The terms under which these services are provided to you ("the user") are stipulated below. Use of this web site is subject to acceptance, without modification of these Conditions of use. By using this website, you unconditionally signify your acceptance of these conditions.

1. Imara S.P. Reid (Pty) Ltd (Imara S.P. Reid) does not make representation that information and materials on this site are appropriate for use in all jurisdictions available on the world wide web, or that transactions, securities, products, instruments or services offered on this site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable local laws and regulations. By accessing each site the entrant has agreed that he/she has reviewed the site in its entirety including any legal or regulatory rubric.
   
   

2. While every effort is made to update the information provided on this website on a regular basis, neither Imara S.P. Reid nor any of its subsidiaries makes any representations or warranties, either express or implied, as to the accuracy, completeness or reliability of information contained on these pages and shall not be bound in any manner by the information contained on these pages. It is recommended that you contact Imara S.P. Reid to confirm all information contained on these pages prior to placing reliance thereon;
   
   

3. Imara S.P. Reid reserves the right at any time to change or discontinue without notice, any aspect or feature of this website;
   
   

4. All services offered by Imara S.P. Reid are subject to the signature of the requisite application forms, mandates and other documentation relating thereto and are governed by the standard terms and conditions of Imara S.P. Reid in respect thereof, and Imara S.P. Reid shall not be bound in any manner until such requisite documentation has been signed by the user and accepted by Imara S.P. Reid . Imara S.P. Reid reserves the right to reject in its discretion any application for the services contained on this website, the user hereby acknowledging that a credit risk enquiry may be undertaken by Imara S.P. Reid;
   
   

5. No research, opinions, information or content contained in these pages shall be construed as advice and is offered for information purposes only;
   
   

6. copyright in all material made available through this website is owned by Sharenet (Pty) Ltd and protected by both national and international intellectual property laws. Accordingly, any unauthorised copying, reproduction, retransmission, distribution, dissemination, sale, publication, broadcast or other circulation or exploitation of this material will constitute an infringement of that copyright. The trademarks, logos and service marks displayed on this website are registered and unregistered trademarks of Imara S.P. Reid or Sharenet (Pty) Ltd. Nothing contained on this website should be construed as granting any licence or right to use any trademark without written permission to do so;
   
   

7. Sharenet (Pty) Ltd (Sharenet) and Imara S.P. Reid will use reasonable endeavours to transfer all share trade instructions received through this website service, in a prompt and timeous manner. However, neither Imara S.P. Reid nor Sharenet shall be responsible and disclaims all liability for any claims arising from the late or delayed attendance by Imara S.P. Reid or Sharenet to the user's instructions, it being agreed that such instructions are issued through this website service solely at the user's own risk;
   
   

8. External links may be provided for your convenience, but they are beyond the control of Imara S.P. Reid and no representation is made as to their content. Use or reliance on any external links provided is at your own risk;
   
   

9. Imara S.P. Reid shall not be responsible and disclaims any liability for any loss, liability, damage (whether direct or consequential) or expense of any nature whatsoever which may be suffered by the user or any third party as a result of or which may be attributable, directly or indirectly, to the use of or reliance on any information or service provided through this website and you indemnify Imara S.P. Reid in respect of any loss, liability, damage (whether direct or consequential) or expense of any nature whatsoever, which may be suffered by you as a result of or which may be attributable, directly or indirectly, to your use of this website;
   
   

10. These terms and conditions shall be governed by and construed in accordance with the laws of the Republic of South Africa without giving effect to any principles of conflict of law. You hereby consent to the exclusive jurisdiction of the High Court of South Africa in respect of any disputes arising in connection with the services referred to herein, or these terms and conditions or any matter related to or in connection therewith.
    
    

11. A username is valid for only 1 customer/user/terminal and no part of the information may be distributed or disseminated to third parties in any way. Should any unauthorized distribution or dissemination take place, whether or not the user is aware of it, the user shall be liable to pay for the loss of revenue suffered as a result.
    
    

12. Sections 21 to 25 of the Electronic Communications and Transactions Act, 2002 shall apply, save that the Section 26 shall not apply and acknowledgement of receipt of a data message shall be necessary to give legal effect to that message and shall not take the form of an automated response.
    
    

13. SUBSCRIPTION SERVICES: Any withdrawals from my/our bank account/credit card by Imara S.P. Reid for subscription services shall be treated as though they had been signed by me/us personally. Imara S.P. Reid reserves the right to escalate subscription rates by giving 30 days notice by means of a message placed in a prominent position on the service. Imara S.P. Reid reserves the right to impose limits on the user if excessive price lookups are detected. Annual subscriptions are not refundable. Two months written notice is required for cancellations. Debit orders are run on the last working day of each month and are payable in advance. Pro-rate amounts are charged for partial months calculated on the number of days left in the month.
    
    

14. Any products ordered from Imara S.P. Reid shall be dispatched within a maximum of 14 days and any services ordered from Imara S.P. Reid shall be activated within a maximum of 7 days after receiving all necessary details and payments.
    
    

15. Imara S.P. Reid will not grant any refunds for services, except in the case where a user has experienced major problems utilising the product and service and the issue was not able to be resolved after following procedures request by our support department within a period of 14 days. Such requests for refunds must be submitted in writing within 30 days of the problem arising to qualify for a refund. Section 44 of the Electronic Communications and Transactions Act, 2002 makes provision for a 7 day cooling of period and clients may give us written notice to this effect should they wish to make use of it.
    
    

16. Imara S.P. Reid reserves the right to terminate your access to the Site or Services, and to take any other action Imara S.P. Reid deems appropriate, in its sole discretion, without limitation for any reason whatever, including but not limited breach of the New Client Mandate.

TOP

In terms of the Stock Exchanges Control Act, 1985 ("SECA") and the rules of the JSE Securities Exchange South Africa ("the rules"), members are required to ensure that buyers and sellers of listed securities are aware of their material obligations in terms of the provisions of SECA and the rules which relate to the trading and settlement of uncertificated securities.

In terms of SECA and the rules, the material obligations of clients include the obligations set out below.

For ease of reference the relevant rules which create the material obligations are reflected in the text and the relevant definitions are set out in the schedule attached hereto.

A controlled client is a client who does not appoint a CSD participant of his own, and the settlement of the transactions entered into by the client is conducted by the member of the client via accounts belonging to the member in the records of the CSD participant. (See definition attached).

Material Obligation 1

1.	Settlement will take place in accordance with the following principles:
		each transaction represented by a single contract note between the ultimate seller and ultimate buyer;
		applying the market convention that parties to a transaction have a contractual obligation to cause such transaction to settle on a specific day, settlement day (which is five business days after the trade was done); and
		on a net basis per member, per listed security.
Applicable Rule Rule 14.25 Settlement Principles for Uncertificated Securities Transactions 14.25.1 Settlement of uncertificated securities shall be effected in accordance with the following principles - 14.25.1.1 contract note by contract note; 14.25.1.2 between the scrip root and the cash root; 14.25.1.3 rolling and contractual; and 14.25.1.4 on a net basis per member, per listed security whereby individual contract notes are consolidated and offset into net amounts of uncertificated securities and funds for settlement.
Material Obligation 2
2.1	A controlled client must sign a mandate in favour of a member before any cash or securities are received by the member.
2.2	A controlled client must obtain a receipt from the member when the securities are placed under the control of the member.
2.3	A controlled client must receive a monthly statement and reconcile the STRATE approved securities reflected on the statement with his records.
2.4	A controlled client must advise a member of its choice for an elective corporate action by no later than 16h00 3 days prior to the record date for that corporate action.
2.5	A controlled client must advise a member if it wishes to receive information from any issuer regarding securities that the client owns.
Applicable Rule Rule 14.60 Operation of Controlled Client Accounts 14.60.1 The arrangements made by a controlled client with a broking member (equities) shall be recorded in a form of mandate which shall contain the minimum requirements as prescribed by the JSE from time to time. The mandate shall be signed by the controlled client before any cash and/or uncertificated securities as defined in 14.60.2 are accepted from the controlled client. 14.60.11 Every CSM and CSA shall send monthly statements of account to controlled clients and shall include approved wording to the effect that the cash credit balance reflected on the statement is held by JSE Trustees (Pty) Limited. 14.60.12 Where a STRATE approved security is received from a controlled client for retention in custody a dated and signed receipt recording the name, quantity, certificate number (where applicable) and registered holder of the security shall be issued forthwith.
Material Obligation 3
3.	A controlled client may not place an order to sell a STRATE approved security unless:
		the securities to be sold are in the custody of the member and have been dematerialised; or
		another transaction has been entered into by the client for the equivalent number of uncertificated securities to be available for settlement on T + 5; or
		the client has made arrangements to borrow the equivalent number of uncertificated securities and the equivalent securities will be available for settlement to take place on T + 5.
Applicable Rule Rule 14.40 Trading in STRATE Approved Securities 14.40.1 A client shall only place an order in respect of a STRATE approved security with a broking member (equities) if - 14.40.1.2 in respect of a sell order - 14.40.1.2.1 the securities to be sold are in uncertificated form; or 14.40.1.2.2 another transaction has been concluded which provides for an equivalent amount of uncertificated securities being available for settlement on settlement date; or 14.40.1.3 a satisfactory borrowing arrangement is in place which provides for an equivalent amount of uncertificated securities being available for settlement on settlement date. Applicable Penalty R1 000 per contract note
Material Obligation 4
By no later than 16h00 on T + 2, a controlled client which is not a carry account client, must ensure that the member is in a position to settle the transaction on T + 5.
Applicable Rule Rule 14.130 Controlled Client Settlement Obligation 14.130.1 Save for where the controlled client is a carry account client, a controlled client shall, by no later than 16h00 on the second business day after the trade date, ensure that the member which effected the transaction on behalf of such client will be in a position to settle the transaction on settlement day.
Material Obligation 5
5.1	Where the controlled client fails to put the member in a position before 16h00 on T + 2 to settle the transaction on settlement day, the controlled client will forfeit any rights that the client may have had in respect of the said transaction, including the right to enforce performance of the transaction. Notwithstanding such forfeiture, the client shall remain liable for any losses, costs and charges incurred, or charge imposed by the member which effected the said transaction.
5.2	A member shall have the right but not the obligation to allow a controlled client to honour his obligations until 12h00 on T + 4 after which the obligation to settle reverts to the member.
5.3	Where the controlled client has not complied with its obligation to put the member in a position to effect settlement and neither the member nor the settlement authority is able to effect settlement, the settlement authority shall as at 16h00 on T + 4 declare the transaction to be a failed trade.
5.4	Notwithstanding 5.2 and 5.3 above, the notification at any stage prior to 16h00 on T+3 by a controlled client to a member of its inability to put the member in a position to settle, may result in the declaration of a failed trade by 09h00 on the following business day.
Applicable Rule 14.110 Settlement of STRATE Approved Securities 14.110.4 In the event that a CSD participant (including the CSD participant of the settlement authority) has not committed to settle the transaction by 16h00 on the fourth business day after the trade date, the transaction shall be a failed trade and shall be dealt with in terms of the failed trade procedures set out in 14.150. 14.110.5 Notwithstanding the provisions of 14.110.4 in the event that - 14.110.5.1 a member advises the settlement authority at any stage that the CSD participant of the member or CSD participant of a non-controlled client of the member will not be in a position to settle a transaction on settlement day; and 14.110.5.2 the settlement authority is not able to procure that the settlement of the transaction will take place on settlement day or to close the transaction in terms of 14.30.2.9, the transaction shall be declared a failed trade by no later than 09h00 on the next business day and shall be dealt with in terms of the failed trade procedure as set out in 14.150. Rule 14.130 Controlled Client Settlement Obligations 14.130.2 In the event that a controlled client fails to comply with the provisions of 14.130.1, the member which effected the transaction shall be entitled to proceed in the manner set out in 14.130.4. 14.130.2 Notwithstanding 14.130.2, in the event that the client continues to fail to place the member in a position where the member is able to settle the transaction on the clients behalf, the member which effected the transaction shall by no later than 12h00 on the fourth business day after the trade date proceed in the manner set out in 14.130.4. 14.130.4 Subject to the provisions of 14.130.2 and 14.130.3, in the event of a failure by the controlled client to comply with the provisions of 14.130.1 14.130.4.1 the member which effected the transaction on behalf of the controlled client shall, as at 12h00 on the fourth business day after the trade date, assume, as principal, the rights and obligations of the controlled client in respect of the said transaction, including the obligation to settle the transaction; 14.130.4.2 the member which effected the transaction shall proceed in the manner set out in 14.140.9 unless the settlement authority is able to close the transaction in terms of 14.30.2.9 or declares the transaction a failed trade in terms of 14.150; 14.130.4.3 the controlled client shall forfeit any rights that such client may have had in respect of the said transaction, including the right to enforce performance of the transaction; and 14.130.4.4 notwithstanding 14.130.4.1 to 14.130.4.3, the controlled client shall remain liable for any losses, costs and charges incurred, or charges imposed, by the member which effected the transaction, as a result of the member acting in accordance with14.130.2 or 14.130.3. Rule 14.140 Member settlement obligations 14.140.11 Notwithstanding 14.140.8, in the event that - 14.140.11.1 a controlled client fails to ensure that a member is in a position to settle a transaction by 12h00 on the fourth business day after the trade date, the member shall, subject to the action taken by the settlement authority in terms of 14.140.9. and 14.140.10, as the case may be, proceed in terms of the procedures set out in 14.140.9 or 14.140.10, whichever is applicable. Applicable Fees and Penalty R500 per occurrence when the client does perform by 12h00 on T+4; and R500 per occurrence where the member of the client cannot procure settlement by 14h00 on T + 4. R5000 administration fee in respect of each failed trade. R1 000 per failed trade plus double the brokerage with a minimum fine of 0.3% of the value of the trade, not exceeding R100 000. Any compensation payable to the non-failing party in respect of the trade being failed, shall be for the account of the failing client.
Material Obligation 6
Where a transaction of a controlled client fails, such client may be responsible for any balance of the non-failing party's transaction which was closed.
The settlement authority will close a failed trade against another transaction. When such closing constitutes a part of a larger transaction, the non-failing party may apply to the settlement authority to have the balance of the transaction cancelled. If successful, the failing controlled client will take the place of the non-failing party for the balance of such transaction.
Applicable Directive
Directive EI
6.	In the event that any part of the transaction of the non-failing party is closed, and notwithstanding EI 2 to EI 5, the settlement authority may, upon the request of the non-failing party, elect to nullify the contract note which pertains to the said transaction. If the settlement authority elects to nullify the contract note -
6.1	the settlement batch which contains the failed trade shall be amended accordingly with the party responsible for the failed trade becoming responsible for any resultant obligations.
Applicable penalty
Where a non-failing party's application to give up the balance of a transaction is successful, the failing party will be responsible for such entire transaction of the non-failing party which, when closed off against the failing transaction, will result in the failing client changing from a seller to a buyer or vice versa.
Material Obligation 7
7.	As a consequence of the controlled client not meeting material obligation 4 and where the member or the settlement authority is able to effect settlement by borrowing funds or securities the member shall be entitled to:
7.1	In respect of a sale transaction-
7.1.1	immediately buy the required securities for the account of the client; and
7.1.2	the client must pay to the member the difference between the sale consideration of the securities the client requested to be sold and the purchase consideration of the securities which were bought-in by the member, including any interest;
7.2	In respect of a purchase transaction-
7.2.1	immediately sell the securities purchased for the account of the client;
7.2.2	the client must pay the member the difference between the purchase consideration of the securities which were purchased at the clients request and the sale consideration of the securities sold by the member, including interest.
7.3	If there is any amount still owing by the client after the member has taken the steps set out in 7.1 and 7.2, the member may also sell any other securities of the client which the member holds for the client or which the member may receive on behalf of the client in order to realise the difference.
Applicable Rule Rule 14.140 Member Settlement Obligations 14.140.9 In the event that the settlement authority receives notification in terms of 14.140.8 and is able to procure the settlement of the transaction by means of the borrowing of securities or funds, as the case may be, then the member shall by no later than the close of business on the next business day - 14.140.9.1 in respect of a sale transaction, buy such securities for the account of the client and claim the difference between the selling consideration of such securities and the purchase consideration for such securities, including interest as provided for in the rules; 14.140.9.2 in respect of a purchase transaction, sell such securities for the account of the client and claim the difference between the purchase consideration of such securities and the selling consideration for such securities, including interest as provided for in the rules; and 14.140.9.3 sell for the account of such client- so many of any other listed securities belonging to such client and held by or in the custody of such member; or so many of any other listed securities to be delivered to the client in respect of any transaction relating to securities previously entered into by such buyer with or through the member, as is necessary to realise an amount equal to the amount still owing by the client in respect of such securities, after the sale or purchase of the securities in terms of 14.140.9.1 and 14.140.9.2, as the case may be.
Material obligation 8
Where a controlled client has not made available securities timeously and a member borrows securities to effect settlement for the controlled client, the controlled client is responsible for any costs that may be incurred by the member in this regard and any penalties imposed on the member. These costs include the costs related to manufactured dividends.
Applicable Rule 14.170 Borrowing of Uncertificated Securities to Prevent a Trade from Failing 14.170.3 A client shall be responsible for the payment of any costs that may be incurred by the member as a result of the member having borrowed the securities to effect settlement (including costs related to manufactured dividends and other similar costs), and any penalty imposed on the member by the settlement authority, where the client failed to deliver the uncertificated securities required to settle the transaction. Applicable Fee · R1 000 administration fee plus the greater of R1 000 or 5% per annum of the initial value of the loaned uncertificated securities over the loan period. In addition no interest will be payable on any collateral lodged.
Material obligation 9
Where a member borrows funds either directly or via the settlement authority to effect settlement for a controlled client who has not made payment of the required funds to the member timeously, the controlled client is responsible for any costs incurred by the member or penalties imposed on the member in this regard.
Applicable Rule 14.180 Lending of Funds to Prevent a Trade from Failing 14.180.2 A client shall be responsible for the payment of any costs that may be incurred by the member as a result of the member having borrowed the funds to effect settlement, and any penalty imposed on the member by the settlement authority, where the client failed to pay the funds required to settle the transaction. Applicable Fees and Interest · R1 000 administration fee plus an interest charge of 5% per annum above the prime overdraft rate at FirstRand Bank Ltd.
Material obligation 10
10.1	Where a controlled client does not meet his obligations timeously and neither the member nor the settlement authority is able to borrow funds or uncertificated securities to ensure that settlement of the transaction takes place, then the transaction of the failing controlled client shall be closed by the member in accordance with instructions provided by the settlement authority.
10.2	A failing controlled client will in addition to any fees and penalties, be responsible for any compensation that is paid to the non-failing party.
Applicable Rule 14.140 Member Settlement Obligations 14.140.10 In the event that the settlement authority receives notification in terms of 14.140.8, and the settlement authority is either able to close the transaction in terms of 14.30.2.9 or declares the transaction to be a failed trade in terms of 14.110.4, the member shall act in accordance with the instructions received from the settlement authority in terms of 14.150. Applicable Fees and Compensation Where the transaction is closed by the settlement authority in terms of rule 14.30.2.9: a R1 000 administration fee will be payable; and any compensation paid to the non-failing party in terms of the voluntary close out shall be for the account of the failing client.
Material obligation 11
11.1	A client may be invited by the JSE to voluntarily give up a transaction, or a part of a transaction, where the JSE believes that it is likely that the transaction will not settle because of a potential failed trade.
11.2	If the client gives up a transaction or a part of the transaction in accordance with 11.1, then the client will be entitled to receive compensation.
Applicable Rule Rule 14.30 Settlement Authority 14.30.2 The Settlement authority shall have the power to - 14.30.2.9 invite a member or a client (via the member) to close a purchase or sale transaction at a price and on the basis set out in rule 14.150 Compensation Compensation is payable to the non-failing party.
Material Obligation 12
12.1	If there is a failed trade which will result in a transaction or part of a transaction not settling, a client must, if instructed by the JSE, give up the transaction or a part of the transaction.
12.2	If the client gives up a transaction or a part of the transaction in the manner set out in 12.1, then the client will be entitled to receive compensation.
12.3	If a client is instructed by the settlement authority to give up a part of a transaction, the client may apply to give up the entire transaction. If the settlement authority allows the giving up of the entire transaction, the client waives any right to receive compensation.
Applicable Rule Rule 14.150 Failed Trades 14.150.1. A failed trade shall be dealt with in the following manner - 14.150.1.1. the settlement authority shall match a failed trade against an equal but opposite transaction represented by a single contract note which is a terminating transaction; 14.150.1.2. in the event that there is no transaction, or more than one transaction of the type set out in 14.150.1.1, the settlement authority shall, in terms of the failed trade procedures laid down from time to time, select such transaction or transactions represented by one or more contract notes the failing of which will be least disruptive to members, clients and counterparties; 14.150.1.3 the transaction selected in terms of 14.150.1.1 or 14.150.1.2 shall be closed at a price to be determined by the settlement authority, in consultation with the market controller. This price may differ from the original trade price and will include compensation for the party whose transaction is being closed. The compensation shall be determined in accordance with principles set out in the directives from time to time. The difference shall be due from the member who effected the failed trade to the CSD participant of the parties whose trades have been closed by the settlement authority. The settlement of such amount will form part of the settlement batch which contains the failed trade. Applicable Compensation In the event that material obligation 12.1 is applicable, compensation will be paid to the non-failing party. In the event that material obligation 12.2 and 12.3 are applicable, the non-failing party waives any right to compensation.