Important Message for Non-Singapore residents

 

Restrictions on product access for retail investors residing in the EEA/UK

Due to the regulatory requirements of the European Union, certain products offered by DBS will not be available to retail investors who are residents (regardless of nationality) in the European Economic Area (EEA)1 and UK. If you are resident in the EEA or UK, please read this section carefully before proceeding with any transaction.

The regulation on key information documents (KIDs) for packaged retail and insurance-based investment products (Regulation (EU) No. 1286/2014, commonly referred to as the PRIIPs Regulation) came into effect on 1 January 2018. Due to the PRIIPs Regulation, DBS is currently unable to offer structured notes and other products falling within the scope of the PRIIPs Regulation to retail investors resident in the EEA or UK.

A retail investor is defined as a client who does not meet the criteria to qualify as a professional client. Such criteria are set out in Annex II of Directive 2014/65/EU (commonly referred to as MiFID II)2. Please note that this is different from the “professional investor” and “accredited investor” criteria applicable in Hong Kong and Singapore respectively. For clients whose beneficial owners are resident in the EEA or UK, by default, we have classified them as retail investors.

The PRIIPs Regulation obliges DBS, when advising on or selling a Packaged Retail and Insurance-based Investment Product (PRIIP)3 to a retail investor resident in the EEA or UK, to provide such investor with a pre-contractual product disclosure document in the form of a KID, unless the investor is a professional client. KIDs will not be available for any of the structured notes or products (regardless of issuer) on our product platform unless our product manufacturer informs us otherwise. As such, until further notice, DBS will not be able to avail PRIIP products4 to retail clients resident in the EEA or UK, unless the investor is a professional client.

For EEA or UK clients who had before the relevant effective date acquired PRIIP products through us, they may continue to hold and/or sell these products in or through their DBS accounts. We encourage our clients to speak to their Relationship Manager to better understand their options and address their queries. For more information on the PRIIPs Regulation, please visit the European Commission website at go.dbs.com/priips.

1 EEA countries (as of November 2022): Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, *Gibraltar, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden. The United Kingdom is no longer an EEA country as of 31 Jan 2020 but the UK has onshored the PRIIPs Regulation under its domestic regulations, so principles of PRIIPs Regulation continue to apply after Brexit (until further update). For more details on application of PRIIPs Regulation in the UK, see https://www.gov.uk/government/publications/draft-packaged-retail-and-insurance-based-investment-products-amendment-eu-exit-regulations-2019/packaged-retail-and-insurance-based-investment-products-amendment-eu-exit-regulations-2019-explanatory-information.
*Gibraltar is not an EEA country but implements EEA/ PRIIPs regulation due to some form of special status.
2 http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32014L0065
3 A PRIIP is any investment where the amount repayable to the investor is subject to fluctuations because of exposure to reference values or to the performance of one or more assets which are not directly purchased by the investor. PRIIPs will include investment products such as investment funds, life insurance policies with an investment element, structured products and structured deposits. With effect from 1 January 2023, UCITS (i.e. Undertakings for Collective Investment in Transferable Securities) will be classified as a PRIIP product, after the exemption from providing a KID under the PRIIPs Regulation for UCITS ends on 31 December 2022 for EEA countries. The UCIT exemption for the UK will end on 31 December 2026: https://www.gov.uk/government/news/announcement-hm-treasury-to-extend-priips-exemption-for-ucits-funds-for-five-years

 

Australia Wholesale-Client Certification: Restrictions on product/service access for persons resident in Australia

Due to Australia’s regulatory requirements, certain products and services offered by DBS may only be made available to wholesale clients in Australia. For more information, please refer to the FAQs.

Frequently Asked Questions

As a Retail Client, there will be limitation on our ability to offer you certain products and services including but not limited to the following:
  • Deposits
  • Unsecured Credit Facilities
  • Loans
  • Investments: Unit Trusts/ Equities/ Currency Linked Investments/ Structured Deposits/ Bonds/ Structured Notes/ Singapore Savings Bonds/ Supplementary Retirement Scheme (SRS)/ Central Provident Fund Investment Scheme (CPFIS)/ Margin Lending - Investment Financing/ Shares Financing
  • Insurance policies

In compliance with the Australia’s Corporation Act, DBS Bank Ltd. may provide certain financial products and services only to Wholesale Client in Australia.

Due to Australia’s regulatory requirements, DBS Bank Ltd1 may only offer certain products and services to Australia residents who are Wholesale Clients.

A valid certification by a qualified accountant certifying you qualify for wholesale client status as follows:

Qualification for Wholesale Client Status
(a) net assets of at least A$2.5 million, or
(b) a gross income for each of the last two financial years of at least A$250,000 per year.

For entities incorporated in Australia, DBS Bank Ltd may only offer certain products and services if the entity qualifies as a Wholesale Client or Professional Investor2 .

1We would like to inform you that where DBS Bank Ltd. (the “Bank”) provides financial services in Australia to wholesale clients, the Bank will be acting from its Head Office in Singapore (“DBS Bank Singapore”) which is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 of Australia.
DBS Bank Singapore is regulated by the Monetary Authority of Singapore under the laws of Singapore, which differ from Australian laws. DBS Bank Singapore holds a banking licence and is an Exempt Capital Market Service License holder as defined in the Securities & Futures Act (Chapter 289 of Singapore) and an Exempt Financial Adviser as defined in the Financial Advisers Act (Chapter 110 of Singapore). 

2 Professional Investor is defined in Section 9 of the Corporations Act as a person who has or controls gross assets of at least AUD$10m (including any assets held by an associate or under a trust that the person manages. For assessment of professional investor, Company will be required to provide proof of assets.

A qualified accountant’s certificate stating either;

(a) net assets of at least A$2.5million or
(b) a gross income for each of the last two financial years of at least A$250,000 per year.

The certificate is valid for two years from the date of the certification.

Without the Wholesale Client Certification, there will be limitations on our ability to offer you certain products and services including but not limited to the following:

  • Deposits
  • Unsecured Credit Facilities
  • Loans
  • Investments: Unit Trusts/ Equities/ Currency Linked Investments/ Structured Deposits/ Bonds/ Structured Notes/ Singapore Savings Bonds/ Supplementary Retirement Scheme (SRS)/ Central Provident Fund Investment Scheme (CPFIS)/ Margin Lending - Investment Financing/ Shares Financing
  • Insurance policies

DBS Bank Ltd will not be able to make available new or additional products/services to you. However, we shall continue to provide services to you for the existing product holdings.

Yes, each individual client who resides in Australia will be required to complete and submit the Wholesale Client Certificate.

No, the joint account holder who is residing in Singapore may continue to transact in any products.

DBS may take approximately 3-5 days to process your request. We will notify you once your request has been processed and your status has been updated in our records.
 

Clients Residing in Australia - Limitations to Banking Services and Investment Offerings

With effect from 6 February 2023, limitations will be imposed on banking services and investment offerings availed by DBS Bank Ltd (“the Bank” or “DBS”) to Retail Clients1 (non-Wholesale Client status) whose registered residential address is an Australian address. Only DBS Private Bank clients (PB) and Treasures Private Clients (TPC) with a valid Wholesale Client Certification are not affected by these limitations. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations. For more details on the limitations in banking services and investment offerings, please refer to FAQs.

1 Retail Clients residing in Australia are persons who do not maintain a valid Wholesale Client Certification
Qualification for Wholesale Client Status:
(a) Net assets of at least A$2.5 million OR
(b) a gross income for each of the last two financial years of at least A$250,000 per year.
AND certified by a qualified accountant.

We wish to update you with the available channels that you can use for the sale and redemption of your Singapore Government Securities (SGS) [SGS Bonds, Treasury Bills (T-bills) and Singapore Savings Bonds (SSB)] from 6 February 2023.

Frequently Asked Questions

Our Bank records show that your residential address is an Australian address. If you are no longer residing in Australia, you may wish to update your residential address with us (which may differ from your mailing address) as follows:

  1. To update via digibank online banking (before 6 February 2023) – After login, select Request Statements or Services > More Request > Other Services > Update Mailing Address > select and update My Residential Address
  2. To update via DBS digibank mobile app – After login, select the MORE icon located at the bottom of the screen > scroll down to ‘Your Profile’ section > select Update Particulars > Address Details > Update Mailing Address
  3. For other channels please visit https://go.dbs.com/sg-update-address.

With effect from 6 February 2023, limitations (see table) have been imposed on the following banking services and investment offerings that DBS avails to any client without a valid Wholesale Client Certification, and whose registered residential address is an Australian address. Only DBS Private Bank clients (PB) and Treasures Private Clients (TPC) with a valid Wholesale Client Certification are not affected by these limitations. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.

No. Banking Services /
Investment Offerings		 Limitations
1 Deposits
  • Account transactions such as incoming and outgoing transfers may continue
  • No new account may be opened
  • No top-up of existing fixed deposits
  • Rollover of fixed deposits at prevailing rates before maturity is permitted
  • Funds may not be used to purchase new investment products
2 Investments
  • Clients may continue to hold existing investment holdings
  • Subscription pursuant to a corporate action arising from existing holdings is permitted
  • Redemption or sale of existing investment is permitted
  • No new holdings or transfer-in of investment products
  • Existing Regular Savings Plan account will be terminated.
3 Singapore Government Schemes
  • Supplementary Retirement Scheme (SRS)
  • Central Provident Fund Investment Scheme (CPFIS)
  • Clients may continue with existing holdings in SRS/CPFIS accounts
  • No opening of new SRS/CPFIS accounts
  • No new application on existing accounts
4 Others
  • Credit Facilities for investments or trading
  • DBS digibank Online
  • Online Alerts and Notification Set-Up
  • Clients may continue with existing credit facilities
  • No refinancing or increase in credit limits
  • No new credit facilities for investment or trading purposes
  • DBS digibank Online (Internet Banking) will be discontinued (Only DBS digibank mobile banking on our DBS digibank app will be available)
  • Alerts and notifications are set-up via DBS digibank Online (Internet Banking) only. (Please set-up your preferred transaction alerts and notifications via DBS digibank Online before 6 February 2023.)

1 Retail Clients residing in Australia are persons who do not maintain a valid Wholesale Client Certification
*Wholesale Client Certification
(a) Net assets of at least A$2.5 million OR
(b) a gross income for each of the last two financial years of at least A$250,000 per year.
AND certified by a qualified accountant.

If you are a DBS Private Bank client (PB) or a DBS Treasures Private Client (TPC) with a valid Wholesale Client Certification, you are not affected by the limitations, even if your registered residential address is an Australian address. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.

If you are a DBS Private Bank client (PB) or a DBS Treasures Private Client (TPC) with a valid Wholesale Client Certification, you may continue to trade using your Wealth account. All DBS Treasures and DBS Personal Banking clients with an Australian residential address with us are subject to the limitations.

No. The limitations only apply to account holder(s) whose registered residential address is in Australia.

Entities which are incorporated in Australia will be affected by the limitations abovementioned, even if the instructions/orders are given by an authorized signatory who resides outside Australia.

For entities which are not incorporated in Australia, the limitations only apply to instructions/orders given by an authorized signatory who resides outside Australia.

You may hold or liquidate your existing investment. However, you will not be able to purchase any new investments.

Yes, all dividends and coupons will be credited to your existing account.

You will be able to maintain your existing CPFIS/SRS accounts. However, no new application will be permitted.

FX spot transactions, for the purpose of online purchases and remittances will not be affected by the limitations abovementioned. However, FX contracts for investment or trading purposes are affected by these limitations.

With effect from 6 February 2023, clients with a registered residential address in Australia will only be able to access our DBS digibank Mobile. Access to DBS digibank Online (Internet Banking) will be discontinued. To ensure seamless mobile banking convenience for the limited offerings, please download the DBS digibank Mobile app.

All existing account alerts and notifications remain unchanged.

If you wish to edit your alerts / notifications preferences, please do so before 6 February 2023 as these can only be done via DBS digibank Online (Internet Banking).

To set up your digibank mobile account, visit https://go.dbs.com/sg-digibanksetup

Wealth Management clients please visit https://www.dbs.com.sg/personal/support/wealth-iwealth-application.html

Sale/Redemption of:

Cash

SRS

SGS Bonds

Via any DBS/POSB Branch/Relationship Manager 

T-bills

SSB

Via ATM

Via any DBS/POSB Branch/Relationship Manager

Please contact our Customer Service Centre or your Relationship Manager and we will assist you with the sale of SGS Bonds / T-bills and redemption of SSB using SRS.

If you prefer to sell or redeem Singapore Savings Bonds in cash, this option is only available via digibank Mobile in the second half of 2023. We seek your patience and understanding while we expedite the introduction of this feature in our app.