Article 3 – Securities accounts opened on the Application
The maintenance of a custody account consists, on the one hand, of registering in an account the Investments that you have made via the Application, i.e. recognising you as having rights to the said Investments, and on the other hand, of keeping the corresponding assets, and finally of processing the events occurring in the life of the Investments kept by us.
An Electronic Money Account attached to the Securities Account is also opened with an Electronic Money Institution under the conditions set out in Article 7, in order to record on the debit or credit side the counterpart in cash for Transactions carried out on Financial Instruments registered on the Securities Account. The Electronic Money Account operates in conjunction with the Securities Account, the operating procedures for which are set out herein.
3.2. Opening your Securities Account
Before you can open a Securities Account and carry out Transactions, you must first install the Application. The provision by SFA of the Investment Services linked to the Securities Account is thus only possible if you have installed the Application, your identity has been verified and you have provided all the supporting documents and documents requested in accordance with these Trading T&Cs.
In any case, Shares Financial Assets remain free to accept or refuse the opening of a Securities Account without being required to justify its decision.
The Securities Account is opened on your behalf and can only be an individual account. We do not open joint, undivided account or dismembered accounts. If, for any reason whatsoever, your individual account was likely to fall under the joint ownership or dismemberment regime, we kindly ask you to inform us immediately in order to make the necessary arrangements.
The Securities Account cannot be opened in the name of a legal entity.
In the event that you are protected adult, all Financial Instruments registered in the Securities Account must be managed in accordance with the specific provisions relating to the protection regime to which you are subject, in accordance with the Applicable Regulations. When the capacity regime of the holder of the SecuritiesAccount, recognised as applicable in France, is a regime of foreign law, it is expressly agreed that we must be provided beforehand with all the useful supporting documents likely to delimit and define the scope of the powers as well as the identity and the exact situation of the protected adult with regard to the applicable local regulations. We may not, under any circumstances, be held liable for Transactions carried out by the protected person or his/her legal representative, in breach of the rules in particular of the French Civil Code, or any other applicable text, governing the operation of the Securities Account and the accounts related thereto. We shall be held responsible for the consequences of a Transaction on the Securities Account if we have not been informed of the setting up or modification of a protection measure.
The Securities Account may not be used to hold Financial Instruments on behalf of third parties and/or to carry out portfolio management on financial instruments on behalf of third parties.
A Customer can only open a sole Securities account in Shares Financial Assets’ books, linked to his User Account.
3.2.2. Supporting documents
When you apply to open a Securities account, you must provide us with the following documents, as appropriate:
- a valid and legible copy of a valid identity document; and
- any other additional documents we deem necessary to comply with our legal and regulatory obligations.
Please note that depending on jurisdiction, in particular outside of France, other means of verifying your identity may be offered in the Application, and the list of accepted documents may be modified.
In accordance with these Trading T&Cs, we will also verify your identity and if applicable, the origin of your funds, under the conditions set by the regulations relating to the fight against money laundering and the financing of terrorism.
3.3. Access to your Securities Account
Your telephone number will be linked to your Securities Account when it is open to ensure that the Securities Account can only be accessible via your mobile phone, which serves as an authentication device. Only one mobile phone number can be linked to your Securities Account.
We may also check the validity of the email address you have provided to us, which will allow us to contact you at any time by a mode of communication other than the Application interface.
You will have access to the User Account linked to your Securities Account under the conditions set out in the App T&Cs.
3.4. Operation of the Securities Account
The Securities Account operates in accordance with the provisions of the Applicable Regulations. The Financial Instruments registered in the Securities Account may not be used by Shares Financial Assets for its own account or any third party, including sub-custodians that we may call upon under the conditions mentioned below.
Under the terms of our custodial mission, we undertake to ensure the safekeeping of the Financial Instruments registered in the account and to fulfil the administrative obligations arising therefrom, principally the payment of income, information on events concerning the Financial Instruments held in custody, and the processing of your Orders and Instructions.
We undertake to comply with the marketplace rules governing the circulation and security of Financial Instruments, as defined by the Applicable Regulations.
We shall exercise all due skill, care and diligence in selecting, appointing and periodically reviewing the intermediaries we use and the arrangements they make for holding Financial Instruments.
3.4.2. Transfer of Financial Instruments
In principle, only Financial Instruments acquired via the Application may be held on the Securities Account opened under the above conditions. We are not obliged to accept the transfer of Financial Instruments held on a Securities Account opened within another institution and/or the deposit of financial instruments other than those we list on your Securities Account.
Before transferring financial instruments, previously held at another institution, to your Securities Account, you must therefore inform us in advance in order to find out whether the financial instruments whose transfer is envisaged can be the subject of Transactions via our Application. Failing this, you must reimburse us for all additional costs incurred and compensate us for any damage resulting from the deposit and maintenance of custody accounts for financial instruments that are not part of our range of Financial Instruments.
3.4.3. Restrictions of the Services
126.96.36.199. Minimum amount
We reserve the right to modify at any time, without notice, the minimum value in euros or quantity of Financial Instruments related to the provision of a Service for a given Financial Instrument (including the minimum purchase or sale amount). These amounts must necessarily include the Service Fees due to us for the performance of the Services that you have requested us to provide to you. These amounts are disclosed on the Application.
188.8.131.52. Maximum amount and limits
We provide the Services (up to the maximum amount set on our Application) as long as the User Account does not present a security risk, you are able to justify the origin of the funds during a purchase or sale, and only if we have given a favourable opinion to the performance of said Service, following, where applicable, the analysis of the documents and more generally the information you have transmitted to us.
Buy or sell limits may be set over a period of three hundred sixty-five (365) rolling days, per day, over a given period or without a time limit and may apply to a given Financial Instrument in the Securities Account. The value of the limits corresponds to the cumulative amounts of all Transactions carried out over the period. The purchase limits may be different depending on the means of payment.
You are informed of this on the Application.
3.4.4. Review and monitoring of your use of the Services
We may decide at any time to suspend a Service for a period not exceeding fourteen (14) Working Days from the request of the Service, without being liable for the consequences of such suspension. At the end of this period and without any time limit, we may decide to prohibit the performance of the Services that are the subject of this Agreement, to prohibit or limit the use of certain means of payment, to block or suspend a User Account.
The questions we ask you allow us to know you, to better understand your motivations and to remove the doubt about the conditions under which you wish to benefit from a Service. We are required to ask you regulatory questions.
In the absence of a satisfactory response and cooperation from you:
- In the case of a Service relating to a Transaction, we may cancel the Transaction in question and we will reimburse you by deducting Service Fees and any other losses incurred by us in connection with the completion of the said Transaction;
- In the case of any other Service, we may decide to not provide the Service.
3.4.5. Suspension or blocking of a User Account
A Securities Account may be suspended or blocked by us at any time, including for reasons related to:
- Compliance with the KYC procedure;
- Compliance with regulatory requirements on the fight against money laundering and terrorist financing (AML/CFT);
- At the specific request of the competent authorities, regulatory, supervisory and/or administrative or tax authorities;
- Failure to comply with one of the provisions of these Trading T&Cs and/or the App T&Cs;
- The legitimate suspicion that you are a victim of fraud, theft, cyber-attack, extortion, manipulation, violence, blackmail or that you are unable to assess the risks associated with the Investments;
- Bad behaviour attributable to you (insults, threats, abusive requests, etc.).
A suspended or blocked Securities Account prevents you from accessing the Services temporarily or permanently. We shall not be held liable under any circumstances for the consequences, of any nature whatsoever, of the blocking or suspension of a User Account, in particular for the loss in value of Investments made, or for any other direct or indirect damage, occurring before or after the blocking or suspension due to an act of yours.
3.4.6. Deletion of a Securities Account- at your initiative
You may request, at any time, the deletion of your Securities Account by notifying the Customer Service by sending a message in the Application. We will comply with your request within a reasonable time.
To the extent that the Application does not currently allow for the transfer of the Financial Instruments held in the Securities Account to an external securities account, you will be required to sell the Positions held in the Securities Account in order to transfer the corresponding funds to your Electronic Money Account. If the sale is not possible because the quantity of Financial Instruments held is below the minimum threshold for sale of such Financial Instrument as indicated on the Application or for any other reason not allowing such sale, you must wait for the Application to allow the transfer to another securities account, or contact the Customer Service to arrange such transfer, according to the terms and deadlines to be agreed with said Service.
3.4.7. Closure, suspension or blocking of the Securities Account
We will also not be able to return to you, temporarily or permanently, Financial Instruments held in your Securities Account in the event of the occurrence of one or more of the following events:
- Your User Account has been suspended, closed or blocked;
- Our obligations related to the regulations on the prevention of money laundering and the financing of terrorism require us to take one of these precautionary measures;
- A competent authority, such as a judicial, regulatory, supervisory, and/or administrative or tax authority, sends us a request to this effect;
- We are subject to a cyber attack, a logical attack, a virus, generic or otherwise, a physical attack on our premises or an attack on the integrity of our employees in the performance of their duties;
- The Application, and more generally our information systems, are undergoing maintenance;
- If you have not logged into your User Account for at least three (3) consecutive months, if you have not responded to a message from us within thirty (30) days of receiving it, or if you are deceased.
3.4.8. No withdrawal period
We wish to draw your attention to the fact that you do not have a right of withdrawal under these Trading T&Cs, in accordance with the provisions of article L.221-28, 2° of the French Consumer Code.
3.5. Obligation to keep and return securities and Financial Instruments
Transactions recorded on your Securities Account are subject to the legal provisions relating to custody, in particular with regard to the obligations to hold and return Financial Instruments registered in the account, as well as to market practices relating to the holding of financial instruments.
We hold your Investments under the conditions set out in these Trading T&Cs and return them as soon as possible, at your request, subject to the specific nature of certain Financial Instruments (in particular fractional shares). We keep all the registers and necessary accounts to enable us to distinguish, at any time and without delay, the Financial Instruments you hold on account from those held by other Customers, as well as from our own assets.
Financial Instruments held in an account and the rights attached to them may not be used or transferred by Shares Financial Assets. We remain liable to you in our capacity as custodian when we have recourse to a sub-custodian, a central depository or when a third party makes technical facilities available to us in connection with the Custody Account Service we provide to you.
3.6. Payment transactions on the Electronic Money Account linked to the Securities Account
The Modulr T&Cs apply to the needs of payment transactions linked to Transactions.
3.7. Special provisions for holding certain financial instruments
You are informed and accept that we are authorised, both in France and abroad, to deposit all or part of the Financial Instruments that you entrust to us with a sub-custodian meeting the conditions set out in articles 313-13 to 313-16 of the General Regulations of the French Financial Markets Authority.
We choose each sub-custodian on the basis of its competence, reputation in the market and regulatory constraints or market practices as part of our Best Execution and Selection Policy. You acknowledge that the choice of sub-custodian available to us varies according to the market, market practice, regulatory constraints and the number of institutions present on the markets concerned.
Thus, where permitted by the Applicable Regulations, the Financial Instruments to which you have subscribed may be held by a sub-custodian established abroad - outside the European Economic Area where applicable - in a global account opened in the name of Shares Financial Assets or a foreign custodian and governed by local law.
You agree that the laws, regulations and practices applicable to the relationship between us and such custodians shall apply to you, including any jurisdiction attribution clause.
You are informed that you will bear all the financial consequences (in particular of a tax nature) that may result from the custody of your assets with a foreign sub-custodian.
You are also informed that we may transmit personal data to these sub-custodians under the conditions set out in the App T&Cs.
We draw your attention to the fact that this sub-custody is carried out by opening omnibus accounts with our sub-custodians. These omnibus accounts are separate from the assets of our sub-custodian, as they are from ours, and are opened in our name on your behalf.
We shall not be held liable for any loss of such assets due to any error or negligence of the foreign sub-custodians, or to any bankruptcy or other situation or event affecting such sub-custodians, unless such loss or damage results from our fraud, wilful default or negligence in the due diligence we exercised in selecting the foreign sub-custodian we used and in the instructions we gave to such sub-custodian.
3.8. Corporate actions
Corporate actions are managed by our Execution Brokers. Any Financial Instrument, and in particular fractional shares, will not necessarily enable you to execute your rights in respect of your Positions, as this is a matter for the final discretion and organisation of the Execution Broker.
It is your responsibility to personally gather information on the rights and obligations attached to your Positions and on the corporate actions linked to your Positions. Within the limits permitted by Applicable Regulations, we shall not be liable for any loss or damage that may result from your failure to respond to certain Transactions in Securities.
3.9. Special provisions for inactive Securities Accounts
You are informed and accept that, in accordance with French law of the 13th of June 2014 on inactive bank accounts and escheated life insurance contracts, known as the "Eckert Law", we will consider as an inactive account, any account that has not been the subject of any Transaction by you for more than five (5) years, or any account for which you have not contacted us (absence of connection on the customer account, contact with our Customer Service,...) during this same period.
If your Securities Account is considered inactive, we will inform you by any means (email, telephone, post, etc.) and will remind you of the consequences of this inactivity. Throughout the period of inactivity of the Securities Account, you will be informed on an annual basis until the year preceding the deposit of your assets with the Caisse des dépôts et consignations.
If, despite this, you have still not contacted us, we will close your Securities Account and transfer the assets registered on your inactive Securities Account to the French Caisse des Dépôts et Consignations, at the end of a period of ten (10) years from the start of the period of inactivity. Six (6) months before the funds are deposited with the French Caisse des dépôts et consignations, we will inform you one last time.
We remind you that an inactive account also includes the account of a deceased person in the absence of any statement from the heirs or the notary at the end of a period of twelve (12) months following the death. The Securities Account will then be closed and the corresponding assets transferred to the Caisse des Dépôts et Consignations within three (3) years of the death of the Securities Account holder.
We remind you that once the assets are transferred to the Caisse des Dépôts et Consignations, they become the property of the French State if they have not been claimed by their holders or their successors within a period of :
- Twenty (20) years from the date of their deposit with the Caisse des Dépôts et Consignations if the account holder was alive ;
- Twenty-seven (27) years from the date they are deposited with the Caisse des dépôts et consignations if the account holder is deceased.
It will then no longer be possible for you to recover them.