An agreement is hereby made between the acount holder of the Investment Savings Account (Customer) and Freetrade Europa AB (org. no. 559285-0696) (the Company) regarding the Investment Savings Account with the Company in accordance with these Terms and Conditions for Investment Savings Account and in accordance with the Terms & Conditions and the Order Execution Policy. In the event of any conflict between these Terms and the above mentioned general terms and special policies applicable at any time, these Terms apply. The agreement shall be considered entered into when the Customer, with the necessary authorization documents if applicable, has signed and returned the agreement to the Company and the Company has approved the Customer after a standard customer examination. Instead of signing the agreement, the customer can accept these conditions as a logged-in customer on the Company's web service. An account is then opened on behalf of the Customer. After a special application, an account can be opened by a minor.
By accepting these Terms and Conditions for Investment Savings Accounts, the Customer authorizes the Company to open a General Investment Account in the Company on behalf of the Customer and to transfer assets to such an account which, according to the Investment Savings Account Act, or these terms, may not be stored in the Investment Savings Account.
Agreement: The company's General Terms and Conditions for Investment Savings Account, Terms & Conditions and the Order Execution Policy.
Approved Investment Assets: such Investment Assets approved by the Company which according to the Investment Savings Account Act and the Agreement may at any time be stored in the Investment Savings Account.
EEA: European Economic Area
Financial Instruments: such instruments as referred to in the Securities Market Act.
Fund Shares: shares in a mutual fund or special fund as referred to in the Securities Funds Act and the Alternative Investment Fund Managers Act.
Investment assets: assets which, according to the Investment Savings Account Act, may be kept in an Investment Savings Account, i.e. such Financial Instruments which (i) are admitted to trading on a Regulated Market or equivalent market outside the EEA, (ii) are traded on an MTF platform within the EEA or (iii) constitute Fund Shares. Significant Ownership Shares and Qualifying Shares are not Investment Assets.
Investment company: securities institution which, according to law, may enter into an agreement on an Investment Savings Account.
Investment Savings Account: such account that meets the requirements of the Investment Savings Account Act.
MTF platform: such market within the EEA as referred to in the Securities Market Act.
Non-Account Asset: such Financial Instrument that is not an Investment Asset.
Other Owned Account: such General Investment Account and/or account which the Customer, or the Company on behalf of the Customer, has opened with the Company or which the Customer has opened with another institution and which is not an Investment Savings Account.
Qualifying Shares: such shares and other Financial Instruments in or relating to limited liability companies that are subject to special taxation rules in the Income Tax Act.
Related party: person who is covered by the definition of related party in the Income Tax Act.
Regulated Market: such market as referred to in the Securities Market Act.
Shareholder Rights Directive II (SRD II): Directive (EU) 2017/828 of the European Parliament and of the Council of 17 May 2017 on the amendment of Directive 2007/36/EC regarding the encouragement of shareholders' long-term commitment as it has been implemented in Swedish law through chapter 3 in the Swedish Central Securities Depositories and Financial Instruments Accounts Act (1998:1479), as well as the Commission's implementing regulation (EU) 2018/1212 of 3 September 2018 establishing minimum requirements for the directive of the provisions of the European Parliament and the Council 2007/36/EC regarding the identification of shareholders, transfer of information and facilitation of the exercise of shareholder rights.
SRD II companies: companies domiciled within the EEA whose shares are admitted to trading on a regulated market and which are covered by SRD II.
1. STORAGE OF ASSETS IN INVESTMENT SAVINGS ACCOUNT
1.1 In the Investment Savings Account, the Customer may only keep Approved Investment Assets and Cash, unless otherwise stated in the Agreement.
1.2 The Investment Assets Approved by the Company at any time are shown in the Investment Regulations which are available on the Company's website www.freetrade.io
1.3 A Financial Instrument is kept in the Investment Savings Account when the Company has registered it in the account.
1.4 It is the Customer's responsibility to continuously keep up-to-date on which assets may be stored in the Investment Savings Account at any given time. If the Company decides to remove an Approved Investment Asset from the Investment Regulations, the Customers who are holders of such assets in their Investment Savings Account will be informed of this by the Company at least thirty (30) days before the change is made.
2. TRANSFER OF FINANCIAL INSTRUMENTS TO INVESTMENT SAVINGS ACCOUNT
2.1 Transfer from own account
2.1.1 The customer may only transfer Approved Investment Assets that the Customer owns to the Investment Savings Account. Such a transfer can take place from Customer’s Other Account or from another own Investment Savings Account. If the transfer takes place from Customer’s Other Owned Account, the transfer is considered a divestment for tax purposes.
2.1.2 The customer may neither transfer Investment Assets that are not approved by the Company nor Non-Account Assets to the Investment Savings Account.
2.2 Transfer from another person
2.2.1 Approved Investment assets may be transferred to the Investment Savings Account by another person only if the assets are transferred to the account in connection with the Customer's acquisition of the assets and the acquisition has taken place:
1. on a Regulated Market or other equivalent market outside the EEA or on an MTF platform;
2. in such a way that new Fund Shares are issued;
3. from the person who issued the assets if the acquisition was based on assets that were kept in the account at the time of the acquisition;
4. from the Company;
5. from the acquiring company if the assets were for compensation to the shareholders in the event of a merger or division of a limited company and if the assets were acquired on the basis of shares that were kept in the account at the time of acquisition;
6. from the purchasing company if the acquisition was part of a share exchange procedure and if the assets were acquired due to shares that were kept in the account at the time of the acquisition;
7. from another person if the assets at the time of acquisition were kept in their Investment Savings Account; or
8. through dividends on assets that were kept in the Investment Savings Account at the time of acquisition.
2.2.2 Investment Assets that are not approved by the Company may be transferred to the Investment Savings Account by another person only if the assets are transferred to the account in connection with the Customer's acquisition of the assets and the acquisition has taken place:
1. from the acquiring company if the assets were for compensation to the shareholders in the event of a merger or division of a limited company and if the assets were acquired due to shares that were kept in the account at the time of acquisition;
2. from the purchasing company if the acquisition was part of a share exchange procedure and if the assets were acquired on the basis of shares that were kept in the account at the time of the acquisition; or
3. through dividends on assets that were kept in the Investment Savings Account at the time of acquisition.
2.2.3 Non-Account Assets may be transferred to the Investment Savings Account by another person only if the assets are transferred to the account in connection with the Customer's acquisition of the assets and the acquisition has taken place:
2.2.4 Such Financial Instruments referred to in 2.2.1-2.2.3 may not, however, be transferred to the Investment Savings Account if the acquisition is based on Significant Ownership Shares, Qualifying Shares or on such Non-Account Assets which at the time of the acquisition were kept in the Investment Savings Account with the support of 4.3.3 .
2.2.5 Significant Ownership Shares or Qualifying Shares may not be transferred to the Investment Savings Account with application of 2.2.3 point 1.
2.3 Valuation of Financial Instruments upon transfer
2.3.1 When transferring Financial Instruments from Customer’s Other Owned Account to the Investment Savings Account, they will be taken up by the Company, in the Customer's Investment Savings Account, at the current market price, which is normally the last quoted price closest to the time of transfer. The time of transfer is when the assets are registered in the Investment Savings Account.
2.3.2 The company has the right not to carry out the Customer's transfer assignment.
3. TRANSFER OF FINANCIAL INSTRUMENTS FROM THE INVESTMENT SAVINGS ACCOUNT
3.1 Transfer to own account
3.1.1 The customer may transfer Investment assets from the Investment Savings account to another own Investment Savings account only if the assets may be stored in the receiving account.
3.1.2 The customer may not transfer investment assets from the Investment Savings Account to their Other Owned Account.
3.1.3 The customer may transfer Non-Account Assets from the Investment Savings Account to their Other Owned Account.
3.2 Transfer to another person
3.2.1 The Customer may transfer Investment Assets and Non-Account Assets from the Investment Savings Account to another person only if the Customer through sale, exchange or the like has transferred the assets:
1. on a Regulated Market or other equivalent market outside the EEA or an MTF platform;
2. in such a way that Fund Shares are redeemed;
3. to the person who issued the assets;
4. to the Company;
5. to the bidder if the transfer was part of a public takeover offer;
6. to the purchasing company if the transfer was part of a share exchange procedure; or
7. to the majority shareholder in a company if the transfer was part of a procedure for the redemption of minority shares in the same company.
3.2.2 The Customer may also transfer Investment assets which the Customer has transferred through sale, exchange or the like from the Investment Savings Account to another person if the assets are directly transferred to their Investment Savings Account upon transfer and if the assets may be stored in the receiving account.
3.2.3 The Customer may transfer Investment assets which the Customer has transferred through inheritance, will, gift, estate division or in a similar way from the Investment Savings Account to another person only if the transfer takes place directly to their Investment Savings Account and if the assets may be stored in the receiving account.
3.2.4 The Customer may transfer Non-Account Assets which the Customer has transferred through inheritance, will, gift, estate division or the like from the Investment Savings Account to another person only if the transfer takes place to an account that is not an Investment Savings Account.
4. TEMPORARY STORAGE OF CERTAIN TYPES OF FINANCIAL INSTRUMENTS
4.1 General
4.1.1 What appears in sections 4.2 and 4.3 constitutes an exhaustive list of the situations when Investment Assets that are not approved by the Company and certain types of Non-Account Assets may be temporarily stored in the Investment Savings Account.
4.1.2 If such assets referred to in 4.2.1, 4.3.2 and 4.3.3 become Approved Investment Assets within the deadline specified below, they may be kept in the Investment Savings Account.
4.1.3 From section 4.4 it is clear within what time limits and in what way that Investment Assets that are not approved by the Company and/or Assets outside the Account must be moved from the Investment Savings Account.
4.2 Investment assets that are not approved by the Company
4.2.1 Investment assets that are not approved by the Company may be kept in the Investment Savings Account up to and including thirty (30) days after the end of the quarter in which the assets were classified as such assets or were listed in the account.
4.3 Certain types of Non-Account Assets
4.3.1 Significant Ownership Shares or Qualifying Shares which were not such assets when transferred to the Investment Savings Account or which have been transferred to the account in the manner set out in 2.2.3 clauses 2-5 may be held in the Investment Savings Account up to and including thirty (30) days after the day on which the assets were first classified as such assets or were recorded in the account. The assets must, even if they are classified as other assets during the deadline, be moved out of the Investment Savings Account no later than this day.
4.3.2 Non-Account Assets, other than Significant Ownership Shares or Qualifying Shares, and which were Investment Assets when they were transferred to the Investment Savings Account or which have been transferred to the account with the support of the Customer's existing holdings of Financial Instruments in the manner referred to in 2.2.3 points 2–5, may be kept in the Investment Savings Account up to and including sixty (60) days after the end of the quarter in which the assets were classified as such assets or were recorded in the account.
4.3.3 Non-Account Assets other than Significant Shares or Qualifying Shares which, when transferred to the Investment Savings Account, were intended to be admitted to trading in the manner set out in 2.2.3 point 1, may be kept in the Investment Savings Account up to and including sixty (60) days after the day they were issued.
4.4 Transfer of Investment Assets that are not approved by the Company and/or Non-Account Assets
4.4.1 The customer must, within the deadlines specified in sections 4.2 and 4.3 above, move Investment Assets that are not approved by the Company and/or Non-Account Assets from the Investment Savings Account. Such a move can take place either by the Customer, in accordance with the Agreement, transferring the assets to another repository or by the Customer transferring the assets.
4.4.2 If the Customer has not, within the time limit specified in 4.2.1, transferred Investment assets that the Company does not approve and which are temporarily stored in the Investment Savings Account or instructed the Company to which Other Own Investment Savings Account such assets are to be transferred, the Company shall, on behalf of the Customer, at that time and in the manner determined by the Company, divest all or part of the Customer's holding of the assets.
4.4.3 If the Customer has not, no later than seven (7) days before the times specified in 4.3.1 –
4.3.3, transferred Non-Account Assets that are temporarily stored in the Investment Savings Account or designated the Company to which of their Other Owned Accounts such assets are to be transferred, the Company may at its own discretion choose between, on behalf of the Customer (i) transferring the assets to their Other Owned Account in the Company or (ii) at the time and in the manner determined by the Company, divest all or part of the Customer's possession of the assets.
4.5 Obligation to provide information
4.5.1 The customer must inform the Company as soon as possible if it comes to their knowledge that (i) Investment assets that are not approved by the Company or (ii) Non-Account Assets are stored in the Investment Savings account,.
4.5.2 The Company shall, within five (5) days from the time it has come to the Company's attention that Non-Account Assets are stored in the Investment Savings Account, inform the Customer of this and the time within which the assets must be moved from the Investment Savings Account.
4.5.3 In application of 4.5.2, the Company shall be deemed to have become aware that Non-Account Assets are held in the Investment Savings Account when twenty-five (25) days have passed from the end of the quarter in which the Non-Account Assets were first held in the Investment Savings Account as Non-Account Assets. However, this does not apply to Significant Ownership Shares or Qualifying Shares or such Non-Account Assets that are kept in the account with the support of 4.3.3.
5. CASH
5.1 The customer may deposit cash into and withdraw cash from the Investment Savings Account.
6. INTEREST, DIVIDEND AND OTHER RETURNS
6.1 Interest, dividends and other returns attributable to the assets held at any time in the Investment Savings Account must be transferred directly to the Investment Savings Account. For compensation attributable to the transfer of Financial Instruments, however, what appears in section 8.3 applies.
6.2 The customer is responsible for ensuring that interest, dividends and other returns attributable to Significant Ownership Shares, Qualifying Shares or such Non-Account Assets that are kept in the Investment Savings Account with the support of 4.3.3 are not transferred to the Investment Savings Account. If the Customer has not given any other instructions, the Company may, at its own discretion, transfer such interest, dividends and other returns to their Other Owned Account in the Company.
7. COMMITMENTS REGARDING STORED FINANCIAL INSTRUMENTS
7.1 The Company's commitments regarding the assets stored in the Investment Savings Account follow from the General Regulations for trading and custody/account agreements applicable by the Company at any time.
7.2 With regard to shares in SRD II companies, the Company undertakes to transfer to the customer without delay such information and confirmations as the institute has received from an intermediary or an SRD II company and which an SRD II company is obliged to provide to its shareholders according to SRD II, and upon request from the customer without delay transfer the customer's instruction to an SRD II company or to the next intermediary regarding the exercise of the customer's rights as a shareholder in the SRD II company or otherwise facilitate the exercise of shareholder rights according to SRD II.
7.3 The company reserves the right not to carry out the commitments set out in the General provisions for trade and deposit/account agreements, if this would conflict with the provisions of the Agreement or the law on Investment Savings Accounts.
8. TRADING IN FINANCIAL INSTRUMENTS
8.1 General
8.1.1 When buying and selling assets on the Investment Savings Account, in addition to what appears below, the Company's Terms & Conditions and Order Execution Poliy apply.
8.1.2 The Company reserves the right not to carry out buying or selling assignments on behalf of the Customer regarding Financial Instruments in cases where the Financial Instruments do not constitute Investment Assets that have been approved by the Company or by the receiving Institution, as well as in cases where the assignment otherwise contravenes the Agreement or the Investment Savings Account Act.
8.2 Acquisition of Financial Instruments
8.2.1 It is the Customer’s responsibility to check in advance that the Financial Instruments that the Company is commissioned to acquire on behalf of the Customer constitute Approved Investment Assets.
8.2.2 When the Customer acquires Financial Instruments for the Investment Savings Account, payment must be made with assets held in the Investment Savings Account.
8.2.3 When the Customer acquires Financial Instruments for the Investment Savings Account, payment may be made in the form of Financial Instruments stored in the Investment Savings Account (exchange) only if such transfer takes place in accordance with section 3.2.
8.3 Compensation in case of transfer of Financial Instruments
8.3.1 In the case of the Customer's transfer of Financial Instruments that takes place in the
manner specified in 3.2.1 points 1-7, compensation received in the form of cash must be transferred directly to the Investment Savings Account.
8.3.2 In the case of the Customer's transfer of Investment Assets that takes place in the manner specified in 3.2.2, compensation received in the form of cash must be transferred directly to the Investment Savings Account.
8.3.3 In the case of the Customer's transfer of Financial Instruments that takes place in the manner specified in 3.2.1 and 3.2.2, compensation received in the form of Investment Assets shall be transferred directly to the Investment Savings Account.
8.3.4 When the Customer transfers Financial Instruments, compensation received in the form of Non-Account Assets shall be transferred to the Investment Savings Account only if (i) the transfer of assets to the Investment Savings Account takes place in accordance with 2.2.3 - 2.2.5 and if (ii) the customer has not designated another depository to which such compensation should be transferred instead.
8.3.5 The customer is responsible for ensuring that compensation for the transfer of Significant Ownership Shares, Qualifying Shares or such Non-Account Assets that are temporarily stored in the Investment Savings Account with the support of 4.3.3, is not transferred to the Investment Savings Account. Such compensation, in the form of cash or Financial Instruments, shall instead be transferred to another deposit designated by the Customer. If the Customer has not provided any such instructions, the Company may, at its own discretion, transfer the compensation to the Customer’s Other Owned Account in the Company.
9. PLEDGING
9.1 For pledging, in addition to what appears below, the General Regulations for trade and custody/account agreements applied by the Company at any time apply.
9.2 The Customer pledges to the Company, as security for all of the Customer's current and future obligations towards the Company due to the Agreement (i) all the Financial Instruments that at any time are registered in the Investment Savings Account, (ii) all the Financial Instruments that the Customer at any time has acquired for storage in the Investment Savings Account as well as (iii) all cash funds deposited in the Investment Savings Account at any time.
9.3 The Customer may not pledge Financial Instruments that are kept in the Investment Savings Account as security for obligations that the Customer has towards someone other than the Company.
9.4 If the Customer does not fulfill its obligations towards the Company according to the Agreement, e.g. that the Financial Instruments in connection with the sale are not stored in the Investment Savings Account, the Company may claim the lien in the manner the Company deems appropriate. If the Company claims the pledge, it must act with care and, if it is possible and according to the Company's judgment it can be done without disadvantage for the Company, notify the Customer in advance.
10. TRANSFER OF INVESTMENT SAVINGS ACCOUNT
10.1 The investment savings account cannot be transferred.
11. TRANSFERS BETWEEN INVESTMENT SAVINGS ACCOUNTS WITH DIFFERENT INVESTMENT COMPANIES
11.1 In the case of transfers of Investment assets between Investment Savings Accounts at different Investment Companies, it is the Customer's responsibility to ensure in advance that the receiving Investment Company can receive the assets in question.
11.2 Transfer of the Customer's Investment assets to another Investment Company shall be considered completed when the assets have been registered in the Investment Savings Account of the receiving Investment Company.
11.3 In the case of transfers to the Investment Savings Account from another Investment Company, the Company may refuse to receive assets for storage in the Investment Savings Account that are not Approved Investment Assets.
12. TERMINATION OF INVESTMENT SAVINGS ACCOUNT
12.1 The Company may terminate the Agreement for termination two months after the Customer, according to the Terms & Condutions, is deemed to have received the notice.
12.2 The customer can terminate the Agreement in the ways stated in the Terms & Conditions (i.e. via electronic message in the Company's Internet service, by letter or via e-mail after special agreement) for termination one month after the Company, according to the same point, is deemed to have received the notification.
12.3 Regardless of what is said in 12.1 and 12.2, each party may terminate the Agreement in writing with immediate effect if the other party has substantially breached the Agreement or other instructions or agreements that apply to the trading and custody services regarding Financial Instruments or the account services that are connected to the Investment Savings Account.
12.4 However, the agreement ends at the earliest when the Investment Savings Account is closed in accordance with 12.5.
12.5 The investment savings account shall, as a general rule, be closed at the time the Agreement ends according to 12.1 and 12.3. If, at the time of termination of the Agreement, Financial Instruments and/or cash are kept in the Investment Savings Account or if Financial Instruments have been acquired to be kept in the Investment Savings Account, but have not yet been registered in the account, the Investment Savings Account shall, however, instead be terminated as soon as all assets have been moved from the Investment Savings Account. In these situations, the customer must as soon as possible (i) designate another own Investment Savings Account to which Investment Assets are to be transferred, (ii) designate which Other Owned Account that Non-Account Assets are to be transferred to and/or (iii) transfer the assets in accordance with 3.2.
12.6 If the Customer has not specified to which other depository the Investment Assets and/or Non-Account Assets should be transferred or transferred the assets at the latest sixty (60) days from termination according to 12.1 or no later than thirty (30) days from termination according to 12.2 or from termination according to 12.3, the Company may, on behalf of the Customer, at a time and in a manner determined by the Company (i) divest the assets and then transfer all cash from the Investment Savings Account to their Other Owned Account in the Company and/or (ii) transfer Non-Account Assets to their Other Owned Account in the Company.
13. TERMINATION OF INVESTMENT SAVINGS ACCOUNT BY LAW
13.1. If the account ceases to be an Investment Savings Account in accordance with Section 28 of the Investment Savings Account Act, the assets held in the account shall no longer be subject to standard tax. The Company must, within five (5) days of the Company becoming aware of it, inform the Customer that the Investment Savings Account has ceased and that it is the Customer's responsibility to transfer all assets stored in the Investment Savings Account to another repository or transfer the assets as soon as possible.
13.2 If, no later than 10 days after the Company has informed the Customer of the termination of the Investment Savings Account according to 13.1, the Customer has neither indicated to which other depository the assets are to be transferred nor handed over the assets, the Company may take the measures stated in 12.6 and then close the account. The agreement ends when the account has been closed.
14. TAXES, FEES AND OTHER COSTS
14.1 Tax on the Investment Savings Account
14.1.1 The customer is responsible for taxes and other fees that must be paid according to Swedish or foreign law with respect to assets registered in the Investment Savings Account, e.g. foreign withholding tax and Swedish coupon tax on dividends.
14.1.2 The company must provide the Tax Agency with information about the standard income attributable to the Customer's Investment Savings Account every year.
14.1.3 Other Non-Account Assets held in an Investment Savings Account than such Non-Account Assets held in an Investment Savings Account with the support of Section 17 of the Investment Savings Account Act shall not be included in the standard calculated income, but instead shall be taxed conventionally.
14.2 Tax domicile
14.2.1 The investment savings account can be held by the Customer regardless of whether they are an unlimited or limited taxpayer in Sweden.
14.2.2 It is the Customer's responsibility to be aware of their tax residence at all times.
14.2.3 The customer undertakes to notify the Company in writing without delay of changes in their tax domicile, e.g. when moving abroad. The company has the right to notify which documents the Customer must submit to prove their tax domicile.
14.3 Fees
14.3.1 Information about the Company's applicable fees for the Investment Savings Account and services related to the Investment Savings Account can be found in the Company's Preliminary Information on Investment Savings Account and at any time the current price list available at www.freetrade.io
14.3.2 If, according to the Company's assessment, there is a risk that the Customer's funds in the account may fall short of the calculated, but not yet paid tax or fee, the Company may, in the appropriate manner, sell assets in the Investment Savings Account to such an extent that said risk is no longer assessed to exist. The Company may also refrain from performing the relocation requested by the Customer and any other disposition of the assets stored in the Investment Savings Account to the extent that, in the Company's judgment, this would result in said risk occurring or increasing. The Company must act with care and, if possible and according to the Company's judgment this can be done without detriment to the Company, notify the Customer in advance of action and/or omission as above.
14.4 Other costs
14.4.1 The customer shall be responsible for the costs arising from the sale, transfer or opening of other storage according to the Agreement.
15. AMENDMENT OF TERMS & CONDITIONS ON INVESTMENT SAVINGS ACCOUNTS AND FEES
15.1 Changes to these General Terms and Conditions regarding Investment Savings Accounts or the Company's fees (according to the Agreement and the price list in effect at any time) shall apply to the Customer from and including two months after the Customer, in accordance with H.2 General provisions for trading and custody/account agreements, is deemed to have received notice of the change.
15.2 If the Customer does not accept the change, the Customer has the right to immediately terminate the Agreement within the time stated in 15.1.
16. LIMITATION OF LIABILITY
16.1 Regarding the Company's limitation of liability, see Terms & Conditions.
17. GOVERNING LAW AND DISPUTES
17.1 Interpretation and application of these terms and conditions shall take place in accordance with Swedish law. Disputes between the Customer and the Company due to these conditions shall be settled by a general court applying Swedish law.
CUSTOMER INFORMATION DEPOSIT GUARANTEE AND INVESTOR PROTECTION
Investor protection
According to the Act (1999:158) on investor protection, if in the event of the Company's bankruptcy the Customer does not receive their financial instruments from the Company, they are entitled to special compensation with an amount prescribed by law, which as of 1 July 2009 amounts to a maximum of 250,000 SEK. Said compensation may also include funds that the Company has received with an accounting obligation. Customers who want compensation must present their claim to the National Debt Office no later than one year from the date of the bankruptcy decision. The National Debt Office will pay out the compensation after examination.
