Sharesies Terms of Service

1. Welcome to Sharesies

Hi, we’re Sharesies and we’re excited to help you invest.

Sharesies is an online investing platform that offers an easy way to regularly invest small or large amounts of money. Through our Service, you can invest in a range of Investments including Managed Funds, NZX-listed companies, and NZX exchange traded funds (ETFs).

You choose the Investments that best suit your goals and financial circumstances. We act as your agent to process your buy or sell Orders and hold Investments for you.

We're authorised by NZX to provide the Service as a Trading and Advising Participant, Clearing and Settlement Participant, and Depository Participant.

What you’ll find in our terms

  1. Welcome to Sharesies
  2. How you can use Sharesies to invest
  3. Investing isn’t always straightforward
  4. How we keep your money, Investments, and information secure
  5. What you need to do
  6. Your responsibilities and our responsibilities to you
  7. How we make money and how to pay us
  8. Closing your Account
  9. General information about our terms

Our Privacy Policy

By accessing or using our Service, you agree to these terms and conditions.

You’ll need to get to know the relevant NZX Rules that will apply when you use the Service. We provide more information on the NZX Rules through the Service, including on our help centre.

You agree to comply with the relevant NZX Rules and that you won’t cause us to breach the NZX Rules by doing something you shouldn’t do or by not doing something you should do.

In our terms when we say “we”, “us”, or “our”, we mean Sharesies Limited, which provides the Service to you. We also refer to “Sharesies Nominee”, which means Sharesies Nominee Limited that holds your Portfolio for you. When we say “you” or “your”, we mean you—the person using the Service.

2. How you can use Sharesies to invest

To invest using our Service, you’ll need to:

  1. open an Account
  2. top up your Wallet
  3. place an Order to invest
  4. wait while your Order is processed
  5. check your Trade confirmations
  6. continue to build your Portfolio.

Open an Account

You can open an Account by following the instructions on the Sharesies Website.

You must meet our criteria to open and keep your Account. You must complete all parts of the application. You confirm that any information you give us is true and complete. If your information changes at any time, you need to tell us straight away.

We may need to get additional information from you every now and then. Until we have all of the information we need, we may suspend your access to, or use of, our Service—for example, you may not be able to access your Account, place an Order, or get money out from your Account.

We don’t have to open your Account or provide any reasons for not doing so.

Top up your Wallet

To make an Investment, you’ll need to top up your Wallet.

We may accept top-ups by bank transfer or by credit or debit card payment. We may charge a card processing fee and limit the amount you can top up by card.

We can delay acting on your Orders until your money has arrived in your Wallet as cleared funds.

Place an Order to invest

To place an Order to buy or sell Investments, log into your Account and follow the instructions.

When you place an Order to buy an Investment, you’ll enter an amount of money you want to invest, such as $5.50. You’ll need to have at least that amount of money in your Wallet to place the Order.

When you place an Order to sell an Investment, you’ll enter the number of Units or Shares (or fractions) you’d like to sell, such as 10 Shares in a Company. You’ll need to have at least that number of relevant Shares or Units in your Portfolio to place the Order.

We may change, add, or remove the Investments that are available to buy, sell, or hold through our Service at any time, without notice.

You can set auto-invest Orders

An auto-invest Order is a standing instruction to regularly repeat an Order to buy a particular Investment or group of Investments. You need to have enough money in your Wallet to buy the Investments, so it's a good idea to set up a recurring payment from your bank account to your Wallet.

You may cancel your auto-invest Order at any time, unless your auto-invest Order is being processed at that time. The auto-invest option may not be available for all Investments.

What happens when you place an Order to buy or sell Shares

If you place an Order to buy Shares, we’ll try to buy you as many Shares (or fractions of a Share) as we can for the dollar value of your Order (less any applicable transaction fees). If you place an Order to sell Shares, we’ll try to sell the number of Shares (or fractions) you enter to sell.

A Share ‘Trade’ occurs where an Order to buy or sell Shares is filled in the NZX trading system by a corresponding Order to sell or buy.

Your Order to buy or sell Shares may be completed in whole or part almost immediately, or it may take hours, days, or weeks before your entire Order is completed.

If your Order will require buying or selling a fraction of a Share, we may buy or sell a whole Share in order to allocate you a fraction of the Share or the money for selling your fraction of the Share. To do this, we can act as principal to make the Trade, which means we're buying or selling (in part) in our own name. If we're acting as principal for a fraction of a Share, your Order has priority.

What happens when you place an Order to buy or sell Units of a Managed Fund

If you place an Order to buy Units of a Managed Fund, we’ll try to buy you as many Units (or fractions of a Unit) as we can for the dollar value of your Order at the time your Order is completed.

If you place an Order to buy or sell Units of a Managed Fund, we can pool your money or Units with other investors.

A Managed Fund ‘Trade’ occurs when your Order to buy or sell managed Funds is completed by the Managed Fund Provider.

Sometimes you can cancel your Order

We don’t guarantee that you’ll be able to cancel an Order. You may be able to cancel an Order that is shown as “pending” in your Account. You typically can’t cancel a Managed Funds Order once it is shown as “processing” in your Account.

You may be able to cancel a Share Order (or any part of a Share Order) that hasn't become a Trade. You can't cancel any part of an Order that has become a Trade.

Wait while your Order is processed

Orders for different Investments process in different ways. The processing date and time for each Order will depend on our requirements, and the requirements of the NZX or the relevant Managed Fund Provider.

The price we show in the Service when you place an Order may not be the final price you pay for a buy Order or get for a sell Order. We show pricing data provided by third parties, and this data can be delayed by 20 minutes or more.

You agree that we may:

  • complete a buy or sell Order with ourselves or with others
  • act for you as both a buyer or seller
  • act for the corresponding seller or buyer
  • be the buyer or seller for our own account in any Trade.

Sharesies will give your Managed Fund Order to the Managed Fund Provider

We usually process your Orders for Managed Funds each Trading Day at around 12.30pm. Daily cut-off times may vary. If we receive your Order after the relevant cut-off time, we’ll usually process it on the next Trading Day. Your Order may be delayed for reasons beyond our control; for example, the Managed Fund Provider’s systems may be down or Investments unavailable. The actual price is set by the Managed Fund Provider at the time they complete your Order.

Sharesies will bring your Share Order to the NZX market

You authorise us to put your Share Order into the NZX market with a price limit that we determine in our discretion.

Sometimes your Order for Shares may process almost immediately and become a Trade, but it can take longer for several reasons. For example, you might have placed your Order outside of the Trading Day, your Order may be waiting on a corresponding buyer or seller in the market, NZX may have suspended trading, or NZX systems may be unavailable.

If we receive your Share Orders:

  • during the Trading Day, we’ll usually put your Share Order into the market as soon as we reasonably can
  • outside of the Trading Day, we’ll usually put your Share Order into the market at the start of the next Trading Day
  • when the NZX is down or the NZX has suspended trading, we’ll usually put Share Orders into the market when the NZX is back up and running, or has started trading again.

With any Share Trade, the Share price when the Trade completes may be different from the Share price shown when you placed your Share Order.

We will not put Share Orders into the market or keep Share Orders in the market during the NZX’s pre-open or pre-close market sessions.

You agree that we may at our discretion:

  • accumulate or bundle Orders
  • delay acting on your Orders
  • delay Orders to allow for ‘crossings’ (as defined in the NZX Rules).

You can override our discretion to accumulate, bundle or delay your Order by cancelling your Order before it is processing.

Your Orders or Trades may be delayed or cancelled

We may refuse to act on, delay, or cancel all or part of your Order or Trade and we don't have to give you reasons for doing so. For example, it might make sense for us to refuse to act on, delay, or cancel an Order or Trade (or any part of an Order or Trade) if:

  • we're concerned that the Order or Trade could breach our terms or the Law
  • we believe that the Order or Trade contains, or is based on, an obvious error
  • a Share Order (or any part of the Share Order) remains unfulfilled on the market for some time (we’ll usually cancel the unfulfilled Order or part after 30 days, but we might notify you of a different time frame)
  • NZX has recommended or required cancellation, or the cancellation is otherwise permitted or required under the NZX Rules.

You agree that you will pay to us, any cancellation fee, levy, or other cost payable by us to NZX or a Managed Fund Provider for a Trade that was cancelled because of an error in your instruction or an error otherwise caused by you. If you become aware of any error in any instruction, Order, or Trade, you must immediately let us know and take all reasonable steps to reduce the chance of you or anyone else suffering any loss.

We can set and amend limits for your Orders; for example, we may from time to time limit the dollar value, number of Shares or Units, frequency, or type of Orders you can make.

Check your Trade confirmations

We’ll send you confirmation that your Trade has completed. For Share Orders, we send a ‘contract note’. If a Share Order is partially completed on a Trading Day, then you will receive a confirmation for only that part of the Order that has completed. You will receive confirmation when further parts of your Order are completed on subsequent Trading Days. You agree that we can send you contract notes electronically through the Service. You must check that the details of the Trade are correct. If you believe the Trade is incorrect in any way, you need to contact us straight away.

You’ll receive the benefits of holding an Investment from when we receive confirmation that your Order has been completed. At that point, the Investment will form part of the valuation of your Portfolio.

What happens on settlement

Settlement is when ownership is transferred and we receive the Investments or money to hold for you. We're not responsible for any delay in settling an Order resulting from circumstances beyond our control, or the failure of any other person or party (including you) to perform all the necessary steps to complete your Order on the settlement date. We carry out each Trade for you solely as your agent.

When you’ll get the money for a completed sell Order

We’ll credit the money you receive (less any applicable transaction fee) for a completed Order to sell Managed Funds to your Wallet as soon as we reasonably can after settlement. Settlement for Managed Funds normally takes 2 to 5 Trading Days.

We may credit the money you receive for a completed Order to sell Shares to your Wallet shortly after the Trade has completed. However, we can wait until NZX has settled the Trade and Sharesies Nominee has received the money from the clearing house.

What happens if you don't give us what we need to settle a Trade

If we're unable to deliver Investments for a Trade by the necessary time because you do something you shouldn’t do, or don’t do something you should do, you must immediately meet any direct or indirect charge, cost, or expense that we incur as a result.

If you don't deliver relevant documents or information by the time needed for any Trade, we may:

  • buy back, sell, or take possession of the relevant Investments that are the subject of the Trade
  • take possession of any Investments that we don't already hold that are the subject of the Trade
  • sell any other Investments in our control or possession
  • register a financing statement on the Personal Property Securities Register over the Investments in the Trade.

How we clear and settle your Share Trades through NZX

When you buy and sell Shares through us, we're authorised by NZX to act as “clearing participant” to clear and settle the Trade under the NZX Rules. We may also use a third-party clearing participant and, if we do, we’ll let you know their details.

Under the NZX Rules, so that we can clear and settle your Trade, you agree that we ‘step into your shoes’ with all of your rights and obligations as a buyer (or seller). This is called a “novation” of the contract.

To do this, you give to us full and exclusive rights, power, and authority as your agent under the NZX Rules (including to bind you to the C&S Rules), and you authorise us to apply money or Shares held for you.

CHO, owned by NZX, stands in the middle of the Trade as a central counterparty. This means we don’t have any direct contact with the actual buyer or seller on the other side of the trade. We only deal with CHO, and CHO only deals with us. Because of this, you don’t have any rights against or obligations to CHO to clear and settle the trade.

Although we do have rights against the NZX Entities involved in a Trade, their liability is limited or excluded by the NZX Rules (in particular, section 8 of the C&S Rules and section 9 of the Depository Rules).

We can use the NZX depository service for your Share Trades

When you buy and sell Shares through us, we may settle the transaction using the depository operated by CDO, and its Depository Nominee, which are both owned by NZX.

When we use the depository, CDO and the Depository Nominee will treat Sharesies Nominee as if it is the sole beneficial owner of money or Shares they are holding. Except as ordered by a court or required under their own Depository Rules, CDO and the Depository Nominee don't have to recognise your interest in that money or those Shares. This means you don’t have a direct right or claim against them, only through and against us.

CDO and the Depository Nominee must, however, hold that money or those Shares on trust for Sharesies Nominee. This protects the money and Shares against a claim by CDO or any other market participant.

Regardless, Sharesies Nominee holds its interest in the money or Shares with the Depository Nominee on bare trust for you as the ultimate beneficial owner.

Continue to build your Portfolio

You might get income, tax credits, or dividends from your Investments. We will pay any income or tax credits that we collect for you from your Investments (less tax, fees, and costs) into your Wallet as distributions.

Our Service doesn’t currently provide an option for money you make from distributions to be automatically reinvested. Instead, we will pay distributions into your Wallet and hold them there until you give us further instructions.

You might get other rights from your Investments, including rights in ‘corporate actions’ or rights to vote. Corporate actions are things like distributions, dividends, entitlement offers (rights issues), voting rights, re-organisations of capital, and capital returns.

You acknowledge that we don't have to forward to you, or take any action on, reports, notices, proxy forms, or other communications we receive about Investments in your Portfolio. We may, however, forward such items to you and may take such steps as we consider (at our discretion) to be in the best interests of all affected Sharesies customers.

If your Portfolio includes a fraction of a Share, we can choose whether and how to vote for that Share—you typically won’t get to vote for the fraction of the Share.

You'll need to pay any tax on your Investments

If you trade Investments from time to time, you're responsible for your own taxes.

Taxes on PIEs are different and we can help with that

If you're investing in Managed Funds that are portfolio investment entities (PIEs), we may act as a PIE investor proxy (sometimes called a PIP) for tax purposes. This means that when you invest in a PIE, we will be holding the Investment on your behalf for tax purposes.

You acknowledge that we will undertake tax compliance for your PIE Investments through the Service. We may be required to collect certain tax information from you and provide it to the PIE for them to meet their tax obligations.

You must provide us with your IRD number and you must keep us notified of your prescribed investor rate (PIR). If you don't notify us of your PIR and your IRD number, we may use the default rate of 28%.

If you notify a PIR that is lower than your correct rate, you will need to include your PIE income in your tax return and pay any tax shortfall (including penalties or interest) to Inland Revenue. If the default rate or your notified PIR is higher than your correct rate, you won't get a refund of any overpaid tax.

We may sell any Investment or part of an Investment in your Account and keep the money we receive from the sale to pay PIE tax for you.

You’ll need to keep up to date with fees charged by your Investment providers

Managed Fund Providers and other Investment providers’ management fees and expenses may be built into the value of the Investments they offer. You are responsible for keeping up to date with these fees and expenses that form part of the Investment. You are typically not charged these separately.

You can ask us to pay money from your Wallet to your bank account

If you’d like to take some of the money out of your Wallet, log into your Account and follow the instructions to ask us to pay the money to your bank account.

We will only pay your money to a New Zealand-registered bank account. We can set a maximum daily amount that you can ask us to pay to your bank account and we can change the maximum amount without notice.

3. Investing isn’t always straightforward

All investments can go down in value as well as up. We’re not responsible if you lose money; for example, if the value of your Investments goes down. We’re not responsible for any tax you must pay (although we help you to manage your PIE Investment taxes as set out above).

Ultimately, you could get back less than you invest. Any returns will vary over time, so income is variable and not guaranteed. The values of your Investments can be influenced by what’s happening in the market or general economy (for example, a property downturn or a new government budget).

Occasionally, the Service won’t be available

We work hard to provide the best Service we can, but we don’t promise it will be perfect all of the time.

We may suspend the operation of our Service in part or in full if we consider it necessary. We may, for example, need to suspend the Service for technical reasons, regulatory reasons, in emergencies, in periods of exceptional trading activity, when we decide it is sensible for our or your protection, or to ensure the continued availability of other services.

Occasionally, we may need to suspend the Service to maintain or upgrade our systems. From time to time, we may ask you to install updates and upgrades.

We don’t guarantee that our Service will be 100% secure, uninterrupted, or error-free. To the maximum extent permitted by Law, we provide our Service on an ‘as is’ basis, without any warranty of any kind. That means you use our Service at your own risk. It also means that we exclude and disclaim all implied warranties, to the extent that we legally can.

We don’t provide personalised advice

We don’t provide any personalised advice or recommendations. Any information we make available to you does not take into account your particular investment objectives, financial situation, or investment needs. None of the information we provide can be taken as personalised investment, financial, or tax advice.

Any information that we may give you through the Service is subject to our terms, and this won’t create any warranty that isn’t expressly given in our terms.

If you’re unsure whether or not a particular Investment is right for you, you should get advice from a personal financial adviser.

We don’t offer some investment options

At the moment, our Service doesn’t allow you to:

  • add existing investments that you hold outside of the Service to your Portfolio
  • transfer Investments from your Portfolio outside of the Service
  • buy or sell Shares using your own common shareholder number (CSN) through the Service.

We hope to be able to provide some of these services in the future—watch this space.

We're not the issuer or manager of the Investments

We're not the issuer or manager of any of the Investments available through the Service and we don't accept any responsibility for the performance of any Investments.

We don’t provide Portfolio management

We don't provide any discretionary investment management service for your Investments. We act as your agent on your instructions under our terms.

Sometimes you may not be able to buy or sell Investments

Most Shares have buyers and sellers. However, not every Share will have a buyer or seller at the price and time you want to buy or sell. This may mean you need to hold onto Shares longer than you want to, or that you can’t buy Shares when you're ready to buy.

You may also be suspended or delayed from selling the Units in a Managed Fund under the Managed Fund's terms. You can read more about this in the offer documents for the Managed Fund, available through the Service.

Sometimes you won't be able to trade Shares because NZX trading is suspended

Under certain trading conditions, we may not be able to enter, clear, or settle a Share Trade. This may occur, for example, when prices move very quickly in a short period of time, and NZX suspends or restricts trading.

What happens if Sharesies or brokers involved in your trade become insolvent or default on their obligations

If we become insolvent or otherwise materially default on our obligations (or the other brokers involved in your transaction do), your Orders or Trades could be cancelled. However, Sharesies Nominee will never use money, Investments, or other property held for you for the benefit of itself, us, or any other person.

If we become insolvent or otherwise materially default on our obligations, your Portfolio will be protected from the claims of general creditors, including any bank holding your money and CDO for any money or Shares held in the NZX depository account.

We may provide you with Market Information

We provide Market Information such as pricing information, news, data, calculations, and investor information (including product disclosure statements) through the Service. Some of this Market Information is from third parties; some we create.

You need to comply with our rules for use of Market Information

You agree that:

  • the Market Information is only for your personal use and you won’t provide it to anyone else, copy it, or reproduce it
  • the Market Information remains our property or that of our third-party suppliers, and
  • if we give you notice of additional policies, restrictions, or other terms and conditions for the use of the Market Information, you’ll comply with these too.

We’re not responsible for Market Information

Neither we nor our Third Party Providers take responsibility for, or guarantee the availability, timeliness, reliability, accuracy, or completeness of, the Market Information, including any information that the Market Information is based on.

Neither we nor the Third Party Providers of information to us accept any responsibility of any kind for any loss or damage in any way related to any unavailability, delay, inaccuracy, error, or incompleteness of any Market Information or information that is based on Market Information.

We can change or stop providing all or any part of the Market Information to you at any time, without giving you notice.

We’re not responsible for returns, calculations, performance information, or pre-made Orders

The returns, calculations, performance information, and pre-made Orders shown in the Service may use or include information from third-party sources, including independent market quotations and index information.

The pre-made Orders use basic investment strategies that depend on the reliability and accuracy of the analytical investment processes and frameworks. We don't manage or re-balance the pre-made Orders at any particular time to ensure any particular result or to ensure the strategy remains current or advisable.

We believe the third-party information and frameworks come from reliable sources, but we don’t guarantee the accuracy or appropriateness of the information or frameworks for any purpose.

4. How we keep your money, Investments, and information secure

We will keep detailed records of all money in your Wallet and Investments in your Account. The money in your Wallet and Investments in your Account will be held on bare trust for you by Sharesies Nominee or another approved third-party custodian, at our direction.

Sharesies Nominee is a non-trading company that exists to hold our clients’ money and Investments secure and separate from our own (although we may hold a buffer of our own money in the same account).

Your Investments may be pooled with the Investments of other clients. As a result, your holding may not be individually identifiable on the relevant Investment issuer register (for example, your Investment may be pooled with others and held in the name of Sharesies Nominee).

Your money may be held in ‘pooled accounts’, which means your money may be held in bank account(s) in the name of Sharesies Nominee along with the money of other people using the Service.

The banks we use are independent of us, and we don't accept responsibility for any default or delay in the distribution of money as a result of their failure.

If we're unable to identify which Account money should be credited to, we reserve the right to return money to the source it came from, subject to normal banking clearance times.

When you or we close your Account, we will make every reasonable effort to pay out any remaining balances that accrue after your Account is closed. If we're holding any money that becomes unclaimed money, we may account for that money under the Unclaimed Money Act 1971.

When we refer to your money in this section, we mean money we are holding for you that we’ve received either from you or from a third party for you. This may include money you’ve added to your Wallet or money received from your Investment. This excludes any fees or other charges you have paid or owe to us that is our money.

We know your privacy is important

When you access and use our Service, we collect information about you. You agree that we can use your information under the terms of our Privacy Policy.

Our Privacy Policy sets out:

  • what information we collect about you
  • how we can use your information
  • who we can share your information with
  • how we can use cookies and similar technology
  • your options for how we use your information.

5. What you need to do

When you use the Service, you agree to comply with our requirements. In particular:

  • you agree that the Service is for people living in New Zealand
  • you must be 16 or older to hold an Account (see our Website for information about our kids accounts)
  • you must confirm if you're a tax resident in any other country and provide the relevant tax identification number(s)
  • you must notify us if you are, or you later become, a Prescribed Person (we may decide to not let you open an Account, or to suspend or close your Account)
  • you must only use the Service for your own personal investments, and not for any business purpose.

You must comply with the Law when using our Service

In particular, you must not use card payment top-ups as a way to transfer money from one person to another or for a purpose other than purchasing Investments for your Account. We monitor transactions for such activity, including money laundering and financial crime. We can refuse, cancel, or void (as appropriate) any deposit or Investments for your Account if we suspect that a card payment was obtained or used fraudulently or unlawfully.

Orders on NZX markets have additional rules

To access NZX markets through our Service, you must also comply with certain NZX Rules and requirements of good broking practice.

If the NZX asks for more information about any Order or Trade, you must provide us or the NZX directly with the information, including information about the identity of any person who accesses your Account.

You are responsible for the use of your Account

We will always assume we're dealing with you. You may not use an Account on behalf of another person or permit another person to use your Account.

You are responsible for any activity that occurs on your Account. We are entitled to assume and rely on any instruction we receive through your Account as being a valid instruction from you. We are not required to verify your instructions.

You confirm that you're the beneficial owner of your Account, or you're the sole trustee on behalf of the beneficial owner, and that no one else has any rights of any kind over the Investments in your Account.

When we receive an instruction from your Account, our record of that instruction is conclusive evidence of the contents of your instruction.

You are responsible for the security of your Account information

You must take all reasonable steps to keep your Account secure and to prevent any fraudulent use of it. This includes for example:

  • changing your password regularly
  • ensuring that no one sees you enter your security details when you sign in
  • keeping the information we hold about you up to date
  • keeping your electronic devices secure.

You must protect your Account details and report any information loss, suspected theft, or misuse of your Account to us straight away. We can introduce new security procedures.

We may suspend or close access to your Account if we suspect:

  • your Account security has been compromised
  • that there has been (or is likely to be) any unauthorised, fraudulent, or unlawful use of your Account (including for example, money laundering or committing financial crime), or
  • we're required to do so by Law or any regulatory or enforcement authority.

Where we reasonably can, we will notify you before we suspend or close your Account and give you our reasons for doing so. We don't accept any responsibility for any loss or damage of any kind that you may suffer where we suspend or close access to your Account under this clause, or where you fail to meet your obligations under our terms.

You must not infringe our Intellectual Property Rights

You accept that:

  • we own (or license) the Intellectual Property Rights in our brand, name, software, associated technology, the Service, and all related materials
  • except as expressly set out in our terms, you have no right, title, or interest in or to these Intellectual Property Rights or in any improvements or variations that may be made to the Service or any related materials
  • except as expressly provided for your personal use of the Service, nothing in our terms is to be read as giving you any right to use these Intellectual Property Rights without the prior written consent of us or our licensors
  • you won't reverse engineer, decompile, disassemble, modify, or create derivative works of the Service or any part of it, and
  • if you provide feedback on the Service, you assign ownership to that feedback to us (including any Intellectual Property Rights) without charge.

You agree that you won’t use a robot, spider, scraper, or other unauthorised automated means to access the Service or information on it for any purpose. You also agree that you won’t manually scrape, harvest, or otherwise extract material from our Service without our express permission.

You agree this is a paperless service

You agree that we may make information about your Account available to you exclusively through the Service (including under section 5(1) of the Financial Advisers (Custodians of FMCA Financial Products) Regulations 2014).

6. Your responsibilities and our responsibilities to you

You are responsible for your Account and your access to and use of the Service. To the maximum extent permitted by Law, you agree that:

  • you are fully responsible for your Investment choices, and we’re not responsible for how your Investments perform
  • you have not relied on any representation by us (other than set out in our terms) and we have no responsibility of any kind to you if you have
  • any information we provide to you is general only, and we have no responsibility of any kind to you for any investment decisions you make that rely on this information
  • you assume full responsibility for any cost, loss, damage, expenses, taxes or fines in any way related to your Account or your access to or use of the Service.

To the maximum extent permitted by Law, you indemnify us, (for all costs, loss, damage, and fines) and hold us harmless for any claim that you or anyone else makes that is in any way related to your Account or your access to or use of the Service. An indemnity means a promise to pay someone to make up for a loss they have suffered. The indemnity you provide to us does not apply to the extent of any claim for direct loss shown to be the direct result of our fraud, or wilful default on obligations to you under our terms. The indemnity is given to us and our directors, officers, employees, agents, and Third Party Providers.

You accept that our responsibility to you is limited and that the value of our responsibility is capped

To the maximum extent permitted by Law:

  • we’re only responsible to you for your direct loss to the extent shown to be the direct result of our fraud, or our wilful default on our obligations to you under our terms
  • we’re otherwise not responsible to you or anyone else for anything in any way related to the Service, whether for breach of contract, tort, misrepresentation, or other cause
  • we’re not responsible for anything that is outside of our reasonable control or the reasonable control of our directors, officers, employees, agents, or Third Party Providers
  • if we’re responsible to you, we’re not responsible for any indirect, special, or consequential loss or damage; failure to avoid loss; any loss of profits, business opportunity, or anticipated savings (whether direct or indirect in each of these cases); or incidental loss, and
  • if we’re responsible to you, our total responsibility, whether for breach of contract, tort, misrepresentation, or other cause, is capped for any event or series of related events to an amount equal to the total subscription and transaction fees paid by you to us for your Account in the last 12 months.

The above exclusion, limitation, and cap on responsibility applies to us, our directors, officers, employees, agents, and Third Party Providers for our acts and omissions and their acts and omissions.

You may have additional rights under consumer law

If you're a “consumer” under the Fair Trading Act 1986 or Consumer Guarantees Act 1993, nothing in our terms will limit any rights or remedies that you may have under the Fair Trading Act 1986 or the Consumer Guarantees Act 1993 to the extent those rights cannot be limited by Law.

7. How we make money and how to pay us

When you use our Service, you agree to pay us the fees set out on our Website or otherwise advised to you when you use the Service. We may change our fees from time to time by giving you notice.

We make money from fees

You’ll need to pay the Sharesies subscription fee. We charge a subscription fee for access to and use of our Service. You can choose a yearly or monthly fee.

You can cancel your subscription any time before the end of your monthly or annual subscription period. We don't provide refunds or credits for any partial subscription periods.

To cancel your subscription, you must close your Account. You must sell any Investments in your Account and withdraw all the money from your Account. If you don't cancel your subscription and close your Account, you will be charged for the following subscription period.

You’ll need to pay transaction fees for NZX Orders for Shares in Companies. We charge a fee per transaction for each Order to buy or sell Shares in Companies. When you place a dollar Order for Shares in a Company, we will deduct our transaction fee from the dollar Order value before placing the Order in market. So the value of your dollar Order we put into market will be the value you set, minus our transaction fee.

There is no transaction fee for an Order to buy or sell Managed Funds or ETFs. When you place a sell Order for Shares in a Company, we will calculate our transaction fee based on the amount you receive for a completed Order. We will deduct our transaction fee from the amount you receive. So the money we pay to your Wallet will minus our transaction fee.

We make money from interest

Money received from you or a third party for your benefit, which includes money in your Wallet before it’s invested or withdrawn, may gain interest from our bank where it is deposited. You agree that we can keep that interest as part of the fees for using the Service.

You're not paid any interest on money in your Wallet (or otherwise held by the Service for you).

Sometimes we make money from third parties

Managed Fund Providers or other investment providers may pay us a fee or commission for making their Investments available through the Services. This is at no additional cost to you.

Third parties may pay us to provide them with services, such as carrying out research and development, or providing advertising opportunities.

How you can pay our fees

You have the option to pay our subscription fees from money held in your Wallet or by using card payment preferences you select for your Account.

The subscription for the Service will be charged in advance on an annual or monthly basis (as applicable) to your payment method. In some cases, your payment date may change; for example, if your payment method has not successfully settled.

What happens when you owe us money

If you owe us money, you agree that we can do any of the following (or a combination of these things):

  • direct Sharesies Nominee to pay us using the money in your Wallet
  • direct Sharesies Nominee to sell or otherwise deal with Investments in your Account, and to pay us using the proceeds
  • set off any money you owe us against money we owe you
  • register a security interest over Investments in your Account
  • immediately cancel or suspend any of your Orders without any responsibility to you
  • take legal action against you to recover any debt and any costs and expenses we incur in recovering the debt.

8. Closing your Account

You can request to close your Account any time

You can request to close your Account, at any time, by giving us notice through the Service.

We can close your Account when we have good reason

Without affecting any other right or remedy available to us, and except where our specific terms say otherwise, we can close your Account with immediate effect, at any time, by giving written notice to you, if:

  • you fail to pay any amount due under our terms on the due date for payment and remain in default for more than 7 days after being notified in writing to make payment
  • you breach any of our terms which can't be remedied or (if such a breach can be remedied) you fail to remedy that breach within 7 days of being notified in writing to do so
  • you're declared bankrupt or become subject to any liquidation or similar process, or are otherwise unable to pay your debts as they fall due
  • we have reasonable grounds for believing you have committed or are about to commit a crime
  • we're required to close your Account or the Service by any competent regulatory authority or as a matter of Law.

If we close your Account because of any of the reasons in the first four bullet points above, you will pay us any costs and expenses associated with closing your Account, and we will not be liable to you for any loss you suffer as a consequence of us closing your Account.

We can close your Account for any reason after giving you 14 days’ notice

In addition to the right to close your Account set out above (and in our specific terms), we may also close your Account or the Service for any other reason by giving you at least 14 days’ written notice.

What happens when your Account is closed

Whether you close your Account or we close your Account, all of the following applies.

  • Unless specifically prohibited, we will complete pending or processing Orders as soon as practicable, provided that you pay us all outstanding amounts owing to us.
  • You will pay us all outstanding fees and other amounts owing to us.
  • Unless we agree otherwise with you in writing, we may sell, deal with, or withdraw your Investments and pay the net proceeds (after deducting fees and any other amounts owing to us) to you.
  • We may (but are not obliged to) transfer Investments to you, or we may agree to continue to hold Investments for you, subject to agreement on suitable terms.
  • We won't refund any part of any fees or charges already incurred (including your subscription and transaction fees).

You authorise us to give any necessary instruction to Sharesies Nominee on your behalf to do these things.

9. General information about our terms

How you can contact us

You can contact us by emailing [email protected] or by clicking the help icon in the Service.

How to make a complaint

Obviously we don’t want anything to go wrong, but if it does please let us know straight away.

If we fail to resolve a complaint to your satisfaction or if we fail to do so within 40 Trading Days of receiving your complaint, you can also direct your complaint to the Financial Service Complaints Limited Service at FSCL, PO Box 5967, Wellington 6145, or call 0800 347 257 or email [email protected].

We can make changes to our terms

We can change our terms, from time to time, by giving you notice.

If we make a change to our terms that is likely to have a material negative impact on you, we will generally give you at least 14 days’ notice. However, we may give less notice in special circumstances; for example, if we're required to make a change for regulatory or legal reasons.

As part of our ‘paperless service’, we can give notice by:

direct communication with you (including email, text message, or a message when you sign in to access the Service), or showing a general message via the Service.

We don't need to give notice of changes that benefit you, don't materially reduce the benefit of the relevant Service to you, or are incidental changes (such as clarity, drafting, and typographical amendments) which may take effect immediately and will be available on the Sharesies Website.

By continuing to access or use the Service after the effective date of any change, you have accepted the change. If you don’t want to accept any proposed change, you should notify us immediately, stop using the Service, and close your Account.

We can assign, delegate, and use third parties

We can appoint any person (whether connected to Sharesies or not) to advise on or perform any of our functions or responsibilities under our terms. We will satisfy ourselves that anyone we delegate any of our functions or responsibilities to is competent to carry out those functions and responsibilities.

We may transfer any of our rights and obligations under these terms in whole or in part to anyone. Any member of the Sharesies Group is entitled to enforce provisions of our terms, which apply to it as if it were a party to the contract.

You can’t assign your rights to your Account (including any money or Investments) or use of the Service to anyone else without our prior written consent.

More about our terms

There might be different or extra terms and conditions that apply for certain customers, accounts, or services that are provided or made available to you at the time, and you agree to be bound by those as well. If specific terms and conditions apply to a particular customer, account, product, or service, and they are inconsistent with these terms and conditions, then the specific terms and conditions will apply. For example, see our ‘Kids Account Terms and Conditions’, 'Gift Code Terms and Conditions', and ‘Refer a Friend Terms and Conditions’.

If any of our terms are inconsistent with any Law, then the Law will apply. Other terms may also be implied by Law.

If it turns out that part of these terms can't be enforced, then that part will be removed or edited as little as possible, and the rest of the terms will continue to apply.

If we don’t insist that you perform your obligations under our terms, it doesn’t mean you don’t have to. Similarly, if we don’t enforce our rights under our terms, or we delay in doing so, it doesn’t mean we’ve given up those rights.

Our rights under this Agreement survive even when your Account is closed or you’ve stopped using the Service.

Our terms are governed by New Zealand Law, and the Courts of New Zealand have exclusive jurisdiction if there’s a dispute.

How to read our terms

Headings are provided only to make these terms easier to read and understand. The fact that we wrote these terms won’t affect their interpretation.

Where we’ve provided examples in these terms to help explain what we mean, those may not be all possible examples.

Some words in our terms have a special meaning. When we say:

  • “Account” we mean your account with us that permits you to use our Service and includes your Portfolio
  • “C&S Rules” we mean the Clearing and Settlement Rules, including related procedures and guidance, published by NZX from time to time
  • “CDO” we mean New Zealand Depository Limited, the operator of the NZX depository
  • “CHO” we mean New Zealand Clearing Limited, the operator of the NZX clearing house
  • “Company” we mean a company listed on NZX
  • “Depository Rules” we mean the Depository Operating Rules, including related procedures and guidance, published by NZX from time to time
  • “ETF” we mean an exchange traded fund listed on NZX
  • “Intellectual Property Rights” we mean any and all vested, contingent, and future intellectual property rights, including but not limited to copyrights, patents, trademarks, service marks, design rights (whether registered or not), moral rights, know-how, trade secrets, inventions, set-up, and any applications for the protection or registration of these rights anywhere in the world
  • “Investment” we mean a Share or a Unit of a Managed Fund
  • “Law” we mean any applicable New Zealand law and/or regulation and the NZX Rules
  • “Managed Fund” we mean a Unit trust that is not listed on NZX
  • “Managed Fund Provider” we mean the provider of a Managed Fund or their representative
  • “Market Information” we mean any information we make available to you through the Service (including from our Third Party Providers)
  • “NZX” we mean NZX Limited, the operator of the New Zealand Stock Exchange
  • “NZX Entities” we mean CDO, CHO, and NZX
  • “NZX Participant Rules” we mean the NZX Participant Rules, including related procedures and guidance, published by NZX from time to time
  • “NZX Rules” we mean the NZX Participant Rules, C&S Rules, and Depository Rules
  • “Order” we mean an instruction to us to buy or sell an Investment (and includes a part of an Order)
  • “our terms” we mean these terms and conditions together with our specific terms and conditions which apply to a particular customer, Account, product, or service
  • “PIE” we mean portfolio investment entity
  • “PIR” we mean the prescribed investor rate, which is the notified tax rate applied to Investments in a PIE
  • “Portfolio” we mean the money in your Wallet and Investments within your Account
  • “Prescribed Person” we mean a person who has a relationship with Sharesies of a kind defined in the NZX Participant Rules
  • “Service” we mean the overall service we provide to you under our terms, including your access to and use of the Sharesies Website, Market Information, operation of your Account, and any incidental services we provide to you
  • “Share” we mean a share in a Company or an ETF
  • “Sharesies Group” we mean Sharesies Limited and Sharesies Nominee Limited
  • “Sharesies Website” or “Website” we mean the Sharesies website available at sharesies.nz and any other website operated and maintained by us for the Service and includes any software or web application we make available to you to enable you to access the Service using mobile devices
  • “Third Party Providers” we mean a third party whose Market Information or other data or services are included or form part of the Service
  • “Trading Day” we mean a day when the New Zealand Stock Exchange is open for trading
  • “Unit” we mean a unit of a Managed Fund
  • “Wallet” we mean the cash balance held in your Account

Our Privacy Policy

What information we can collect about you

We collect information you give us

When you create your Account and use our Service, we may collect information from you, such as: your name, birth date, email, phone number, address, photo ID, payment information, tax details, account preferences, and feedback on our Service.

We collect information created when you use the Service

We may collect information about you when you use the Service, such as the details of your Orders, Investments records, and information about how you interact with our Service.

We collect information from third parties

We may collect information about you from third parties, for example from service providers that help us to verify your identity, or make or receive payments from you, or to provide marketing services. We may also collect information about you from publicly available sources.

We may use an electronic verification service (including a credit reference agency) to confirm your identity and the identity of anyone else providing or receiving money for you. By using the Service, you consent to this and confirm that you have the consent of any person providing or receiving money for you.

How we can use your information

We can use your information to provide the Service

We use your information to provide, personalise, maintain, and improve our Service. For example, we may use your information to create and update your Account, verify your identity, process transactions and payments, resolve operational problems, and carry out testing and research.

We may use your information to detect, prevent, and protect against fraud and crime and to comply with the Law.

We can use your information for customer support

We may use your information to provide and improve our customer support and resolve disputes.

We can use your information for research and development

We can use your information to test, research, analyse, and develop our Service to make it better, safer, and easier to use. We may use your information to obtain your feedback through a third party.

We can use your information to promote Sharesies and other stuff we think you’ll like

We can use your information to send targeted emails, text messages, ads, and other content about our Service or the services of our business partners.

Who we can share your information with

We may share your information with our service providers, subsidiaries, and business partners, such as:

  • members of the Sharesies Group
  • Investment providers and the NZX
  • third parties that help us to carry out the Service (for example, to verify your identity, complete credit checks, or complete payments)
  • software-as-a-service providers that we use to provide the Service (for example, our customer service messaging platform provider)
  • cloud-storage providers
  • marketing partners
  • data analytics or research partners
  • third parties that help us to enhance the safety and security of the Service
  • our consultants, lawyers, accountants, insurers, and professional advisors.

We may also share your information if we believe it’s allowed by Law or is appropriate due to fraud, security, or similar concerns. If you use another person’s credit card, payment or other information, we may share your information with that person.

We may share your information if we sell to, or merge some or all of our business or assets with, another company.

We can also use and share your information in other ways if you give your consent.

When we say “your information” in this privacy policy, we mean personal information as defined in and protected by the Privacy Act 1993.

We can use and share information that does not identify you for any purpose.

A note on cookies and similar tech

Cookies and other similar technology are used to remember your browser or device during and between website or app visits. Our Service may include cookies and other tech with a similar purpose. We can use this technology to do things, such as remember your preferences and settings, improve security, analyse traffic and trends, and measure the effectiveness and popularity of features or marketing.

This technology is linked to your browser or device and usually it doesn’t identify you. The sort of information collected includes your device type, date and time of use, referring website, IP address, and advertising identifiers. We may link this information to other information we collect about you.

We may allow others to provide analytics, send messages and ads for us, and to track and report on performance. These entities may use cookies and other similar tech to identify your browser or device when you use our Service, as well as when you visit other online sites and services.

Retaining and deleting your information

We may keep your information:

  • for as long as you have an Account
  • for a minimum of 7 years (after your Account is closed) to comply with regulatory, tax, insurance, and other requirements
  • for as long as we believe necessary for the purposes set out in this Privacy Policy
  • for an indefinite time if we believe necessary, for example for fraud prevention, safety, and security.

We’re committed to keeping your information safe and secure

We continuously implement and update security measures to help protect your information. However, despite all of our measures, we can’t guarantee the security of the transmission or storage of your information.

Your options for your information

You can:

  • choose not to receive marketing emails from us or our business partners
  • request a copy of your information that we hold (we may charge a fee)
  • request that we update your information if it is inaccurate.

Our Service may contain links to third-party websites. Our terms don't apply to any third-party websites. We take no responsibility for the content, operation, or privacy practices of other websites.