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FAQ
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Notice to
Unit Holders about the Restructuring Exercise
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Download Dematerialization Request Form
Questions
Q:
What does it mean to convert units to electronic ownership and why
do I need to know about it?
A: Conversion of units to electronic form is the process of
changing your certificates from its physical form into electronic
form for the same number of holding.
Once you purchase/sell/transfer units in one or all of the funds,
you will receive a contract note as confirmation of the proof of
ownership, instead of a certificate.
Conversion of units to electronic form is optional and you can still
hold units in physical form.
Q:
How does the conversion of units to electronic ownership benefit me?
A: You will receive a number of benefits. These include
- The ability to purchase, transfer or sell your units within a
shorter timeframe. If you wish to sell your units, you can
efficiently complete your transaction, as there will be no need to
use physical certificates to conclude the transaction.
- The fact that evidence of ownership cannot be lost or misplaced,
as the official record is kept electronically.
- Greater convenience to process transactions, as there’ll be
minimal paper work, compared to processing physical certificates.
- Elimination of the risk associated with loss, forgery, and theft
of certificates.
- The elimination of the turnaround time to process encashment, in
the event that you wish to take advantage of other investment
opportunities
- You are now part of global world that is moving away from physical
certificates replacing them with electronic ownership records.
Q:
If the units are converted to electronic ownership what is the
procedure for change of address?
A: You will be required to complete a change of address form
and submit same to CCFM. CCFM
will pass on this information to the Jamaica Central Securities
Depository, (JCSD) which will complete your request.
Q:
Once my units are converted to electronic ownership, can I ever get
them converted into physical units?
Yes – if you have converted your units to electronic ownership, you
will still have the option to convert your holding to certificate
form. Just submit your request in the same manner as you did when
you first surrendered your certificates.
Q:
How does the transfer of units to electronic ownership work?
A: You will have to fill out a “Surrender of Certificate
Form” in duplicate and complete all the relevant details. A Client
Relations Officer will assist you to complete the form. You will
also be required to present a valid form of identification.
1. Once this is done, submit the form along with the certificates
that you want to convert to electronic ownership.
2. You will be provided with a receipt confirming the certificates
that were surrendered for conversion to electronic ownership.
3. The certificate(s) will be cancelled by the Registrar and an
electronic request will be sent to the Registrar to confirm
electronic conversion. Each request will bear a unique
transaction number.
4. The Registrar will convert your units to electronic ownership.
Your account will be updated only after the deposited certificates
have been validated by the Registrar in order to detect certificates
that are forged, lost or stolen.
Q:
Can I pledge my units which have been converted to electronic
holdings for the purpose of obtaining a loan.
A: No. The Trust Deed does not allow for this, unless you pay
over your units to the Fund Manager.
Q:
If I have lost/misplaced my certificates, what are the steps that I
should take to effect conversion of units to electronic ownership?
A: You must inform CCFM about the loss of certificates. You
will be required to complete an indemnity form (indicating your
name, the name of the fund and your certificate number if
available).
- If your account for which the units are held is joint, all parties
will be required to sign all documents.
- CCFM shall immediately mark a caution on your account to prevent
any further transfer of units covered by the lost certificates. Upon
proper completion of all the documents CCFM shall proceed with
the conversion process.
- Only unit holders to an account can report lost or stolen
certificates.
Q:
What should I do if I find the original certificate, which I had
reported to be lost to the company?
A: Please surrender the original certificate to CCFM right
away so that CCFM can remove the caution immediately from your
account. (Please note that your units would have already been
converted to electronic ownership)
Q:
How do I electronically convert shares with pre-marital / maiden
names?
A: In such cases you should submit a certified, true copy of
the marriage certificate when you present your shares for electronic
conversion. |
