Didn't like us? tell us why

Comment

Go Back

Enter your email address

Certifications / Compliance

Terms & Conditions

The following Terms & Conditions shall replace any prior or existing agreement between the parties, or previously issued terms & conditions, and shall apply to any existing arrangements currently operating between the parties. By executing an Account Application and/or undertaking any transaction with Instarem Pty Ltd ABN 45 601 384 025 AFSL 464627 (“Instarem”) you hereby agree to be bound by the following Terms & Conditions (as amended from time to time).

1. PURPOSE

The Client wishes to transact with Instarem in foreign exchange contracts in accordance with the Client’s instructions from time to time, and in accordance with the terms and conditions contained herein.

2. DEFINITIONS AND INTERPRETATION

a) In these Terms & Conditions unless a different intention is expressed, the following terms (as subsequently modified by amended legislation or regulation) shall mean:
“account” means the account of the Client dealing in the Foreign Exchange Contracts issued by Instarem, which is established in accordance with the terms and conditions of this Terms & Conditions.
“agent” means a legal entity undertaking a transaction or function on behalf of another legal entity but in its own name;
"Terms & Conditions" means these terms & conditions and any other documents annexed or incorporated by reference;
“Authorised Person” means a person authorised to bind the Client under these Terms & Conditions;
"Business Day" means a day on which trading banks in Sydney, Australia are open for business;
“Close Out” means cancelling the transaction and selling back the currency we have bought for you when you entered into the transaction;
“Contract” means any contract whether verbal or written, for the purchase or sale of a Foreign Exchange Contract, entered into by the Client;
“Exchange Rate” means the price of one currency in terms of another currency;
“Foreign Exchange Contract” is a transaction that involves a contract for the exchange of one currency for another at an agreed Exchange Rate;
“Settlement Date” means the date on which the funds that are being exchanged must be received by us;
“Trust” means where the Client is a trust, the trust identified in the Client Details Form;
“Trust Deed” means where the Client is a trust, the trust deed governing the Trust as varied, substituted, supplemented or resettled from time to time.
b) Headings are for convenience only and shall not affect the construction and interpretation of these Terms & Conditions.
c) The singular includes the plural and vice versa.
d) Reference to a person or individual includes bodies corporate, unincorporated associations, partnerships and individuals.
e) If there is any conflict between the terms of these Terms & Conditions and the relevant operating rules, the operating rules shall prevail.
f) Any reference in these Terms & Conditions to any law, statute, regulation or enactment shall include references to any statutory modification or re-enactment thereof or to any regulation or order made under such law, statute or enactment (or under such modification or re-enactment).

3. CLIENT REPRESENTATIONS AND WARRANTIES

The Client represents and warrants to Instarem that:
a) these Terms & Conditions constitutes a legal, valid and binding obligation of the Client;
b) the Client will not enter into a Foreign Exchange Contract as or by way of a wager and that all orders to be placed and all trading to be conducted under these Terms & Conditions are lawful;
c) in executing and giving effect to these Terms & Conditions, the Client does not and will not infringe any provision of any other document or agreement to which the Client is a party, nor any law or judgment/order binding upon it;
d) where the Client is more than one person, that all decisions made, and instructions issued, pursuant to these Terms & Conditions, are made on a fully informed and agreed basis by all the parties to the account;
e) all information supplied to Instarem by the Client is, or at the time it is supplied will be, accurate in all material respects and the Client will not omit or withhold any information which would make such information inaccurate in any material respect;
f) the Client shall, where so required, provide to Instarem a valid and binding guarantee and indemnity in favour of Instarem as a precondition of entering into these Terms & Conditions;
g) the Client will provide to Instarem on request such information regarding its financial and business affairs and/or identity, as Instarem may reasonably require;
h) in executing these Terms & Conditions, the Client will appoint Instarem as its agent for the purpose of dealing in Foreign Exchange Contracts in accordance with the terms of these Terms & Conditions;
i) the Client and Instarem are bound by the applicable financial services laws and regulations (as modified from time to time);
j) the Client will take all reasonable steps to obtain and communicate to Instarem all information, and shall deliver or cause to be delivered to Instarem all documents with respect to dealings in the Foreign Exchange Contracts which are requested by any person having the right to request such documents and information. The Client authorizes Instarem to pass on/deliver all such information and documents to any such person.
k) the Client is not insolvent, and if the Client is a corporate client, no resolution has been passed and no petition has been presented or order made for the Client’s winding up or liquidation or the appointment of a receiver or a receiver and manager or an administrator of other insolvency official to the Client or any of its assets;
l) Instarem relies on representations and warranties made by the Client. These representations and warranties and those contained elsewhere in these Terms & Conditions, survive the entering into of these Terms & Conditions and are repeated in respect of each Foreign Exchange Contract.

4. CAPACITY TO ENTER INTO THESE TERMS & CONDITIONS

The Client represents and warrants to Instarem that:
a) the Client is duly organised and validly existing (or, if an individual, is of legal age and is under no legal disability or incapacity) and has full power and authority to enter into, and has taken all necessary steps to enable it lawfully to enter into, these Terms & Conditions and the transactions contemplated by it, and perform its obligations it;
b) the person executing these Terms & Conditions has full power and authority to execute the Agreement on behalf of the Client, and bind the entity (whether individual, company, partnership or otherwise);
c) the Client has been properly categorised as a retail or wholesale client pursuant to the Corporations Act 2001 (Cwth), and accurately advised Instarem of its status as such;
d) where the Client is a Trustee (including the trustee of a superannuation fund)
i. the Trust has been duly constituted, is valid and complies with all applicable laws;
ii. the Trust Deed has been executed and stamped, in accordance with the laws of the relevant State or Territory of Australia;
iii. the Client is the only Trustee of the Trust;
iv. the property of the Trust has not been resettled, set aside or transferred to any other trust or settlement and the Trust Deed has not been terminated and the date or any event for the vesting of the Trust’s property has not occurred;
v. the Trust Deed specifically empowers and authorizes dealings in Foreign Exchange Contracts, and such dealings are within the authorised ambit of the Trust’s investment strategy,
vi. all obligations under, and transactions contemplated by, these Terms & Conditions constitute binding obligations and are lawfully enforceable against the Trust and its property in accordance with their terms;
vii. it has an unrestricted right to be fully indemnified or exonerated out of the Trust’s property in respect of any losses or liabilities incurred by it in its dealings with Instarem, and the Trust’s property is sufficient to satisfy that right of indemnity or exoneration;
viii. it has complied with its obligations in Connection with the Trust;
ix. there is no conflict of interest on the Client’s part in entering into these Terms & Conditions and performing its obligations under it or the transactions contemplated by it; and
x. if the Client is a superannuation fund, it complies with all requirements outlined in the Superannuation Industry (Supervision) Act (1993).
e) where the Client is an investment manager or a Responsible Entity, the investment management agreement or constitution specifically empowers and authorizes dealings in the Foreign Exchange Contracts, by the Client and on behalf of their underlying clients; and
xi. such dealings are within the authorised ambit of the/each underlying client’s investment strategy;
xii. it will enter into transactions pursuant to the applicable investment management agreement as investment manager or Responsible Entity and not otherwise;
xiii. it will only deal in Foreign Exchange Contracts when the funds or other assets under its control are sufficient to meet the obligations which arise in connection with such dealing;
xiv. in the event of termination of the Client’s appointment as investment manager or Responsible Entity of the Client, it is authorised to arrange for closing out of all contracts entered into on behalf of the Client prior to the date of such termination as soon as possible; and
xv. repeats each of these representations and warranties in relation to both itself and its underlying clients.

5. ACCOUNT ESTABLISHMENT

a) Instarem agrees to establish an account in the name of the Client, who is the person named as the holder of the account.
b) Where the Client is more than one person, the account shall be established in their names as joint tenants unless they specifically advise otherwise (in which case it shall be established in their names as joint tenants). In any case, the parties to such joint account shall each be jointly (together) and severally (individually) liable.
c) No one except the Client has an interest in the Client’s account with Instarem opened for the purposes of these Terms & Conditions.

6. SEGREGATED ACCOUNTS

The Client agrees and acknowledges that:
a) All money and property deposited by the Client with Instarem, or received by Instarem on behalf of the Client, shall be deposited to the Client’s account and will initially be paid into a client segregated bank account established and maintained by Instarem and invested in accordance with applicable legal and regulatory requirements;
b) Such segregation of the Client’s money and property does not protect the Client’s money and property from the risk of loss;
c) Whilst the Client’s money and property is segregated from Instarem’s money and property, it may be co-mingled with the money and property of other Instarem clients, and utilised as free and clear collateral by Instarem from time to time in respect of open positions. Such monies and property shall accordingly be treated as the legal and beneficial property of Instarem, subject to an obligation by Instarem to transfer equivalent back to Client in accordance with their transaction rights under these Terms and Conditions;
d) Instarem shall be entitled to retain any interest earned on such segregated money or property held or invested by Instarem;
e) If the Client does not provide Instarem with a tax file number or details of exemption, Instarem shall be legally obliged to deduct tax from interest payments at the highest marginal rate plus medicare levy;
f) Instarem may use the funds in the client segregated account to manage Instarem’s dealings with its counterparties with respect to client positions. The Client acknowledges that this serves as sufficient written authorisation for Instarem to withdraw without notice to, or further authorisation from, the Client any money or property deposited into the segregated account to be used by Instarem for this purpose. The Client has no interest in or claim over Instarem’s contracts (if any) with any other person or in the accounts into which Instarem lodges or pays the funds which were withdrawn from the segregated accounts. The Client acknowledges that the balance of the Client’s account may not be protected if there is a default in the dealings with counterparties or in the overall segregated account balance; and

7. RISK DISCLOSURES

7.1 THE CLIENT REPRESENTS AND WARRANTS TO INSTAREM THAT:

The Client agrees and acknowledges that:
a) they have received, read and understood the Financial Services Guide and Product Disclosure Statement;
b) the Client acknowledges, recognises and understands that trading in Foreign Exchange Contracts may involve a degree of risk and loss, depending on the nature and purpose of the Contracts transacted, and is appropriate only for persons who can assume risk of such loss;
c) the Client has read these Terms & Conditions and understands that, UNLESS SPECIFICALLY AGREED WITH Instarem AND UNLESS A STATEMENT OF ADVICE HAS BEEN PROVIDED, Instarem has only provided general advice, and the Client has considered its objectives and financial situation and has obtained appropriate independent advice prior to entering into these Terms & Conditions, and has formed the opinion that dealing in the Foreign Exchange Contracts is suitable for the Client’s needs and purposes;
d) the Client has taken such independent legal and financial advice as the Client considers necessary prior to executing these Terms & Conditions; and
e) the Client is willing and able, financially and otherwise, to assume the risk of trading in Foreign Exchange Contracts.

7.2 THE CLIENT ACKNOWLEDGES THAT NEITHER INSTAREM NOR ANY ASSOCIATED ENTITY GUARANTEES THE PERFORMANCE OF ANY GIVEN FOREIGN EXCHANGE CONTRACT OR ACCOUNT NOR THAT ANY FOREIGN EXCHANGE CONTRACT OR ACCOUNT WILL ACHIEVE A PARTICULAR RATE.

8. CLIENT ACKNOWLEDGEMENTS

The Client acknowledges to Instarem that:
a) Dealings in Foreign Exchange Contracts create an obligation to settle such transactions by the Settlement Date in cleared funds;
b) All dealings executed on behalf of the Client pursuant to these Terms & Conditions shall be at the absolute discretion of Instarem. In particular, Instarem shall be entitled to take any action it considers necessary in its absolute discretion to ensure compliance with applicable laws and regulatory decisions;
c) Instarem acts as principal in respect of the Foreign Exchange Contracts traded by Instarem with the Client;
d) The Client has been made specifically aware that Instarem acts as a market maker and when so acting under normal market circumstances quote the Client bid and ask prices;
e) Subject to applicable legal/regulatory requirements, the Client consents where Instarem either knowingly or unknowingly takes the opposite side to the Client in relation to any of the Foreign Exchange Contracts;
f) Subject to applicable legal/regulatory requirements, the Client agrees and acknowledges that Instarem’s directors, employees and associates may and can deal on their own account;
g) Instarem reserves the right, at its sole discretion and without explanation, to refuse to deal on behalf of the Client in relation to any Foreign Exchange Contract (other than closing out existing open positions held in Instarem’s account on behalf of the Client) or to limit the number of Contracts entered for the Client. Instarem will inform the Client of any refusal before or as soon as practicable after such refusal;
h) There are risks associated with utilising an Internet-based deal execution trading system which include, but are not limited to, the failure of hardware, software, and Internet connection. Since Instarem does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, Instarem will not be responsible for communication failures, distortions or delays when trading via the Internet;
i) Transaction confirmations provided to Clients, unless otherwise objected to within 24 hours after communication to the Client, shall be deemed proof of the accuracy of such contents and their execution in accordance with these Terms & Conditions;
j) A notice issued by an authorised officer or agent of Instarem stating the amount of money due and payable by the Client shall be taken as final evidence thereof in the absence of manifest error;
k) All determinations and calculations made by Instarem under these Terms & Conditions will be binding on the Client in the absence of manifest error;
l) Instarem is entitled, in its reasonable opinion, to determine that an emergency of an exceptional market condition exists. In such cases Instarem may close any or all of the Client’s open Contracts, to the extent that the condition makes it impossible or impracticable for Instarem to comply with the Contract in question.
m) Anything Instarem is permitted to do in accordance with these Terms & Conditions may be done in its absolute discretion, and any opinion or view required to be formed by Instarem may be formed in its absolute discretion; and

9. INSTAREM REPRESENTATIONS & SERVICES

a) Instarem seeks to act honestly, exercise due care and diligence and act in the Client’s best interests at all times. Instarem will give priority to Client interests and undertakes that it will not misuse Client information. Instarem will use reasonable endeavours to execute or arrange the execution of the Client’s instructions.
b) Unless otherwise expressly agreed, Instarem will provide services on an execution only basis in accordance with the Client’s instructions, and will not provide advice to the Client regarding the merits of a transaction. The Client is hereby prohibited from treating any remark made by a Instarem representative regarding the market, transaction or forecast as advice.
c) Any transaction or market information or research provided by Instarem to the Client is provided as general information only, and does not constitute and cannot be relied upon as a recommendation to trade. Instarem makes no representation, warranty or guarantee, and accepts no liability for, the accuracy or completeness of any such information, and the Client relies on such at its sole risk.

10. ON-LINE TRADING FACILITY

a) The Client acknowledges that it has read, understood and agreed to the terms and conditions associated with dealing via our on-line trading or mobile phone application facility as set out in these Terms & Conditions.
b) Instarem may amend any of the terms of these Terms & Conditions and by continuing to deal with Instarem or to access or use the on-line trading or mobile phone application facility, the Client agrees to any amendments.
c) Instarem shall permit the Client electronically to monitor the activity and positions in its account by providing an on-line trading facility. The on-line trading facility or mobile phone application may be a proprietary service offered by Instarem or a third party system.
d) The Client agrees to use the on-line trading facility and/or mobile phone application software solely for its internal business or investment purposes.
e) The Client agrees that it shall not distribute the platform to any third party.
f) The on-line trading facility or mobile phone application provided by Instarem may be used to transmit, receive and confirm the execution of orders. Regardless of any on-line confirmation received upon placement of an instruction via the on-line trading facility, such transaction is not confirmed by Instarem until Instarem provides confirmation.
g) Instarem consents to the Client’s access and use in reliance upon the Client having adopted procedures to prevent unauthorised access to and use of the on-line trading facility or mobile phone application, in any event, the Client agrees to any financial liability for trades executed through the on-line trading facility .
h) Instarem reserves the right, in its sole discretion, to institute or change any policies at any time relating to the use of the on-line trading facility or mobile phone application.
i) The on-line trading facility and mobile phone application are provided on an “as–is” basis and Instarem makes no express or implied representations or warranties to the Client regarding their operation or usability.
j) Instarem makes no representations or warranties regarding any services provided by any third party.
k) The on-line trading facility may be available in several versions, which may be differentiated in various aspects including, but not limited to the level of security applied, products and services available etc. Instarem shall not be liable to the Client for any loss, expense, cost or liability suffered or incurred by the Client due to the Client using a version different from the standard version with all available updates installed.
l) Instarem may offer real-time tradeable prices to the Client. Due to delayed transmission between the Client and Instarem the price offered may have changed before an order from the Client is received by Instarem. If automatic order execution is offered to the Client, Instarem shall be entitled to change the price on which the Client’s order is executed to the market value at the time which the order from the Client was received.
m) Instarem does not warrant that access to or use of the on-line trading facility or mobile phone application will be uninterrupted or error-free, or that the service will meet any particular criteria with respect to its performance or quality. Instarem expressly disclaims all implied warranties, including without limitation warranties of merchantability, title, fitness for a particular purpose, non-infringement, compatibility, security or accuracy.
n) Under no circumstances, including negligence, will Instarem, its employees and/or service providers be liable for any direct, indirect, incidental, special or consequential damages including, without limitation, business interruption or loss of profits, that may result from the use of or inability to use the on-line trading facility or mobile phone application. Where liability cannot be excluded, Instarem’s liability shall be limited to an amount equal to the amount of fees paid to Instarem by the Client for use of the on-line trading facility or mobile phone application.
o)The Client agrees not to hold Instarem and any of its service providers (for whom it acts as agent in this regard) liable for any form of damage arising as a result of the unavailability of the on-line trading facility or mobile phone application.
p) The Client agrees that the use of the on-line trading facility or mobile phone application is at the Client’s risk and the Client assumes full responsibility for any losses resulting from the use of or materials obtained via the on-line trading facility.
q) Instarem, its directors, officers, employees, agents, contractors, affiliates, third party vendors, information providers, and other suppliers providing information or data services do not warrant that the on-line trading facility or mobile phone application will be uninterrupted or error free nor do we or they make any warranty as to the timeliness, sequence, accuracy, completeness, reliability or content of any information, service or transaction provided through the use of the on-line trading facility, mobile phone application or the results obtained from their use.
r) Instarem and its service providers will not accept any form of liability including any loss or damage to the Client or to any other person for:
i. any inaccuracies, errors or delays or omissions of any data, information or message or transmission or delivery of any such data, information or message;
ii. non-performance;
iii. interruptions in data, information or message transmission, due to any negligent act or omission, including any “force majeure” event or any other cause, whether or not within Instarem’s control; Force majeure events include amongst other things, floods, extraordinary weather conditions, earthquakes, acts of God, fire, war, riot, labour disputes, accidents, actions of any government, communications or power failure, equipment or software malfunction.
s) The use and storage of any information provided or made available to the Client through the use of the on-line trading facility or mobile phone application is for the use of the Client and is the Client’s sole risk and responsibility.
t) The Client is responsible for providing and maintaining the communications equipment and telephone or alternative services required for accessing and using the on-line trading facility or mobile phone application, and for all communications service fees and charges incurred by the Client in accessing the on-line trading facility or mobile phone application.
u) Instarem may at any time at its sole discretion terminate or restrict any Client’s access to the on-line trading facility or mobile phone application at any time. Should Instarem terminate these Terms & Conditions or access to the trading platform or mobile phone application, the Client will be liable for all fees charges and obligations incurred under these Terms & Conditions prior to termination.
v) The Client acknowledges that from time to time, and for any reason, the on-line trading facility or mobile phone application may not be operational or otherwise available for the Client’s use due to servicing, hardware malfunction, software defect, service or transmission interruption or other cause.
w) The Client’s failure to observe any of the undertakings or representations may result in civil or criminal liability, as well as termination of the use of the on-line trading facility or mobile phone application.
x) The Client acknowledges that the Client has alternative arrangements in place at all times, for the transmission and execution of orders, if for any reason, circumstances prevent the transmission and execution of all, or any portion of, the Client’s orders through the on-line trading facility or mobile phone application. In the event the on-line trading facility or mobile phone application not being operational, the Client agrees to contact Instarem to make alternative order entry arrangements. Such arrangements may be whatever form is agreed.
y) The Client may not under any circumstance use the on-line trading facility or mobile phone application to do any of the following:
i. publish, post, distribute or disseminate defamatory, infringing, obscene or other unlawful or offensive material or information;
ii. intercept or attempt to intercept any email correspondence;
iii. use the on-line trading facility or mobile phone application in any manner that may adversely affect its availability or its resources to other users;
iv. send correspondence electronically or otherwise to other users for any purpose other than personal communication; or
v. act, or fail to act in a manner which may result in the violation of any laws or regulations.

11. AUTHORISATIONS AND INSTRUCTIONS

11.1 GENERAL

a) The Client hereby authorizes Instarem to trade in the Foreign Exchange Contracts pursuant to their instructions, or otherwise in accordance with Instarem’ rights elsewhere under these Terms & Conditions.
b) The Client may communicate their instructions to Instarem via the on-line trading facility or mobile phone application. Alternate methods will not be accepted unless agreed in writing by Instarem.
c) In consideration of Instarem agreeing to accept instructions via an alternate method from the Client, Client acknowledges that Instarem is not obliged to accept/implement such instructions, and will not be liable to the Client or any other party should such instructions be unauthorised, forged or fraudulently given.
d) The Client shall be responsible for all orders, and for the accuracy of information, sent via the internet or mobile phone application using the Client’s name, password or any other personal identification means implemented to identify the Client.
e) Instarem may, in its sole discretion and without explanation, refuse to act upon any instruction.
f) If the Client is more than one person, Instarem may act upon instructions received from any one person who is, or appears to Instarem to be, such a person, whether or not such person is an Authorised Person.
g) The Client may authorise any other person (Authorised Person) to give instructions on its behalf and Instarem is entitled to act upon instructions which are or appear to be from the Client or any Authorised Person. It is the Client’s responsibility to notify Instarem in writing immediately if there is any change to the Authorised Person list provided pursuant to these Terms & Conditions;
h) Persons may only be appointed as Authorised Persons where they are an employee or director of a corporate Client, they are a family member appointed to act in the temporary absence of an individual Client, or where they are or act for an Australian Financial Services Licensee with respect to the relevant activities.
i) Instarem is under no obligation to accept any instruction that is not made by an Authorised Person or to enquire as to the identity of any person providing the instruction if it reasonably believes the person is an Authorised Person.
j) Should Instarem receive any instruction that it reasonably assumes was from an Authorised Person, Instarem will not be liable for any properly performed action or omission by Instarem in reliance on that instruction.
k) Instarem shall not be liable for any act or omission by Instarem in reliance on any instruction given or action taken by any person acting or purporting to act on behalf of the Client who is not listed as an Authorised Person.
l) The Client is obliged to keep all passwords secret and ensure that third parties do not obtain access to the Client’s trading facilities;
m) Mere transmission of an instruction by the Client shall not constitute a binding contract with Instarem until confirmed by Instarem via the trade confirmation;
n) The Client has appointed Instarem as its agent for the purposes set out in these Terms & Conditions and conferred upon Instarem authority to do, or omit to do, all things reasonably necessary to perform its functions and all things reasonably incidental to the performance of its functions;
o) The Client shall promptly provide any instructions to Instarem, which Instarem may require. If the Client does not provide such instructions promptly Instarem may, in its absolute discretion, take such steps at the Client’s cost, as Instarem considers necessary or desirable for its own protection or the protection of the Client. This provision also applies in situations when Instarem is unable to contact with the Client; and
p) In general, Instarem shall act according to instructions as soon as practically possible and shall, as far as trading instructions are concerned, act within a time frame reasonable seen in the context of the nature of the instruction. However, if after instructions are received, Instarem believes that it is not reasonable practicable to act upon such instructions within a reasonable time, Instarem may defer acting upon those instructions until it is, in Instarem’s reasonable opinion, practicable to do so or notify the Client that Instarem is refusing to act upon such instructions.

11.2 AUTHORISATIONS AND INSTRUCTIONS PROVIDED VIA THE ON-LINE TRADING FACILITY OR MOBILE PHONE APPLICATION:

a) Instarem will not be deemed to have any order or communication electronically transmitted by the Client until Instarem has actual knowledge of any such order or communication. The mere transmission of an instruction by the Client shall not constitute a binding contract between Instarem and the Client. The terms of any order or communication electronically transmitted to the Client may be subject to change or correction. Regardless of the fact that the on-line trading facility or mobile phone application might confirm that a contract is executed immediately when the Client transmits instructions via the on-line trading facility or mobile phone application, the confirmation forwarded by Instarem or made available on the on-line trading facility or mobile phone application constitutes Instarem’s confirmation of a contract. Any instruction sent electronically shall only be deemed to have been received and shall only then constitute a valid instruction and/or binding contract between Instarem and the Client when such instruction has been recorded as executed by Instarem and confirmed by Instarem to the Client including through a trade confirmation or mobile phone application.
b) The Client acknowledges and warrants that it has received a password granting it access to the on-line trading facility or mobile phone application; is the sole owner of the password provided; and accepts full responsibility for any transaction that may occur on an account opened, held or accessed through the use of the password provided to the Client by Instarem, even if such use may be unauthorised or wrongful. The Client agrees to accept full responsibility for the use of the on-line trading facility or mobile phone application, for any orders transmitted through the on-line trading facility or mobile phone application and for all communications and the accuracy of all information sent via the on-line trading facility or mobile phone application using the Client’s name, password or any other personal identification means implemented to identify the Client.
c) The Client warrants and agrees that any person who is in possession of any password is authorised by the Client, and the Client acknowledges that they will be responsible for any actions on their account associated with the use of its password.
d) The Client agrees to notify Instarem immediately should the Client become aware of any unauthorised use, loss or theft of the Client’s, username, password or account numbers; or inaccurate information with respect to the content of statements including, cash balances, open positions or transaction history.

12. ENTERING INTO A FOREIGN EXCHANGE CONTRACT

a) The Client may request on any given Business Day, via telephone or otherwise, Instarem to quote a price at which Instarem may be prepared to enter into a Foreign Exchange Contract. The Client acknowledges that a price quotation pursuant to this request does not constitute an offer to enter into a new or close an existing Foreign Exchange Contract.
b) Upon receiving the quote from Instarem, the Client may enter into a Foreign Exchange Contract with Instarem at the price quoted by Instarem.
c) Instarem is in no way obliged to accept the Client’s offer to enter into a Foreign Exchange Contract transaction and, without limitation, is not obliged to accept the Client’s offer to enter into a Foreign Exchange Contract, if the Client has exceeded or would exceed a predetermined limit imposed on the Client under these Terms & Conditions; or until Instarem has received from the Client payment in the form of cleared funds. Instarem will promptly advise the Client should Instarem decide not to accept a Client’s offer to enter into a Foreign Exchange Contract.
d) Payment where required to enter into a Foreign Exchange Contract, if not already received from the Client, will be payable to Instarem upon acceptance by Instarem of the Client’s offer to enter into the Foreign Exchange Contract.
e) Should Instarem accept the Client’s offer to enter into a Foreign Exchange Contract, Instarem will issue to the Client an electronic confirmation shortly after the Foreign Exchange Contract has been entered into. Failure by Instarem to issue a confirmation will not prejudice or affect the relevant Foreign Exchange Contract. Instarem will not bear any liability whatsoever resulting from the failure to issue a confirmation.
f) The Client agrees to examine the terms of each confirmation immediately upon receipt and the Client agrees that the contents of the confirmation, in the absence of manifest error, will be conclusive evidence of the executed deal, unless within 24 hours of issue of a confirmation the Client notifies Instarem of any disputed detail in the confirmation received by the Client. Upon receipt of written notice within the 24hour period of the disputed detail, Instarem will investigate the dispute and with the co-operation of the Client, will endeavour to resolve the dispute in good faith. Notwithstanding any such dispute, the Client will continue to satisfy any obligation regarding payments made by Instarem in respect of the transaction as if the confirmation was correct and its details were not the subject of dispute.
g) In its absolute discretion, Instarem reserves the right to limit the value of Foreign Exchange Contracts the Client may have outstanding under these Terms & Conditions. Should the Client wish to enter into any further Foreign Exchange Contracts, the Client must seek and obtain approval from Instarem, which it may grant or refuse in its absolute discretion.

13. PAYMENTS

The Client agrees and acknowledges that:
a) Instarem may advise the Client of the need to provide payment of money, in such amount as determined by Instarem in its sole discretion, feels is necessary to protect itself from the personal obligation incurred by dealing in the Foreign Exchange Contracts on behalf of the Client. Prior to entering into a Foreign Exchange Contract, Instarem will require the Client to deposit cleared funds. The amount required by Instarem and the time at which it is required will be at the absolute discretion of Instarem. Instarem is not obliged to permit any offset of any moneys so required by Instarem;
b) The Client will comply with and meet all such calls in accordance with the Agreement by depositing in cleared funds the sum requested within the time specified by Instarem. Instarem may determine the amount and time in its absolute discretion. Should Instarem require additional funds from the Client to cover market movements, the Client must pay the amount called by Instarem immediately upon being given notice by Instarem. In all respects, time shall be of the essence for all payment obligations of the Client;
c) The Client acknowledges and agrees that Instarem may refuse any request by the Client to enter into any further Foreign Exchange Contracts until Instarem has confirmed the receipt of the amount in the form of cleared funds;
d) Any exercise by Instarem of any power or right under this clause shall be binding on the Client;
e) It is the client’s sole responsibility to monitor and manage their open positions and exposures, and ensure payments are met as required;
f) Where the Client has not met payment requirements in a timely manner, all relevant positions will be closed out by Instarem, without further reference to the Client;
g) The Client is responsible to pay any deficit owing to Instarem after closure, and if the Client defaults or refuses such payment, Instarem may apply the proceeds of any assets held by Instarem against that deficit;
h) Should the Client fail to meet a payment request, Instarem may without prejudice to any other rights or powers under these Terms & Conditions, and in its absolute discretion, close out, without notice, any or all of the Client’s Foreign Exchange Contracts or refuse any request by the Client to enter into any further contracts;
i) No credit shall be extended directly or indirectly to the Client by Instarem, unless otherwise agreed in writing;

14. COMMISSIONS FEES AND EXPENSES

a) The Client agrees to pay:
i. All legal costs incurred by the Client associated with entering into these Terms & Conditions and all taxes and expenses incurred by the Client in connection with these Terms & Conditions;
ii. Any fees upon the execution of any requested Foreign Exchange Contract as are disclosed and agreed prior between Instarem and the Client, as well as an amount equal to any other fee charged or levied on Instarem, or other expense incurred by Instarem, arising from any action taken pursuant to these Terms & Conditions;
iii. Any stamp duty, duties and taxes (including GST) payable on or pursuant to these Terms & Conditions;
iv. All amounts incurred by Instarem as a result of the Client’s default under the terms of these Terms & Conditions, including without limitation, all reasonable legal costs on a solicitor/client basis;
v.Interest, in respect of any unpaid amount due under these Terms & Conditions, at a rate of three per cent per annum above LIBOR (at a minimum of 10% per annum). Such interest shall accrue and be calculated daily from the date payment was due until the date the Client pays in full and shall be compounded monthly; and
b) The Client authorizes Instarem to appropriate, transfer, credit, apply or pay monies that may be received by Instarem or held by Instarem on the Client’s behalf in payment of any amounts which may be outstanding by the Client to Instarem in a transaction effected on the Client’s behalf.
c) Where amounts are payable by one party to the other, netting principles shall apply to enable the party owing the larger amount to pay the excess only to the other party. Amounts may be converted into the same currency in accordance with these Terms & Conditions.
d) The Client acknowledges that should they enter into a Foreign Exchange Contract with Instarem, the Client must pay all transaction charges, fees, payments, settlements, interest and any other amounts due under these Terms & Conditions on demand by Instarem in cleared funds or otherwise as required in accordance with the terms of these Terms & Conditions.
e) Should the Client be given access through the electronic platform or otherwise to prices or information provided by any exchange or service to which a royalty or other fee must be paid for the use of such prices or information, Instarem shall have the right to effect the payment of any such royalty or other fee by debiting the Client’s account on a monthly basis.
f ) Payments by the Client to Instarem in accordance with these Terms & Conditions must be made without any offset, counter claim or condition and without any deduction or withholding for any tax or any other reason unless the deduction or withholding is required by applicable law. Should the Client be required to make any form of deduction in respect of tax from any payment to be made or if Instarem is required to pay any tax in respect of any payment made in relation to these Terms & Conditions at the Client’s request the Client agrees to keep Instarem indemnified against that tax and agrees to pay to Instarem any additional amounts required to ensure Instarem receives the full net amount that is equal to the amount Instarem would have received had a deduction, withholding or payment of tax not been made.

15. DEFAULT

a) The Client acknowledges and agrees that where one of the following events occurs, Instarem may take any such action provided in Clause 15(c) below:
i. the Client fails to meet a call for a payment request or make any other payment when due under these Terms & Conditions;
ii. the Client is not contactable by Instarem (and has not made alternative arrangements) within the time specified by Instarem in order for Instarem to obtain instructions (where required);
iii. the Client dies or becomes of unsound mind, or the partnership is dissolved or ceases to exist for any reason;
iv. the Client suspends payment of its debts, makes any composition with its creditors, has a receiver appointed over some or all of its assets, takes or has any proceedings taken against it in bankruptcy or takes or allows any steps to be taken for its winding up (except for a solvent amalgamation or reconstruction approved in advance in writing by Instarem) or anything similar to any of these events happens to the Client anywhere in the world;
v. the Client fails in any respect fully and promptly to comply with any obligations to Instarem under these Terms & Conditions or otherwise or if any of the representations or information supplied by the Client are or become inaccurate or misleading in any material respect;
vi. any guarantee, indemnity or security for the Client’s obligations is withdrawn or becomes defective, insufficient or unenforceable in whole or in part;
vii. these Terms & Conditions has been terminated;
viii. it becomes or may become unlawful for Instarem to maintain or give effect to all or any of the obligations under these Terms & Conditions or otherwise to carry on its business or if Instarem or the Client is requested not to perform or to close out a transaction (or any part thereof) by any governmental or regulatory authority whether or not that request is legally binding; or
ix. Instarem considers it necessary to do so for its own protection.
b) If the Client becomes aware of the occurrence of any event referred to in clause 15(a) above, it shall notify Instarem immediately.
c) If any event referred to in Clause 15(a) above takes place, Instarem shall at its absolute discretion be entitled, but not obliged, to, and at the expense of the Client:
i. terminate the Agreement immediately;
ii. close out any or all of the Client’s contracts;
iii. cancel any outstanding orders in order to close the Client’s account;
iv. charge the Client with all of the costs, expenses and losses incurred by Instarem as a result of entering into, or closing out transactions pursuant to these Terms & Conditions; and
v. take any such action a reasonably prudent person would take in the circumstances to protect the personal obligation incurred when dealing on behalf of the Client.

16. INDEMNITY

a) The Client will indemnify and keep indemnified Instarem and its employees, contractors or agents from and against any cost, expense, claim, action, suit, loss, damage or other amounts whatsoever arising out of any default, whether by act or omission, of the Client under these Terms & Conditions or anything lawfully done by Instarem in accordance with these Terms & Conditions or by reason of Instarem complying with any direction, request or requirement of any regulatory authority.
b) Instarem shall not be responsible or liable in any way for any delay or error in the transmission or execution of any dealing by it under these Terms & Conditions caused by the Client or any other third party, including but not limited to any systems or operational failure or action, bank delay, postal delay, failure or delay of any fax or electronic transmission or delay caused by accident, emergency or act of god.
c) No warranty is provided by Instarem in relation to information or advice sourced from third parties, and all information or advice provided by Instarem to the Client is for the private use of the Client and is not to be communicated to any third party without the prior written consent of Instarem.
d) Instarem makes no representation or warranty as to the results of dealing in the Foreign Exchange Contracts, and shall not be liable for any damage or loss suffered or incurred by the Client arising out of or in connection with any advice, forecast, or opinion to the Client in relation to price movements or positions or to the likely profitability of any transaction.
e) These indemnities shall survive any termination of the Client relationship.

17. LIMITATION OF LIABILITY

a) The Client declares it has read, understood and accepted all of the terms and conditions outlined in these Terms & Conditions. The Client agrees that when entering into a Foreign Exchange Contract with Instarem the Client is relying on its own judgment and, to the extent permitted by law, in the absence of negligence, fraud or dishonesty by Instarem or any of its employees, agents and representatives in relation to Instarem’s activities as the holder of an AFSL, Instarem shall bear no responsibility or liability of any kind whatsoever with respect to any advice or recommendation given or views expressed to the Client, whether or not the advice, recommendation, or views expressed was as a result of a request by the Client, nor will Instarem be liable in any respect of any losses incurred by the Client resulting from dealing in any product or products offered by Instarem.
b) Instarem will bear no liability whatsoever in respect of any private dealings, contracts, transactions or relationships between the Client and any of Instarem’s employees or agents.
c) Instarem shall bear no liability whatsoever in respect of any impact on the Client caused directly or indirectly by the issuance of any instructions by the Client to Instarem.
d) In the absence of negligence, fraud, dishonesty or misconduct by Instarem or any of its employees, agents and representatives and to the full extent of the law, Instarem bears no responsibility or liability for any Client’s losses or damages whatsoever incurred as a result of any delay in transmitting or a failure to transmit funds caused by reasons outside the control of Instarem or as a result of Instarem’s failure to execute orders in a timely manner or administer these Terms & Conditions in the manner contemplated by these Terms & Conditions for reasons beyond its control and, without limiting the indemnity in clause 16, the Client indemnifies and agrees to keep Instarem and its employees, agents and representatives (for whom Instarem acts as agent) indemnified and against all sums of money, actions, proceedings, suits, claims, demands, damages, costs, expenses and other amounts whatsoever arising in respect of any such loss or damage. Reasons outside Instarem’s control may include but are not limited to, exchange control or other government restrictions, exchange or market rulings, suspension of trading, power failure, telecommunication failure, strikes or war.
e) All such available exemptions and limitations of liability shall apply in respect of Instarem’s employees, officers, agents and representatives.

18. DISPUTE RESOLUTION

If a dispute arises between Instarem and the Client relating to any transaction (a “Disputed Transaction"), Instarem may close out or take any other action it considers appropriate in relation to the Disputed Transaction without previously notifying and/or without having received instruction from the Client. Instarem will try to notify the Client (verbally or in writing) what action it has taken, as soon afterwards as it practically can, but if it does not, the validity of its action shall not be affected.

19. TERMINATION

a) These Terms & Conditions can be terminated at any time by either party giving 5 Business Days written notice to the other party.
b) Unless otherwise agreed in writing between the parties upon termination of these Terms & Conditions Instarem will close out all of the Client’s Foreign Exchange Contracts, at Instarem’s discretion.
c) Should any event occur which has the effect of making or declaring it unlawful or impracticable for Instarem to offer Foreign Exchange Contracts to the Client in accordance with the terms outlined in these Terms & Conditions, Instarem may immediately terminate these Terms & Conditions by providing the Client with written notice.
d) Termination of the Agreement shall not release either party from any existing obligations or from any liabilities for any antecedent breach of any of the terms of these Terms & Conditions and will not relieve the Client of any obligations the Client may owe to Instarem in accordance with these Terms & Conditions prior to its termination.
e) Rights under these Terms & Conditions can only be waived in writing, such waiver not to affect the waiving party’s rights or entitlements in respect of subsequent breaches of the Agreement. Failure to compel performance shall not be construed as a waiver.

20. GENERAL

a) Instarem may amend these Terms & Conditions by giving the Client thirty days written notice of any amendments.
b) In the event that any of the provisions contained in these Terms & Conditions are found to be invalid or unenforceable, such provisions shall be deemed deleted, and the validity and enforceability of the remaining provisions shall continue unimpaired.
c) If a party fails to exercise or delays in exercising any right under these Terms & Conditions, by doing so it does not waive such right. The rights provided in these Terms & Conditions do not exclude other rights provided by law.
d) The Client may not assign or otherwise transfer its rights or obligations under these Terms & Conditions or any transaction, without the express written consent of Instarem.
e) The parties agree to the electronic recording by either party of telephone or internet conversations between the parties with or without an automatic tone warning device, and the use of such recordings as evidence by either party in any dispute or anticipated dispute between the parties or relating to dealings between the parties. Clients shall be permitted access to such tapes within a reasonable period after the date of the relevant telephone conversation, and shall be liable to Instarem for all reasonable costs in retrieving and providing such tape.
f) The Client acknowledges and agrees that Instarem is permitted to carry out an electronic database search and search credit reference agencies in order to verify the Client’s identity and credit standing. If such searches are carried out, Instarem may keep records of the contents and results of such searches in accordance with all current and applicable laws.
g) Instarem reserves the right to collect such information as is necessary from the Client to meet its obligations under applicable Anti Money Laundering laws and regulations. Instarem may pass on information collected from the Client and relating to transactions as required by applicable anti money laundering laws and regulations and is under no obligation to inform the Client it has done so. Instarem may undertake all such anti money laundering checks in relation to the Client (including restricted lists, blocked persons and countries lists) as deemed necessary or appropriate by Instarem, and reserves the right to take any action with regard thereto with no liability whatsoever therefore.
h) Instarem reserves the right to provide all such information regarding the Client in relation to its obligations to, or requests (whether legally binding or not) by a relevant regulatory body.

21. PRIVACY

a) In order to provide the Client with these services, Instarem needs to collect personal information about the Client and obtain the Client’s agreement in relation to the handling of such personal information. If the Client does not provide the requested information or agree to the information handling practices detailed in these Terms & Conditions, Instarem may be unable to provide the services outlined in these Terms & Conditions to the Client.
b) The Client shall ensure that all information provided to Instarem is accurate and up-to-date at all times. Any changes must be advised to Instarem as soon as practicable.
c) Instarem have systems and processes in place to address privacy requirements, and can provide the Client with a Privacy Statement should the Client require further information about Instarem’s information handling practices.
d) The Client authorizes Instarem to collect, use, store or otherwise process any personal information which enables Instarem to provide and/or improve its services. This may, on occasion, require the disclosure of personal information to our related entities, agents and service providers, and to organisations located in countries which do not have comparable laws to protect the Client’s information.

22. NOTICES

All communications relating to these Terms & Conditions shall be in writing and delivered electronically to the party concerned. Any such communication shall take effect if sent by electronic mail, at the time of transmission (and receipt of confirmation). Where the Client is more than one person, any notice or other communication provided by Instarem to one such person shall be deemed to have been provided to all such persons.

23. GOVERNING LAW

These Terms & Conditions are governed by and construed in accordance with the laws of New South Wales, and the parties submit to the non-exclusive jurisdiction of the courts and tribunals in that State.

Financial Services Guide

1. ISSUE DATE

1st January 2015

2. PURPOSE AND CONTENTS OF THIS FINANCIAL SERVICES GUIDE (“FSG”)

This FSG is designed to provide you with important information regarding our services prior to providing you with a financial service, including the following:

  • Who we are & how you can contact us
  • What services we are authorised to provide
  • How we are remunerated for these services
  • Any (potential) conflicts of interest we may have; and
  • Our dispute resolution process.

If you would like further information, please ask us.

3. NAME OF SERVICE PROVIDER

The Service Provider is Instarem Pty Ltd ACN 601 384 025 (“Instarem”).

4. AUSTRALIAN FINANCIAL SERVICES LICENCE (“AFSL”) AUTHORISATIONS & SERVICES PROVIDED

Instarem holds an AFSL [Number 464627] and is authorised to provide financial product advice and dealing in non-cash payments and foreign exchange contracts, and for market making services in relation to foreign exchange contracts to retail and wholesale clients.
Instarem predominantly offers clients money transmission services and general advisory and dealing services in relation to spot foreign exchange contracts.

5. CONTACT DETAILS

Instarem Pty Ltd
Level 13, 50 Cavill Avenue, Surfers Paradise, Gold Coast, QLD 4217
Tel: + 61 (07) 5635 4201 • Fax: +61 (07) 5676 6700
Email: support@instarem.com
Website: www.instarem.com

6. NATURE OF ADVICE WARNING

We are obliged to warn you that unless otherwise expressly agreed, we will only provide you with general advice, which does not take account of your objectives, financial situation or needs. Therefore, you are required to ensure that you obtain prior advice regarding the suitability of our products and services for your personal financial needs, objectives and circumstances, from a licensed professional.
Where we collect and take into consideration, information regarding your financial circumstances and needs, and agree to provide you with personal advice, you will receive a Statement of Advice.
While Instarem believes the advice and information we provide is accurate and reliable, neither Instarem nor its directors, officers, employees, contractors or associates assume any responsibility for the accuracy and completeness or currency of that advice and information.

7. METHOD OF PROVIDING FINANCIAL SERVICES

If you wish to utilise our services you may issue us with instructions via our website or mobile phone application.

8. DOCUMENTATION

Instarem will provide clients with the our Terms & Conditions, and transaction confirmations to facilitate the provision of advice and transactions. We will also provide retail clients with a Product Disclosure Statement prior to investing in any foreign exchange contracts, which contain important information regarding the features, benefits, risks and fees applicable, and should be read carefully to enable you to make an informed decision prior to investing.

9. PROFESSIONAL INDEMNITY INSURANCE

In compliance with s912B of the Corporations Act and ASIC RG 126, we maintain professional indemnity insurance in connection with the financial products and services we provide, including any claims in relation to the conduct of our former representatives/employees.

10. OUR RECORD-KEEPING OBLIGATIONS

Instarem will seek to ensure that comprehensive and accurate records of all client transactions and advice provided, are properly maintained.

11. WHO DO WE ACT FOR?

Instarem is responsible for the financial services it provides to you under its Australian Financial Services Licence, and does not act on behalf of any other financial services licensee.
Instarem is a market maker, not an agent, when dealing in over-the-counter foreign exchange contracts. Accordingly, Instarem acts as principal in all transactions with you in respect of these specific financial products.

12. REMUNERATION, COMMISSION & BENEFITS EXPECTED TO BE RECEIVED BY INSTAREM FOR PROVISION OF OUR FINANCIAL SERVICES

Instarem’s profit margin is built into the terms of the product price quoted (which is unknown prior to the date of issue, and cannot be properly ascertained until after the trade is closed).
Transaction fees are also levied on each transaction to cover administrative costs. Such fees may vary according to the type and level of service provided, the size and the frequency of the transaction.
Clients may also incur failure fees on failed transactions or interest charges on outstanding payments.
Representatives of Instarem who provide you with advice or transaction execution may receive commissions or other remuneration for the provision of these services. Our employees may also receive salaries, performance bonuses and other benefits from us.

13. DISCLOSURE OF ANY RELEVANT CONFLICTS OF INTEREST

Subject to disclosures in any Product Disclosure Statement or other transaction documents, we do not have any relationships or associations which might influence us in providing you with our services.

14. DISPUTE RESOLUTION

Instarem has an internal dispute resolution process in place to resolve any complaints or concerns you may have, as quickly and fairly as possible in all the circumstances. Any complaints or concerns should be advised to us (by facsimile, email or letter). These should be directed to the Compliance Manager of Instarem who will seek to resolve your complaint within 7 days or such further time period that may reasonably be required given the nature of the complaint.
If you are dissatisfied with the outcome, you have the right to lodge a complaint with the Financial Ombudsman Service [Tel: 1300 780 808, Web: www.fos.org.au], an approved external dispute resolution scheme, of which Instarem is a member. You may also make a complaint via the ASIC freecall Infoline on 1300 300 630. Instarem’s member ID is 35302

15. PRIVACY

Your privacy is important to us and we are committed to compliance with the Privacy Act and the Australian Privacy Principles. We may disclose your personal information to external parties who act on our behalf in the operation of our business or in connection with the transactions to be undertaken. Such external parties are required and committed to protecting your privacy and where they are offshore we take reasonable steps to ensure that to the maximum extent reasonably possible any information sent has the same level of privacy protection as we provide here in Australia. Instarem will not otherwise disclose your personal information without your consent, except as authorised or required by privacy laws. Please contact us via the email provided if you have any concerns.

Privacy Policy

‘ INSTAREM LIMITED (INSTAREM) RESPECTS YOUR RIGHTS TO PRIVACY UNDER, AND IS BOUND BY, THE PRIVACY ACT 1988 (CTH) (ACT), THE AUSTRALIAN PRIVACY PRINCIPLES (AVAILABLE AT WWW.OAIC.GOV.AU). INSTAREM DEALS WITH PERSONAL INFORMATION COLLECTED BY IT IN ACCORDANCE WITH THIS PRIVACY POLICY (POLICY). WHEN USED IN THIS POLICY, “PERSONAL INFORMATION” HAS THE MEANING GIVEN IN THE ACT, BEING IN GENERAL TERMS, INFORMATION OR OPINION ABOUT AN IDENTIFIED INDIVIDUAL, OR AN INDIVIDUAL WHO IS REASONABLY IDENTIFIABLE. ’

This is a summary of our Privacy Policy.

WHAT KINDS OF PERSONAL INFORMATION DO WE COLLECT AND HOLD?

When you apply for our products or services, we collect information that is necessary to be able to provide you with those products or services. For instance, we may ask for identification information such as your name, address, driving license number and date of birth.
Instarem is required to collect certain personal information under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006, rules and other subordinate instruments (AML/CTF Laws).

WHY DO WE COLLECT, HOLD, USE AND DISCLOSE PERSONAL INFORMATION?

We collect most personal information directly from you through the access and use of the Instarem website. Where you are a client of Instarem, Instarem may be subject to compliance with its obligations under the Act and may access third party electronic databases necessary to assist it to identify you and such databases could contain credit information. Instarem may therefore collect information about you that it has obtained from businesses that provide information about the credit worthiness of individuals, including consumer credit reports from a credit reporting body.
Sometimes we collect personal information about you from other people.

HOW DO WE COLLECT PERSONAL INFORMATION?

We collect most personal information directly from you through the access and use of the Instarem website. Where you are a client of Instarem, Instarem may be subject to compliance with its obligations under the Act and may access third party electronic databases necessary to assist it to identify you and such databases could contain credit information. Instarem may therefore collect information about you that it has obtained from businesses that provide information about the credit worthiness of individuals, including consumer credit reports from a credit reporting body.
Sometimes we collect personal information about you from other people.

WHO DO WE DISCLOSE YOUR PERSONAL INFORMATION TO, AND WHY?

We may share your personal information with other Instarem Group companies. Sometimes we may disclose your personal information to organisations outside the Instarem Group such as
i. to Instarem’s contractors or service providers for the purposes of conducting its business and providing its services or products to you, including web hosting providers, IT systems administrators and payment processors,
ii. to Instarem’s intermediary banks in order to process certain transactions on your behalf, for example, by disclosing your name and address;
iii. to any partners, agents or intermediaries who are a necessary part of the provision of Instarem’s products and services;
iv. to international intermediaries to complete your transactions;
v. to credit reporting bodies if you are a client of Instarem for the purpose of identifying you, in which case the information will be limited to your identity particulars, including your name, sex, address , date of birth and drivers licence number;
vi. to any government regulatory bodies that normally require it or may request it;

SECURITY OF INFORMATION COLLECTED

We use a range of physical and electronic security measures to protect the security of the personal information we hold. For example

  • Access to information systems is controlled through identity and access management;
  • Employees are bound by internal information security policies and are required to keep information secure;
  • Data is held in highly secure servers

DO WE DISCLOSE PERSONAL INFORMATION OVERSEAS?

We may disclose your personal information to recipients located outside Australia. These entities may include:

  • Instarem Group companies
  • Instarem Group service providers; and
  • International Intermediaries

DO WE USE OR DISCLOSE PERSONAL INFORMATION FOR MARKETING?

We will use your personal information to offer you products and services that we believe may interest you. We will not do this if you tell us not to.
Unless you tell us not to, we will disclose your personal information to companies within the Instarem Group so they can market their products and services to you.

ACCESS TO AND CORRECTION OF PERSONAL INFORMATION

You can request access to the personal information we hold about you. You can also ask for corrections to be made. To do so, please contact us on the details listed at ‘Contact us’.

RESOLVING YOUR PRIVACY CONCERNS AND COMPLAINTS - YOUR RIGHTS

If you are concerned about how your personal information is being handled or if you would like to make a complaint, please contact us on the details listed at ‘Contact us’.
If you are unhappy with our response, there are other bodies you can go to.
The Financial Ombudsman Service (FOS) can consider most complaints about your credit information involving providers of financial services.
FOS can be contacted at:
Financial Ombudsman Service
GPO Box 3
Melbourne VIC 3001
Phone: 1300 78 08 08
www.fos.org.au
Under the Privacy Act you may complain to the Office of the Australian Information Commissioner about the way we handle your credit information.
The Commissioner can be contacted at:
GPO Box 5218
Sydney NSW 2001
Phone: 1300 363 992
Email: enquiries@oaic.gov.au
www.oaic.gov.au
Contact us
You can contact us by:
• Writing to us at support@instarem.com
Our Privacy Officer can also be contacted in relation to privacy concerns by writing to privacy@instarem.com

Cookie Policy

We also use Cookies to improve your experience when visiting our website. This is discussed in further detail below.

WHAT IS A COOKIE?

A cookie is a small file of letters and numbers downloaded on to a device when the user accesses certain websites. A cookie will allow a website to recognise a user’s device.
A cookie will contain the name of internet location (the domain) from which the cookie has come and the lifetime of the cookie (a cookie will usually expire after a certain period of time).

WHAT COOKIES DO WE USE?

Essential Cookies. These cookies are essential to our website in order to enable you to move around it and to use its features. Without these absolutely necessary cookies, we may not be able to provide certain services or features and our website will not perform as smoothly for you as we would like.
Functionality Cookies. In some circumstances, we may use functionality cookies. Functionality cookies allow us to remember the choices you make on our Site and to provide enhanced and more personalized features, such as customizing a certain webpage, remembering if we have asked you to participate in a promotion and for other services you request, like watching a video or commenting on a blog. All of these features help us to improve your visit to the Site.

HOW TO MANAGE COOKIES?

To manage or delete any of these cookies, please go to your web browser settings. More information can be found on how to do this for all major web browsers at www.aboutcookies.org.
Please note that removing cookies may cause our websites to lose functionality.

USE OF WEB BEACONS

Some of our web pages may contain web beacons which allow us to count users who have visited these pages. Web beacons collect only limited information including a cookie number, time and date of a page view, and a description of the page on which the web beacon resides. These beacons do not carry any personally identifiable information and are used to track the effectiveness of a particular marketing campaign.

Product Disclosure Statement

1. PURPOSE AND CONTENTS OF THIS PRODUCT DISCLOSURE STATEMENT (“PDS”)

This PDS is an important legal document setting out information about Foreign Exchange Contracts (FX contracts) which may be entered into between you and Instarem.
This PDS is designed to provide you with important information regarding FX contracts including the following information:

  • Who we are
  • How you can contact us
  • Which products we are authorised to offer or utilise
  • Key features/risk/benefits of these products
  • Applicable fees and charges for these products
  • Any (potential) conflicts of interest we may have; and
  • Our internal and external dispute resolution process.

The information in this PDS should assist you to:

  • Decide if the product meets your needs; and
  • Compare the product with similar products.

If you intend to apply to use any of the products described in this PDS, please read this PDS in full, then keep it, together with all other documentation which you receive from Instarem in connection with FX contracts, for future reference. If you have any questions or need more information, please contact us.
The purpose of this PDS is to assist you in deciding whether the services offered by Instarem are appropriate for you. It describes the key features of foreign exchange transactions, the benefits, risks and associated fees and charges.
All financial amounts mentioned in this PDS are expressed in Australian dollars unless otherwise stated. Capitalised words used in this PDS have defined meanings which appear in the Glossary at the back of this PDS

2. NAME & CONTACT DETAILS OF ISSUER/SERVICE PROVIDER

Instarem Pty Ltd holds an Australian Financial Services licence Number 464627 and is authorised to provide financial product advice and deal in non-cash payment products and foreign exchange contracts, and to make a market in foreign exchange contracts to retail and wholesale clients.
Instarem specializes in providing foreign currency dealing and money transmission services to clients who need to buy/sell currencies or make/receive international payments.
You can contact Instarem by any of the means listed below:
Instarem Pty Ltd
Level 13, 50 Cavill Avenue, Surfers Paradise, Gold Coast, QLD 4217
Tel: + 61 (07) 5635 4201
Fax: +61 (07) 5676 6700
Email: support@instarem.com
Website: www.instarem.com

3. TERMS & CONDITIONS

Information provided to you in the FSG and this PDS is important and is binding on you. Additional legal terms governing our relationship are detailed in our Terms & Conditions. As part of the online registration process you are required to agree to the Instarem Terms & Conditions. By registering you have stated that you have read and agree to the Terms & Conditions.
You must complete the online application form available on our website www.instarem.com separately to this PDS, and have your account approved by Instarem. Instarem reserves the right to refuse to open an account for any person.

4. ADVICE

We are obliged to warn you that unless otherwise expressly agreed, we will only provide you with general advice, which does not take account of your objectives, financial situation or needs. Therefore, you are required to ensure that you obtain prior advice regarding the suitability of our products and services for your personal financial needs, objectives and circumstances, from a licensed professional.
Where we collect and take into consideration, information regarding your financial circumstances and needs, and specifically agree to provide you with personal advice, you will receive a Statement of Advice.
While Instarem believes the advice and information we provide is accurate and reliable, neither Instarem nor its directors, officers, employees, contractors or associates assume any responsibility for the accuracy and completeness or currency of that advice and information.

5. INSTAREM FOREIGN EXCHANGE SUMMARY TABLE

ITEM SUMMARY PDS SECTION REFERENCE
Who is the issuer of this PDS and the products? All products and services detailed in this PDS are supplied by Instarem Pty Ltd ABN 45 601 384 025 AFSL 464627. 2
What is Foreign Exchange? A Foreign Exchange contract (“FX contract”) is a transaction that involves a contract for the exchange of one currency for another at an agreed Exchange Rate. An “exchange rate” is the price of one currency in terms of another currency. 6.2
Significant Benefits Exchange rate certainty - locking in a certain exchange rate for the purchase or sale of foreign currency amounts will reduce or eliminate exchange rate uncertainty and provide cash flow certainty.
Diversity - FX contracts are available for a wide range of currencies.
Flexibility - FX contracts are flexible and can be tailored to meet your requirements.
9
Significant Risks Volatility - Exchange rates and interest rates can be volatile and move adversely.
Future benefit – Locking in an Exchange Rate means foregoing any benefit from future favourable movements.
Counterparty Risk - You are reliant on Instarem’s ability to meet its obligations under the terms of the FX contract.
Delays – delays are rare but can be caused by technical or administrative problems experienced by us or by third party intermediaries for reasons entirely beyond our control.
10
What fees and charges are payable in respect of FX contracts? Instarem derives a financial benefit by offering a rate to clients which applies a spread. The spread may be considered to be the difference between the Interbank or Wholesale Rate and the rate we quote you.
Instarem will also charge a flat transaction fee in the range of 0.5 to 2% on every transaction. This is a separate fee, the amount of which is unrelated to the exchange rate. You must factor this fee into the cost of the transaction as well. If you are comparing rates, you should bear in mind that an attractive exchange rate may be offset by a high transaction fee (or vice versa).
Although Instarem aims to avoid having additional third party fees deducted from your funds in some cases it is unavoidable. This may result in an amount less than you transferred arriving at the Beneficiary Account. Instarem does not either levy or receive these fees and is constantly looking for ways to enable our customers to avoid them.
8
How do I open a FX account? Prior to transacting in FX contracts, you must read and understand the FSG, this PDS and the Instarem Terms & Conditions (which will be provided to you by Instarem) detailing the applicable terms and conditions. You must complete, sign and return the Instarem Application and have your account approved by Instarem. 3 & 7
How do I place an FX contract order with Instarem? Instarem accepts FX contract instructions electronically online or via your mobile phone. Instarem only allows you to exchange funds that have been cleared to our respective Client Accounts. You need to send us the funds you wish to exchange in advance of being able to execute a transaction. 7
How are payments made in and out of your Account? You may transfer funds to us using your internet or telephone banking or by going to your branch. Instarem only accepts bank transfers.
In no circumstances does Instarem accept cash deposits.
7
What are the tax implications of FX contracts? Tax implications may arise from any transaction or transfer of funds you enter into with us. The taxation consequences of foreign exchange transactions can be complex and will differ for each individual’s financial circumstances. We recommend that you obtain independent taxation and accounting advice in relation to the impact of FX contracts on your particular financial situation. 14
How do I open a FX account? Prior to transacting in FX contracts, you must read and understand the FSG, this PDS and the Instarem Terms & Conditions (which will be provided to you by Instarem) detailing the applicable terms and conditions. You must complete, sign and return the Instarem Application and have your account approved by Instarem. 11 & 13
Instarem’s powers to suspend or close your account Instarem has an internal dispute resolution process in place to resolve any complaints or concerns you may have, as quickly and fairly as possible in the circumstances. You should bring any complaints or concerns you have to our attention by contacting us. 17

6. FOREIGN EXCHANGE TRANSACTIONS OFFERED BY INSTAREM

6.1 OUR SERVICE

Instarem operates an online foreign exchange portal that operates 24 hours a day, seven days a week, details of which can be obtained from our website www.instarem.com. We facilitate the exchange of one currency for another and the transfer of the purchased currency overseas upon your request to the beneficiary you nominate.
Instarem is not a currency speculation service. It is designed to provide spot foreign exchange and remittance services for clients that need to send funds internationally. In all cases, you must deliver to us the full amount of the funds you are exchanging. We simply transmit money. We do not facilitate any type of margin or leveraged foreign exchange transaction (ie: where you are able to speculate on future exchange rate movements by putting down a deposit and trading a multiple of that deposit). We do not allow you to pay us only the amount of any loss occasioned by exchange movement and in no circumstances will we pay you any profit realised as the result of an exchange rate movement.

6.2 WHAT IS A SPOT FOREIGN EXCHANGE CONTRACT?

The term foreign exchange contract refers to the simultaneous purchase of one currency and sale of another currency at an agreed exchange rate. Foreign exchange contracts are not exchange traded and are customised to each individual transaction. The characteristics below change for each transaction:

  • Currencies exchanged
  • Exchange rate
  • Amount to be exchanged
  • Value date of the transaction

When you enter into any FX contract, you will be asked to nominate an amount (“Contract Amount”) and the two currencies to be exchanged. In every FX contract there are two currencies as follows:
1 fixed unit of a currency = X variable units of another currency.
The fixed currency is called the “base” currency and the variable currency is called the “terms” currency. Together, these are known as the Currency Pair. The currencies involved in any FX contract must be currencies which are acceptable to Instarem.
Spot FX contracts are an agreement to exchange one currency for another at an agreed rate within 2 days of the transaction being booked. Our Instarem website / mobile application will provide the exchange rate available and provide you with a spot rate. Once you confirm the spot rate, you have agreed to enter into a spot contract with us and you will have 24 hours to pay the funds into our account, and once we have received these funds, we will transfer the money into the nominated beneficiary account.

6.3 EXCHANGE RATES

An Exchange Rate is the price of one currency expressed in terms of another. For example, if the current Exchange Rate for the Australian Dollar against the Indian Rupee is AUD/INR 53.20, this means that an Australian dollar is equal to, or can be exchanged for, approximately 53.20 Rupees. Foreign Exchange Rates are moving constantly and are the largest financial market in the world with trillions traded every day.
The foreign currency market is an over-the-counter (“OTC”) market, which means that there is no official or benchmark exchange rate for foreign currencies. Different service providers will quote different exchange rates. If you are intending to transfer your money straight away, you will want to obtain the best available exchange rate at that time. This is often a matter of shopping around. We cannot guarantee to offer the best rate available on the day, but we endeavour to be very competitive and will try to match any better rates.
A “spot exchange rate” is the exchange rate which applies to an FX contract with a settlement date that occurs 2 business days after the deal date (“spot date”). FX contracts with a spot exchange rate are commonly referred to as “spot contracts”.

6.4 INTERBANK RATES

The Interbank Rate or Wholesale Rate is the rate at which banks and financial institutions exchange their currencies and is the base for all other exchange rates.

6.5 COMPARING EXCHANGE RATES

As foreign exchange is an over the counter product, different providers will be quoting different rates at the same time. You will want the best exchange rate available, so we advise that you shop around. When you are comparing exchange rates offered by different providers, you need to consider both the exchange rate that is quoted and any transaction fees that may be applicable. For example, a good exchange rate may be accompanied by high transaction fees, so you need to take both into account.
As we offer close to Interbank rates, our spot rates should be lower than others but you should check before you enter into a contract with us.

6.6 EXAMPLE

Please note the following example is purely hypothetical to demonstrate the nature of spot forex contracts only, and does not reflect current rates applicable to your transaction:

Mr. Raj wants to send $1,000 to his family back home in India. He visits www.instarem.com and receives a quote for 1$ = 53.20 Indian Rupees. Mr. Raj accepts this quote and confirms Instarem’s terms and conditions. Instarem will send a transaction confirmation to Raj and in turn, Raj will make a Bank payment to Instarem’s Australian Bank account. Once Instarem has received the money, it will immediately send the money to the beneficiary as specified by Raj.

7. USING INSTAREM

7.1 HOW TO ENTER A TRANSACTION

Once your Instarem Account has been fully activated you can enter a transaction either through our online portal or our mobile phone application. Please check the website for market opening hours.
You will need to log on using your Username and Password set up at registration. This is the quickest and easiest way to exchange.
Transaction instructions cannot be accepted by telephone or email.

7.2 PRE FUNDED ACCOUNTS

Instarem only allows you to exchange funds that have been cleared to our respective Client Accounts. You need to send us the funds you wish to exchange in advance of being able to execute a transaction. We will advise you of where to send the funds via our website.
As per the terms and conditions you are not paid interest on any balances held in our Client Accounts.

7.3 CONFIRMATION OF TRANSACTIONS

In respect of each FX contract, you will receive a transaction confirmation. You must check the details on the confirmation and if any discrepancies are evident, inform Instarem immediately.

8. FEES AND CHARGES

8.1 SPREAD

Instarem derives a financial benefit by offering a rate to clients which applies a spread. The FX spread refers to the difference between the rate we obtain from our own providers on the wholesale foreign exchange market (e.g. the Interbank Spot Rate) and the rate we quote you. The spread will vary from currency to currency and from time to time. We will not usually be able to tell you what the spread is, but you are always free to compare the exchange rate we quote you with other providers to ensure that we are offering you a good rate.
For some countries where Instarem will have its own payment infrastructure, we charge an extremely low margin only to protect ourselves from currency spikes as we offer interbank rates.

8.2 TRANSACTION FEES

Instarem charge a flat transaction fee in the range of 0.5% to 2% on every transaction. For example, if you plan to send $1,000, Instarem will charge a fee of $10 (1%).
You must factor this fee into the cost of the transaction as well. If you are comparing rates, you should bear in mind that an attractive exchange rate may be offset by a high transaction fee (or vice versa).
The fee is quoted in the currency you are transferring however you have the option to pay in a different currency, provided you have enough funds available on your account, in that currency. The Transaction Fee is applied when you request your funds to be transferred to your chosen beneficiary, and is deducted from the amount of available funds you have to send.

8.3 THIRD PARTY FEES AND CHARGES

Although Instarem aims to avoid having additional third party fees deducted from your funds, in some cases it is unavoidable.
Certain intermediary banks we use to process payments may deduct transaction fees that we have not anticipated. For example, in some jurisdictions, the receiving bank charges a receiving bank fee. We will try and alert you if we are aware but generally we will not know in advance. You should bear this in mind if you are paying the precise amount of an invoice or personal payment.
This may result in an amount less than you transferred arriving at the Beneficiary Account. Instarem does not levy or receive these fees and will not be liable of payment of such. If you have any questions regarding the likelihood of third party fees being levied by intermediary banks or receiving banks, please contact us.
In most currencies Instarem operate local bank accounts so sending your deposit into us is free (or next to free) via your internet or phone banking. Where we do not have local accounts your bank may charge you for depositing funds to our Client Accounts.

9. BENEFITS OF USING INSTAREM

  • Secure, convenient way to send your funds internationally.
  • Highly competitive exchange rates.
  • Low transaction fees.
  • Simple execution.
  • Access to real time pricing and payments.
  • Full transaction records.
  • Excellent Customer Service and dedicated staff (no call centres).
  • Control over your exchanges.
  • Transparency.

10. SIGNIFICANT RISKS

In deciding whether or not to enter into an FX contract you should be aware of the risks set out below. However, this section does not purport to disclose all of the risks associated with FX contracts. Instarem recommends that you obtain independent financial, legal and taxation advice before you enter into FX contracts.

10.1 OPPORTUNITY COST

By entering into an FX contract today to set a rate for settlement in the future, you are obliged to deliver under that FX contract even if the exchange rate improves prior to settlement. You may therefore forego any benefit of a favourable movement in the exchange rate between the time you enter into the FX contract and the settlement date.

10.2 MARKET RISK

Market risk is the risk that the value of your FX position will change as a result of a movement in the underlying market price. If you enter into an FX contract without an underlying currency cash flow you should be aware that you will be exposed to changes in the market price. You will suffer a loss if the underlying foreign exchange rate moves unfavourably.

10.3 COUNTERPARTY RISK

When you deposit funds to a Instarem Client Account to prefund your account in order to exchange you are taking the risk that Instarem will be able to fulfil its obligations to you. This is known as Counterparty (or Credit) Risk.
FX contracts are not traded on a regulated exchange. Clients must deal directly with Instarem to open and close positions. Given you are dealing with Instarem as counterparty to every transaction, you will have an exposure to us in relation to each transaction. This is common to all over-the-counter financial market products.
The obligations of Instarem to make payments in respect of the contracts are unsecured obligations of Instarem, which means that you are subject to our credit risk. If we were to become insolvent, we may be unable to meet our obligations to you. If we default on our obligations, Clients may become unsecured creditors in an administration of liquidation and will not have recourse to any underlying assets in the event of our insolvency.
Instarem may choose to limit this exposure by entering into opposite transactions as principal in the wholesale market in relation to its exposures with clients. In addition, Instarem must comply with the financial requirements imposed under its AFS Licence.
Instarem constantly monitors the credit worthiness of its banking providers seeking to ensure the protection and safety of client funds. We do not speculate on foreign exchange or invest funds for proprietary purposes. All client funds are held in highly liquid banking deposits. If our banking partners experience financial difficulty and can no longer returns the funds when requested, Instarem may not be able to meet its obligations to you.
When you send your deposit to Instarem you accept the risk that Instarem can meet our obligations to you at the terms of the transaction.
Counterparty risk is limited as your funds are in most cases, exchanged and transferred to a beneficiary within a short space of time, usually 1-2 business days, depending on your requirements.

10.4 CLIENT MONEYS

Instarem holds all client deposits in segregated Client Accounts at highly rated financial institutions. This means that client funds are held separately to our own. Please note that money you deposit into our Client Accounts is co-mingled with other client money in our client trust accounts (which is separate to Instarem’s monies/assets). Such monies are only applied to client trades/settlement obligations and to pay agreed fees etc, in line with the Corporations Act requirements.
Client monies which are held pending future transactions and payments are held in our segregated account in accordance with the Corporations Act. It is important to note that holding your money in one or more segregated accounts may not afford you absolute protection.
Instarem is entitled to retain all interest earned on client moneys held in segregated accounts with a bank or approved deposit-taking institution. The rate of interest earned by Instarem on this account is determined by the provider of the deposit facility.

10.5 FOREIGN EXCHANGE RISK

Once you have entered into a Spot Contract with us, you will have locked in an exchange rate, so your transaction will not be affected by subsequent exchange rate movements; you will be protected from adverse exchange rate movements and, equally, you will be precluded from benefiting from favourable exchange rate movements. However, in deciding whether or not to enter into a Spot Contract, you need to appreciate the risk of not doing so.
Foreign exchange currency markets are subject to many influences which may result in rapid currency fluctuations. Those influences are unpredictable and often entirely unforeseen. They include such things as changes in a country’s political condition, changes in the global economic climate and natural disasters, all of which may substantially affect the price or availability of a given currency.

10.6 OPERATIONAL RISK

Operational risk is the risk of loss resulting from inadequate or failed technological systems, internal processes or external events.
We employ the latest and most sophisticated technological security measures, including SSL 128 bit encryption for all data transfers over the internet, and also have in place physical risk reduction processes and procedures. However, there are significant risks associated with using and relying on a web-based, electronic trading platform. Such risks include, but are not limited to, risks related to the use of software and/or telecommunications systems such as software errors and bugs, delays in telecommunications systems, interrupted service, data supply errors, faults or inaccuracies and security breaches.
While we will use all reasonable efforts to ensure uninterrupted access to the website at all times, we cannot guarantee that such access will never be interrupted as a result of technical or other unforeseen problems as these are matters largely outside our control. We therefore reserve the right to suspend or terminate access to the website at any time and without prior notice and we can’t accept any liability for any loss caused by lack of access to our system or for any errors in the software and/or related information systems.
There are important provisions relating to trading via our website or your mobile phone, in our Terms & Conditions. You must ensure that you fully understand these provisions and the risks involved in relying on an on-line, electronic trading system and the limitations in the service that Instarem can provide in relation thereto.
There is also the risk that our banking providers may make an error or have unscheduled delays in crediting your funds to our Client Accounts or transferring them to your Beneficiary Account. We chose our partners carefully and are confident that they can provide services to a standard of service as would be expected from our clients. While we constantly monitor our partners there is always the risk associated with payment processing due to system failures or errors.

10.7 NO COOLING OFF

No cooling off period applies to FX contracts.

11. INSTAREM POWERS - SUSPENDING OR CLOSING ACCOUNTS/TRANSACTIONS

Instarem retains the right to suspend or cancel your Instarem Account without prior notification as set out in the Terms & Conditions. We can also refuse to facilitate the execution of any transaction or Close Out a transaction without prior notice to you. This may be necessary in circumstances such as;

  • Breaching one or more of the Terms & Conditions of use.
  • Failure to make a payment due.
  • A dispute between us.
  • Failure to provide material information, or in our opinion the information is inaccurate or misleading.
  • We believe you are involved in unlawful or illegal activities.
  • We believe that it is being used in connection with money laundering or terrorist financing activities or if we are directed to do so by a regulatory authority.
  • In the event of your death or loss of mental capacity.
  • If bankruptcy or winding up proceedings are commenced against you.
  • If we are no longer able to supply the services detailed in this PDS.

12. PRIVACY POLICY

Information collected from you at registration or in subsequent communications is used to manage your account, comply with our regulatory obligations and for us to determine your suitability as a client. Instarem ensures that it complies with all applicable privacy laws including the Privacy Act 1988 (Cth). We have in place policies and procedures to ensure we remain compliant.
Full details of our privacy policy are available from our website www.instarem.com
We will retain information obtained from you only as long as required by our regulatory obligations. This includes information required in order for us to comply with applicable laws and regulations for the prevention of money-laundering and counter-terrorism financing.
The law allows you (subject to permitted exceptions) to access your personal information. You can do this by contacting us using our contact details set out in this PDS.
Where necessary Instarem will correct personal information where that information is found to be inaccurate, incomplete or out of date. We will not charge an individual for reasonable access and correction requests.

13. AML/CTF

By accepting our Terms & Conditions at registration you undertake that activity related to your Instarem Account is in no way associated with unlawful or illegal activity. Instarem is compliant with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth.) and associated laws. By registering with Instarem, you undertake to notify us of anything that may put us in breach of this legislation and associated regulations.
You must supply personal details to us and where necessary documentation to assist us verify your identity. This may also be necessary for additional authorised signatories and directors and beneficial owners of corporate entities. From time to time we may be required to obtain further information to assist with ongoing obligations.
We may be required to provide the relevant authorities with information we have collected from you or any transaction records we hold. We will be unable to notify you of any such requests. We may also be required to suspend or cancel your accounts or delay the processing of transactions or payment requests. If this occurs, we are not liable to you for any consequences or losses whatsoever and you agree to indemnify us if we are found liable to a third party in connection with the freezing or blocking of your account.

14. TAX IMPLICATIONS

Tax implications may arise from any transaction or transfer of funds you enter into with us. Tax rules change from time to time and individual circumstances are different. When determining whether or not this product is suitable for you, you should consider the impact it will have on your own taxation position and seek professional advice on the tax implications it may have for you. We recommend that you seek independent taxation advice before entering into transactions.
You should be aware of the New Business Tax System (Taxation of Financial Arrangements) Act 2003 (Cth) (the “Act”) that introduced foreign exchange tax rules from 1 July 2003. Broadly, this has a significant impact on the time foreign exchange gains are brought to tax, foreign exchange gains are claimed as a tax deduction and the measurement of the foreign exchange gains and losses for income tax purposes.
The foreign exchange rules under the Act may apply if you:

  • Dispose of foreign currency;
  • Dispose of a right to receive foreign currency;
  • Cease to have a right or obligation to receive foreign currency; or
  • Cease to have a right or obligation to pay foreign currency.

The impact of the Act, subject to some exceptions, is generally:

  • If you make a gain from a foreign currency arrangement and part of that gain is attributable to a currency exchange rate fluctuation, that part of the gain is included in your accessible income as a foreign exchange realisation gain;
  • If you make a loss from a foreign currency arrangement and part of that loss is attributable to a currency exchange rate fluctuation, that part of the loss is deducted from your accessible income as a foreign exchange realisation loss.

15. GOODS AND SERVICES TAX

No GST should be payable in relation to your FX contracts. This is on the basis that they are considered to be ‘financial supplies’ under the A New Tax System (Goods and Services Tax) Act 1999. Consequently, they are input taxed and no GST is payable on their supply. However, independent advice should be sought from your accountant or financial adviser confirming this, before acting in reliance thereon.
GST is not payable on any fees or charges associated with your transactions.

16. DISCLOSURE OF INTEREST

We do not have any relationships or associations which might influence us in providing you with our services. However, Instarem may share fees and charges with its associates or other third parties or receive remuneration from them with respect to your dealings with us.
In particular, Instarem is a market maker, not a broker, and accordingly will always act as principal for its own benefit in respect of all transactions with you.

17. DISPUTE RESOLUTION

Instarem has an internal dispute resolution process in place to resolve any complaints or concerns you may have, as quickly and fairly as possible in the circumstances. Any complaints or concerns should be directed to our Compliance Officer (by telephone, or letter) at the address and telephone in section 2 of this PDS. We will seek to resolve your complaint within 5 days or such further time period that may reasonably be required given the nature of the complaint. We will investigate your complaint, and provide you with our decision, and the reasons on which it is based, in writing. If you are dissatisfied with the outcome, you have the right to lodge a complaint with the Financial Ombudsman Service [contact details below], an approved external dispute resolution scheme, of which Instarem is a member.
Financial Ombudsman Service Limited
GPO Box 3
Melbourne VIC 3001
Telephone: 1300 780 808
Fax: (03) 9613 6399
Website: www.fos.org.au
Email: info@fos.org.au
Instarem’s Member ID: 35302

18. GLOSSARY OF TERMS

BENEFICIARY ACCOUNT The bank account to which you request your funds be sent.
CLIENT OR YOU The person or entity that holds an account with Instarem.
CLIENT ACCOUNT Segregated accounts held by Instarem that are used to separate client funds from that of Instarem itself.
CLOSE OUT Means cancelling the transaction and selling back the currency we have bought for you when you entered into the transaction.
CURRENCY PAIR The two currencies that are being exchanged in the transaction.
EXCHANGE RATE Represents the value of one currency in terms of another.
FX CONTRACT Is a transaction that involves a contract for the exchange of one currency for another at an agreed Exchange Rate.
INTERBANK OR WHOLESALE RATE The rates that are quoted for exchanges between large banks and financial institutions.
PDS Product Disclosure Statement
SETTLEMENT DATE Means the date on which the funds that are being exchanged must be received by us.
SETTLEMENT RISK Means the risk we assume that you fail to settle a transaction in accordance with its terms and that a loss will be realised by us as a consequence of exchange rate fluctuations.
SPOT Refers to a foreign exchange contract that must be settled within 2 days (48 hours), sometimes referred to as T+2.
SPOT CONTRACT Means an agreement to exchange one currency for another at an agreed exchange rate within 2 days of the transaction being booked.
SPOT RATE Means the exchange rate for settlement within 2 business days from the date the transaction was booked.
SPREAD Means the difference between the exchange rate we pay our provider, which we access through the wholesale foreign exchange market, and the rate that we quote to you.
INSTAREM ACCOUNT Refers to your account opened with Instarem that you access via the website using your username and password
TRANSACTION FEE Means a fixed fee charged to cover administrative costs.