You are the beneficial owner of any US holdings with SelfWealth which will be held in custody with Phillip Securities Pte Ltd. Your cash will be held in a Phillip Capital Trust account with Standard Chartered. SelfWealth has no beneficial ownership or right to either your holdings or cash.
In the unlikely event of SelfWealth going into administration or filing for bankruptcy, you could continue to trade directly with Phillip Capital Limited (PCL).
In the unlikely event of default (such as bankruptcy or administration) of PCL, each Client as the beneficial owner of the securities, is entitled to claim their securities from the relevant omnibus account, provided there is no current dispute of the Client’s ownership of the securities.
To avoid doubt, in the unlikely event of default of Phillip Securities Pte Ltd (Sub-Custodian), PCL would take appropriate steps on behalf of the beneficial owners to submit a claim to the liquidator. The above will be subject to the liquidation event process at that point in time.
Please note, Phillip Securities Pte Ltd is a member of the Singapore Stock Exchange and regulated entity under the Singapore Monetary Authority, for further details please refer to https://www.mas.gov.sg
Phillip Capital Limited is a participant of ASX Group and Chi-X Australia, and is regulated by ASIC.
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