Important Message for Non-Singapore residents
Restrictions on product access for retail investors residing in the EEA
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. If you are resident in the EEA, 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.
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, 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 in the EEA, to provide such investor with a pre-contractual product disclosure document in the form of a KID. As our product manufacturers are evaluating the impact of the PRIIPs Regulation, 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 these products (including non-UCITs funds and ETFs4) from 1 January 2018 to retail clients in the EEA.
For EEA clients who had before 1 January 2018 acquired such 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. Please contact your Relationship Manager for enquiries.
1 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, Sweden and the United Kingdom.
*Gibraltar is not an EEA country but implement EEA/ PRIIPs regulation due to some form of special status
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.
4 Non-UCIT refers to non-Undertakings for Collective Investment in Transferable Securities. ETFs refers to Exchange Traded Funds Investments.
Australia Wholesale-Client Certification (until 30 Sep 2021): 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
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) 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. For a Wholesale Client Certificate template, please contact your Relationship Manager .
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:
- Unsecured Credit Facilities
- 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.
If I have a joint account, do all my joint account holders need to complete/submit the Wholesale Client Certificate?
Clients residing in Australia - Limitations to Banking Services and Investment Offerings Available to Clients Residing in Australia
As a result of regulatory changes announced by the Australian Securities and Investments Commission (“ASIC”), we will no longer be able to offer the full suite of financial products and services to clients residing in Australia with effect from 1 October 2021. For more details on the limitations in banking services and investment offerings, please refer to the FAQs.
Frequently Asked Questions
If you are no longer residing in Australia, you may wish to update your residential address record with us. You may update your residential address (which may be different from your mailing address) via (i) DBS internet banking / mobile banking, (ii) iWealth, or (iii) send us the form to update your particulars. You may also visit any DBS/POSB Branch to update your Residential Address if you are in Singapore.
- To update via internet banking / mobile banking – After login, please select
Banking>Request>Other Services>Update Mailing Address> Select and update My Residential Address
- To update via iWealth – After login, please select
More>Update Contact Details> Mailing Address>Update Residential Address
- To send us a form – please go to https://www.dbs.com.sg/personal/deposits/bank-with-ease/update-particulars, under Other Ways to Update > Mail in / Branch > select and update Residential Address
For clients residing in Australia (AU), there will be limitations on DBS Bank Ltd.’s ability to continue offering certain products and services (“limitations”) from 1 October 2021.
|No.||Products and Services||Limitations to Banking Services and Investment Offerings Available to Clients Residing in Australia|
|3||Singapore Government Schemes
|Credit Facilities for investments or trading||
|Managed Services, e.g. Discretionary Portfolio Management / Services||
Entities which are incorporated in Australia will be subject to 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 generally only apply to instructions/orders given by an authorized signatory residing in Australia.