Client Statement & Report Disclosure
The data (whether provided in hard copy such as reports or statements or on the website, the "Information") contained herein is provided to you solely for informational purposes by Global Custody and Agency Services ("GCAS"), a business operating within Bank of America pursuant to your contract with one of the following entities: (i) Bank of America, N.A., a national banking association chartered and existing under the laws of the United States of America and subject to regulation by the Office of the Comptroller of the Currency, acting in the United States through various offices, and in the United Kingdom acting through its registered branch in England, with number FC 002984, authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority, and (ii) Bank of America Custodial Services (Ireland) Ltd., authorized and regulated by the Central Bank of Ireland, and registered in Ireland as a limited liability company under registration number 430806.
In certain instances, other affiliates may provide services to a client. This document, including all trademarks and service marks relating to Bank of America, remains the intellectual property of Bank of America. Bank of America is a trademark of Bank of America Corporation. Other trademarks are property of their respective owners.
The information herein is limited in its purpose and scope and contains summaries only of some of the provisions contained in the various legislative and/or regulatory initiatives. Whilst the information represents Bank of America’s current understanding of the legislation and/or regulation and the proposed timeframes as at the date of this publication, the information is subject to change pending further clarification of the rules and/or regulations through the legislative rule making, regulatory guidance and implementation processes in the relevant jurisdiction. The information herein is generic in nature and provided to you solely for informational purposes; it is not intended to constitute nor should it be construed as advice of any kind, whether in relation to legal, compliance, accounting, regulatory, tax matters or otherwise. You should discuss with your professional legal, tax, accounting or other adviser how it may affect you.
The Information is for your private use only. While all care has been taken in compiling the Information and it is provided in good faith, it is not to be relied on as a substitute for professional advice. The Information may be prepared with or based on information provided by third parties. Bank of America cannot attest to the continued accuracy of the presentation of Information once such Information has left its control, and Bank of America accepts no responsibility for the accurateness, completeness or timeliness of the Information. In addition, Bank of America will not be responsible or liable for any losses, whether direct, indirect or consequential, including loss of profits, damages, costs, claims or expenses, relating to or arising from your use or reliance upon any part of the Information including, without limitation, trading losses, loss of opportunity or incidental or punitive damages.
In case of any discrepancy, please contact your client account manager immediately.
Pricing & Valuation
Prices or valuations furnished by standard industry services are used to determine market values of securities on statements and reports distributed in hard copy or electronic form via a website. Bank of America does not act as a valuation agent. Bank of America shall be entitled to conclusively rely on prices and valuations furnished by such pricing services and will bear no responsibility for the valuation of positions held either away from or with Bank of America or any of its affiliates.
You are solely responsible for making, and the content of, any required filings with any state or government agency, any self-regulatory organization or exchange and for the accuracy of the information contained therein. Bank of America does not act as a tax agent. Bank of America does not render any opinion or provide advice regarding legal, compliance, accounting, regulatory or tax matters and it is your responsibility to seek such legal, compliance, accounting, regulatory or tax advice as you deem necessary. The Information is not intended or written to be used, and cannot be used or relied upon for the purpose of avoiding tax penalties.
You are responsible for providing to Custodian a correct, complete and applicable United States Internal Revenue Service Form W-9 or W-8. In the case of a Person that is a "United States person" within the meaning of Section 7701(a) (30) of the Code, an Internal Revenue Service Form W-9 (or applicable successor form) that is not more than 30 days old is required. In the case of a Person that is not a "United States person" within the meaning of Section 7701(a)(30) of the Code, the applicable Internal Revenue Service Form W-8ECI, W-8IMY, W-8EXP, W-8BEN, W-8BEN-E (or applicable successor form), with all required attachments (if applicable), is required. Such Internal Revenue Service form shall be delivered: (i) when the Account is opened, (ii) before December 31 of each third succeeding calendar year, (iii) when required to be updated under applicable law, (iv) promptly upon demand by Custodian, and (v) promptly upon learning that any such tax form previously provided by Client has become expired, obsolete or incorrect. In the absence of a valid and complete tax documentation package, Bank of America is entitled to withhold at the maximum rate. Bank of America will not calculate or institute withholding at a reduced rate based upon receipt of a partially complete tax documentation package. A valid and complete tax document package will only be applied on a go forward basis and neither the performance nor the rate of withholding will be amended retroactively to any period preceding validation of such package.
FDIC FIL 9 2009
With respect to any “cash sweep vehicle”, if applicable, Money Market Funds, Mutual Funds and any other non-deposit investments are not deposits within the meaning of the Federal Deposit Insurance Act (12 U.S.C. 1813(l)), are not insured or guaranteed by the U.S. Government, the FDIC or any other government agency, are not insured, endorsed or guaranteed by Bank of America, are not obligations of Bank of America, and involve investment risk, including possible loss of principal. If a receiver were appointed for Bank of America, the client would have an ownership interest in the shares of the Money Market Fund, Mutual Fund or non-deposit investment that Bank of America purchased on behalf of the client.
Financial Conduct Authority ("FCA") Client Asset Rules
Other than in circumstances relating to custody asset shortfalls described below, cash is held by Bank of America N.A., acting through its registered branch in England ("BANA London"), as banker and not in accordance with the FCA's client money rules. Accordingly in the event of the failure of BANA London the FCA’s client money distribution rules will not apply to such cash and you will not be entitled to share in any distribution made under the FCA’s client money distribution rules.
Assets are held by BANA London in Global Custody and Agency Services under the FCA's custody asset rules. Where BANA London, in the course of conducting either its internal or external client asset reconciliation identifies a custody asset shortfall, client money and/or non-cash equivalent assets will be segregated in accordance with the FCA's Client Asset Rules equal to an allocation of the value of assets representing a shortfall.
Assets recorded on your client statement which are not subject to a title transfer collateral arrangement may be subject to a security interest, lien or rights of set-off (a) in favour of us or another member of the Bank of America group in respect of any liability that you may owe to us or them from time to time and (b) in favour of one or more third parties, such as a sub-custodian, central securities depository, central clearing counterparty or clearing broker, which may or may not include us or another member of the Bank of America group. Please contact your client representative for further details.
DEPOSITOR AND INVESTOR COMPENSATION INFORMATION
BANA London is a member of the UK Financial Services Compensation Scheme ("FSCS"), which provides compensation in certain circumstances where BANA London may be unable to satisfy protected claims against it. In these circumstances, the FSCS may provide compensation in relation to deposits placed with, and investment business services provided by BANA London. There are specific rules on compensation which will determine your eligibility, those circumstances in which compensation will be available, and the amount of compensation payable under the FSCS. Basic information regarding compensation for investment business and protection of your eligible deposits is set out below. Information in respect of deposit protection can also be found in the “information sheet” that BANA London will provide you.
For further information about the compensation provided by the FSCS, refer to the FSCS website at www.FSCS.org.uk
Investment Business Compensation
Customers of BANA London who qualify as eligible claimants under the FSCS may be entitled to claim compensation in respect of qualifying investment business in the event of a default by BANA London. Payments under the FSCS in respect of investment business are currently subject to a maximum payment to any eligible investor of £85,000 from 1 April 2019. This amount is subject to change. Further details of the FSCS are available on request or at the official website at www.FSCS.org.uk.
UK Depositor PROTECTION Information
If your bank, building society or credit union fails, the Financial Services Compensation Scheme (FSCS) protects your eligible deposits up to the deposit protection limit, which is £85,000 from 30 January 2017, for most depositors.1
Further information regarding the protection provided by FSCS is set out below.
General limit of protection
If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by the Deposit Guarantee Scheme. Your eligible deposits held at the same bank, building society or credit union, are added up in order to determine the coverage level. If, for instance, you hold eligible deposits in a savings account with £80,000 and a current account with £20,000, you will only be repaid £85,000.
Temporary high balances
In some cases, eligible deposits which are categorised as “temporary high balances” are protected above £85,000 for six months after the amount has been credited to your account or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:
(1) certain transactions relating to the depositor's current or prospective only or main residence or dwelling;
(2) a death, or the depositor's marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity;
(3) the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.
For further information please see the FSCS website at www.FSCS.org.uk.
LIMIT OF PROTECTION FOR JOINT ACCOUNTS
In the case of joint accounts, the limit of £85,000 applies to each depositor.
However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.
Exclusions from protection
A deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
(3) It is a deposit made by a depositor which is one of the following:
a. credit institution;
b. financial institution;
c. investment firm;
d. insurance undertaking;
e. reinsurance undertaking;
f. collective investment undertaking;
g. pension or retirement fund;2
h. public authority, other than a small local authority.
(4) It is a deposit of a credit union to which the credit union itself is entitled.
(5) It is a deposit which can only be proven by a financial instrument3 unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which existed in the UK, Gibraltar or a Member State of the EU on 2 July 2014.
(6) It is a deposit of a collective investment scheme which qualifies as a small company4.
(7) It is a deposit of an overseas financial services institution which qualifies as a small company5.
(8) It is a deposit of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company6. Refer to the FSCS for further information on this category.
(9) It is not held by an establishment of a bank, building society or credit union in the UK, or, in the case of a bank or building society incorporated in the UK, it is not held by an establishment in Gibraltar.
For further information on exclusions please see the FSCS website at www.FSCS.org.uk.
The FSCS will repay eligible deposits (up to £85,000) within 10 working days. Where the FSCS cannot make the repayable amount available within 7 working days, it will ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses or operating costs (in the case of a depositor which is not an individual or a large company) within 5 working days of a request.
For enquiries relating to your account, please contact Bank of America, N.A. (London Branch) at:
2 King Edward Street
If you have any questions regarding compensation limit, please contact the Financial Services Compensation Scheme (FSCS) at:
10th Floor Beaufort House,
15 St Botolph Street,
Tel: 0800 678 1100 or 020 7741 4100
 Exceptions for certain deposits are stated in this document and on the FSCS’s website: http://www.fscs.org.uk.
 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.
 As listed in Part I of Schedule 2 to the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, read with Part 2 of that Schedule.
 Under the Companies Act 1985 or Companies Act 2006.
 See footnote 3.
 See footnote 3.