Knock-OutSmartForwardContractPDS-Westpac.pdfVIP

Knock-Out Smart Forward Contract Product Disclosure Statement Issued by Westpac Banking Corporation ABN 33 007 457 141 AFSL 233714 Dated: August 13, 2014 Knock-Out Smart Forward Contract – Product Disclosure Statement Knock-Out Smart Forward Contract Contents Important Information 3 Knock-Out Smart Forward Contract (KOSFC) Summary 4 Knock-Out Smart Forward Contract (KOSFC) 5 What is a KOSFC? 5 How do KOSFCs work? 5 How do we monitor the exchange rate? 5 Are there any Westpac credit requirements before dealing? 5 What happens at maturity? 6 Can I terminate a KOSFC before maturity? 6 Costs, Benefits and Risks 7 What are the costs? 7 Key Benefits 7 Key Risks 7 Documentation and Confirmation 8 What documentation is required? 8 What about Confirmations? 8 Examples 9 Scenario 1 - Foreign Currency Payment 9 Scenario 2 - Foreign Currency Receipt 10 General Information 12 What information we need from you 12 Code of Banking Practice 12 Financial crimes monitoring 12 Our reporting obligations under FATCA 13 Telephone conversations 13 Taxation 13 Privacy 13 Labour standards or environmental, social and ethical considerations 13 Dispute resolution 14 Glossary 15 Contact Details 16 2 Knock-Out Smart Forward Contract – Product Disclosure Statement Important Information A Product Disclosure Statement (PDS) is an Information relating to KOSFCs that is not materially information document. Its purpose is to provide you adverse may change from time to time. with enough information so that you can decide if the The information in t