Regulatory Information & Risk Factors

The information on this website is issued and approved by Martin Currie Investment Management Ltd ('MCIM'), the investment manager to Securities Trust of Scotland ('the Trust'). MCIM is authorised and regulated by the Financial Conduct Authority ('FCA').

MCIM is a wholly owned subsidiary of Martin Currie Limited. The information on this website does not in any way constitute investment, tax, legal or other advice. If you are in any doubt about any of the information on this website, please consult your financial or other professional adviser.

Please read the information below. It contains the legal and regulatory information that you need to be aware of before receiving any further information regarding this Trust, or the products offered by MCIM which give exposure to the Trust, as referred to in this website.

Market and currency movements may cause the capital value of shares, and the income from them, to fall as well as rise and you may get back less than you invested. Past performance is not a guide to future returns.

The information contained within this website does not constitute an offer of, or an invitation to apply for, securities:

  • In any jurisdiction where such offer or invitation is unlawful or
  • In which the person making such offer is not qualified to do so or
  • To whom it is unlawful to make such an offer or solicitation.

The distribution of this information in written format is generally restricted to the UK. The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. But no representation or warranty, express or implied, is made to its accuracy or completeness. Any research or analysis contained in this website has been procured by MCIM for its own use. It is provided to you only incidentally, and any opinions expressed are subject to change without notice.

Non-Mainstream Pooled Investments

Please note that the shares of the Securities Trust of Scotland qualify as an ‘excluded security’ under the FCA non-mainstream pooled investments rules which means that the shares can be recommended by IFAs to ordinary Retail Investors.

Risk factors

Please note that, as the shares in investment trusts are traded on a stockmarket, the share price will fluctuate in accordance with supply and demand and may not reflect the value of underlying net asset value of the shares.

Depending on market conditions and market sentiment, the spread between purchase and sale price can be wide. As with all stock exchange investments the value of investment trust shares purchases will immediately fall by the difference between the buying and selling prices, the bid-offer spread.

The value of investments and the income from them may go down as well as up and is not guaranteed. An investor may not get back the amount originally invested.

Investment trusts may borrow money in order to make further investments. This is known as 'gearing' and can enhance shareholder returns in rising markets but, conversely, can reduce them in falling markets.

The majority of charges will be deducted from the capital of the trust. This will constrain capital growth of the trust in order to maintain the income streams.

High exposure to a single country market increases potential volatility.

Changes in the rates of exchange may cause the value of investments to go up or down.

The trust invests in emerging markets which tend to be more volatile than mature markets and the value of your investment could move sharply up or down. In some circumstances the underlying investments may become illiquid which may constrain the investment manager's ability to realise some or the entire portfolio. The registration and settlement arrangements in emerging markets may be less developed than in more mature markets so the operational risks of investing are higher. Political risks and adverse economic circumstances are more likely to arise putting your investment at risk.

Funds which invest in smaller and/or medium sized companies are specialist funds and as such are likely to carry higher risks than a more widely invested fund.

About the Trust

The Trust has an independent Boards of Directors, is listed on the London Stock Exchange and adheres to the UK Listing Authority's rules. Please note that, as the shares in the Trust are traded on a stockmarket, the share price will fluctuate in accordance with supply and demand and may not reflect the underlying net asset value of the shares. Depending on market conditions and market sentiment, the spread between the purchase and sale price can be wide. The Trust may also borrow money in order to make further investments. This is known as 'gearing' and can enhance shareholder returns in rising markets but, conversely, can reduce them in falling markets.

Securities Trust of Scotland is registered in Scotland (number SC283272) and has its registered office at Saltire Court, 20 Castle Terrace, Edinburgh EH1 2ES.

Martin Currie products

MCIM is the manager of Martin Currie products. This website and any other literature concerning these products are issued by MCIM alone and not as agent for the Trust. MCIM is solely responsible for ensuring that these products meet the required regulatory standards. The Trust or its directors will not be liable for any irregularity on MCIM's part in carrying out its responsibilities.

Anti-money laundering

MCIM must adhere to anti-money laundering legislation. This requires us to carry out identity verification checks. If we cannot verify you or your client's identity in accordance with the legislation, we reserve the right to refuse the investment. If the funds are invested prior to the identity checks being carried out, we will not release the proceeds until we receive adequate verification of you or your client's identity.

Telephone Calls

For your protection, all telephone calls are usually recorded.

Financial Conduct Authority

If you would like further information on the FCA, MCIM's regulator, you can access their website at www.fca.org.uk