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International Legal Information
Please read this important legal information before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
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By confirming that you have read this important information, you also:
Agree that such information will apply to any subsequent access to the Asset Management section of this website by you, and that all such subsequent access will be subject to the disclaimers, risk warnings and other information set out herein; and
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The funds described in the following pages are administered and managed by companies within the Northern Trust Group (“Northern Trust”) and can be marketed in certain jurisdictions only. It is your responsibility to be aware of the applicable laws and regulations of your country of residence. Further information is available in the Prospectus or other constitutional document for each fund.
The contents of this site have been prepared solely for informational purposes. None of the information contained in this site constitutes an offer to buy or sell or is a solicitation to buy or sell any security, product, service or investment, nor does any opinion expressed on this site constitute a recommendation or investment advice.
The funds described are not available for distribution to or investment by US investors. The shares will not be registered under the US Securities Act of 1933, as amended (the "Securities Act") and may not be directly or indirectly offered or sold in the USA or any of its territories or possessions or areas subject to its jurisdiction or to or for the benefit of a US Person. By accessing this part of the site you confirm that you are not a "US Person" (within the meaning of Regulation S under the Securities Act) and are located outside the US.
The following describes important information about Northern Trust's Irish-domiciled funds (the "Irish Funds") and should be read carefully before investing. If you have questions or concerns about the contents of the Prospectus of an Irish Fund or the suitability of an investment for your particular situation you should consult your bank manager, solicitor, accountant or other financial adviser.
The Irish Funds have been authorised by the Central Bank of Ireland (the “Central Bank”) as Undertakings for Collective Investment in Transferable Securities. This authorisation however, does not constitute a warranty by the Central Bank as to the performance of the Irish Funds and the Central Bank shall not be liable for the performance or default of an Irish Fund. Authorisation of an Irish Fund is not an endorsement or guarantee of the Irish Fund by the Central Bank nor is the Central Bank responsible for the contents of this website.
Potential subscribers and purchasers of shares in an Irish Fund should inform themselves as to (a) the possible tax consequences, (b) the legal requirements, (c) any foreign exchange restrictions or exchange control requirements, and (d) any other requisite governmental regulatory or other consents or formalities which they might encounter under the laws of the countries of their incorporation, citizenship, residence or domicile and which might be relevant to the subscription, purchase, holding or disposal of such shares.
The distribution of the Prospectus of each Irish Fund and the offering or purchase of its shares may be restricted in certain jurisdictions. No person receiving a copy of the Prospectus or subscription form of an Irish Fund in any such jurisdiction may treat the Prospectus or the subscription form as constituting an invitation to that person to subscribe for shares, nor should that person in any event use the subscription form, unless in the relevant jurisdiction such an invitation could lawfully be made to that person and the subscription form could lawfully be used without requiring compliance with any registration or other legal obligations. Accordingly, the Prospectus of an Irish Fund does not constitute an offer or solicitation by anyone in any jurisdiction in which such offer or solicitation is not lawful or in which the person making such offer or solicitation is not qualified to do so or to anyone to whom it is unlawful to make such offer or solicitation.
The Central Bank has neither reviewed nor in any way commented upon the fund documentation of Northern Trust's non-Irish-domiciled funds. No public offer is made of such funds within the meaning of applicable Irish law. The documentation of such funds has not been prepared in accordance with the laws of Ireland. The documents have not been reviewed, approved or authorised by any regulatory authority or exchange in Ireland and therefore may not contain all the information required where a document is prepared pursuant to applicable Irish laws.
The Irish Funds are unregulated collective investment schemes for the purposes of the UK Financial Services & Markets Act 2000. As such, the information contained in the following pages with respect to these funds is only directed at persons qualifying as investment professionals under Article 14 of the Financial Services and Markets Act 2000 (Promotion of Collective Investment Schemes) (Exemptions) Order 2001, persons qualifying as high net worth persons under Article 22 of that Order, persons described in and in circumstances permitted by the rules of the UK Financial Services Authority or to any other person to whom the information may otherwise lawfully be communicated. Persons who do not have experience of participating in unregulated collective investment schemes should not rely upon the information contained herein.
The Irish Funds have not been registered with the Swedish Financial Supervisory Authority (Sw. Finansinspektionen), pursuant to Chapter 1 Section 7 of the Swedish Investment Funds Act 2004 (Sw. lag (2004:46) om investeringsfonder). Accordingly, the Irish Funds may not be marketed or sold in Sweden for the purposes of the Investment Funds Act and applications to subscribe or redeem Shares in the Irish Funds will only be considered if sent directly to the Irish Funds outside Sweden.
The Irish Funds are not available for distribution through this web-site to any type of investors in the Netherlands.
Applications to invest in any fund referred to on this site, must only be made on the basis of the offer document relating to the specific investment (e.g. Prospectus or other applicable terms and conditions). Our products and services are subject to the terms and conditions and disclaimers of the applicable agreement governing their use.
As a result of money laundering regulations, additional documentation for identification purposes may be required when you make your investment. Details are contained in the relevant Application Form, Prospectus or other constitutional document.
Northern Trust has not considered the suitability and appropriateness of any investment you may make with us in the context of your personal circumstances. If you are unsure about the meaning of any information provided please consult your financial or other professional adviser.
The information contained on this site is subject to copyright with all rights reserved. It must not be reproduced, copied or redistributed in whole or in part.
Where a claim is brought against Northern Trust by a third party in relation to your use of this website, you hereby agree to fully reimburse Northern Trust for all losses, costs, actions, proceedings, claims, damages, expenses (including reasonable legal costs and expenses), or liabilities, whatsoever suffered or incurred directly by Northern Trust as a consequence of your improper use of this website.
Past performance is no guarantee of future performance.
The value of investments and the income from them may go down as well as up and are not guaranteed. You may not get back the amount you invested.
Rates of exchange may cause the value of the investments to go up or down.
Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially.
For your protection, telephone calls are usually recorded.
The views expressed herein do not necessarily reflect the views of Northern Trust as a whole or any part thereof, nor do they constitute investment or any other advice.
This site is operated and issued by the Northern Trust Company which is authorised and regulated by the Financial Services Authority (Register number 122020). You can gain access to the FSA's rules and guidance notes from the following link: www.fsa.gov.uk. Northern Trust Global Investments Limited is a company registered in England, No. 3929218. Registered Office: 50 Bank Street, London, E14 5NT.
American Depository Receipt (ADR) - U.S. issued and traded securities representing claims of shares of non-U.S. stocks.
Arbitrage - Buying and selling similar securities, commodities or currencies in order to profit from temporary price discrepancies between two market prices.
Basis Point - One one-hundredth of a percent.
Borrower Agreement - Securities lending contract between the lending agent and the borrowing firm.
Broker / Dealer - Securities firm that sometimes acts as broker and sometimes acts as principal in security transactions.
Collateral - Cash or other assets pledged to a lender as security until a loan is complete. Examples include cash, letters of credit and U.S. Government and Agency bonds.
Depository Trust Company (DTC) - The central U.S.depository for many lendable securities, including common and preferred stocks and corporate bonds.
Dividend Reinvestment Program (DRIP or DRP) - Automatic reinvestment of shareholder dividends into more shares of the company's stock, usually at a discount.
Emerging Market - Immature securities market in which there is not a long history of substantial foreign investment.
Equity - Lendable securities, both domestic and foreign, generally known as common and preferred stocks.
ERISA - The Employee Retirement Income Security Act, law which governs the operation of most private U.S.pension and benefit plans.
Fail - A situation where the seller does not deliver the security in proper form on settlement date.
Federal Funds Rate - Rate of interest at which federal funds are traded among banks, currently pegged by the Federal Reserve through its open market operations. Generally acknowledged as the basis upon which securities lending rebate rates are set.
General Collateral - Issues that are in significant supply and are not trading special and therefore borrowers demand higher rebate rates.
Hedge - Making an investment in a security to reduce the risk of adverse price movements by taking an offsetting position in a related security.
Hot Stock - A security that is in high demand relative to its availability in the market and is difficult to borrow. These issues generally carry lower rebate rate requirements.
Indemnification - An agreement to compensate securities lending clients for damage or loss. For example, a loss experienced due to a broker/dealer default.
Lending Agreement - Contract between a client and the lender authorizing participation in the lender’s program.
Letter of Credit - A form of collateral issued by the borrower's bank stating that the bank will guarantee the amount of the letter to the lending institution upon presentation.
LIBOR - The London Interbank Offered Rate on Eurodollar Deposits traded between banks. The basis upon which many interest rate levels are set.
Margin Call - Request by one party in a transaction for the initial margin to be reinstated or to restore the original cash/securities ratio.
Mark to Market - Daily process of pricing outstanding loans and collateral to the current market price to ensure full collateralization.
Market Value - The value of loaned securities or collateral as determined using established pricing sources.
Rebate - A percentage of a cash loan's market value which is returned to the borrower for the use of its cash in the investment of a short-term instrument. The percentage varies depending on the current short-term interest rate and demand for the loaned security.
Recall - When a lending institution notifies the borrower to return a security from loan. In a standard loan agreement, three days' notification is required for U.S.equities and corporate bonds; one day is required for U.S. Government securities. Notification requirements vary by country.
Repurchase Agreement (Repo) - A method of financing dealer positions whereby the dealer sells U.S. Government securities to an investor for cash and agrees to repurchase the securities at a future date for a fixed price. Terms of the agreement are structured to compensate the buyer of securities for a short-term loan.
Settlement - Final transfer of securities and cash in fulfillment of the obligations committed to in an executed trade.
Short Sale - A transaction in which a market participant sells a security that he or she does not own with the expectation that the price of the security will fall or in connection with an arbitrage strategy. A broker/dealer may borrow the needed security on a temporary basis to effect settlement. Eventually, however, the broker/dealer must purchase the security in order to redeliver the borrowed security.
Spread - The difference between the investment rate on cash collateral and the rebate rate of a loan; in investments, the difference between bid and asked price on a security or the difference between yields on or prices of two securities that have different characteristics or maturities.
Term Loan - Commitment for a loan for a specific time frame.
Third-Party Lending - Process where a lender lends with an agent lender and custodies their assets at a different institution.
Sunil Daswani is a Vice President at The Northern Trust Company's London Office. He is the Director and Regional Manager for Securities Lending (Asia), at Northern Trust Global Investments. His primary responsibility revolves around addressing and evaluating securities lending initiatives for lenders and borrowers where Northern Trust acts as an agent lender. Mr. Daswani additionally focuses on building the supply of Asian assets for Northern Trust's global securities lending program, ensuring that the due diligence is carried out when lending its clients assets in each jurisdiction.
Further, he is responsible for maintaining updated market information and knowledge through relationships with regional contacts that may influence or shape the markets in which Northern Trust lends securities.
He has twelve years of experience in the securities industry, of which the last four have been at Northern Trust. He previously spent seven years at Citigroup as a Global Custody product manager developing many products, including their web-based automated custody FX product, cash pooling products, and implementing a treasury middle office unit. Prior to this position, he spent some time in the treasury operations area at UBS.
In May 2005, Mr. Daswani accepted the position of Chairman for the Pan Asian Securities Lending Association (PASLA) for one year. He was re-elected in 2006 for a further year. In this role he ensures that the fellow members are kept updated on key industry events, coordinating as an industry, where necessary, responses to various international regulatory bodies on topical issues, discussion papers and general market issues.
Mr. Daswani has a B.Sc. (Economics) with Honours from the London School of Economics, University of London, where he majored in Accounting & Finance.
This material is directed to eligible counterparties and professional clients only and should not be relied upon by retail investors. It is issued by Northern Trust Global Investments Limited, authorised and regulated by the Financial Services Authority in the United Kingdom. Registered office: 50 Bank Street, Canary Wharf, London E14 5NT, registered in England 03929218.
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