FREQUENTLY ASKED QUESTIONS:
- In the case of a non -discetionary account, the client will be required to sign a JSE Non-Discretionary mandate and supply relevant FICA documentation to both Sharenet and the JSE Member. In the case of a discretionary account, the client will only sign Sharenet's discretionary FSB approved mandate. Sharenet will enter into such further broking agreements with a JSE member as is required to manage the client's portfolio.
- Once the JSE member has received all the required documentation, an account is opened by the JSE member on the JSE BDA front-end and a unique account number is allocated to the client by the JSE.
- The Client is informed of his unique account number and banking information is given for the deposit of funds into his JSE Member account.
- All funds deposited into the JSE Member account are held in Trust by JSE Trustees (Pty) Ltd, in the client’s name and is guaranteed by the JSE Ltd.
- Purchase of shares is settled by cash held with JSE Trustees.
- All shares bought are registered into the name of the JSE member's Nominee company and such shares are held on behalf of clients at a registered CSDP (Central Securities Depositary Participant).
- A CSDP is registered with STRATE that facilitates all electronic shareholding in the RSA.
- The Clients is the beneficial owner of the shares which is registered in the name of the Nominee Company and all electronic holdings is guaranteed by STRATE and the JSE Ltd.
- Sharenet is noted on the account as the appointed intermediary, advisor or manager depending on the service agreement with the client.
Below is an example of the mandate you would sign with Sharenet Securities when you are ready to open a live online trading account.