Phillip Securities to Acquire RHB Securities’ Stock Broking Businesses in Singapore

Please be informed that on 29 June 2020, RHB Investment Bank Berhad has entered into a conditional share purchase agreement with Phillip Securities Pte. Ltd. (“Phillip Securities”) for the disposal of its stock broking businesses in RHB Securities Singapore Pte. Ltd. (“RHBSS”) to Phillip Securities (“Proposed Transaction”). Read more

The Proposed Transaction will benefit existing brokerage customers, who will enjoy greater access and convenience to trade a broad range of global investment products offered by RHBSS and Phillip Securities. We remain committed to ensuring that the Proposed Transaction will create value for our customers.

It is expected for the Proposed Transaction to be completed by mid-September 2020, subject to approvals being received from relevant regulatory authorities.

In the meantime, no action is required of you.

With regard to our services, it is business as usual and we remain committed to providing the same level of professionalism in serving and supporting your investment needs.

Further updates will be shared on this page in due course.

Transfer of Trading Accounts from RHB Securities (Singapore) Pte Ltd (“RHBSS”) to Phillip Securities Pte Ltd (“PSPL”) on 26 October 2020

Further to our earlier notice to you, we would like to inform you that your RHBSS trading account(s) will be transferred to PSPL on 26 October 2020 (Effective Date).

As permitted by the Personal Data Protection Act 2012 (the “PDPA”), certain personal data of the customers of RHBSS has been or will be disclosed by RHBSS to PSPL and collected and used by PSPL in the process of and to facilitate the transfer of the customer accounts, customer assets and positions of RHBSS pursuant to the amalgamation of RHBSS and PSPL on the Effective Date. These personal data include the customer’s name, contact number, email address and payment information. Any disclosure, collection and use of personal data will be undertaken by RHBSS and PSPL in accordance with the PDPA and any other applicable law.

To minimise any disruption to your trading activities from the Effective Date, we will set up your new PSPL trading account(s) in advance in mid-October 2020 and link it to your Central Depository (CDP) Account, subject to CDP’s approval. While the PSPL trading account(s) is setup in advance, your PSPL trading account(s) will only be operational for trading purposes from the Effective Date.

From the Effective Date, you will be able to use your new PSPL trading account(s) for trades through your servicing remisier and/or via Phillip On-line Electronic Mart System (“POEMS”) online trading platforms. You will no longer be able to trade on your existing RHBSS trading account(s) except for liquidation of unsettled buy contract(s).

The terms currently governing your RHBSS trading account(s) will be deemed replaced and your new PSPL trading account(s) will be subject to PSPL’s standard ‘Terms & Conditions’, which are available at www.poems.com.sg. Once you commence trading with PSPL from the Effective Date, you are deemed to have read, understood and accepted PSPL’s terms.

Please refer to FAQs below for details of your new PSPL trading account(s) and the effect of the transfer of your RHBSS trading account(s) to PSPL on your transactions and settlements.

Please rest assured that we remain committed to providing the same level of professionalism in serving and supporting your investment needs.

 

Frequently Asked Questions

Questions you may have regarding the upcoming changes…

Yes, prior to 26 October 2020, you may continue to trade using your RHBSS trading account(s) and your RHBSS remisier will continue to assist you with your trading activities until the end of the trading day on 23 October 2020.
After the transfer to Phillip Securities, you will continue to be supported by your current remisier. Your remisier’s contact details remain unchanged. You may call PSPL Customer Experience Unit at 6531 1555 or email to talktophillip@phillip.com.sg to find out your servicing remisier or dealers’ contact numbers.
No action is required on your part on this transfer exercise.
You will no longer be able to trade online with your RHBSS trading account(s) after the end of the trading day on 23 October 2020.

Please note that all unfilled long-dated orders such as Good till Maximum (GTM) and Good till Date (GTD) orders placed via your RHBSS trading account(s) will be cancelled at the end of the trading day of 23 October 2020.
From 26 October 2020 onwards, you will no longer be able to trade on your existing RHBSS trading account(s) except for liquidation of unsettled buy contract(s). For more information about outstanding position settlement, you may refer to question 12.

You may refer to the following table of account types after the transfer to Phillip Securities:

S/N Existing account type with RHBSS New account type with PSPL after transfer
1Margin Account – SGD Facility OnlyMargin Account – No Multi Currency
2Margin Account – Foreign CurrencyMargin Account – Multi Currency
3Cash A/C Auto Trust (Foreign Currency)Cash Management – Multi Currency
4Cash A/C Auto Trust SGD OnlyCash Management – No Multi Currency
5Cash A/C – With Trust MoneysCash Management Account – Multi Currency
6Cash A/C – With SGX Holdings Under RHBSS Custody Custodian Account – Multi / No Multi Currency
7Cash A/C – No Trust MoneyCash Account

You can refer to the relevant Information Sheet for the account features:

Kindly note that Cash Management account supports EPS settlement only. Hence, accounts with GIRO arrangement will be linked-up for EPS instead.

For your convenience, your new Phillip Securities trading account(s) will be configured with the multi-currency facility with AUTO day-end currency conversion according to the currency hierarchy set up in our system.

A new 7-digit Phillip Securities trading account number will be assigned to you. A prefix of 3 and leading zero(s), where applicable, will be added to your existing trading account number to make it 7 digits e.g.:

Existing trading account with RHBSSNew trading account with Phillip Securities
183000018
1283000128
138883013888

All new Phillip Securities trading accounts will come with POEMS online trading access.

You will receive your POEMS login credentials via emails (ePIN) or physical mails notification from Phillip Securities by mid-October 2020. Please note:

  • You will receive an ePIN with the Login ID and Password if you have a valid mobile number and email address registered with RHBSS or
  • You will receive physical mail notifications with the Login ID and Password if you do not have a valid mobile number and email address registered with RHBSS
  • For joint accounts, you will receive physical mail notifications with the Login ID and Password

If you do not receive the POEMS login credentials by 26 October 2020, you may request for a new pin mailer to be sent to you online via https://www.poems.com.sg/new-poems-password-reset/.

You will be able to start trading on the POEMS online trading platforms with your Phillip Securities trading account(s) starting from 26 October 2020. You may find more information about the POEMS online trading platforms here: https://www.poems.com.sg/platforms/.

All transferable shares and securities including those in overseas markets held by RHBSS on your behalf will be transferred to and held by Phillip Securities on your behalf from 26 October 2020. Transferable shares and securities refer to those that may be transferred between custodians without any market restrictions.

For shares and securities that are subjected to market restrictions, please note that there may be a delay in the transfer. However, it should not affect your ability to sell and you may check the status with your servicing remisier after 26 October 2020.

All monies, including foreign currencies held in trust by RHBSS will also be transferred to and held by Phillip Securities in a trust account on your behalf from 26 October 2020 onwards.

All shares, securities and monies, including foreign currencies transferred to your new Phillip Securities trading account from 26 October 2020 will be reflected on your monthly statement of account or you may also view online via the POEMS online trading platforms.

All outstanding contracts (Buy and Sell positions) transacted using RHBSS trading accounts and not yet settled by the end of the trading day on 23 October 2020 will remain in RHBSS’ system until full settlement. These contracts will not be transferred to Phillip Securities. Please note:

  • Any outstanding buy positions at the end of the trading day on 23 October 2020 must be settled by the stipulated timeline with RHBSS.
  • Payment for outstanding buy contracts (traded on and before 23 October 2020) shall continue to be made payable to “RHB Securities (Singapore) Pte Ltd”. Upon full settlement, the corresponding securities held by RHBSS (if any) will be transferred to your new Phillip Securities trading account accordingly.
  • Any resulting contra losses that remain unsettled by 3 November 2020 will be migrated to your new Phillip Securities trading account.
  • Any unsettled contra losses and/or fees due from you will be transferred over to your new Phillip Securities trading account and you remain liable for the amount due.
You can contact your servicing remisier(s) to contra your outstanding buy contracts transacted using RHBSS trading account(s) after 23 October 2020. Please do not ‘contra’ your outstanding buy contracts using your new Phillip Securities trading account number as this will result in a short position.
  • GIRO

If you have an existing GIRO arrangement with RHBSS, Phillip Securities will instruct the bank, on your behalf, to update Phillip Securities as the new Billing Organisation and new Direct Debit Authorisation for your GIRO arrangement from 26 October 2020. All trade settlement amounts will continue to be debited from or credited to your existing bank account set up for GIRO arrangement, provided the GIRO linkage is approved.

Please note that there will be no GIRO collection from your bank account from 30 October 2020 for a period of one to two weeks due to the GIRO migration activities. You are required to make alternative payment arrangement to settle your purchase contracts, if any.

  • Electronic Payment for Shares (EPS)

If you have an existing EPS arrangement with RHBSS, a similar one will be set up at Phillip Securities for you, subject to the bank approving the EPS linkage. During this transition period, the payment menu in the ATM/electronic banking system will display both RHBSS and Phillip Securities as your brokers. Payment in respect of outstanding balances due to RHBSS and trades executed with RHBSS before 26 October 2020 should still be made to RHBSS, even if you intend to pay on or after 26 October 2020.

  • Cheque Payments

Monies received by RHBSS from 26 October 2020 onwards will be transferred and credited to your new Phillip Securities trading account unless you have any outstanding amount due to RHBSS.

  • Bill Payment

If you wish to settle your trades with Phillip Securities via internet banking service, you will need to set up a new Bill Payment instruction with your bank to assign Phillip Securities as the billing organisation and input your new Phillip Securities trading account number under ‘remarks’.

Corporate Action entitlements with a book closure date falling on or after 26 October 2020 will be processed according to your existing arrangement with RHBSS and any monies and/or share entitlements will be transferred to your new Phillip Securities trading account.

Cash Dividend in relation to assets held in cash accounts in PSPL’s custody will be processed and paid in SGD only.

As part of our continued efforts to improve customer experience and promote a greener environment, you may log on to POEMS 2.0 to view your contract notes and monthly e-statements. You will receive an email notification from Phillip Securities when your contract notes and monthly e-statements are retrievable.
No. As part of the transfer of your trading account(s) to Phillip Securities, Phillip Securities will instruct CDP on your behalf to create the necessary linkage(s) between your Phillip Securities trading account and CDP account. This linkage(s) is necessary for the post trade settlement of your sale and purchase transactions.

You are not required to do so. All customer information relating to your RHBSS trading account(s) and documents provided by you to RHBSS, including but not limited to information set out in your RHBSS account application form, risk disclosure acknowledgements and tax related declarations, will be transferred to Phillip Securities.

Some of this information will be provided to Phillip Securities before 26 October 2020 to set up your new Phillip Securities trading account, GIRO, EPS and CDP linkages. Phillip Securities will rely on this information and assume that they continue to be accurate and complete, unless notified otherwise by you.

If you currently have existing account(s) with Phillip Securities, the contact details of your new trading account(s) will be created based on Phillip Securities’ records.

If you wish to update your personal particulars, please provide Phillip Securities with your new information by completing and submitting the Update Account Particulars form to the following address:

Phillip Securities Pte Ltd
250 North Bridge Road
Raffles City Tower #06-00
S179101

Alternatively, you may log in to the CDP portal to update your personal details.

Your trading limit will remain unchanged unless notified otherwise by Phillip Securities.
Your commission rate will remain unchanged after your account is transferred to Phillip Securities.
Existing margin accounts on grade-based financing will remain until 30 September 2022 or until further notice, whichever is earlier. Please be informed that the instrument grade may be revised and differ from that previously adopted by RHBSS.
Should you have any queries or concerns, please do not hesitate to reach out to our PSPL Customer Experience Unit at 6531 1555 or email to talktophillip@phillip.com.sg.

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