A change of trustee is considered by the ASX as a significant change of legal title. When a change to the registration name results in a change of legal title, the registration details of the CHESS holder cannot be altered. Instead, a new sponsorship agreement and a new HIN must be established and the financial products transferred from the former HIN to the new HIN.
What happens next?
You'll need to get in touch with us to let us know. We'll then email you the next steps in detail.
Essentially, you'll need to set up a new account in the new trustee name and transfer the assets via off-market transfer.
You'll be able to log into your existing profile and launch a new application under the same profile by going to settings > open a new portfolio.
What account type should I select?
It depends on who the new trustee is. If your trustee is changing from individual trustees to a corporate trustee, please select "Corporate trust".
Will I need a new HIN, or can my existing HIN be transferred?
You'll need a new HIN. The existing HIN cannot be transferred as the shares can only be transferred via off market transfer.
What documents do I need to supply?
Upon completion you'll be prompted to upload your supporting docs, such as a deed of amendment. For SMSF accounts, this won't need to be certified, however for an unregulated trust, a certified copy is required
What form do I need to complete to transfer the shares?
Once your new account is approved, you'll need to complete the change of trustee off market transfer form. This will be emailed to you, however it is also attached at the bottom of this article for ease of reference.
We'll then have the assets transferred from the old account to the new account.
If you have international holdings, you'll also need to establish a new USD/HK trading account. The same process then occurs - we'll transfer the international assets from the old account to the new account. The form required for that purpose is attached below.
Will the average price of my shares be transferred to my new account?
No they won't be. It's a good idea to take a screenshot of your portfolio summary before the transfer takes place. You'll then easily be able to update them on your new account. Learn more here
Will my old account be closed?
Yes. We'll close the old account once assets have been transferred. You'll need to ensure any remaining cash balances are transferred out prior to this. Note that you'll still have access to transaction history and statements.