Terms & Conditions
In signing our account opening forms, signature cards, or by using our services and facilities, you agree to be bound by these Terms and Conditions and such other conditions further stated in the FUND’s prospectus and its registration statements both under the Investment Company Act and the Securities Regulation Code filed with the Securities and Exchange Commission (“SEC”).
2. ELIGIBLE APPLICANT.
Shares of the Fund may be held by any person of legal or any duly organized and existing corporation, or legal entity regardless of citizenship or nationality.
3. JOINT ACCOUNT (“OR” ACCOUNTS).
The shares/units in an “OR” Account are owned entirely by any of the Account Holders jointly and severally, and shall be payable to and collectible by any one or more of the Account Holders. The Investors of the “OR” Account authorize FAMI to accept subscription, fund switch and redemption instructions from any of the Investors who is/are Account Holders of the Account and whose signatures are indicated in the specimen signature card, and automatically vests in any one of the Account Holders to do whatever is desired with the shares/units without the need of securing the consent of the other Account Holders/co-Investors.
4. WARRANTY OF INFORMATION.
The Investor represents and warrants that all data, information and documents provided or submitted by the Investor pursuant to this Agreement, including the AOF, are true, complete and accurate. In the absence of any change, the Company shall consider all Account information of the Investor as current until the Investor updates its/his/her/their Account information.
5. CUSTOMER INFORMATION UPDATE.
It shall be the responsibility of the Investor to update all information/ records relative to it/him/her and its/his/her Account with the Company and to submit documents in support thereof.
6. DETERMINATION OF NAVPS/NAVPU.
The NAVPS/NAVPU is normally computed by the end of each banking day. It is determined by taking the fair value of the Fund’s total assets less all its liabilities, and divided by the total number of shares/units outstanding.
7. ACCEPTANCE OF SUBSCRIPTION.
Application to purchase are subject to confirmation by FAMI as to the amount of shares, the applicable NAVPS and the final approval by the investment manager. FAMI will process transactions only upon its receipt of complete information, documentary requirements and cleared funds from the investor within the cut-off time indicated in the prospectus.
8. PURCHASE PRICE.
The purchase price of one share/unit is its NAVPS/NAVPU plus an entry fee or sales load together with any applicable taxes. If payment is received by First Metro Asset Management, Inc. (“FAMI” or “Company”) within the daily cut-off time, NAVPS/NAVPU on the same banking day will be used. For payments received by FAMI after the daily cut- off time, NAVPS/NAVPU on the following banking day will be used. A banking day is defined as a day when commercial banks in Metro Manila are required to open for business.
9. LOST OR STALE CHECK.
In case of lost or stale check, we are not obliged to replace or honor a request for stop payment unless it complies with all requirements including charges that we may incur and deem necessary to protect its interest.
10. DEPOSIT FOR FUTURE SUBSCRIPTION.
In case of deficiency of registered shares/units, shares/units that have been applied for will be considered as deposit for future subscription until such time that the Fund has registered new shares/units with the Securities and Exchange Commission. As such, the deposit for future subscription will be based on the Fund's Net Asset Value per Share/Unit at the time of the deposit and any redemption from said deposit will likewise be computed using the Fund's Net Asset Value per Share/Net Asset Value per Unit at the time of the redemption.
11. MONTHLY INVESTMENT PROGRAM.
FAMI shall be responsible only for those investments it has actually received with complete documentation.
12. ACCEPTANCE OF REDEMPTION.
FAMI shall honor redemption requests any day it is open for business. If complete redemption documents are received by FAMI before 12 noon, NAVPS/NAVPU on the same banking day will be used. For complete redemption documents received by FAMI after 12 noon, NAVPS/NAVPU on the following banking day will be used. Redemption proceeds less fees and taxes (if any), shall be payable not later than seven (7) banking days from the date of verification of the Company’s Redemption Form.
13. SCHEDULED REDEMPTION.
FAMI shall execute the scheduled redemptions only if the account's current value is sufficient for such transaction. The number of shares for redemption may vary as it will be based on the NAVPS on the day that the redemption was filed.
14. REDEMPTION CHECK/PROCEEDS.
All checks/proceeds will be payable to the investor/s on record only. FAMI reserves the right to not act upon the redemptions/payouts to parties other than investor on record
15. FUND TRANSFER.
FAMI will immediately transfer the funds on behalf of the Investor following its customary procedures and subjected to bank charges but in no case shall FAMI be liable for delays or additional charges that occur due to acts of correspondent or intermediary financial institutions or through any cause beyond the control of FAMI. For USD transfers, FAMI may, at its discretion, convert into Philippine Currency the funds transferred to the investor at the prevailing foreign exchange rate on the day such funds are transferred. FAMI’s statement in writing that it has effected such conversion shall be conclusive.
16. MANUALLY INITIATED FUND TRANSFERS.
FAMI has the absolute discretion to act or not to act upon or to confirm instructions via telephone or email or any electronic means prior to processing any manually initiated funds and transfer application or other instructions received via messenger/agent/representative. FAMI shall be not liable for any failure of or delay in the processing or the application as a result of FAMI electing to defer action prior to receiving confirmation. In consideration of FAMI agreeing to accept and act upon such instruction via messenger, agent or representative, the investor hereby irrevocably undertakes that FAMI, its officers, employees and representatives shall not be held liability, losses, damages and expenses whatsoever arising out of or in connection with FAMI accepting or acting upon such instruction. The investor irrevocably undertakes to indemnify and hold FAMI, its officer, employees and representatives free and harmless from any cause, losses, liabilities, damages and expenses whatsoever arising out of or in connection with FAMI accepting or non-acceptance or action or inaction upon any such instructions.
17. TAXES, EXPENSES AND FEES.
The investment manager is authorized, without prior notice to the investor, to incur and deduct from the fund, taxes relative to the acquisition and disposition of investments, expenses (including but not limited to audit and legal fees, documentary stamps, etc.) and in consideration of services rendered herein, the investment manager shall collect on every valuation date a management fee based on the investor’s proportionate share of the Net Asset Value (NAVPS) of the Fund.
18. ISSUANCE OF STOCK/UNIT CERTIFICATE.
In the interest of economy and convenience, a stock/unit certificate representing ownership of shares/units in the Fund will not be issued unless requested by the shareholder/unitholder in writing. Shares/units are recorded on a stock/unit register; shareholders/unitholders who do not elect to receive stock/unit certificates have the same rights of ownership as if certificates had been issued to them. Issued stock/unit certificate/s must be surrendered when redeeming the related shares/units or when transferring such assets from one fund to another. If the certificate is lost, the Investor cannot carry out such transaction in his/ her/their Account until the certificate has been replaced, a process which, for legal reasons, can take more than one year. The Investor-applicant shall not assign, transfer, or convey this Application, the Fund shares/units covered by this Application, and any of the Investor-Applicant’s rights and obligations under this Application, without the prior written consent of FAMI and/or the Fund. Cost of issuance of stock certificates will be borne by the shareholder.
19. CLOSING OF ACCOUNTS AND TERMINATION.
The Investor hereby authorizes the Company to close the Account without need of prior notice in
case the Investor misrepresented matters concerning its/his/her/their identity, nature of business and/or any other pertinent information, the Account is used for illegal activities or in any other event when the continuation of the Account is not in the best interest of the Company, or as may be required by law(s) or regulation(s).In an event of closure or termination by reason of misrepresentation by the Investor, the Company shall issue a cashier’s check for the balance of the Account. In an event of closure by reason of illegal activities, the Company shall only release the balance of the Account from a lawful order of a competent court. The Company shall send by registered mail/e-mail to the Investor at its/his/her last known address/e-mail address indicated in the Company’s records, notice of the closure/termination of the Account and stating the reason(s) thereof and the manner for the Investor to claim or obtain from the Company the balance of the Account, if any, and an instruction to return to the Company the original copy of the promissory note/COS/Investment certificate in its/his/her possession.
20. FACSIMILE AND ELECTRONIC MAIL (“E-MAIL”).
FAMI shall honor documentations, instructions and forms sent through facsimile (“fax”) or e-mail transmissions, without the requirement to submit originally signed copies, with the exception of the initial original AOF wherein this fax/email indemnity should be originally signed. The Investor is aware of the possible risks inherent in the giving of instructions by facsimile such as the possibility of forgery of non-original signatures and transmission to wrong numbers, phishing or spoofing or pharming, internet virus or malware, thus, making the instructions known to third party and never reaching FAMI. The Investor does not hold FAMI responsible of verifying the identity of the person/s giving any faxed/e-mailed instruction made on the Investor’s behalf or the authenticity of any signature on any faxed/emailed instruction. The Investor authorizes FAMI to act on any faxed/emailed instruction believed to be coming from him/her/them whether such instruction was made with or without his/her/their authority, knowledge, or consent. The Investor agrees that it/he/she should be held wholly and solely liable for any and any faxed/emailed instruction believed to be coming from him/her/them whether such instruction was made with or without his/her/their authority, knowledge, or consent. The Investor agrees that it/he/she should be held wholly and solely liable for any and all withdrawals from its/his/her Account using its/his/her Account information through phishing/spoofing/pharming (or similar cyber-crimes). The Investor further agrees to indemnify and hold free and harmless the Company, its subsidiaries and affiliates, as well as any of its officers, directors and employees against any and all losses, claims, damages, penalties, liabilities related to this.
21. AUTHORITY TO PROCESS AND SHARE INFORMATION.
The Investor hereby knowingly, voluntarily and willfully authorizes and gives its/ his/her/their consent to the Company, its directors, officers and representatives and its subsidiaries and affiliates to process, obtain, collect, record, organize, store, update, modify, use, access, and/or share/disclose within the Metrobank and its subsidiaries, affiliates and partners (“Metrobank Group”) and third party service providers that the Company may engage in the conduct of its business in providing services to its clients/Investor, with corresponding duty to keep such information/data/opinion confidential, without prior notice to or consent from the Investor, relevant Account information/data/opinion pertaining to the Investor, including but not limited to personal circumstances, privileged information, sensitive personal information, services to its clients/Investor, with corresponding duty to keep such information/data/opinion confidential, without prior notice to or consent from the Investor, relevant Account information/data/opinion pertaining to the Investor, including but not limited to personal circumstances, privileged information, sensitive personal information, information in the AOF, Account balances and any and all other information pertaining to all of my Account/s now existing or which may hereafter to be opened, whether or not assigned as collateral, which consent/authorization in favor of the Company and/or Metrobank Group is sufficient and in accordance with all bank deposit secrecy laws, including but not limited to, RA 1405 or the Law on Secrecy of Bank Deposits, RA 6426 or the Foreign Currency Deposit Act and RA 8791 or the General Banking Law, as well as R.A. 10173 or the Data Privacy Act of 2012 and other confidentiality laws enforced or which may hereinafter enforced. The absence of any written notice to the contrary shall be deemed by the Company as a continuing authorization and/or consent by the Investor as given hereto. By availing of the Company and Metrobank Group’s over-the-counter payments services via
debit from Investor’s Account, Investor authorizes and gives his/her/their consent for the Company to disclose his/her/their Account number and Account name to government institutions for record-keeping purposes only. The Investor hereby undertakes to notify the Company in writing if it/he/she/they decide not to consent to the sharing of information provided herein.
22. LIABILITY OF INVESTMENT MANAGER.
The price of shares in the mutual fund may rise as well as fall depending on prevailing market conditions. Thus, any “income expectation” or like terms is neither assumed nor guaranteed and it does not entitle the investor to a fixed interest or return on investment. Past performance is not a guarantee of future performance. The investment manager shall not be liable for any loss or depreciation in the value of the fund or in the value of the investor’s shareholdings unless attributable to the investment manager’s act of fraud, willful default, gross negligence or evident bad faith.
23. NON-GUARANTEED RETURNS.
Unlike deposits made with banks, an investment in the Fund is neither insured nor guaranteed by the Philippine Deposit Insurance Corporation (“PDIC”). Hence, investors carry the risk of losing the value of their investment, without any guarantee in the form of insurance.
24. RISK DISCLOSURE.
The value of your investment may change in relation to changes in market value of the fund. The price at the time of subscription may be lower or higher than the price at the time of redemption. Any reference to historical data should not be interpreted as projections to future performance servicing. Past performance is not an indicative of future returns. References to historical prices are for illustration purposes only. It is expected that the Investor has read the prospectus prior to investing. Should there be queries, these should be said with the servicing FAMI Certified Investment Solicitor.