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Terms & Conditions

Terms of use

PLEASE READ THESE TERMS OF USE CAREFULLY BEFORE ACCESSING AND USING THIS WEB SITE.

By accessing and using this web site, you confirm that you have read and accepted these terms of use (as may be amended from time to time by Lion Trust (Singapore) Limited (“Liontrust”)). If you do not agree to these terms of use, do not access or use the web site. You are responsible for compliance with all applicable laws and regulations in any jurisdiction.

RESTRICTIONS ON USE OF MATERIALS

Except as otherwise expressly stated herein, the copyright and all other intellectual property in the contents of this website (including, but not limited to, all design, text, images or links) are the property of Liontrust and/or its affiliates. As such, they may not be appropriated or modified in any manner, or reproduced, transmitted, published, broadcast, stored, adapted, distributed, displayed, licensed, altered, hyperlinked or otherwise used in whole or in part in any manner without the prior written consent of Liontrust. Save and except with Liontrust’s prior written consent, you may not insert a hyperlink to this web site or any part thereof on any other web site, or “mirror” or frame this web site, any part thereof, or any information or materials contained in this web site on any other server, web site or web page. All trademarks, service marks, design marks and logos used in this web site are the property of Liontrust and/or the respective third party proprietors identified in this web site. No license or right is granted and your access to this web site should not be construed as granting, by implication, estoppel or otherwise, any license or right to use any trade marks, service marks or logos appearing on the web site without the prior written consent of Liontrust or the respective third party proprietors as the case may be. Save and except with prior written consent from the proprietor, no such trade mark, service mark, design mark or logo may be used as a hyperlink or to mark any hyperlink to any Liontrust site or any other site.

NO REPRESENTATION OR WARRANTIES

While every effort has been made to ensure that the information provided in this web site herein is up to date and accurate, Liontrust and its affiliates, subsidiaries, employees, agents, and representatives make no representation or warranty of any kind either express or implied as to the completeness, correctness, accuracy, suitability, reliability or otherwise of the web site or its content in this web site or the results of its use for any purpose, all of which is provided “as is” and “as available”. It does not warrant that this web site or this server that makes it available is free of any virus or other harmful elements. Liontrust and its affiliates, subsidiaries, employees, agents, and representatives disclaim all warranties and obligations relating to this web site, including but not limited to all implied warranties and obligations of merchantability, fitness for a particular purpose, title and non-infringement.

LIMITATION OF LIABILITY

The information contained herein in this web site shall be accessed and used at your own risk and to the fullest extent permissible and subject and pursuant to all applicable laws and regulations. Liontrust and its affiliates, subsidiaries, employees, agents, and representatives shall not be liable for any direct, indirect, incidental, special, exemplary, consequential or other damages whatsoever, (including but not limited to liability for loss of use, data or profits), including but not limited to contract, negligence or other tortious actions, arising out of or in connection with this site, even if any of Liontrust and its affiliates, subsidiaries, employees, agents, and representatives has been advised of the possibility of such damages or losses that were, are being or will be incurred.

GOVERNING LAW AND JURISDICTION

These Terms of Use shall be governed by and construed in accordance with the laws of Singapore, and you agree to submit to the non-exclusive jurisdiction of the Singapore Courts.

MODIFICATIONS

Liontrust reserves all rights to make any and all changes in this web site at its sole discretion without prior notice to the user. Liontrust reserves the right to deny access to this web site to anyone at anytime without prior notice. Material on our web site may include technical inaccuracies or typographical errors. Changes may be periodically incorporated into this material.

PDPA

LION TRUST (Singapore) LIMITED

Privacy Policy

In this policy, “we”, “us”, “our” or “Liontrust” means Lion Trust (Singapore) Limited, “you”, “your” or “yours” means the persons to whom this policy applies and “Lion Trust Group” means Lion Trust (Singapore) Limited, its related corporations, affiliates and branches.

The security of your personal data is important to us. Liontrust has in place safeguards to protect the personal data stored with us. This policy describes how we may collect, use, disclose, process and manage your personal data.

This policy applies to any individual’s personal data which is in our possession or under our control.

What personal data we collect

“Personal data” is data that can be used to identify a natural person. Some examples of personal data that we may collect are:

(a)      personal particulars (e.g. name, contact details, residential address, date of birth, identity card/passport details, and/or education details);

(b)      specimen signature(s);

(c)      financial details (e.g. income, expenses, and/or credit history);

(d)      images and voice recordings of our conversations with you;

(e)      employment details (e.g. occupation, directorships and other positions held, employment history, salary, and/or benefits);

(f)       tax and insurance information;

(g)      information about your risk profile, investments, investment objectives, knowledge and experience and/or business interests and assets;

(h)      banking information (e.g. account numbers and banking transactions); and/or

(i)           personal opinions made known to us (e.g. feedback or responses to surveys).

Usage of your personal data

We may use your personal data for our core business purposes, such as:

(a)      developing and providing trust and fund related facilities, products or services (whether made available by us or through us), including but not limited to:

  1. carrying out research, planning and statistical analysis; or
  2. executing investments, banking, commercial or other transactions and clearing or reporting on these transactions;
  3. analytics for the purposes of developing or improving our products, services, security, service quality, and advertising strategies;

(b)         assessing and processing applications, instructions or requests from you or our customers;

(c)          communicating with you, including providing you with updates on changes to products, services and facilities (whether made available by us or through us) including any additions, expansions, suspensions and replacements of or to such products, services and facilities and their terms and conditions;

(d)         managing our infrastructure and business operations and complying with internal policies and procedures;

(e)         responding to queries or feedback;

(f)          addressing or investigating any complaints, claims or disputes;

(g)         verifying your identity for the purposes of providing facilities, products or services;

(h)         conducting credit checks, screenings or due diligence checks as may be required under applicable law, regulation or directive;

(i)           complying with all applicable laws, regulations, rules, directives, orders, instructions and requests from any local or foreign authorities, including regulatory, governmental, tax and law enforcement authorities or other authorities;

(j)          enforcing obligations owed to us;

(k)         monitoring products and services provided by or made available through us;

(l)           complying with obligations and requirements imposed by us from time to time by any credit bureau or credit information sharing services of which we are a member or subscriber;

(m)        creating and maintaining credit and risk related models;

(n)         financial reporting, regulatory reporting, management reporting, risk management (including monitoring credit exposures), audit and record keeping purposes;

(o)         enabling any actual or proposed assignee or transferee, participant or sub-participant of Liontrust’s rights or obligations to evaluate any proposed transaction; and/or

(p)         seeking professional advice, including legal advice.

We may also use personal data for purposes set out in the General Terms and Conditions that govern our relationship with you or our customer.

 

Use of personal data for marketing purposes

We may use your personal data to offer you products or services, including promotions or entitlements that may be of interest to you or for which you may be eligible. Such messages may be sent to you in various modes including but not limited to electronic mail, direct mailers, short message service, telephone calls, facsimile and other mobile messaging services. In doing so, we will comply with the Personal Data Protection Act of Singapore (PDPA) and other applicable data protection and privacy laws.

You may at any time request that we stop contacting you for marketing purposes via selected or all modes.

To find out more on how you can change the way we use your personal data for marketing purposes, please contact us (please see the “How to contact us” section below).

Nothing in this section shall vary or supercede the General Terms and Conditions that govern our relationship with you.

Disclosure and sharing of personal data

We may from time to time and in compliance with all applicable laws on data privacy, disclose your personal data to any personnel of Liontrust Group or to third parties, whether located in Singapore or elsewhere, in order to carry out the purposes set out above. Please be assured that when we disclose your personal data to such parties, we require them to ensure that any personal data disclosed to them are kept confidential and secure.

For more information about the third parties with whom we share your personal data, you may, where appropriate, wish to refer to the terms and conditions that govern our relationship with you or our customer. You may also contact us for more information (please see the “How to contact us” section below).

We wish to emphasise that Liontrust does not sell personal data to any third parties and we shall remain fully compliant of any duty or obligation of confidentiality imposed on us under the applicable these terms and conditions that govern our relationship with you or our customer or any applicable law.

We may transfer, store, process and/or deal with your personal data outside Singapore. In doing so, we will comply with the PDPA and other applicable data protection and privacy laws.

Cookies and related technologies

Our web sitesuse cookies. A cookie is a small text file placed on your computer or mobile device when you visit a web site or use an app. Cookies collect information about users and their visit to the web site or use of the app, such as their Internet protocol (IP) address, how they arrived at the web site (for example, through a search engine or a link from another web site) and how they navigate within the web site or app. We use cookies and other technologies to facilitate your internet sessions and use of our apps, offer you products and/or services according to your preferred settings, track use of our web sites and apps and to compile statistics about activities carried out on our web sites and/or through our apps. ]

A pixel tag, also known as a web beacon, is an invisible tag placed on certain pages of our web site but not on your computer. Pixel tags are usually used in conjunction with cookies and are used to monitor the behaviour of users visiting the web site.

You may set up your web browser to block cookies which will in turn disable the pixel tags from monitoring your web site visit. You may also remove cookies stored from your computer or mobile device. However, if you do block cookies and pixel tags, you may not be able to use certain features and functions of our web sites.

Our web sites may contain links to other web sites which are not maintained by Liontrust. This privacy policy only applies to the web sites of Liontrust. When visiting these third party web sites, you should read their privacy policies which will apply to your use of the web sites.

Retention of personal data

Your personal data is retained as long as the purpose for which it was collected remains and until it is no longer necessary for any other legal or business purposes.

Access and correction

You may request access or make corrections to your personal data held by Liontrust. Liontrust may charge a fee for processing your request for access. Such a fee depends on the nature and complexity of your access request. Information on the processing fee will be made available to you.

Please contact us (please see the “How to contact us” section below) for details on how you may request such access or corrections.

How to contact us

To contact us on any aspect of this policy or your personal data or to provide any feedback that you may have, please email us atdataprivacy@liontrust.com.sg.

Amendments and updates of Liontrust Privacy Policy

We may amend this policy from time to time to ensure that this policy is consistent with any developments to the way Liontrust uses your personal data or any changes to the laws and regulations applicable to Liontrust. We will make available the updated policy on our web site (www.liontrust.com.sg). All communications, transactions and dealings with us shall be subject to the latest version of this policy in force at the time.

FATCA

Foreign Account Tax Compliance Act Policy

Foreign Account Tax Compliance Act (“FATCA”) is a legislation introduced by the United States comes into effect from 01 July 2014. It is intended to increase tax transparency for the US Internal Revenue Service (IRS) with respect to US persons who hold assets overseas. Many Governments around the world has signed or are expected to sign Inter-governmental agreement (IGA) with the US government.

Singapore Government has signed a Model 1 Intergovernmental Agreement with the US Government to implement FATCA in Singapore on 9 December 2014 (hereinafter referred to as “Singapore IGA”). Under this agreement, all banks and FIs (such as Lion Trust (Singapore) Limited (“Liontrust”)) in Singapore are to report FATCA-related information to the Inland Revenue Authority of Singapore (IRAS) which will then forward the information to the US IRS.

For countries that enter into Model 2 IGA, the banks and financial institutions (FIs) outside US are required to report bank account information on their US customers to US IRS directly.

Liontrust is FATCA Compliant

As a responsible financial institution, Liontrusthas taken several measures towards becoming FATCA compliant. Liontrust has obtained the relevant Global Intermediary Identification Numbers (GIIN) and these numbers are published under the IRS portal. Other measures taken by Liontrust include implementing procedures for onboarding on new clients and reviewing its existing relationship as required under the Singapore IGA.   All new clients will be asked for their FATCA classification.

For existing clients, we may be contacting you to request further information or documentation in order to verify your tax status under FATCA. It is important that you respond to all requests. If you have any queries regarding FATCA or the Singapore IGA or relevant local legislations and your tax position, please contact a professional tax advisor, as Liontrust is unable to provide tax advice.

Customer Guidance

While Liontrustis not permitted to offer advice in relation to FATCA, we would be pleased to assist in engaging proper advisors in this respect for our clients. Customers may also visit the US IRS website to obtain the latest relevant forms and information on FATCA. We can assist our clients with their classification and registration obligations in order to achieve FATCA compliance.

For information on the Singapore IGAs relating to FATCA and how it affects you, please see the FAQ attached.

Reporting by Liontrust

For the purpose of complying with FATCA, Liontrust will be required to report and disclose information of accounts or our customers that are US personsto our Singapore relevant authorities as required under the Singapore IGA. The requirement to provide such information to the IRAS is continuous and on periodic basis

Reporting Obligations on you

You shall notify us in writing immediately (and in any event no later than 30 days from the date of change) if you are or become a U.S. Person. You are also required to provide us with such information, documents and assistance as we may require upon request.

You are deemed to have consented to the reporting and disclosure of any information relating to you and your account as may be required under the Singapore IGA.

Failure to report

With effect from 1 July 2014, we may exit the relationship with you if:

  • you refuse or fail to provide in a timely manner any information or documents or other assistance as may be requested by us;
  • you withdraw your consent to the reporting and disclosure of any information or documents relating to you as may be required under Singapore IGA; or

it is, in our opinion, required for the purpose of complying with the IGA entered into between the U.S. and Singapore and regulations implemented as part of such IGA).

General

Notwithstanding any other terms and conditions that govern your relationship with us (including but not limited to amendments or modification provisions of such terms and conditions), we may amend, update, and revise this FATCA Policy unilaterally at any time as may be required by us to ensure its compliance with applicable laws and regulations.

We have prepared a frequently asked questions (FAQ) relating to the Singapore IGA arrangement and Liontrust obligation under this Singapore IGA. A copy is attached for your information. This letter and the FAQ does not constitute as legal or tax advice to you related to FATCA as we are not capable of providing such advice. You should consult a legal or tax advice on your personal circumstances and obligation towards FATCA

1. What is FATCA?

FATCA or Foreign Account Tax Compliance Act is a legislation introduced by the US in 2010. It is intended to increase tax transparency for the US Internal Revenue Service (IRS) withrespect to US persons who hold assets overseas.

Many Governments around the world has signed or are expected to sign Inter-governmental agreement (IGA) with the US government. These IGAs, will result in the FATCA legislation becoming part of these countries’ local laws including Singapore.Banks and financial institutions (FIs) outside US are required to report bank accountinformation on their US customers to US IRS.

2. FATCA Implementation by Singapore Government

FATCA legislation became effective on 01 July 2014. Singapore has signed a Model 1 Intergovernmental Agreement (IGA) with the US to implement FATCA in Singapore on 9 December 2014. Under this agreement, all financial institutions (including Lion Trust (Singapore) Limited (“Liontrust”)) in Singapore are to report FATCA-related information to the Inland Revenue Authority of Singapore (IRAS) which will then forward the information to the US IRS.

3. How are Customers (of Lion Trust (Singapore) Limited) Affected by FATCA

All customers of Liontrust who are classified as “US persons” or have US-links will be affected by this legislation.

– The term ‘US person’ includes but not limited to means:

  • A citizen of the US, including an individual born in the US but resident in another country (who has not given up their US citizenship)
  • A person residing in the US, including US green card holders
  • A person who spend a significant number of days in the US each year
  • A partnership or corporation organized in the U.S. or under the laws of the U.S. or any State thereof,
  • A trust if (i) a court within the U.S. would have authority under applicable law to render orders or judgments concerning substantially all issues regarding administration of the trust, and (ii) one or more U.S. persons have the authority to control all substantial decisions of the trust, or an estate or a decedent that is a citizen or resident of the United States;

– US links includes

  • Designation of the account holder as US citizen or resident;
  • US place of birth;
  • US residence address or US mailing address (including US post office box);
  • US telephone number;
  • Standing instructions to pay amounts from the account to an account maintained in the US;
  • Current power of attorney or signatory authority granted to a person with a US address; or
  • An “in-care-of” address or a “hold mail” address that is the sole address the FFI has identified for the account holder

4. What does FATCA means to you?

As a US Person

If you are considered a US Person, you may be asked to supply to Liontrust with additional information/documentation. You may also wish to visit the IRS website to determine if you need to complete and submit any additional IRS forms.

Liontrustwill be required to report information about you andyour account to the local tax authority or the IRS (depending on the relevant countries adoption of FATCA model) onan annual basis.

As a non US Person

For most customers who are non-US Person, FATCA will have minimal impact, and there will be no action required. However, Liontrust may still contact you to confirm your status as a non-US person if we have reason to believe you are potentially a US person for FATCA purposes.

5. How frequently does customer have to provide information for FATCA purposes?

FATCA is an ongoing process. If your account informationchanges, Liontrustmay be required to contact you to obtainadditional information so that we are able to update youraccount classification under FATCA.

6. What does Lion Trust (Singapore) Limited have to do to comply with FATCA?

Liontrust (Singapore) Limited will be required to identify accounts with US links as indicated in paragraph3 above and confirm with these account holders their US tax residency status through a self-certification form (such as W8 and W9 forms) and collection of supporting documents (such as passports, residential address or relevant evidence of residency / nationality).

Accounts shall include trusts and companies interposed under the trust and also standalone companies where Liontrust administers or provide services to.Account holders who are confirmed as US persons will have their account information submitted to the IRAS or US IRS (depending on the IGAs).

For entities (e.g. companies or trusts) that fall under the category as Financial Institution as defined under the Singapore IGA,Liontrust is required to report debt or equity interest held by Settlor (or Grantor) and beneficiaries[1].

For entities (e.g. companies or trusts) that fall under the category as non-Financial Institution or defined as Non-Financial Foreign Entity (“NFFE”) under the Singapore GIA,Liontrustis required to report the Controlling Persons. Controlling Persons is defined as substantial shareholderor effective controllers of the entityand may include settlor, the trustees, the protector (if any), the beneficiaries or class of beneficiaries, and any other natural person exercising ultimate effective control over the entity/trust.

No further action will be taken on account holders who are confirmed non-US persons.

7. Customers Who Fail to Comply with FATCA Requirements

Customers with US links who fail to submit the necessary form and documents may have their accounts treated as a US Reportable Account and Liontrust, under the IGA arrangement, will report it to IRAS. In addition, all US proceeds (which may include pass-thru funds) may be subject to 30% tax withhold by Liontrust.

In accordance with FATCA, Liontrust may exit the relationship with customers who decide not to provide the necessary information and documentation.For new accounts, Liontrust will not be able to establish any relationship with the customer.

8. What information is reported to the IRAS?

The information to be reported to the IRAS includes the account holder’s name, address, US Taxpayer Identification Number, account number, account balance and amount for distribution.

9. Obtaining Advice on FATCA by Customers

Liontrust cannot offer any advice relating to FATCA. We recommend you seek professional tax advisor to discuss your personal tax situation or refer to the US IRS website

[1]A beneficiary that is entitled to a mandatory distribution (either directly or indirectly) from the trust; or a beneficiary that receives a discretionary distribution (either directly or indirectly) from the trust in the calendar year.