“Content”
means materials, information, news, advertisements, listings, data, input,
text, songs, audio,
video,
pictures, graphics, software, blogs, webcasts, podcasts, broadcasts, messages,
software, comments,
suggestions,
ideas and other content.
“Insight
Providers” means any third party who writes and publishes Content on the Site.
“Site”
means the Smartkarma website (www.smartkarma.com) containing the link to
these Terms &
Conditions.
“Smartkarma”
means Smartkarma Innovations Pte. Ltd.
“Third
Party Products” means products and services of third parties, including other users,
advertised on
or
available at the Site or websites linked from the Site.
“User
Content” means all Content on this Site which is created, transmitted, posted
or uploaded by a user
of
the Site.
Smartkarma
operates www.smartkarma.com
(“Site”),
a platform where Insight Providers can contribute their
opinions
(“User Content”) based on public information.
Smartkarma
is not registered with any regulatory body in Singapore or any other
jurisdiction.
Smartkarma
falls under the category of an Internet Content Provider (ICP), under the Media
Development
Authority’s
(MDA) Class Licence Scheme, which is defined as
a.
any individual in Singapore who provides
Smartkarma
operates www.smartkarma.com
(“Site”),
a platform where Insight Providers can contribute their
opinions
(“User Content”) based on public information.
Smartkarma
is not registered with any regulatory body in Singapore or any other
jurisdiction.
Smartkarma
falls under the category of an Internet Content Provider (ICP), under the Media
Development
Authority’s
(MDA) Class Licence Scheme, which is defined as
a.
any individual in Singapore who provides
a. any individual in Singapore who provides any
programme, for business, political or religious purposes, on the World Wide Web
through the Internet; or
b. any corporation or
group of individuals who provides any programme on the World Wide Web through
the Internet,
and includes any web publisher and any web server administrator.
ICPs are generally automatically class licensed and there is no active
requirement to register with the MDA.
As as licensee of the Internet Class
Licence Scheme, Smartkarma is required to comply with the Class Licence
Conditions, including as follows:
a. comply with the laws of Singapore at all
times;
b. assist MDA in the
investigation into any breach of its licence or any alleged violation of any
law committed by the licensee or any other person, and produce such
information, records, documents, data or other materials as may be required by
the MDA for the purpose of the investigation;
c.
keep and furnish to MDA all information, records, documents data or other
materials concerning or relating to the provision of its service as MDA may,
from time to time, require;
d.
use its best efforts to ensure that its service complies with such Code of
Practice (discussed in the next Section) as MDA may issue from time to time;
e. use its best efforts to ensure that its
service is not used for any purpose, and does not contain any programme that is
against the public interest, public order or national harmony, or offends
against good taste or decency;
and
f. remove, or prohibit the broadcast of, the whole or any part of a
programme included in its service if MDA informs the licensee that the
broadcast of the whole or part of the programme is contrary to a Code of
Practice applicable to the licensee, or the programme is against the public
interest, public order or national harmony / offends against good taste or
decency.
Further, an ICP who provides a webpage on the World Wide Web through
the Internet to which other persons are invited to contribute or post
programmes shall use its best efforts to ensure that programmes conform with
such applicable Code of Practice as MDA may issue from time to time. To this
end, all Insight Providers are required to sign an Insight Provider Agreement,
before being allowed to publish on the Site, agreeing that the content that
they publish shall exclude prohibited material, as defined in the Internet Code
of Practice by MDA as follows:
A)Prohibited material is material that is objectionable on the grounds of public interest, public morality,
public order, public security, national harmony, or is otherwise prohibited by applicable Singapore laws.
B) In considering what is prohibited material, the following factors should be taken into account:
a. whether the material depicts nudity or genitalia in a manner calculated to titillate;
b. whether the material promotes sexual violence or sexual activity involving coercion or nonconsent
of any kind;
c. whether the material depicts a person or persons clearly engaged in explicit sexual activity;
d. whether the material depicts a person who is, or appears to be, under 16 years of age in sexual
activity, in a sexually provocative manner or in any other offensive manner;
e. whether the material advocates homosexuality or lesbianism, or depicts or promotes incest,
paedophilia, bestiality and necrophilia;
f. whether the material depicts detailed or relished acts of extreme violence or cruelty;
g. whether the material glorifies, incites or endorses ethnic, racial or religious hatred, strife or
intolerance.
The Insight Provider Agreement includes a clause stating that the content that is published on the Site must
a. be accurate (where they state facts);
b. be genuinely held (where they state opinions);
c. comply with applicable law in any country from which they are posted;
d. comply with Singapore law.
The Insight Provider Agreement also states that the content that is published on the Site must not
a. contain or be based on nonpublic, material information;
b. contain any material which is defamatory of any person;
c. contain any material which is obscene, offensive, hateful or inflammatory;
d. promote sexually explicit material;
e. promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age;
f. infringe any copyright, database right or trade mark of any other person;
g. be likely to deceive any person;
h. be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of
confidence;
i. promote any illegal activity;
j. be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless
anxiety;
k. be likely to harass, upset, embarrass, alarm or annoy any other person;
l. be used to impersonate any person, or to misrepresent your identity or affiliation with any person;
m. give the impression that they emanate from Smartkarma;
n. advocate, promote or assist any unlawful act such as (by the way of example only) copyright
infringement or computer misuse.
According to the Monetary Authority of Singapore, financial advisers provide services such as advising
others on investment products, issuance of research reports covering investment products, marketing of any
collective investment schemes, as well as arranging life policies for others.
As Smartkarma does not provide any of these services, it is not required to hold a financial advisory
licence.The ideas that are posted on the Site are generic ideas, similar to what one might find in other
publications, rather than personalised investment advice and any follow up or input is posted for general
reviews by users of the Site.
Smartkarma is not a broker/dealer, investment/financial adviser under Singapore law or securities laws of
other jurisdictions and does not advise individuals or entities as to the advisability of investing in, purchasing,
or selling securities or other financial products or services. This Site is not intended to provide tax, legal or
investment advice, and nothing on this Site should be construed as an offer to sell, a solicitation of an offer
to buy, or a recommendation for any security. The content on the Site is offered only for general information,
discussion and entertainment purposes.
Our inhouse algorithm recommends insights that we think our clients are interested in based on the content verticals that the client has chosen in the Settings page, as well as the insights that the clients read on the platform.
4. How is Smartkarma different from traditional providers of insight? The market for investment insight has traditionally been dominated by big banks and brokers, who restrict access to their feepaying customers in their model of bundling research and trading commissions. This means that brokerages and banks make recommendations that are in their best interest but not always yours.
5. Are Insight Providers on the Site required to register as financial advisers as a result of their participation on Smartkarma? Each Insight Provider is responsible for his or her own analysis of the compliance obligations applicable to himself or herself under Singapore law and any other applicable law. Insight Providers are not expected to provide personalised investment advice on the Site and may be entitled to the same ICP exemption that Smartkarma enjoys.
6. Do Insight Providers have to disclose whether or not they have a position in the stock that they wrote about? Yes. When writing an article, Insight Providers are asked if they have a position in the stock that they wrote about. Their reply is included in the article when it is published ie. it is visible to anyone who accesses the article whether or not the Insight Provider has a position in the stock that they wrote about.
The market for investment insight has traditionally been dominated by big banks and brokers, who restrict access to their feepaying customers in their model of bundling research and trading commissions.
This means that brokerages and banks make recommendations that are in their best interest but not always yours.
Each Insight Provider is responsible for his or her own analysis of the compliance obligations applicable to himself or herself under Singapore law and any other applicable law. Insight Providers are not expected to provide personalised investment advice on the Site and may be entitled to the same ICP exemption that Smartkarma enjoys.
Yes. When writing an article, Insight Providers are asked if they have a position in the stock that they wrote about. Their reply is included in the article when it is published ie. it is visible to anyone who accesses the article whether or not the Insight Provider has a position in the stock that they wrote about.
No. Clients receive emails at a frequency that they have selected in their settings, and all articles are hyperlinked back to the Site.
Smartkarma maintains a multipronged approach to address this critical issue:
● First, upon joining Smartkarma, each Insight Provider signs an agreement which states that
material, nonpublic information is never to be shared on Smartkarma in any capacity.
Smartkarma's Terms of Use specifically forbid a member to
○ act in any unlawful manner, including in a manner that could be deemed to violate
applicable laws by touting or hyping an investment, manipulating securities or
other investment prices or markets;
○ employ any device, scheme, or artifice to defraud any person in connection with an
investment,
○ make any untrue statement of a material fact relating to an investment or to omit to
state a material fact necessary in order to make the statements made, in the light
of the circumstances under which they were made, not misleading; or
○ engage in any act, practice, or course of business which operates or would
operate as a fraud or deceit upon any person in connection with an investment.
Each member agrees not to engage in any such activity and is advised that such
member will lose access to the Site if he/she engages in any such activity.
● Second, upon the submission of any User Content to Smartkarma, each member must click
through a series of checkboxes including one stating that the investment content they are
sharing in no way incorporates material, nonpublic information or violates applicable law.
● Finally, Smartkarma has a designated Compliance Officer who is authorised to read every
piece of User Content posted on the Site and such Compliance Officer conducts periodic
spotchecks of User Content (both randomly and in response to specific inquiries or tips)
specifically to seek out potential inclusion of material, nonpublic information, unsubstantiated
rumors, and other potential attempts at market manipulation.
Of course, none of these steps prevent the inclusion of material, nonpublic information or other market
manipulation and all members must be vigilant and exercise care in accessing or using information. All
members must comply with their own firm's compliance policies and procedures and with applicable law. If a
member believes they have identified information that may be material, nonpublic information (at any time,
or if judged with hindsight) or other activity or information that may give rise to market manipulation, such
member should contact Smartkarma immediately.
The use of a company or entity name in the biographical or employment information of an Insight Provider should not be construed as an express or implied endorsement by such company or affiliate of Smartkarma. Insight Providers are not employees or under the supervision of Smartkarma. Insight Providers have agreed to be bound by the Insight Provider Agreement and have represented, among other things, that they will not disclose information that is subject to a confidentiality obligation or participate in violation of any agreements or duties owed to employers or other third parties. Smartkarma relies on the accuracy of these representations of the Insight Providers and does not necessarily seek independent verification.
Smartkarma revolves around the twin principles of transparency and accountability. Fundamentally, Smartkarma believes that members of the community will be in a better position to assess the quality of information and the compliance efforts of the community if identities are disclosed. In addition, members can confirm whether a firm is registered with any regulatory agency and whether there are relevant disciplinary matters publicly disclosed about the firm. Compliance officers can be comfortable that including their firm's name will not be constituted as solicitation of investment: all Smartkarma clients upon registration acknowledge that the investment content on Smartkarma is solely for research purposes and in no way represents a solicitation.
There are no additional/hidden costs and charges apart from the subscription fee for clients.
No. The Site is open to anyone who wishes to publish insight. Smartkarma, however, does track the performance of all Insight Providers and ranks them in realtime, so that clients can decide what to read.
