all FX Orders; 

• we don’t guarantee we will accept your FX Order;

• we may cancel an FX Order or any resulting Order or Trade at our discretion (for example, if we discover errors or something unexpected happens with the third parties we use to provide FX); 

• we may change the currencies available for exchange—we will try to give notice before doing this. 

36. You agree to only place FX Orders for the purpose of making an Order for Investments or to withdraw money from your Wallet. 

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

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

38. 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. 

39. 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 

40. 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 Invest Service:

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

• Investments and currency 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 Invest Service has limits, and doesn’t work perfectly all of the time.

• There are benefits and limitations in the way your Investments are held for you when you use our Invest Service, compared to you investing directly.

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

• Each time you exchange currency in our Invest Service you do so at the exchange rate we offer at that time, and are exposed to the risk of exchange rates being unfavourable for your circumstances. Our currency exchange fees will also apply.

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

• Where a company that you’ve invested in or are exposed to has entered into a transaction and the counterparty to the transaction does not perform its side of the deal, the performance of your Investment may be impacted.

• Where a company or fund you have invested in has exposure to borrowers and those borrowers fail to meet their credit obligations, this can impact the performance of that Investment.

• Where your Portfolio has limited exposure across Investments or classes of Investment, you may risk your Portfolio dropping in value if a particular Investment or class of Investments is negatively impacted by a market movement.

• There may be times where an Investment can’t be sold in a reasonable time period or you can’t withdraw from an Investment as quickly as you’d like (or at all). This may be because of a company entering into bankruptcy or receivership, or market fluctuations that reduce the buyers on the market looking for a particular investment, making your Investment harder to sell. 

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

• Prices displayed on the Invest 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 Invest 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 and legal requirements may impact the overall return on your Investments. You are responsible for your tax obligations.

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

Our Invest Service has limits 

5. Our Invest Service does some pretty amazing things, connecting you with a range of Investment Opportunities, however it doesn’t do everything. For example, our Invest Service doesn’t currently let you:

• buy, sell or hold Investments directly under your own Shareholder Number—your Investments are bought, sold and held for your benefit with the help of our Support Crew under Sharesies Nominee Limited’s, or a related or third party sub-custodian’s, Shareholder Numbers and names;

• participate in all types of corporate actions or exercise some other rights that you may have if you held your Investments directly on your own Shareholder Number;

• transfer foreign currency into your Wallet—although you may be able to top up your Wallet in NZD, AUD, or USD currency;

• transfer foreign currency out of your Wallet;

• transfer your Account or Investments to another Sharesies Invest Service. For example, if you have an Account with Sharesies in NZ, you cannot transfer your Account (or Investments) to Sharesies in Australia.  

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

6. You are the beneficial owner of the money in your Wallet and Investments in your Portfolio: Sharesies NZ Nominee holds these 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). 

7. Your Wallet and Portfolio are protected from:

• our general creditors; 

• the general creditors of our sub-custodians; and 

• the CDO holding any money or Investments in the NZX depository account. 

8. Other than as you agree in these Invest 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. 

9. 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 or Investments 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.

Fractional trading 

10. We might not offer fractional investing for all Investments or Orders. 

11. There are practical and technical limitations which mean we, or our third party broker-dealers, may not offer the same rights for a fraction of a Share as for a whole Share. Investment Providers may also limit fractional trading, or the rights available to investors who own a fraction of a Share.

12. Fractions of a Share cannot be transferred outside the Invest Service. 

13. Fractions of a Share are rounded depending on the type of Investment to the nearest 1-8 decimal places. If you own very small fractions of a Share they may not show in your Portfolio, however you still own the fractions. If you purchase more of that Investment and your total holding, once rounded, is greater than 0.00, the Investment will show in your Portfolio.

5. Investing

You pick Investments available on the Invest Service

1. We make a selection of Investments available to you through the Invest Service. We may change the Investments (and Exchanges) available in our Invest Service from time to time. 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 Invest Service.

You tell us what to do with your Investments 

3. When it comes to your Investments and your money—you tell us what to do and we act on your instructions provided we can within our Invest Service’s existing capability, and that your instructions are consistent with our obligations under Applicable Law and these Invest Terms.

4. You tell us to buy or sell Investments for you by making an Order through the Invest Service:

• to make a buy Order you need enough money in your Sharesies Wallet to cover the value of the Investment and our fees;

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

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

5. When you make an Order we work with our third party broker-dealers to try and place that Order, but note we are subject to the terms in these Invest Terms, Applicable Law, our and our broker-dealers’ technical limitations and legal obligations, and applicable terms of the relevant registry or Investment Provider. 

6. You agree that we may:

• complete a buy or sell Order or FX Order with ourselves or with others;

• 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;

• be the buyer or seller for our own account in any Trade;

• 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 and Investments with those of our other customers and ourselves or our separate or third party sub-custodians;

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

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

Orders to buy or sell Listed Shares

How do Orders for Listed Shares work?

8. Listed Shares are Investments that are listed on an Exchange. The exact method and people involved in Listed Shares Trades depends on the type of Investment and the Exchange where it is listed.

9. We or our third party broker-dealers place your Order on the relevant Exchange. You may be able to place either a market, limit or trigger Order:

Trigger Orders 

10. Trigger Orders (stop loss and trigger buy Orders) let you set a price that, when reached, automatically triggers an order to be sent to market to become a market Order and be placed in a queue to be filled. Trigger Orders are currently only available for selected US Listed Shares. 

11. When you set up a stop loss Order, you choose:

• the price that triggers your sell Order to be sent to market to become a market Order; and

• how many shares you want to sell if the Investment’s share price drops to (or below) your trigger price. 

12. When you set up a trigger buy Order, you choose:

• the price that will trigger your buy Order to be sent to market to become a market Order; and

• how many shares you want to buy if the Investment’s share price increases to (or above) your trigger price.

13. A stop loss or trigger buy Order is placed as a market Order when your trigger price is reached during regular trading hours in a Trading Day—usual market order processing applies. Price changes during extended trading hours won’t trigger a market Order. 

14. There may be a delay between a trigger price being met and your Order being sent to market. Once your Order is sent to market, your Order may fill at, below or above your trigger price.

How your Listed Investment Order becomes a Trade 

15. You authorise us to place your Order:

• on the Exchange; 

• with our relevant third party broker-dealers (including their third parties); or

• where your Share Order is below a threshold, our third party broker-dealers may transact with you.

16. Sometimes your Order on an Exchange 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 Exchange may have suspended trading, or third-party systems or our systems may be unavailable or experiencing delays. 

What happens after we get your Listed Shares Order

17. After we get your Order, we usually put it on the Exchange or send it to our third party broker-dealers, as follows: 

18. If we receive your Order during a halt or an interruption of the Exchange or the Investment, or when there are technical issues, for example, the relevant Exchange is down or an Investment has suspended trading or there are issues affecting our, or our third party broker-dealers’, 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.

19. If we receive your Order during Exchange pre-open, pre-close or other auction phases, the process for placing your Order will depend on the relevant Exchange. Typical processes for different Exchanges are:

• NZX Listed Shares: We place Orders to queue, no Trades occur until the market opens;

• ASX Listed Shares: We place Orders with our third party broker-dealer who places Orders to queue, no Trades occur until the market opens;

• US Listed Shares: We place Orders with our third party broker-dealer, who holds Orders until the market opens.

20. We may offer extended trading hours on selected investments for some Exchanges. This allows for Orders to be filled before or after regular market hours. Where extended trading hours are available, we will provide more information in the Invest Service. 

21. 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;

• each Exchange has different 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;

• we may aggregate Orders and allocate Investments and money in accordance with our allocation policy (which we may change at any time), which provides that where we aggregate Orders, your Order maintains its priority to Orders that arrive later in time. For example, if we receive multiple Orders outside of Exchange trading hours, we may place an aggregated Order to market during pre-open. Similarly, if we receive multiple Orders within a few seconds during Exchange trading hours, we may place an aggregated Order to market. 

When you get the money for a completed sell Order

22. For Listed Shares, we show the value (less fees and certain taxes) for a completed sell Order 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. 

23. Most Exchanges operate on either a “T+1” or “T+2” basis. This means that the money and Investments for Trades are settled either one or two Trading Days after the Trade occurs. Trades can fail or be late to settle. Different Exchanges may have different settlement times.

Prices for Listed Shares change

24. Prices shown in the Invest Service are 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 Listed Shares can change a little or a lot. 

25. The price we show on the Invest Service when you place an Order may not be the final price. If your market Order Trades, it's at the market price. If your limit Order Trades, it’s at the price you’ve set or better. Trades occur subject to these Invest Terms which include our (and our third party broker-dealers’) best price and allocation policies.

NZX—Specifics of trading

26. You need to know the relevant NZX Rules that will apply when you use the Invest Service. We provide more information on the NZX Rules through the Service, including on our help centre. The below terms in this section apply to NZX Listed Share Trades:

• We’re authorised by NZX to act as a Trading and Advising Participant, Depository Participant, and Clearing Participant to clear and settle the 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 or Shares held for you (as you instruct us to and in accordance with these Invest 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; 

• We may settle Trades using the depository operated by NZ Clearing and Depository Corporation Limited (CDO), and its Depository Nominee, which are both owned by NZX. CDO and the Depository Nominee will treat Sharesies NZ Nominee as if it is the sole beneficial owner of money and Shares they are holding; 

• CDO and the Depository Nominee must hold money and Shares on trust for Sharesies NZ Nominee (or a sub-custodian). This protects the money and Shares against a claim by CDO or any other market participant; 

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

• You acknowledge and agree that CHO, CDO, the Depository Nominee, New Zealand Clearing and Depository Corporate Limited and NZX’s liability to you is limited or excluded by the Clearing & Settlement Rules and the Depository Rules.

27. We may allow you to transfer NZX Listed Shares that you own, into and out of, your Sharesies Portfolio; additional terms and transfer fees may apply and fractions of a Share cannot be transferred. If you provide us with your FIN as part of such a transfer of NZX Listed Shares, you authorise us to hold your FIN in encrypted form and acknowledge that we will have access to your Shares if your FIN 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.

28. 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 or unauthorised access.

29. 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 NZX Listed Shares in accordance with your instruction;

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

Australian Exchanges—Specifics of trading

30. If you make an Order for ASX Listed Shares, we pass this to our AU-based broker-dealer who is part of our Support Crew, who trades, clears and settles on our behalf.

31. We may allow you to transfer ASX Listed Shares that you own into and out of your Sharesies Portfolio; additional terms and transfer fees may apply and fractions of a Share cannot be transferred.  

US Listed Shares—Specifics of trading 

32. If you make an Order for US Listed Shares, we pass this to our US-based broker-dealer sub-custodian who is part of our Support Crew, who trades, clears, settles and arranges custody on our behalf.

33. We may allow you to transfer US Listed Shares that you own into and out of your Sharesies Portfolio; additional terms and transfer fees may apply and fractions of a Share cannot be transferred.  

Orders to buy or sell Managed Funds

How do Orders for Managed Funds work?

34. Managed Funds are Investments that are not listed on an Exchange. If you place an Order to buy Managed Funds, we try to buy you as many Shares (or a fraction of a Share) as we can for the dollar value of your Order at the time your Order is processed (fees may apply). 

35. If you place an Order to sell a Managed Fund, we’ll try to sell the number of Shares (or a fraction of a Share) you enter to sell.

How your Order for a Managed Fund becomes a Trade 

36. A Managed Funds Trade happens when your Order to buy or sell Shares is completed by the Investment Provider. This can take some time. 

What happens after we get your Order

37. Typically, when you place an order for a Managed Fund, it joins a ‘settlement group’: 

• the ‘settlement group’ is sent to the relevant Investment Provider once each Trading Day;

• if your order is placed on a non-Trading Day or after the ‘settlement group’ has been sent for the day, it joins the settlement group on the next Trading Day. 

Your Order may be delayed, for example if the Investment Provider’s systems are unavailable. 

38. Managed Funds may have different processing times to complete a Trade. Typical processing time is one to two Trading Days but some Managed Funds have a much longer processing time. 

39. The price for your Order is not confirmed until the Investment Provider completes your Trade. 

When you get the money for a completed sell Order

40. For Managed Funds, we credit the value (less fees and certain taxes) for a completed sell Order to your Wallet once the Trade is settled by the Investment Provider. 

Prices for Managed Funds change

41. The prices shown in the Invest Service are delayed and the process for an Order to become a Trade takes time. During that time the price of the Managed Funds can change a little or a lot. 

42. You acknowledge that the price we show on the Invest Service when you place an Order may not be the final price. To the extent your Order Trades, it's at the price set by the Investment Provider.

Buying or selling a fraction of a Share 

43. If your Order involves a fraction of a Share we or our Support Crew may buy, hold or sell a whole Share and allocate the relevant fractional part of the Share or money to you. We, our Support Crew or others may own the remaining fraction of a Share.

44. We can act as principal to make such trades, which means we're buying or selling (in part) for ourselves. 

45. We may trade with you ourselves in accordance with our best execution and allocation policy.

Auto-invest Orders

46. An auto-invest Order is a standing instruction you give to us to regularly repeat a buy Order for an investment or a group of particular Investments. This also includes our auto-Invest dividend functionality, which triggers a buy Order for an Investment you hold for the value of the dividend, including the relevant fees. The auto-invest dividend functionality is not a dividend reinvestment plan issued by the Investment Provider.

47. We may limit the number of auto-invest Orders that you can create on the Invest Service. 

48. You must have enough money in your Wallet each time your auto-invest Order repeats or it won’t go through. If your auto-invest Order fails because you don't have enough money in your Wallet or for other reasons, we’ll typically retry the Order the following Trading Day. If your auto-invest Order fails for a second time, we’ll wait until the next cycle to place your Order. If your auto-invest Order continues to fail after we have tried a reasonable number of times to place it, we may pause your auto-invest Order and you’ll need to log in to your Account to unpause it.

49. We bundle auto-invest Orders together and typically place these once daily. 

50. You may stop or amend future auto-invest Orders at any time by editing or cancelling your auto-invest Order through the Invest Service (but you cannot cancel an auto-invest Order that is already processing).

51. Transaction fees and, if applicable, currency exchange fees, apply separately to each Investment in an auto-invest Order.

52. If an Investment in your auto-invest Order becomes unavailable to buy through our Invest Service, the Order to buy that Investment will be removed from your auto-invest Order, and the remaining buy Orders in your auto-invest Order (if any) will continue unless you instruct us to stop them. 

53. Auto-invest may not be available for all Investments. We may restrict the type of Investments you can include in an auto-invest Order at any time. 

Pre-made auto-invest Orders

54. Our Invest Service may also include pre-made auto-invest Orders. You will see them in the Invest Service if they are available for you: 

• we do not give any recommendation or opinion as to whether you should use these for any particular purpose or at all; 

• we don't manage or rebalance pre-made auto-invest Orders at all, or to ensure any particular result or strategy;

• we are not responsible if you rely on pre-made auto-invest Orders and it does not work for you;

• transaction fees and, if applicable, currency exchange fees, apply separately to each Investment in a pre-made auto-invest Order;

• if an Investment in your pre-made auto-invest Order becomes unavailable to buy through our Invest Service, the Order to buy that Investment will be removed from your pre-made auto-invest Order, and the remaining buy Orders in your pre-made auto-invest Order (if any) will continue unless you instruct us to stop them. 

Dividend reinvestment plans 

55. Where an Investment Provider makes a Dividend Reinvestment Plan available (DRP or DRIP—where your dividend is paid to you by being reinvested in additional Shares or fractions of a Share instead of payment of a cash dividend), we may make this available in our Invest Service. If you hold an Investment and it has a DRP that we have made available in our Invest Service, we will list this in our Platform.

56. We are not responsible for opportunities provided through DRPs. When you opt-in to a DRP, you may be subject to other terms and conditions set out by the Investment Provider.

57. It is your responsibility to ensure that you obtain the relevant disclosures from the Investment Provider for the DRP, including regularly checking for and reviewing updated disclosure documents as they become available. Sharesies may try to (but is not obligated to) provide you with disclosure documents for DRPs. As it is your responsibility to ensure you have the most recent disclosure documents, you acknowledge that we may follow your instructions without you having the latest disclosure document.

58. You acknowledge that we will continue to follow your instructions for a DRP until you advise us otherwise, or the DRP is otherwise terminated (either by Sharesies or the Investment Provider).

59. If you have opted into a DRP through the Invest Service and the Investment Provider stops offering the DRP, you will receive any future dividends in accordance with these Invest Terms.

60. You are taxed on dividends issued, regardless of whether you receive these in Shares or cash. When you opt into a DRP through the Invest Service, only a portion of the dividend will be received as Shares and the balance will be received as cash for the purpose of Sharesies withholding and paying resident withholding tax on your behalf.

Cancelling your Order 

61. You can instruct us to cancel an Order (except an FX Order) via the Invest 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.

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

63. Orders expire (and are cancelled) when they aren’t filled within a certain timeframe. Orders may also be cancelled by our third party broker-dealer in certain circumstances, including where an investment is subject to a corporate action such as a dividend, share split or consolidation.

We might cancel or delay your Order or Trade

64. We may refuse to action, cancel or void all or part of any action or instruction (including any deposit, withdrawal, Order, FX 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 Invest Terms or Applicable 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 Exchange Rules;

• the Exchange 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;

• a third-party broker-dealer, clearer, 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 after 30 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. 

65. Nothing in these Invest 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

66. 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 

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

68. We confirm your Trades via email or through our Invest 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 ideally within one Trading day.

69. 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. 

70. 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

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

72. 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 Shares at a particular price);

• go into liquidation, become insolvent or be delisted.

The above list is not exhaustive.

Transferring Investments

73. You may be able to transfer whole Listed Shares that you own outside of our Invest Service to your Portfolio and vice versa (fractional holdings and Managed Funds cannot be transferred into or out of the Invest Service). Where this functionality is available, information about this is available in our Invest Service or Website, or by contacting us. There may be additional terms that you will need to agree to when requesting a transfer and transfer fees may apply. These will be provided at the time you make your request. We may ask you for the reason for the transfer and request supporting documentation or information.

74. Transferring your Shares into the Invest Service means the legal title will be transferred from you to the custodian or sub-custodian we use to hold this type of asset on behalf of our customers, in accordance with these Invest Terms.

75. Transferring your Shares out of the Invest Service means the legal title will be transferred from the custodian or sub-custodian we use to hold this type of asset on behalf of our customers to your own personal Shareholder Number or to another custodian. In this case, you (or the other custodian) will be responsible to hold and manage your Shares directly—the Shares will no longer be held by us under these Invest Terms.  

Sharesies Transfer Fees

76. Each time you transfer shares into or out of Sharesies, you may be charged a fee. This depends on the direction of the transfer, the Exchange the shares are listed on, and the platform your shares are held with. See the Pricing page on the Website for the applicable share transfer fee and other fees that may apply.

77. Our transfer fees are charged in NZD (or AUD if you’re an Australian-based investor), or USD for transferring US Listed Shares, and are deducted from your Wallet at the time of transfer. You must have enough money in your Wallet to pay our fee in order for us to process your transfer. The platform or broker you’re transferring Shares from or to may also charge a fee.

78. You agree to pay us any additional fees, costs or charges associated with processing your transfer request, including where you have provided incomplete or inaccurate information and we incur costs to correct that information. 

Restructures 

79. If your Investment is restructured the number and value of your Shares may change (such as with mergers, splits and consolidations), or they may be replaced by Shares in a different Investment (such as with mergers), or with money and Shares.

Investment Opportunities 

80. If your Investment provides an Investment Opportunity, we may or may not make this available to you. If we do make this available, participation may be subject to additional terms and limitations; these may be imposed by the Investment Provider and/or by us. If there are inconsistencies between our additional terms and the offer terms provided by the Investment Provider, our additional terms and these Invest Terms take precedence (in that order).

81. If you are eligible to vote in a Shareholder vote or other voting opportunity and have not submitted a vote, Sharesies may submit a yes, no, or abstain vote on your behalf.

82. Where we facilitate participation in Investment Opportunities through the Invest Service, eligibility criteria and limitations may be communicated to you through the Invest Service or other means. 

83. Turnaround times between announcement and the cut-off times for Investment Opportunities can be short. We also need time to process any participation through our Invest Service, so our timeframes may be different to the Investment Providers. 

84. Except to the extent that we have responsibility in accordance with section 5(3) ‘Liability’ of the General Terms, we are not responsible for any delay or issues relating to your participation in these Investment Opportunities.

Delisted or otherwise not available to hold through our Invest Service 

85. Your Investment might delist or otherwise become unsupported by, or unavailable to hold through, our Invest Service. Your Investment may also deliver additional Shares or other items of value that we do not hold or support in our Invest Service. If this happens to an Investment in your Portfolio, we will usually try to let you know in advance if reasonably possible.

86. If you hold an Investment (or any additional Shares or other items of value associated with the Investment) in our Invest Service at a time when it is, or will soon be, no longer eligible to be held though our Invest Service, we may:

• attempt to sell or write off that Investment (and/or any additional Shares or other items of value associated with the Investment) on your behalf and add the proceeds received from any such sale (less fees and taxes) to your Wallet (our third party sub-custodian may also at its discretion sell or write-off non-supported Investments in such a case and provide any money received from this). This might happen, for example: if your Investment (or any additional Shares or other items of value associated with the Investment) is delisting or transferring from being listed on an Exchange we offer to an Exchange we do not offer or support, due to technical or other constraints (including restraints imposed by Applicable Law), or if we (or our separate or third party sub-custodian) make a commercial decision to no longer allow an Investment to be held on our Invest Service; or 

• attempt to transfer the Investment (or any additional Shares or other items of value associated with the Investment) out of the Invest Service—fees may apply in such a case. See sections 5(73) to 5(75) ‘Transferring Investments’ above for more detail.

Communications about your Investments

87. Because your name is not on third party registries in respect of your Investments (such as a company share register), you will not receive communications directly from the Investment Provider or registry, as these communications will be directed to Sharesies. 

88. We don't have to forward to you, or act on, any corporate action, rights or other communications we receive about your Investments. Where we do, we may take such steps as we consider, at our discretion, to be commercially reasonable taking into account technical, legal and other constraints. 

Fractional Shares have logistical limits

89. If we make corporate actions available, there may be extra limits or conditions that apply to owners of a fraction of a Share. These conditions can be imposed by the Investment Provider and/or by us. 

90. If we make something available to owners of whole Shares (such as a right in relation to corporate actions) we don’t guarantee we’ll also make it available in relation to fractional Shares. For example, for a share consolidation that applies to fractional Shares and is rounded down, we may try to either put you in the position you would otherwise have been in by acquiring Shares and attributing the relevant portion to you (or where that is not practical providing a cash equivalent), or your holding may be rounded down if it is below the rounding threshold of that corporate action.

91. You may not be able to vote for fractions of a Share for Investments listed on all Exchanges, and we may choose whether and how to vote for the whole Share, on behalf of the fractional owners.    

6. Fees and taxes

We make money from fees you pay

1. When you use our Invest Service, you agree to pay us the fees we set. These are set out on the Pricing page on the Website.

2. You pay a transaction fee to buy and sell Listed Shares (unless otherwise specified), and a currency exchange fee to exchange currency.

3. Orders for Managed Funds are not charged our transaction fee. Other fees may apply, however, including fees you may be charged by your Investment (see section 6(21) ‘Your Investment may charge you fees’ below).

4. You are ultimately legally responsible for all applicable taxes and other charges related to your Investments (even if we have deducted and paid these on your behalf).

Fees for Buy and Sell Orders

5. Each Order incurs a separate transaction fee. For example, a transaction fee is applied to each Order within an auto-invest Order. If you place two Orders for the same Listed Shares, you will be charged two transaction fees (one for each Order). 

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. For a buy Order, the transaction fee is calculated as a % of the amount we invest for you up to an applicable fee cap if you ‘pay-as-you-go’, or for Orders outside your plan limits if you have a pricing plan: 

• For buy Orders in dollars, we calculate the transaction fee on the amount invested (the net amount) and deduct it from the order amount you enter (the gross amount) and we take it out before we invest for you. For example, if you enter $10 as the order amount, if the full Order trades you’ll be charged $10 and this will include our transaction fee; 

• For limit buy Orders in Shares, 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. 

8. For a sell Order, 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. 

Fees for FX Orders (currency exchange)

9. Each currency exchange Order incurs a separate currency exchange fee. We show you the currency exchange fee, known as the FX fee, before you confirm your FX Order. See the Pricing page on the Website for the applicable currency exchange fee.

10. The FX fee is calculated as a % of the amount we put to exchange for your FX Order. 

11. We take our FX fees out before the amount is exchanged. For example, you enter $10, the value we put to exchange is $10 minus our FX fee. 

12. Where you receive dividends on US Listed Shares or ASX Listed Shares, if Sharesies withholds and pays resident withholding tax to the IRD on your behalf, we will take some of the dividend paid in USD/AUD and convert it to NZD in order to pay the resident withholding tax to the IRD on your behalf. In such cases, we will charge our standard FX fee on the conversion of the relevant currency to NZD.

Pricing Plans

13. In addition to being able to ‘pay-as-you-go’, we offer optional pricing plans to customers, which include coverage of certain fees. These are set out on the Pricing page on the Website. A customer does not need to subscribe to a plan to use our Invest Service. Customers who subscribe to a plan may benefit from offsetting certain transaction and contribution costs. 

14. Fee caps still apply to pricing plans. This may mean that when you place a single Order above the coverage included in your plan, you will be charged the maximum capped fee instead of using your coverage amount. You should always review the final fee on the applicable review screen before placing your Order. Other fees may still apply despite subscribing to a pricing plan, this includes currency exchange fees and debit and credit card top up fees. The features and benefits of a pricing plan may change from time to time without notice to you unless you are subscribed to a plan. Plan inclusions are listed on our Website and in our Invest Service. You can change or cancel your plan at any time. Downgrading or cancelling your plan takes effect at the end of your current payment period. Upgrading your plan takes effect immediately, but you'll need to pay the difference in plan fees. We will not provide you a refund of plan fees.

Other ways we make money

We make money from interest on our customers’ money

15. 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 related or third party sub-custodians) hold for you in your Wallet when using our Invest Service.

Sometimes we make money from third parties

16. Third parties may pay us a fee to do something, which could include: 

• making their Investment Opportunities available to our customers;

• referring our customers to use their services;

• providing services, such as carrying out research and development, advertising or facilitating an employee share option scheme;

• advising on market behaviour and opportunities. 

Our rights if you owe us money

17. If you owe 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, costs or taxes (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 you a request to pay us. 

18. 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.  

19. If you owe us money, we may take reasonable steps to recover the amount owing to us (and offset any money you owe us and have failed to pay against any money we may owe you from time to time), including:

• directing Sharesies NZ Nominee to pay us using the money in your Wallet (including converting currency to local currency first at our applicable FX rate at that time and subject to our FX fees);

• selling (or otherwise dealing with) or directing our third party broker-dealers to sell (or otherwise deal with) Investments in your Portfolio and directing Sharesies NZ Nominee to repay us with money from this;

• cancelling or suspending your access to our Invest 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

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

Your Investment may charge you fees

21. Some Investments charge recurring or one-off fees. Fees charged by an Investment may be included in the share or unit price or charged separately. For example, an ETF may have a management fee that the ETF manager takes out of the value of the assets that make up the ETF. You are responsible for keeping up to date with the fees and expenses that form part of your Investment.

You need to pay tax on your Investments

22. We don’t provide you with any tax advice. You are responsible for understanding and meeting your tax obligations—we do not accept any responsibility for any taxation obligations or liabilities that you may incur: 

• You should seek professional tax advice if you are unsure about your tax obligations.

• We may deduct withholding tax from income that your Investments earn and pay that to the relevant tax authority on your behalf. 

• If we withhold and pay less tax or more tax than required you may be entitled to a tax refund or have additional tax to pay to the relevant tax authority. 

• If we need to recover additional tax from you for any reason, including where we have under withheld tax, you agree that is money you owe us.

• In addition to any tax we have withheld and paid for you, you may have other tax obligations relating to Investments you buy, sell and own through our Invest Service. 

• We provide a yearly tax statement that shows the tax (if any) that we have withheld and paid to tax authorities on your behalf. We may also provide easy access to data and reporting on your Investments, which may help you to assess your tax obligations and complete your tax return.

23. Terms that apply to New Zealand PIE Tax:

• If you’re investing in NZ portfolio investment entities (PIEs), we may act as a PIE investor proxy (sometimes called a PIP) for tax purposes. 

• We may undertake tax compliance for your PIE Investments. We may be required to collect certain tax information from you and provide it to the PIE for them to meet their tax obligations.

• You must provide us with your IRD number and keep us notified of your prescribed investor rate (PIR). If you don’t notify us of your PIR and your IRD number, we may use the default rate of 28%.

• If you provide a PIR that is lower than your correct rate, you will need to include your PIE income in your tax return and pay any tax shortfall (including penalties or interest) to the IRD. If the default rate or your notified PIR is higher than your correct rate, you will need to include your PIE income in your tax return and request a refund from the IRD.

• In order to pay PIE tax on your behalf, we may use the money in your Wallet (if any), and sell any of your Investments and use the money we receive from the sale to pay the PIE tax. If your Wallet has a negative balance due to us paying PIE tax on your behalf, you must repay the amount owing to us immediately (see sections 6(17) to 6(19) ‘Our rights if you owe us money’ for further details where your Wallet has a negative balance).

7. Invest Service principles

1. To the extent permitted by Applicable Law, you agree that:

• by using our Invest 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 Exchange Rules for any Exchange you buy or sell Shares on through our Invest Service, and you won’t cause us to breach the relevant Exchange Rules by doing something you shouldn’t do or by not doing something you should do.

2. You are responsible for all use on your Account. Each time you log in to your Account, you confirm to us you're the beneficial owner of your Account, or you're the sole trustee on behalf of the beneficial owner, and that no one else has any rights of any kind over the Investments in your Account.

3. If an Exchange or a member of our Support Crew interacting with an Exchange requires more information about you, your Account or any Order or Trade, you must promptly provide that information, including the identity of any person with access to your Account.

8. Goodbye: Closing accounts

What happens when your Account is closed?

1. Whether you close your Account or we close your Account, in addition to section 12 ‘Goodbye: Closing Accounts’ in the General Terms, the following terms apply:

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

• if you have not already sold your Investments, we may sell your Investments at the market rate applicable at the time we sell. If we sell your Investments the money resulting (less our fees and certain taxes) will be transferred to your Wallet; 

• if you hold foreign currency in your Wallet we may transfer those currencies into your local currency at the current FX rate and our currency exchange fees will apply;

• you agree to pay us any money you owe us, including after your Account (and any Kids Accounts under your Account) is closed;

• after selling remaining Investments and converting foreign currency, we may transfer any money in your Wallet (less fees, certain taxes and any other amounts you owe us) to your bank account. In our efforts to fight financial crime 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 your own name; 

• we may (but don’t have to) agree to transfer some or all of your Investments outside of the Invest Service to your personal Shareholder Number or agree to continue to hold some or all of your Investments for you;

• you authorise us to do these things and to instruct our Support Crew and the relevant Investment Provider as needed to do these things on your behalf;

• we will also close any Kids Accounts you have under your Account and the above applies to those Kids Accounts (unless the beneficiary of the Kids Account has reached the transfer age, and either you or the beneficiary requests that the Kids Account is transferred to the beneficiary to become an adult account).

9. Dictionary

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