Portfolio Connection Brokerage Account - Union Bank

More documents

Recommendations

Info

for delivery a like amount of similar securities or other property. At any time in your discretion, you may, without notice to me, apply or transfer any securities or any other property interchangeable between my accounts, whether individual or joint, from any of my accounts to any other of my accounts. xviii. Taxation of Account I am responsible for filing any and all tax returns and for paying the taxes on all securities and other property and income from my Portfolio Connection Brokerage Account. xix. Account Protection Securities in accounts carried by National Financial Services LLC (NFS) are protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 (including cash claims which are limited to $250,000). NFS has arranged for additional insurance protection for cash and securities to supplement its SIPC coverage. Neither coverage protects against a decline in the market value of securities or to securities that are considered ineligible for coverage. I understand that an explanatory brochure of SIPC coverage is available upon request by contacting SIPC at 1-202-371-8300 or at www.sipc.org. xx. Dividend Reinvestment With this feature, all dividends paid by securities that I designate for reinvestment are automatically reinvested in additional shares of the same security. (“Dividends” here means cash dividends and capital gain distributions, but not cash-in-lieu payments, late ex-dividend payments and special dividend payments.) In designating any security for reinvestment, I authorize NFS to purchase shares of that security for my account. To be eligible for this feature, a security must satisfy all of the following: ●● Be a closed-end fund, domestic common stock or American Depository Receipt (ADR) ●● Be margin-eligible (as defined by NFS) ●● Be listed on the New York Stock Exchange or the American Stock Exchange, or traded on NASDAQ ●● Be held in street name by NFS (or at a securities depository on its behalf) ●● Not be held as a short position. Dividends are reinvested in shares that satisfy all of the following: ●● The security is eligible for dividend reinvestment ●● Shares are owned on the dividend record date ●● Shares are owned on the dividend payable date (or the posting date, for shares handled through the DTC program described below), even if I sell them that day ●● ●● Trade in the security has been settled on or before the record date The shares are designated for reinvestment as of 9:00 p.m. Eastern Time or 6:00 p.m. Pacific Time on the record date (or, if the record date is not a business day, then the last business day before the record date). 16 UBC2871b_02022-A_1110_PortCon_AA_r2a.indd 16 10/24/11 10:06 AM
If I designate securities on an account-wide basis for dividend reinvestment, any ineligible securities I own will automatically be designated for reinvestment if and when they become eligible. If I designate securities individually for dividend reinvestment, and want to designate a new security I am buying, I can do so when I place my order to buy the security; however, if I am buying through a limit order, I will have to reconfirm the dividend reinvestment designation at the end of every business week in which my order remains unfilled. If an issuer delays a dividend, the reinvestment will occur on the day the dividend is actually paid. Automatic dividend reinvestments often involve purchase of partial shares, calculated to three decimal places. Partial shares pay pro-rated dividends and can be sold if I sell my entire share position, and will be liquidated automatically in transfers and certain other situations. Although for dividend reinvestments my regular Portfolio Connection Brokerage Account Statement takes the place of a confirmation, I can obtain immediate information the day after the reinvestment date by contacting you. If I transfer or reregister my Portfolio Connection Brokerage Account with you (for example, by changing from individual to joint registration), I need to re-designate any securities whose dividends I want reinvested. At NFS’s option, NFS may buy reinvestment shares through a program offered by the Depository Trust Company (DTC) that offers a share price discount of up to 5%. To find out which securities are currently available through the DTC, I may contact you. I understand the availability of securities in this program may change without notice. I also understand that DTC program transactions take longer to process: although the transactions are effective as of the dividend payable date, they are generally not posted to my Account until 10 to 15 days later. If I sell my dividend generating shares before the posting date, the dividend will not be reinvested. To remove securities from the dividend reinvestment service, I will notify you in writing or by phone during business hours. You must receive my notification by 8:00 p.m. Eastern Time or 5:00 p.m. Pacific Time, one business day before the record date (or, if the record date is not a business day, then two business days before the record date). I acknowledge that dividend reinvestment does not assure a profit on my investments and does not protect against loss in declining markets. xxii. Payment for Order Flow Investment Services or NFS transmits customer orders for execution to various exchanges or market centers based on a number of factors. These include: size of order, trading characteristics of the security, favorable execution prices (including the opportunity for price 17 UBC2871b_02022-A_1110_PortCon_AA_r2a.indd 17 10/24/11 10:06 AM
Page 1 and 2: Effective January 1, 2012 Portfolio
Page 3 and 4: Table of Contents 1. GENERAL DISCLO
Page 5 and 6: Portfolio Connection Agreement Inve
Page 7 and 8: the relationship I have with person
Page 9 and 10: margin. The Bank or its affiliates
Page 11 and 12: Account. I will be responsible for
Page 13 and 14: Trading Profits: ●● Seeks to ta
Page 15 and 16: If the above criteria are not met,
Page 17 and 18: earn dividends, if any, as describe
Page 19: ●● ●● ●● ●● Receive
Page 23 and 24: ii. Online Investing and Telephone
Page 25 and 26: funds transfers, overdrafts and oth
Page 27 and 28: I acknowledge that Per Stirpes desi

Portfolio Connection Brokerage Account - Union Bank

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?