TERMS OF BUSINESS RETAIL CLIENT - ITI Capital · 2020-05-22 · with ITI Capital Limited...
Transcript of TERMS OF BUSINESS RETAIL CLIENT - ITI Capital · 2020-05-22 · with ITI Capital Limited...
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TERMS OF BUSINESS RETAIL CLIENT
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SECTION 1 / INTRODUCTION
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1. Introduction
1.1 TheseTermsofBusiness,whichincludetheproductspecificAnnex(attachedhereto(the“Terms”)),togetherwithcertainotherdocumentsthatwillbeprovidedtoyouand/orcanbeaccessedthroughtheCompany’swebsite,TradingFacility,oruponrequest,namely:
a) theRateCard;
b) anyapplicationorformthattheClientsubmitstoopenanAccount;
c) our‘ExecutionPolicy’,whichexplainscertainaspectsofhowwequotepricesanddealwithOrdersandTransactions;and
d) our‘RiskWarningandFurtherDisclosure’,whichsummarisesthekeyrisksinvolvedininvesting,andwhichtogether(andasamendedandupdatedfromtimetotime)arereferredtoasthe“Agreement”,setoutthetermsandconditionswhichbyconductingbusinesswithITICapitalLimited(“Company”,“us”,“our”“we”)you(the“Client”,“you”)agreeandacceptwillapplyinrelationtoyourinvestmentactivitieswiththeCompany.
1.2 ThereareadditionaldocumentsandinformationavailabletotheClientuponrequestwhichdonotformpartoftheAgreement.Theseinclude:
a) our‘ConflictofInterestPolicy’,whichexplainshowwehandleconflictsofinterestsinamannerthattreatscustomersfairly;
b) our‘PrivacyandSecurityPolicy’,whichexplainshowwedealwithpersonalinformationthatyouprovidetotheCompany;
c) anyinstructions,guidesandworkedexamplespublishedorprovidedbytheCompanyexplaininghowtoenterintoandcloseTransactionsontheTradingFacility;and
d) our‘ComplaintsHandlingProcedure’,whichdetailshowwedealwithcustomercomplaints.
Foryourbenefitandprotection,youshouldtakesufficienttimetoreadtheTerms,aswellasanyadditionaldocumentsandinformationavailableonourwebsiteoronrequest.YoushouldcontacttheCompanytoaskforfurtherinformationorseekindependentprofessionaladviceifyoudonotunderstandanything.YouwillbedeemedtohaveacceptedtheseTermsifyouinstructustoprovideServicestoyoufollowingreceiptoftheTerms,andeachtimeyousendInstructionsinaccordancewithclause7.1(a).
2. DefinitionsandInterpretation
2.1 IntheseTerms,thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeaningsandmaybeusedinthesingularorpluralasappropriate.AdditionaldefinitionsareincludedinrelevantAnnexesprovidedtoyou(whereapplicable).
“Account”meansanyaccount,includingaCurrencySub-Account,thattheCompanymaintainsfortheClientfordealingintheproductsorservicesmadeavailableundertheseTermsandinwhichtheClient’scashandassetsareheldandtowhichrealisedprofitsand/orlossesaredebited;
“AccountStatement”shallmeanaperiodicstatementoftheTransactionsand/orchargescreditedordebitedtoanAccountataspecificpointintime;
“Agent”meansanindividualpersonorlegalentityundertakingaTransactiononbehalfofanotherindividualpersonorlegalentityinhis/itsownnameorintheClient’sname;
“Annex”meanstheproductspecificannexsettingoutthevariousproductsavailabletoRetailClientsundertheAgreementandtheadditionalterms,conditionsand
ancillarymattersapplicabletoTransactionsinsuchproducts;
“ApplicableRegulations”meansFCARulesoranyotherrulesofarelevantregulatoryauthorityoranyotherrulesofarelevantMarketandallotherapplicablelaws,rulesandregulationsasinforcefromtimetotime;
“AssociatedCompany”means,inrespecttotheCompany,theCompany’ssubsidiariesorholdingcompaniesorsubsidiariesofsuchholdingcompanieswith“subsidiary”and“holdingcompany”beingasdefinedinSection1159oftheCompaniesAct2006(asamendedfromtimetotime);
“BaseCurrency”isthecurrencyinwhichtheClient’sAccountisdenominatedandinwhichtheCompanywilldebitandcredittheClient’sAccount;
“BusinessDay”meansanydayotherthanaSaturdayorSundaywherethebanksareopenforgeneralcommercialbusinessinLondon,UnitedKingdom;
“ClientMoney”means,inaccordancewiththeClientMoneyRules,moneyofanycurrencythattheCompanyreceivesorholdsfortheClient,orontheClient’sbehalf,inthecourseoforinconnectionwith,thebusinesscontemplatedbythe
SECTION 2 / DEFINITIONS AND INTERPRETATION
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SECTION 2 / DEFINITIONS AND INTERPRETATION - CONTINUED
AgreementotherthanmoneywhichisdueandpayablebytheClienttotheCompanyoranythirdpartyand,fortheavoidanceofdoubt,shallincludeMarginheldorreceivedbytheCompanyintheformofcurrency;
[“ConfidentialInformation”hasthemeaninggiventoitinclause27oftheseTerms;]
“ClientMoneyRules”meanstherulessetoutintheCASSClientAssetssub-sectionoftheBusinessStandardsintheFCARules,andinparticular(butwithoutlimitation)section7“ClientMoneyRules”thereof.
“Confirmation”meansanotificationfromtheCompanytotheClientconfirmingtheClient’sentryintoaTransaction;
“CurrencySub-Account”meansasub-accountestablishedtoholdacurrencyotherthantheClient’sdesignatedBaseCurrency.
“CustodyAssets”meansSecurities,investmentsandanyotherotherassets(whethertrangibleorintangible)heldorreceivedbyusforyourAccount,and,fortheavoidanceofdoubt,shallincludeanynon-currencyMargin;
“CustodyRules”meanstherulessetoutintheCASSClientAssetssub-sectionoftheBusinessStandardsintheFCARules,andinparticular(butwithoutlimitation)section6“CustodyRules”thereof.
“EEA”meanstheEuropeanEconomicArea,whichisallthecountriesintheEUplusIceland,NorwayandLiechtenstein;
“EventofDefault”meansanyoftheeventslistedinclause16.1oftheseTerms;
“ExceptionalMarketEvent”meansthesuspension,closure,liquidation,impositionoflimits,specialorunusualterms,excessivemovement,volatilityorlossofliquidityinanyrelevantMarketorUnderlyingInstrument,orwheretheCompanyreasonablybelievesthatanyoftheabovecircumstancesareabouttooccur;
“FCA” means the United Kingdom Financial Conduct Authority or any successor organisation or authority;
“FCA Rules” means the Handbook of Rules and Guidance of the FCA as amended from time to time;
“Force Majeure Event” has the definition given to it in clause 17.1 of these Terms;
“GroupEntity”meanstheCompany,anysubsidiaryundertaking,anyparentundertakingandanysubsidiaryundertakingofanyparentundertakingfromtimetotimeoftheCompany(asdefinedinsection1162oftheCompaniesAct2006)(a“GroupUndertaking”),togetherwithanyotherundertakingunderwhichaGroupUndertakinghasaninterestbywayofsharesorvotingrightsof25%ormoreorhastheabilitytoappointamajorityoftheboardappointees;
“Information”meansquotes,news,researchandinformationaccessibleviatheTradingFacilityand/orSecureAccessWebsite(includingthroughlinkstooutsidewebsites)orfromtheCompanyviaanyothermeans.
“Instructions”meansinstructionsforServicesprovidedtotheClientbytheCompanyinaccordancewiththeseTerms;
“LimitOrder(s)”meansanordertobuyorsellafinancialinstrumentatitsspecifiedpricelimitorbetter,andforaspecifiedsize;
“Market”meansanymarket,multilateraltradingfacilityororganisedtradingfacilitysubjecttogovernmentorstateregulationwithestablishedtradingrulesandtradinghoursincludingwithoutlimitationaRegulatedMarket,aMultilateralTradingFacilityorOrganisedTradingFacility;
“MarketOrder”meansanOrdertoenterorleavethemarketatthebestcurrentpriceatthattime;
“Margin”meansboth(i)thedepositoffundsinacurrency,and/or(ii)Securities,investmentsandotherassets(whethertangibleorintangible),inanamountandformacceptabletotheCompany,thattheCompanymay,initsabsolutediscretion,require,identifyandacceptfromtimetotimeassecurityagainstlossorriskoflossinrespectofanypresent,futureorcontemplatedTransaction;
“MarginLiquidationEvent”meansaliquidationand/orcloseouteventasaresultofyoufailingtomeetormaintainyourMarginRequirementassetoutinclause8.3;
“MarginRequirement”meanstheamountofmoneyand/orassets,determinedbytheCompanyinitsabsolutediscretion,thattheClientisrequiredtodepositand/orholdwiththeCompanyasconsiderationforenteringintoaTransactionand/ormaintaininganOpenPosition;
“OpenPosition”meansaTransactionwhichhasnotbeenclosedinwholeorinpartundertheseTerms;
“Order”meansaninstructiontopurchaseorsellaproductofferedbytheCompanyfromtimetotime,atapricequotedbytheCompanyasappropriate;
“OTC”isanabbreviationof‘OvertheCounter’andmeansanyTransactionconcerningacommodity,security,currencyorotherfinancialinstrumentorproperty,whichistradedoffexchangebytheCompany(whetherasmarketmakerorotherwise)ratherthanonaregulatedstock,derivativeorcommodityexchange;
“Principal”meanstheindividualpersonorlegalentitywhichisapartytoaTransaction;
“RateCard”meansthedetailsofanyinterest,costs,feesorotherchargeswhichapplytotheClient’sAccountasprovidedtotheClientandasvariedandupdatedfromtimetotime.;
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SECTION 2 / DEFINITIONS AND INTERPRETATION - CONTINUED
“RegulatedMarket”meansamultilateraltradingsystemoperatedbyamarketoperatorintheEEAsuchastheLondonStockExchangethatbringstogethermultiplethirdpartybuyingandsellinginterestsinfinancialinstrumentswheretheinstrumentstradedareadmittedtotheMarketaccordingtoitsrulesandsystems;
“RetailClient”hasthemeaninggiventoitintheFCARules;
“SecureAccessWebsite”meansthepasswordprotectedpartoftheCompany’swebsite(oranywebsitenotifiedtotheClientbytheCompany)throughwhichtheClientcanviewitsAccountinformation;
“Security”meansinvestmentswithinarticles76to80oftheFinancialServicesandMarketsAct2000(RegulatedActivities)Order2001;
“SecurityInterest”meansthesecurityinterestcreatedpursuanttoclause11.1oftheTerms.
“Services”meanstheservicestobeprovidedtotheClientbytheCompanyundertheseTerms;
“StopOrders”meansanordertobuyorsellafinancial
instrumentoncethepriceofthatfinancialinstrumentreachesaspecifiedprice(knownasthestopprice);
“TradingFacility”meansthepasswordprotectedonlineordownloadableelectronicfacilitywheretheClientcantradewiththeCompanyundertheseTerms;
“Transaction”meansacontractinafinancialinstrumentoranyothercontractualarrangemententeredintobetweentheClientandtheCompany;and
2.2 ReferencesintheseTermstoanylaw,statute,regulationorenactmentshallincludereferencestoanymodification,amendment,extension,orre-enactmentthereof.
2.3 IntheTerms,referencestoanindividualpersonshallincludebodiescorporate,unincorporatedassociations,partnershipsandindividuals.
2.4 CapitalisedwordsandphrasesdefinedintheFCARuleshavethesamemeaningintheseTermsunlessexpresslydefinedintheseTerms.
2.5 HeadingsandnotesintheTermsareforreferenceonlyandshallnotaffectthecontentsandinterpretationoftheTerms.
3. RegulatoryDisclosures,ComplaintsandCompensation
3.1 TheCompanyhasitsregisteredofficeatLevel33,Tower42,25OldBroadStreet,LondonEC2N1HQandisauthorisedandregulatedbytheFCAwithFCAreferencenumber171487.
3.2 WemustcomplywithallApplicableRegulationsandwillnotbreakanyoftheseregulationsnotwithstandingacontraryprovisionintheAgreement.Accordingly,incircumstanceswherethereisaconflictbetweenourregulatoryobligationsandatermoftheAgreement,theApplicableRegulationswilloverruletheAgreement.NothinginthisAgreementwillacttoexcludeorlimitanyresponsibilitywehavetoyouunderApplicableRegulations.Wemaytake,ordecidenottotake,anyactionweconsidernecessarytomakesurewecomplywithanyApplicableRegulations.Further,anyfailurebytheCompanytocomplywithApplicableRegulationsshallbeamatterbetweentheCompanyandtherelevantregulatoryauthorityandshallnotcreateanyrightsfor,orliabilityto,theClientandyouagreethatneitherthe
Companynoritsdirectors,officers,employeesoragentsshallhavelegalresponsibilitytoyou.
3.3 IfyouhaveanycomplaintsagainsttheCompanypleasecontactinthefirstinstance,ourComplianceOfficer,atITICapitalLimited,Level33Tower42,25OldBroadStreet,LondonEC2N1HQ,UK(tel.+44(0)2038898333,fax+44(0)2038898331,[email protected].
3.4 Subsequently,ifthecomplainthasnotbeendealtwithtoyoursatisfaction,youwill,providedyoumeettheFCAdefinitionofan“EligibleComplainant”,beabletocomplaindirectlytotheFinancialOmbudsmanService.
3.5 BusinessconductedbytheCompanyundertheseTermssubjecttoFCAregulationiscoveredbytheFinancialServicesCompensationScheme(the“FSCS”)ifyoumeettheFCAdefinitionofan“eligibleclaimant”.PaymentsundertheFSCSaresubjecttoamaximumpaymentof£50,000perinvestor.FurtherinformationontheschemecanbeobtainedfromusonrequestorfromtheFCAortheFSCS.
SECTION 3 / REGULATORY DISCLOSURES, COMPLAINTS AND COMPENSATION
SECTION 4 / CLIENT CATEGORISATION AND IDENTIFICATION
4. ClientCategorisationandIdentification
4.1 ForthepurposesoftheFCARules,andbasedontheinformationtheClienthasprovidedtotheCompany,theCompanywillcategorisetheClientasaRetailClient.InaccordancewithFCARules,theClienthastherightto
requestadifferentcategorisation.WheretheCompanydoesagreetoare-categorisationoftheClient,theClientmayloseprotectionsaffordedbycertainFCARules(whichtheCompanywilladvisetheClientofwhentheClientseeksre-categorisation).
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SECTION 5 / CAPACITY
SECTION 4 / CLIENT CATEGORISATION AND IDENTIFICATION - CONTINUED
5. Capacity
5.1 InrelationtoanyTransaction,theCompanywilleffectsuchTransactionasPrincipalunlessitisexpresslyagreedthattheCompanyshallactasAgentfortheClientwithrespecttoacertainTransactionorServicewithintheseTermsorotherwise.
5.2 TheClientshall,unlessotherwiseagreedinwriting,relativetotheCompany,enterintoTransactionsasPrincipal.IftheClientactsasAgent,regardlessofwhethertheClientidentifiesthePrincipaltotheCompany,theCompanyshallnotacceptthesaidPrincipalasacustomer,andconsequentlytheCompanyshallatalltimesconsidertheClientasPrincipalinrelationtoanyTransactionandourclientforthepurposesoftheFCARules.
4.2 YouacknowledgethatinordertoensurecompliancewiththeMoneyLaunderingRegulations2014and2017,theProceedsofCrimeAct2002andtheJointMoneyLaunderingSteeringGroupGuidanceNotes(asamendedfromtimetotime)oranyotherApplicableRegulations,wewillrequireverificationofidentityandsourceofanyfundswhicharereceivedintoyourAccountfromyou.YouagreetoprovideondemandsatisfactoryevidencetoverifyyouridentityandsourceoffundsandtodoallotheractsandsuchthingsasmayreasonablyberequiredsoastocomplywithsuchApplicableRegulation.Youacknowledgethatwemayalsoundertake
electronicidentitychecks,andotheronlineidentityverificationservicesshouldwebelievesuchactiontobeappropriate.AnyfailuretoprovidetherelevantinformationwithinareasonabletimeperiodmayresultinadelayinourabilitytoprovideServicestoyouand,ultimately,mayresultinourceasingtodealwithyouorprovideServices.Weacceptnoresponsibilityorliabilityarisingdirectlyorindirecetlyasaresultofourneedtodothis.
SECTION 6 / ACCESS AND USE OF THE TRADING FACILITY AND/OR SECURE ACCESS WEBSITE
6. AccessandUseoftheTradingFacilityand/orSecureAccessWebsite
6.1 InordertousetheTradingFacilityand/orSecureAccessWebsite,theClientwillneedtorequestausernameandpassword(“AccessCode”)fromtheCompany.TheClientwillneedtoprovidetheAccessCodeeachtimeitwishestousetheTradingFacilityand/orSecureAccessWebsite.
6.2 InrelationtotheAccessCode,theClientacknowledgesandundertakesthat:
a) theClientwillberesponsiblefortheconfidentialityanduseofitsAccessCode;
b) otherthanwiththeCompany’spriorwrittenconsent,theClientwillnotdiscloseitsAccessCodetoanythirdparty;
c) theCompanymayrelyonallinstructions,ordersandothercommunicationsenteredusingtheClient’sAccessCode,andtheClientwillbeboundbyanyTransactionenteredintoorexpenseincurredonitsbehalfinrelianceonsuchinstructions,ordersandothercommunications;
d) theClientwillimmediatelynotifytheCompanyiftheClientbecomesawareoftheloss,theftordisclosuretoanythirdpartyorofanyunauthoriseduseofitsAccessCode;and
e) theCompanywillnotbeliableorresponsibleforanyunauthoriseduseoftheAccessCoderesultingfromyournegligenceorfraud.
6.3 IftheCompanybelievesthatunauthorisedpersonsareusingtheClient’sAccessCodewithouttheClient’sknowledge,theCompanymay,ingoodfaithbutwithoutpriornotice,suspendtheClient’srightstousetheTradingFacility.Insuchcircumstances,theCompanywillinformtheClientofsuchactionassoonasreasonablypracticable.Further,iftheCompanybelievesthattheClientsupplieditsAccessCodetootherpersonsinbreachofclause6.2(b)above,theCompanymayimmediatelyterminatethisAgreement.
6.4 Information,whichmaybepreparedbyindependentproviders,isthepropertyoftheCompany,theindependentprovidersortheirlicensors(asthecasemaybe).Youagreenottoreproduce,distribute,sellorcommerciallyexploittheInformationinanymannerwithoutthepriorwrittenconsentoftheCompanyortheindependentproviders(asthecasemaybe).TheCompanyreservestherighttoterminateaccesstotheinformationandnoneoftheinformationconstituteseitherarecommendationbytheCompanyoranoffertobuyorsellaparticularproduct.NeithertheCompanynortheindependentprovidersguaranteetheaccuracy,timelinessorcompletenessoftheinformation.Relianceoninformationisatyourownrisk.InnoeventwilltheCompany(oranyindependentproviders)beliableforconsequential,incidentaly,specialorindirectdamagesarisingfromuseoftheinformation.Thereisnowarrantyoranykind,expressorimplied,regardingtheinformation.
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SECTION 6 / ACCESS AND USE OF THE TRADING FACILITY AND/OR SECURE ACCESS WEBSITE - CONTINUED
SECTION 7 / DEALING BETWEEN THE COMPANY AND CLIENT
7. DealingbetweentheCompanyandClient
7.1 InaccordancewiththeseTerms,theClientmayrequestaquotation,providetheCompany(oranyofitsAssociatedCompaniesand/orAgentswheresopermittedbytheCompany)withInstructionsorotherwisetradewiththeCompanyasfollows:
a) allrequestsforquotations,InstructionsforexecutionofTransactionsbetweentheClientandtheCompanyandothertrademattersmustbegiventotheCompanyfacetoface,electronicallythroughtheTradingFacilityorbytelephoningtheCompany(oranAssociatedCompanywhowillreceiveandtransmittheClient’sInstructionstotheCompany).
b) anInstructionwillbecomeavalidOrderonacceptancebytheCompanyinaccordancewithclause7.3.
c) inarrangingtheexecutionofOrdersfollowingInstructionsplacedbytelephone,theCompanyactswillactinanAgentcapacityontheClient’sbehalf.
d) withoutprejudicetoclause7.1(c),theCompanywillactasPrincipaltotheClient’stransactionsarrangedbytheCompanyanditsemployees.
e) thecharges,remunerationandcommissionreceivablebytheCompanyassetoutintheRateCard,willnotdifferbecauseoftheClient’sinteractionswiththeCompany.
f) theCompanywillonlyacceptInstructionsbytelephoneduringspecifiedhours,whichwillbenotifiedtotheClientfromtimetotime.
g) theCompanymayimposemorerestrictivetimelimitsonwhenInstructionsmaybegiven.
h) theCompanywillnotacceptInstructionsleftbywayofanansweringmachineorfacsimile.
i) withrespecttodealingviatelephone,alltelephonecallswiththeCompanyarerecordedforthepurposesoffraudpreventionandqualitycontrol.ByagreeingtotheseTerms,theClientconsentsandagreestotherecordingofsuchtelephoneconversationsbytheCompany.
7.2 VerbalquotesprovidedbytheCompany(oranyofitsAssociatedCompaniesorAgentswherepermitted)areindicativeonly.Suchquotationsareprovidedforinformationpurposesonlyanddonotconstituteanoffertobuyorsellanyproductorinstrumentatthatprice.WheretheClientplacesanOrderfollowingaquotation,theCompanyshallconsiderthattheClientisplacinganOrderattheCompany’sthenofferedrate.TheClientacknowledgesthatsuchratemaydifferfromthequotationprovidedbytheCompany.
7.3 AnyInstructionshallonlybedeemedtohavebeenreceivedandshallonlythenconstituteanOrderwhensuchInstructionhasbeenrecordedbytheCompanyandconfirmedbytheCompanytotheClientorallyorthrough
6.5 AccesstotheTradingFacilityorSecureAccessWebsiteisprovided“asis”.TheCompanymakesnowarranties,expressorimpliedrepresentationsorguaranteesastothemerchantabilityand/orfitnessforanyparticularpurposeorotherwisewithrespecttotheTradingFacilityorSecureAccessWebsite,theircontent,anydocumentationoranyhardwareorsoftwareprovided.TechnicaldifficultiescouldbeencounteredinconnectionwitheithertheTradingFacilityorSecureAccessWebsiteandtheinternetmaybeinterruptedthroughnofaultoftheCompany.Thesedifficultiescouldinvolve,amongothers,failures,delays,malfunction,softwareerosionorhardwaredamage,whichcouldbetheresultofhardware,softwareorcommunicationlinkinadequaciesorothercauses.Suchdifficultiescouldleadtopossibleeconomicand/ordataloss.
6.6 TheCompanygrantsyouanon-exclusive,non-transferablelicensetousethesoftwareprovidedviaaccesstotheTradingFacilityandtheSecureAccessWebsite,buttitletothesoftware(includingallpatents,copyrightsandtrademarks)isnottransferred.Youagreenottosell,exchangeortransferthesoftwaretoanythirdparty.Youagreenottocopy,modify,translate,decompile,reverseengineer,disassembleorreducetohumanreadableform,
oradaptthesoftwareoruseittocreateaderivativework,unlessauthorisedinwritingbytheCompany.
6.7 InnoeventwilltheCompany,anyAssociatedCompany,oranyoftheiremployeesbeliableforanypossibleloss,costordamagewhichmightoccurasaresultoforarisingoutofusing,accessing,installing,maintaining,modifying,de-activating,orattemptingtoaccesseithertheTradingFacilityorSecureAccessWebsiteorotherwiseexceptwheresuchlossesarecausedbytheCompany’snegligenceorbreachofcontract.
6.8 TheCompanymaychangethecontent,presentation,performance,userfacilitiesandavailabilityofanypartoftheTradingFacilityandSecureAccessWebsiteatanytime.
6.9 Wewilldoourbesttotakeallreasonablestepstoprotectyourpersonalinformationbutcannotguaranteethesecurityofanyinformationyouprovideonline.YouacceptthesecurityimplicationofpassinginformationovertheinternetandagreetoaccessourTradingFacilityandSecureAccessWebsiteatyourownrisk.YouagreethattheCompanywillhavenolegalresponsibilityforanymistakes,missinginformationorbreaksinsecuritybeyondourreasonablecontrol.
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SECTION 7 / DEALING BETWEEN THE COMPANY AND CLIENT - CONTINUED
theTradingFacility.AnOrdershallnotconstituteabindingTransactionbetweentheCompanyandtheClient(evenifacceptedbytheCompany)nordoesacceptanceoftheOrderconstitutearepresentationthattheCompanywillexecutetheOrder.AbindingTransactionbetweentheClientandtheCompanywillonlyoccurwhenanOrderisexecuted,recordedandconfirmedbytheCompanytotheClientthroughtheTradingFacility,tradeConfirmationand/orAccountStatement.WhenInstructionsaregivenoverthetelephone,theCompanyoritsaffiliatesandagentsshallacknowledgethereceptionoftheInstructionsorallyorinwriting,asappropriate,suchacknowledgementshallconstitutetheacceptanceofavalidOrder.
7.4 TheCompanyshallbeentitledtorelyuponanyInstructiongivenorpurportingtobegivenbytheClientoranyotherpersonontheClient’sbehalfwithoutfurtherenquiryastothegenuineness,authorityoridentityofanysuchpersongivingorpurportingtogivesuchInstructions.
7.5 Unlessotherwisedirected,theCompanywillselectthemarket/dealertowhichtorouteyourorders.Forproductstradedatmultiplemarkets,theCompanymayprovide“SmartRouting”,whichseeksthebestmarketforeachorderthroughacomputerisedalgorithm.YoushouldchooseSmartRoutingifavailable.Ifyoudirectorderstoaparticularmarket,youassumeresponsibilityforknowingandtradinginaccordancewiththerulesandpoliciesofthatmarket(e.g.tradinghours,ordertypes,etc.).TheCompanycannotguaranteeexecutionofeveryOrderatthebestpostedpriceas:(i)theCompanymaynotaccesstoeverymarket/dealer;(ii)otherordersmaytradeahead;(iii)marketcentersmaynothonourpostedpricesormayre-executeordersformanualhandling;or(iv)marketrules,decisionsofsystemfailuresmayprevents/delayexecutionofyourOrdersorcauseanOrdernottoreceivethebestprice.
7.6 OrdersmaybeplacedasMarketOrderstobuyorsellassoonaspossibleatthepriceobtainablebytheCompany,oronselectedproductsasLimitOrdersandStopOrderstotradewhenthepricereachesapre-definedlevel.LimitOrderstobuyandStopOrderstosellmustbeplacedbelowthethencurrentpriceofferedbytheCompany,andLimitOrderstosellandStopOrderstobuymustbeplacedabovethethencurrentpriceofferedbytheCompany.Ifthebidpriceforsellordersoraskpriceforbuyordersisreached,theOrderwillbefilledassoonaspossibleatthepricethenofferedbytheCompany.LimitOrdersandStopOrdersareexecutedconsistentwiththeCompany’sExecutionPolicyandarenotguaranteedexecutableatthespecifiedpriceoramount,unlessexplicitlystatedbytheCompanyforthespecificOrder.
LimitOrders,StopOrdersandMarketOrdersshallbesubjecttothefollowingterms:
a) theCompanywilltrytoexecuteLimitOrders,Stop
OrdersandMarketOrdersassoonaspracticablebutmarketconditions,availableliquidityandtechnologicalissuescanaffectthetimeittakestoexecutesuchordersandallordersareexecutedindueturn.TheCompanycannotguaranteethataLimitOrderoraStopOrderwillbeexecutedevenifthelimitorstoppriceisreached.TheCompanydoesnotacceptanyliabilityforanyactualorpotentiallosstheClientmaysufferifthereisadelayinexecutionexceptwheresuchlossiscausedbytheCompany’snegligence,breachofcontractorfraud;and
b) marketconditions,availableliquidityandtechnologicalissuesmayresultintheexecutionofaStopOrderbeingatapriceaboveorbelowthestopprice.TheCompanydoesnotacceptanyliabilityforanyactualorpotentiallosstheClientmaysufferiftheexecutionofaStopOrderoccursatapriceaboveorbelowthestoppriceexceptwheresuchlossiscausedbytheCompany’snegligence,breachofcontractorfraud.
7.7 Youacknowledgethattradinganyproductonaforeignmarketisspeculativeandinvolveshighrisk.Therearealsoarespecialrisksassociatedwithtradingoutsideordinarymarkethours,includingtheriskoflowerliquidity,highervolatility,changingprices,un-linkedmarkets,postinstructionnewsannouncementaffectingpricesandwiderspreads.
7.8 TheCompanymay,atitssolediscretionrefusetoacceptanyInstructionfromtheClient,withoutgivinganyreasons.Additionally,theCompanymayrefusetoexecuteanyOrderwithorwithoutreason,andtheCompanymaycancelanyOrderpreviouslygivenbytheClient,andacceptedbytheCompany,providedthattheCompanyhasnotactedontheClient’sOrder.Insuchcircumstances,theCompanywillnotifytheClientassoonasreasonablypracticableandusereasonableendeavourstoworkwiththeClienttoamendorchange(asthecasemaybe)anysuchInstructionsoastocreateanexecutableOrderandabindingTransaction.
7.9 TheCompanycannotacceptresponsibilityforanyactualorpotentialfinancialloss(including,fortheavoidanceofdoubt,losscausedbymarketmovements)thatmayariseiftheClientisunabletocontacttheCompanytoplaceanOrderand/orcloseanOpenPositionbyanyoftheagreeddealingmethods,exceptwheresuchinabilityiscausedbytheCompany’snegligence,breachofcontractorfraud.
7.10YourepresenttotheCompanythatyouareknowledgeableof,andabletoassume,therisksassociatedwithanytradingactivityundertakenbyyou.YoufurtherrepresentandacknowledgethatyouarenotrelyingontheCompanyforanyinvestmentadviceinrespecttoyourtradingactivityandthatyouhave,wherenecessaryandasyoudeemappropriate,takenindependentprofessionaladvice.
7.11TheCompanydoesnotprovideTransactionsinOTCinstrumentstoRetailClients.
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8. Margin
8.1 TotheextentthatyouenterintoanyTransactionormaintainanyOpenPositionsthattheCompany,initssoleandabsolutediscretion,determinescarriesaMarginRequirement,youwillondemand(i)providesuchinitialand/orvariationMarginasisdeterminedbytheCompany,initssoleandabsolutediscretion,tomeetsuchMarginRequirement;and(ii)atalltimesmonitoryourAccounttoensurethatsufficientMarginisheldbytheCompanytosatisfysuchMarginRequirement.WereservetherighttovarytheamountandtypeofMarginrequiredatoursoleandabsolutediscretionandyouacknowledgethattheMarginRequirementmay,inoursoleandabsolutediscretion,beinexcessofthemarginrequirementofanyexchange,clearinghouseorregulatorinrespectoftheTransactionsand/orOpenPositionsconcerned.
8.2 YouacknowledgethattheCompanyisnotrequiredtoissueademandforMarginanddoesnothavetonotifyyouofyourfailuretomeetormaintainyourMarginRequirementpriortoexercisingitsrightsunderthisAgreement.
8.3 YouacknowledgethatifyourAccounthasinsufficientMargintomeettheMarginRequirements,orisotherwiseindeficit,theCompanyhastheright,initssoleandabsolutediscretion,butnottheobligation,toconsiderthataMarginLiquidationEventhasoccurredand,withoutpriornoticetoyounoranydemandforfurtherMargin,toexerciseitsrightsunderclause17.2tosatisfytheMarginRequirement,removeanyAccountdeficitand(atitsoptionactingingoodfaithandinitssoleandabsolutediscretionifitconsidersitnecessaryforitscontinuedprotection)providesuchadditionalMarginastheCompanyconsidersprudenttomaintaintheMarginRequirementsoverthenextthree(3)BusinessDays.Fortheavoidanceofdoubt,shouldtheCompanydetermineinitssoleandabsolutediscretionthatexercisingitsrightsunderaMarginLiquidationEventwillnotbesufficienttosatisfyyourongoingMarginRequirements,theCompanymayatanytimedeclareanEventofDefaultpursuanttoclause17.1f)andexerciseallitsrightsundertheseTerms.
8.4 IntheeventofaMarginLiqudiationEvent,youshallbeliableandwillpromptlypaytheCompanyforanydeficienciesinyourAccountthatarisefromsuchliquidationsand/orcloseouts.TheCompanyshallhavenoliabilitytoyouforanylosssustainedbyyouinconnectionwiththeexerciseofitsrightsunderaMarginLiquidationEvent(orifthetheCompanydelayseffecting,ordoesnoteffectsuchliquidationsandcloseouts)evenifyoure-establishcertainofliquidatedand/orclosedoutOpenPositionsand/orTransactionsataworseprice.
8.5 Withoutprejudicetoclauses8.2and8.3above,theCompanymaychoose(forwhateverreason)toissueademandforMargin.AnydemandforMarginmade(i)priorto12.00pm(noon)LondontimeonanyBusinessDaymustbemetby17:00pmLondontimeonthesameBusinessDay,and(ii)after12:00pm(noon)Londontimemustbemetby12:00pm(noon)LondontimeonthenextfollowingBusinessDay.WheretheCompanyhasissuedademandforMargin,theCompanyagreesthatitmaynottakeanyactionunderclause8.3aboveuntiltherelevantdeadlinefordeliveryofMarginpursuanttothisclause8.4haselapsedandyouhavefailedtodeliverMargintomeettheMarginRequirementUNLESStheCompanygivestheClienteffectivepriornoticeinaccordancewithclause25.3c),d)ande).
8.6 IftheamountofMarginheldbyusisgreaterthantheamountweinourabsolutediscretionrequire,wewillreturntoyouanyexcessMarginintheformofcash,equivalentsecuritiesand/orothercollateral,aswedetermine.
8.7 OntheterminationoftheTermsinaccordancewithclause22(SuspensionandTermination)andfollowingtheapplicationofanyMarginheldbyusinsatisfactionofyourobligationsandliabilitiestous,iftherearenooutstandingTransactionsgovernedbytheseTermsandwedetermineatoursolediscretionthatwearenotatlossorriskoflossonpresent,futureorcontemplatedTransactionsundertheTerms,wewillreturntoyouanyremainingMarginintheformofcash,equivalentsecuritiesand/orothercollateralaswedetermine.
8.8 AllMarginheldbyusshallbeheldpursuanttotheClientMoneyRulesortheCustodyRules(asappropriate)assetoutintheTermsandsubjecttotheSecurityInterest.
SECTION 8 / MARGIN
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SECTION 9 / TRADING CONFIRMATIONS AND ACCOUNT STATEMENTS
9. TradingConfirmationsandAccountStatements
9.1 TheCompanywillprovidetheClientwithgeneralAccountinformationthroughtheTradingFacilityand/orSecureAccessWebsite.AccountinformationwillusuallyincludeConfirmationswithticketnumbers,purchaseandsalerates,usedMargin,amountsavailableformargintrading,statementsofprofitsandlosses,currentopenandpendingpositionsandanyotherinformationasrequiredbytheFCARules.
9.2 TheClientacknowledgesandacceptsthatthepostingofConfirmationswithintheAccountinformationwillbedeemeddeliveryoftradingConfirmationsbytheCompanytotheClient.TheClientmayrequestreceiptofConfirmationsinhardcopyorviaemailatanytimebysubmittingawrittenrequesttotheCompany’sComplianceOfficerbyemailto([email protected]).Confirmationsshall,intheabsenceofmanifesterror,beconclusiveandbindingontheClient,unlesstheClientnotifiestheCompanyofitsrejectioninwritingwithinfiveBusinessDaysof:
a) theCompany’spostingoftheConfirmationwithintheTradingFacilityand/orSecureAccessWebsite(wheretheClienthasnotelectedtoreceivetradeconfirmationsinhardcopyorviaemail);or
b) receiptbytheClientoftheConfirmationeitherinhardcopyorviaemail(wheretheClienthaselectedtoreceiveConfirmationsinhardcopyorviaemail)pursuanttoclause24.3;or
c) iftheCompanynotifiestheClientofanerrorintheConfirmationwithinthesameperiod.
9.3 ThroughtheTradingFacilityand/orSecureAccessWebsite,theClientcangenerateand/oraccessdaily,monthlyand/oryearlyreportsofitsAccount.TheprovisionofAccountinformationcoupledwiththeClient’sabilitytogeneratesuchreportswillbedeemeddeliveryofAccountStatementsbytheCompanytotheClient.TheClienthasanobligationtogenerateitsownAccountStatementatleastonceamonth,tobedoneonthefirstdayofeachmonthfortheprecedingmonth.TheClientmayrequestreceiptofAccountStatementsinhardcopyorviaemailatanytimebysubmittingawrittenrequesttotheCompany’sComplianceOfficerbyemailat([email protected]).AccountStatementsshall,intheabsenceofmanifesterrororgrosslyobviousinaccuracies,beconclusiveandbindingontheClient,unlesstheClientnotifiestheCompanyofitsrejectioninwritingwithinfiveBusinessDaysof:
a) thefirstdayofeachmonth(suchrejectiontopertaintothepreviousmonthinaccordancewiththeClient’sobligationsunderthisclause9.3)(wheretheClienthasnotelectedtoreceiveAccountStatementsinhardcopyorviaemail);or
b) receiptbytheClientoftheAccountStatementeitherinhardcopyorviaemail(wheretheClienthaselectedtoreceiveAccountStatementsinhardcopyorviaemail)pursuanttoclause24.3;or
c) iftheCompanynotifiestheClientofanerrorintheAccountStatementwithinthesameperiod.
SECTION 10 / COMMISSIONS, CHARGES, AND OTHER COSTS
10. Commissions,Charges,andOtherCosts
10.1TheClientshallbeobligedtopaytotheCompanythecommissionsandchargessetoutintheRateCard,andanyadditionalcommissionsandchargesnotifiedtotheClientbytheCompanyfromtimetotimewhetherintheRateCardornotprovidedthatagreementtoanysuchadditionalcommissionsandchargeshasbeenobtainedfromtheClient.TheRateCardisavailableontheCompany’swebsiteandwillbesuppliedtotheClientondemand.
10.2TheCompanyshall,onnotice,beentitledtodemandthatthefollowingexpensesbepaidseparatelybytheClient:
a) allextraordinarydisbursementsresultingfromtheclientrelationship(e.g.telephone,telefax,courier,andpostalexpensesincaseswheretheClientrequestshardcopyConfirmations,AccountStatementsetc.whichtheCompanycouldhavedeliveredinelectronicform);
b) anyexpenses,orchargesorpenaltiesincurredbytheCompanycausedbytheClient’snon-performanceofitsobligationsundertheseTerms;and
c) administrationfeesinconnectionwithsecuritydeposits,andanyexpensesoftheCompanyinrelationtoapledge,ifprovided,includinganyinsurancepremiumpayments.
10.3UnlessspecifiedotherwiseintheTerms,allamountsproperlyduetotheCompany(orAgentsusedbytheCompany)undertheTermsshallbedeductedfromanymoniesheldbytheCompanyfortheClientwithoutnoticeordemandandshallnotbetreatedasClientMoneyforthepurposesoftheFCARules.
10.4IftheCompanyreceivesorrecoversanycommission,cost,expense,feeoranyotheramountinrespectofaClient’sobligationsundertheseTermsinacurrencyotherthanthatinwhichtheamountwaspayable,whetherpursuanttoajudgmentofanycourtorotherwise,theClientshallcompensatetheCompanyandnotholdtheCompanyresponsibleforanycost(includingcostsofconversion)andlosssufferedbytheCompanyasaresultofreceivingsuchamountinacurrencyotherthanthecurrencyinwhichitwasdue.
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SECTION 11 / PAYMENT AND WITHDRAWAL
11. PaymentandWithdrawal
11.1TheClientagreestocomplywiththefollowingwhenmakingpaymentstotheCompanyundertheseTerms:
a) paymentsdue(includingdeposits)willberequiredinPoundsSterling,UnitedStatesDollars,Euros,oranyothercurrencyreasonablyspecifiedbytheCompanyandagreedwiththeClientfromtimetotime;
b) theClientmaymakeanypaymentduetotheCompany(includingdeposits)byabanktransferoranyothermethodspecifiedbytheCompanyfromtimetotime.UnlessotherwiseagreedbetweentheCompanyandtheClient,theCompanywillnotacceptpaymentsordepositsintheformofcash;
c) theClientisresponsibleforallthirdpartyelectronic,telegraphictransferorotherbankfeesinrespectofpaymentaswellasanyfeesorchargesimposedbytheCompany,whichmaybebasedontheelectedpaymentmethod.AnyfeesorchargesimposedbytheCompanywillbelistedontheRateCard;
d) ifanypaymentisnotreceivedbytheCompanyonthedatesuchpaymentisdue,then(withoutlimitationofanyotherrightstheCompanymayhave)theCompanywillbeentitledtochargeinterestontheoverdueamount(bothbeforeandafterjudgment)attheinterestrateprescribedintheRateCardfromthedatepaymentwasdueuntiltheactualdateofpayment;
e) anypaymentmadetotheCompanywillonlybedeemedtohavebeenreceivedwhentheCompanyreceivesclearedfunds;and
f) theClientbearstheresponsibilitytoensurethatpaymentsmadetotheCompanyarecorrectlydesignatedinallrespects,specifyingwithoutlimitationtheClient’sAccountdetailswhererequiredbytheCompany.
11.2TheClientwillbeaskedtodesignateaBaseCurrencyforitsAccountwhichshalleitherbePoundsSterling,UnitedStatesDollars,EurosoranyothercurrencyagreedwiththeCompanyfromtimetotime.TheClientandtheCompanymayagreetoestablishoneofmoreCurrencySub-AccountsforthepurposeofholdingcurrenciesotherthantheBaseCurrencyintheAccountfromtimetotime.WheretheClientwishestodepositfundsinitsAccountinacurrencyotherthanitsdesignatedBaseCurrencyoranycreditistobeappliedtotheAccountinacurrencyotherthantheClient’sdesignatedBaseCurrencybyreasonofaTransaction,feeorotherwise,andincircumstancewheretheClinetdoesnothaveaCurrencySub-Accountsetuptoholdtherelevantcurrency,theCompanywillconvert(attheClient’scost)suchfundsintotheClient’sBaseCurrencyatthetimeofthecreditorareasonabletimethereafterunlesstheCompanyacceptsalternativeInstructionsfromtheClient.
11.3WheretheClienthasapositivebalanceinitsAccount,theClientmayrequestawithdrawalfromtheCompany,foranyportionofthepositivebalance.TheCompanymayatitssoleandabsolutediscretionwithhold,deductorrefusetomakeapayment(inwholeorinpart)duetotheClientwhere:
a) theClienthasOpenPositionsontheAccountshowingaloss;
b) therequestedpaymentwouldreducetheClient’sAccountbalancetolessthantheMarginRequirementfortheClient’sOpenPositions;
c) theCompanyreasonablyconsidersthatfundsmayberequiredtomeetanycurrentorfutureMarginRequirementonOpenPositionsduetounderlyingmarketconditions;
d) theClienthasanyactualorcontingentliabilitytotheCompany,itsassociatesoranyGroupEntity;
e) theCompanyreasonablydeterminesthatthereisanunresolveddisputebetweentheCompanyandtheClientrelatingtotheseTermsoranyotheragreementbetweenthem;and/or
f) theClientinstructstheCompanytopayathirdpartyfromitsAccount.
11.4AllpaymentsfromtheClient’sAccountshallbemadeintheformofareturnpaymentbybanktransfer.
11.5AllpaymentsfromtheClient’sAccountwillbemadeintheBaseCurrencyofthatAccountorinthecurrencyoftherelevantTransactionfee,commissionorchargeattheCompany’ssoleandabsolutediscretion,unlesstheClientandtheCompanyagreeinadvancethatsuchpaymentshouldbemadeinadifferentcurrency.WheretheClientandtheCompanyagreethatsuchpaymentshouldbemadeinadifferentcurrency,andtheClientdoesnothaveasufficientcreditbalanceinaCurrencySub-Accountdesignatedinthatdifferentcurrencytosatisfythepaymentobligation,theCompanywill(attheClient’scost)convertallorpart(asthecasemaybe)oftherelevantpaymentamountfromtheBaseCurrencytothethenagreedcurrencyforpayment.
11.6TheCompanyreservestherighttoconvert(attheClient’scost)anyorallcreditsand/ordebitsstandingtotheClient’sAccount,irrespectiveofthecurrencyofsuchcreditordebit,intotheClient’sBaseCurrencyatanytimewithoutnoticetotheClientsavewherethe(i)theClientandtheCompanyhaveagreedtheuseofCurrencySub-AccountsaspartoftheClient’sAccountand/or(ii)theothercurrencybalanceistheresultoftheClientandCompanyhavingenteredintoaSpotFXTransactionasdefined,andfurtherdescribed,inPartIVoftheAnnextotheseTerms.
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SECTION 11 / PAYMENT AND WITHDRAWAL - CONTINUED
11.7WhenevertheCompanyconductscurrencyconversions,theCompanywilldosoatsuchreasonablerateofexchangeastheCompanyselects.TheCompanyshallbeentitledtoaddamark-uptotheexchangerates.Theprevailingmark-up,ifany,isdefinedintheRateCard.
11.8TheCompanyandtheClientmayagreefromtimetotimethatclauses11.2and11.5shallnotapplytotheClient.WheretheCompanyandtheClientsoagree,theClientwillhavethefacilitytoholddebitsandcreditsinmultiplecurrencieswithintheAccountsubjecttothefollowing:
a) allfundstransferredintotheClient’sAccount(byeithertheClientortheCompany)willremaininthecurrencyoftransferunlesstheCompanyacceptsalternativeInstructionsfromtheClient.WheretheCompanyacceptsalternativeinstructions,theCompanywillconvert(attheClient’scost)suchfundsintothecurrencyoftheClient’schoice.
b) allpaymentsfromtheClient’sAccountwillbemadeinthecurrencyofthepaymentobligationunlesstheClientandtheCompanyotherwiseagree.WheretheClientdoesnotholdtherelevantcurrencyforpaymentandtheClientandtheCompanydonotagreetoconvertalloraportionoftheClient’sfundstomeetthepaymentobligation,theCompanywillchargetheClient’sAccountwithafloatingdebitintheamount
andcurrencyoftherelevantpaymentobligation.ThefloatingdebitwillaccrueinterestattherelevantrateprescribedintheRateCard.ItistheClient’sresponsibilitytoextinguishthisobligationbyeitheraskingtheCompanytoconvert(attheClient’scost)availablefunds,ortotransfersufficientfundsintherelevantcurrency.UntiltheClienttakessuchaction,theCompanywillcontinuetochargeinterest.WheretheClienthassuchfloatingdebitbalancesonitsAccount,theCompanywillnotallowtheClienttoenterintoTransactionswithitsavailablefundsinexcessofthenetbalance(availablefundslessfloatingdebitobligationsattheCompany’selectedrateofexchange).
c) theprovisionsofthisclause10.8shallnotrestricttheCompany’srightsatclauses10.6and11.4oranyotherrightsofset-offotherwisepermittedbytheTerms.TheClientshouldbeawarethattheCompanycanexerciseitsrighttoconvertalldebitsandcreditsintotheClient’sBaseCurrencyatanytimeandforanyreasonirrespectiveoftheprovisionsofthisclause10.8.
11.9UnlesstheCompanyprovidestheClientwithwrittennoticetothecontrary,allpaymentsanddeliveriesbytheCompanytotheClientwillbemadeonanetbasisandtheCompanyshallnotbeobligedtodeliverormakepaymenttotheClientunlessanduntiltheClientprovidestheCompanywiththeappropriatedocumentsorclearedfunds.
SECTION 12 / SECURITY INTEREST AND RIGHTS OF SET OFF
12. SecurityInterestandRightsofSetOff
12.1Ascontinuingsecurityforthepaymentanddischargeofallyourpaymentandotherresponsibilitiestous,youherebycharge,bywayoffirstfixedchargeinfavouroftheCompanyandanyGroupEntity,theCustodyAssets,yourClientMoneyandallofyourrights,titleorinterestin,toorunderanycontractwiththeCompanyoranyGroupEntitywhetherarisingpriortothedateoftheseTermsorthereafterandwhetherliquidated,unliquidated,fixed,contingent,matured,unmatured,disputed,undisputed,legal,equitable,financial,physical,securedorunsecured.
12.2TheSecurityInterestshallremaininfullforceandeffectbywayofcontinuingsecurityandshallnotbeaffectedinanywaybyanysettlementofaccountandshallbeinadditiontoanyothersecurity,guaranteeorindemnitynoworhereafterheldbytheCompanyoranyGroupEntityinrespectofyourresponsibilitiesundertheTerms.
12.3YouherebyauthorisetheCompanyatanytimeaftertheoccurrenceofanEventofDefaultto:
a) sellorotherwiserealisealloranyoftheCustodyAssetsinsuchmanner,atsuchtimeortimesandtosuchpersonorpersonsastheCompanyinitsabsolutediscretionthinksfit;and
b) applytheproceedsofsaleinortowardsdischargeofyourresponsibilitiestousinsuchmannerandorderastheCompanythinksfit.
TheCompanywillusereasonableendeavourstoobtainthebestpriceavailableinallthecircumstancesforsalesorrealisationofCustodyAssets.
12.4WithoutprejudicetotheCompany’srighttorequirepaymentfromtheClientinaccordancewiththeseTerms,theCompanywillhavenoobligationtocarryoutitsresponsibilitiestopaymoneyordeliverassetstoyouifyouhavenotmetyourresponsibilitiestopaymoneyordeliverassetstotheCompany.Insuchcircumstances,theCompanymaysetoffanymoneyyouoweusagainstanymoneyweoweyouandpaytoyouonlytheexcess.Inaddition,undergenerallaw,wehavetherighttouseanycreditbalancethatyouhaveinanyaccount(includinganyjointaccountheldwiththeCompanyoranyGroupEntityinwhichyouhaveaninterest)tooff-setorrepayanydebitbalancewhichyouoweus(whetherinyoursolenameorinanyjointaccountheldwiththeCompanyoranyGroupEntityinwhichyouhaveaninterest).Whereweexerciseourrightsunderthisclause11.4,wewillhavenofurtherresponsibilitiestoyouunderthisclauseandforthispurposewemayvalueourpaymentrequirementsingoodfaithbutinoursolediscretion.
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SECTION 13 / CLIENT MONEY
SECTION 14 / CLIENT ASSETS
13. ClientMoney
13.1Subjecttoclauses14.7and14.11,wewillholdyourmoneyasClientMoneyinaclientbankaccount,setupwithstatutorytruststatus.Thismeanswewillseparateyourfundsfromourfundsatabank,inaccordancewiththeFCARules.Wemayholdyourmoneywithotherclients’moneyinapooledaccount,whichhasbeennamedasaclientbankaccount.Thismeansthatweholdclientmoneyaspartofacommonpoolofmoney,soyoudonothaveaclaimagainstaspecificamountinaspecificaccount.Youwouldmakeyourclaimagainsttheclientmoneypoolingeneral.Ifanybankweuseweretofailforanyreason,youwouldshareapercentageoftheshortfalldependingonyouroriginalshareoftheassetsinthepool.Pooledpropertymaybeusedfortheaccountofanyoftherelevantclients
13.2Wewillpromptlyplaceyourmoneyintooneormoreaccountsopenedwithacentralbank,anEEAcreditinstitutionorabankauthorisedinanothercountry,orinaqualifyingmoneymarketfund.Thoseaccountswillbeidentifiedseparatelyfromanyaccountsweusetoholdmoneyweown.Wemaypassyourmoneytoanotherorganisation(forexample,anexchange,intermediatebroker,over-the-counterorganisationorclearinghouse)toholdorcontrolsowecancarryoutaTransactionthroughorwiththatpersonortomeetyourresponsibilitytoprovideMarginforaTransaction.Intheabsenceofournegligence,wewillhavenoresponsibilityforanyacts(orfailuretoact)ofanyotherorganisationwepassyourmoneyto.Thoseorganisationsmayhaveasecurityinterestoverorrighttousethatmoneyasaresultofanymoneyowedtothem.Theorganisationwepassyourmoneytomayholditina
generalaccountanditmaynotbepossibletoseparateitfromourmoney,ortheirmoney.Iftheorganisationbecomesinsolvent,wewillonlyhaveanunsecuredclaimagainsttheorganisationonyourandourotherclients’behalf.Yourealisethatthismeanstheotherorganisationmaynotpayusenoughmoneytocovertheclaimsofyouandallotherclients.
13.3Wemaypassyourmoneytoanintermediatebroker,settlementagentororganisationwhichmaybebasedoutsidetheEEA.Inthesecircumstances,thelawandapplicableregulationstothebank,broker,agentororganisationholdingyourmoneywillbedifferentfromthatoftheUKorotherEEAstates.Ifthebank,broker,agentororganisationisunabletoreturnyourmoney,itmaybetreateddifferentlyfromthepositionwhichwouldapplyifthemoneywasinanEEAstate.
13.4WhereanyobligationsowingtotheCompanyfromtheClientaredueandpayabletous,wemay,inaccordancewiththeClientMoneyRules,ceasetotreatasClientMoneysomuchofthemoneysoheldasequalstheamountofthoseobligationsandyouagreethatwemayapplythatmoneyinortowardssatisfactionofallorpartofthoseobligationsdueandpayabletous.
13.5YouunderstandandagreethatwherepermittedbyandinaccordancewiththeClientMoneyRules,weareentitledtoceasetotreatunclaimedbalancesheldonyouraccountasclientmoney.
13.6Unlessotherwiseagreedinwriting,youagreethatyouarenotentitledtoandwillnotreceiveanyinterestontheClientMoneyheldbyus.
14. ClientAssets
14.1CustodyAssetswillbeheldorreceivedbyusinaccordancetheCustodyRulesandsubjecttoclause14.3belowweagreetoactascustodianortoarrangefortheCustodyAssetstobeheldincustody.Wherewedoso,wewillopen,orcausetobeopened,suchaccountsasarerequiredtosafeguardadequatelyyourownershiprightsinthosesecuritiesandotherassetsintheeventofourinsolvency,andtominimisethechanceoflossordiminutionofthoseassets.Wewillidentify,recordandholdallCustodyAssetsseparatelyfromanyofourowninvestmentsandotherassets,andinsuchawaythatwecanidentifytheCustodyAssetsatanytime.
14.2YouherebyauthoriseustoregisterorarrangetheregistrationofCustodyAssetsinanynamepermittedbytheCustodyRules.Normally,yourCustodyAssetswillbeheldinyournameorinthenameofaneligiblenominee.However,wherewearepreventedfromholdingyourCustodyAssetsinyournameorinthenameofaneligiblenominee,wemay,
wherepermittedbyandinaccordancewiththeCustodyRules,registerorrecordyourCustodyAssetsinthenameofathirdparty(including,withoutlimitation,acustodian).IntheeventwearepreventedfromholdingyourCustodyAssetsinthenameofathirdparty,wemay,wherepermittedbyandinaccordancewiththeCustodyRules,registerorrecordyourCustodyAssetsinourname.IfCustodyAssetsareheldinournameorthatofathirdparty,theCustodyAssetsmaynotbesegregatedfromourassetsorthoseofthethirdpartyand,intheeventofadefaultbyusorthethirdparty,maynotbeaswellprotectedfromanyclaimsbyourortheircreditors.
14.3CustodyAssetsregisteredorrecordedinthenameofanomineewillbepooledwiththoseofoneormoreofourotherclients.Intheeventofanirrecoverableshortfallfollowinganydefaultorfailurebythecustodianresponsibleforpooledinvestments,youmaynotreceiveyourfullentitlementandmayshareinthatshortfallproratatoyour
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SECTION 14 / CLIENT ASSETS - CONTINUED
originalshareoftheassetsinthepool.Whencorporateevents(suchaspartialredemptions)affectsomebutnotalloftheinvestmentsheldinapooledaccount,wewillallocatetheinvestmentssoaffectedtoparticularclientsinsuchfairandequitablemannerasweconsiderappropriate(whichmaywithoutlimitationinvolveprorataallocationoranimpartiallottery).
14.4WemayappointsubcustodianstoholdCustodyAssets,andsuchsubcustodianmaybeanyofourAssociatedCompanies.Thoseassetswillusuallybeheldinasingleaccountthatisidentifiedasbelongingtoourclientsandwewillidentifytheminourbooksandrecords.Thebroadeffectofthisisthatifthereisashortfallasaresultofthesubcustodiansufferingfinancialloss,youmayshareinthatshortfallwithotherclients,dependingontheamountofyourCustodyAssetsheldwiththesubcustodian.
14.5WewillonlydeposityourCustodyAssetswithapersoninanon-EEAjurisdictionwhichdoesnotregulatecustodyactivitiesif(i)thenatureofthefinancialinstrumentrequiresittobedepositedinsuchajurisdiction;or(ii)wereceiveapriorwritteninstructionfromyou.IfwedeposityourCustodyAssetswithapersoninanon-EEAjurisdiction,suchCustodyAssetsshallbesubjecttothelawofthatjurisdictionandyourrightsinrelationtothoseassetsmaydifferaccordingly,inwhichcasetheconsequencesofsodoingareentirelyatyourownrisk.
14.6Wewillclaimallamountsofanydividends,interest,paymentsoranalogoussumstowhichyoumaybeentitledinrelationtoCustodyAssetsandofwhichwearenotified,butweshallnotberesponsibleforclaiminganyentitlementorbenefityoumayhaveunderanyapplicabletaxationtreatyorarrangement.UnlessotherwiseagreedwithyouweshallnotberesponsiblefornotifyingyouofanyvotingrightsorotherpowersorrightsarisingorexercisableinrespectofanyCustodyAssetorforexercisingortakinganyactionsinrespectofthesame.
14.7IntheeventthatincomeintheformofdividendsisdeclaredbutnotpaidwithrespecttoanysecuritiesrecordedasbeingheldasCustodyAssets,wemay,inoursolediscretion,provisionallytreatasyourmoney,andthereforeasClientMoney,anamountequaltotheincomenotwithstandingthatwehavenotactuallyreceivedsuchamount.Youunderstandandagreethatif,foranyreason,wefailtoreceivetheincome,wemay,atanytimeinoursolediscretion,reverseanysuchcreditandstoptreatingitasyourmoneyandsubjecttotheClientMoneyrules.
14.8Inactingascustodianornominee,weacceptresponsibilityforallCustodyAssetsregisteredinthenameofournomineecompaniesorAssociatedCompanies.Whereweusesubcustodians,clearingagentsorotherdelegates(whoarenotAssociatedCompanies),wewillnotbeliableforanyactorfailuretoactorforthesolvency,ofanyofour
subcustodian,clearingagentsordelegatesunless,andtotheextentthat,wehavefailedtoexercisereasonableskill,careanddiligenceintheselectionandmonitoringofthesubcustodian,clearingagentordelegate.IfanyofthesepartiessufferseverefinanciallossorbecomesinsolventyoumaynotgetbackallyourCustodyAssets.Wewilldoallwereasonablycantorecoveranylossonyourbehalf.
14.9TheCompanyshallberesponsibleforthedurationofanysubcustodianagreementforsatisfyingitselfastotheongoingsuitabilityofthesubcustodiantoprovidecustodialservicesandshallmaintainanappropriatelevelofsupervisionofthesubcustodianandmakeappropriateenquiriesperiodicallytoconfirmthattheobligationsofthesubcustodiancontinuetobecompetentlydischarged.
14.10Intheeventthatweidentifyadiscrepancyasaresultof,orthatreveals,ashortfall(assuchtermisdefinedintheFCARules)withrespecttoyourCustodyAssets,andwedeterminethattheClientAssetRulesrequireustodoso,wewill,untilsuchtimeastherelevantdiscrepancyisresolved,holdforyouanamountofourownassetsand/ormoneyinaccordancewiththeClientAssetRulesandtheseTermstocoverthevalueofsuchshortfall.
14.11Youunderstandandagreethat:
a) wheremoneyorsecuritiesarethesubjectofadeliveryversuspaymenttransactionthroughacommercialsettlementsystem(a“DVPTransaction”)wemay,butwearenotrequiredto,holdtheseforyouinaccordancewiththeClientMoneyRulesorCustodyRulesduringtherelevantDVPPeriod;and
b) intheeventthataDVPTransactionfailstosettleduringtheDVPPeriod,ratherthanholdingtherelevantsecuritiesreceivedfromtheClient(andwhichareexpectedtosettle)inaccordancewiththeCustodyRules,theCompanymayelectinitssolediscretion,toholdsegregatedfortheClientanamountoftheCompany’sownmoneyequivalenttothevalueoftherelevantsecuritiesinaccordancewiththeClientMoneyRulesuntilsuchtimeastherelevantDVPTransactionssettles.
Forthepurposesoftheabove:
“DVPPeriod”meansinrespectoftherelevanttransaction,theperiodfrom(andincluding)thedayonwhichtheClientfulfilstherelevantpaymentordeliveryobligation(asapplicable)totheCompanyinrespectofsuchtransactionto(andincluding)theearlierof(a)thedayonwhichtherelevanttransactionsettlesand(b)thethirdBusinessDayfollowingthedayonwhichyoufulfilledtherelevantpaymentordeliveryobligation(asapplicable)totheCompany.,
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SECTION 15 / TAX
15. Tax
15.1TheCompanyshallnotprovideanyadvicetotheClientonanytaxissuerelatedtoanyServices.TheClientisadvisedtoobtainindividualandindependentcounselfromitsfinancialadvisor,auditororlegalcounselwithrespecttotaximplicationsoftherespectiveServices.
15.2TheClientisresponsibleforthepaymentofalltaxesthatmayariseinrelationtoitsTransactions.
16. ConflictsofInterest
16.1TheCompany,itsassociatesorAssociatedCompaniesmayhaveaninterest,relationshiporarrangementthatismaterialinrelationtoanyTransactionaffected,oradviceprovidedbytheCompanyundertheTerms.
16.2TheCompanyisrequiredtotakereasonablestepstoidentifyandmanageconflictsofinterestbetweentheCompanyanditscustomersaswellasconflictsofinterestbetweencustomersthatariseinthecourseoftheCompany’sprovisionofServices.TheCompanyoperatesinaccordancewithaConflictsofInterestPolicy,asummaryoftheCompany’sConflictsofInterestPolicyisavailableontheCompany’swebsite,oruponwrittenrequesttotheCompany’[email protected].
16.3TheCompanyisundernoobligationto:
a) disclosetotheClientthattheCompany,itsassociatesorAssociatedCompanieshaveamaterialinterest
inaparticularTransactionwithorfortheClient,providedtheCompanyhasmanagedsuchconflictsinaccordancewithitsConflictsofInterestPolicy;
b) disclosetotheClientortakeintoconsiderationanyfact,matterorfindingwhichmightinvolveabreachofconfidencetoanyotherperson,orwhichcomestothenoticeofanyoftheCompany’sdirectors,officers,employeesoragents,wheretheindividual(s)dealingwiththeClienthavenoactualnoticeofsuchfact,matterorfinding;or
c) accounttotheClientforanyprofit,commissionorremunerationmadeorreceivedfromorbyreasonsofanyTransactionsorcircumstancesinwhichtheCompany,itsassociatesorAssociatedCompanieshaveamaterialinterestorwhereinparticularcircumstancesaconflictofinterestmayexist.
17. DefaultandDefaultRemedies
17.1EachofthefollowingshallconstituteanEventofDefault:
a) iftheClienthasfailedtomakeanypaymentortransfer(includingfollowingademandforMargin)whendueortheClientisinmaterialbreachofanypartoftheseTerms;
b) iftheClientfailstoremitfundsnecessarytoenabletheCompanytotakedeliveryunderanyTransactiononthefirstduedate;
c) iftheClientfailstoprovideassetsfordelivery,ortakedeliveryofassets,underanyTransactiononthefirstduedate;
d) theCompanyconsidersitnecessaryordesirabletopreventwhatisconsideredtobeormightbeanactbytheClientthatisaviolationofanylaws,ApplicableRegulations,orgoodstandardofmarketpractice;
e) iftheCompanyreasonablybelievesthatanymaterialinformationprovidedbytheClientwasuntrueatthetimeitwasgiven,oranymaterialinformationprovidedbytheClienthasbecomeuntruesincethetimethatitwasoriginallygivenandtheClienthasfailedtonotifytheCompanyofthesame,andtheClientknew,knowsorshouldhaveknownthatsuchinformationisbothmaterialandisorwasintendedtobereliedonbytheCompanyforanypracticalpurpose,includingbutnotlimitedto:(i)reasonsrelatingtotheCompany’sdeterminationofwhatServicesitshouldprovidetotheClient(ifany),and/or(ii)theoperationoforevaluationagainstcriteriaprovidedintheCompany’spublishedorunpublishedpoliciesorprocedures,and/ortheCompany’sobligationstocomplywithanylaws,rulesorregulations;or
f) iftheCompanyreasonablyconsidersitnecessaryforitsownprotectionortheprotectionofaGroupEntity
SECTION 16 /CONFLICTS OF INTEREST
SECTION 17 / DEFAULT AND DEFAULT REMEDIES
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SECTION 17 / DEFAULT AND DEFAULT REMEDIES - CONTINUED
(including,fortheavoidanceofdoubtbutwithoutlimitation,whereaMarginLiquidationEventhasoccurredandthereisnoreasonableprospectthattheactionstakencansatisfyyourongoingMarginRequirement);or
g) ifanyactionistakenoreventoccurs(including,fortheavoidanceofdoubtbutwithoutlimitation,abankruptcypetition,awinding-uppetitionoranadministrationorderorresolutionbeingpassedagainstyou)whichtheCompanyconsidersmighthaveamaterialadverseeffectontheClient’sabilitytoperformanyofitsobligationsundertheAgreement.
17.2UpontheoccurrenceofanEventofDefault,theCompanymay,initssoleandabsolutediscretion,takealloranyofthefollowingactions:
a) liquidateand/orcloseoutanyOpenPositionsandalloranyTransactionsatanytimeandinanymannerandthroughanymarketordealer;
b) cancelanyOrdersontheClient’sAccount;
c) prohibittheClientfromaccessingorusingtheClient’sAccount;
d) suspendaccesstotheTradingFacilityand/ortheSecureAccessWebsite;
e) suspendand/orinanywaylimitorrestricttheClient’sabilitytoplaceanyOrder,giveanyinstructionoreffectuateanyTransactioninrelationtotheClient’sAccount;
f) varytheMarginRequirementsapplicabletotheClient;
g) reverseanyTransactions(asiftheyhadneverbeenenteredintointhefirstplace)andtheeffectofsuchTransactionsontheClient’sAccount;
h) sellanyoralloftheClient’ssecurities,assetsandpropertywhichmayfromtimetotimebeinthepossessionorcontroloftheCompanyoranyGroupEntityoranyAgentsoftheCompanyorcallonanyguarantee.TherestrictionscontainedinSections93and103oftheLawofPropertyAct1925shallnotapplytotheseTermsortoanyexercisebytheCompanytoconsolidatemortgagesortheCompany’spowerofsale;
i) requiretheClienttocloseanyorallofitsOpenPositionsbyaspecifieddateselectedbytheCompany;
j) makeappropriatedeductionsorcreditsfromortotheClient’sAccount;
k) terminateanyServicesprovidedtotheClientfromtimetotime;
l) terminatethisAgreementimmediatelywithoutnotice,orwithnoticewithterminationoccurringonaspecifieddateselectedbytheCompany;
m) exercisetheCompany’srightofset-off;
n) modify,change,orswitch,withorwithoutnoticetotheClient:(i)theClient’sAccounttypeorsettingswithintheClient’sAccount(including,butnotlimitedto,anyMarginRequirementsorexecutionmodel);and/or(ii)thetermsoforparametersregardinganyServicestheCompanyprovidestotheClientfromtimetotime;and/or
o) paytotheClientthefairmarketvalueatthetimetheCompanyexercisessuchright,ofanyinvestmentsheldbytheCompany,anyGroupEntityoranyAgentsoftheCompany,insteadofreturningtotheClientinvestmentsequivalenttothosecreditedonitsAccount.
17.3TheClientauthorisestheCompanytotakeanyoralloftheactionsdescribedinclause16.2oftheseTermswithoutnoticetotheClientandacknowledgesthattheCompanyshallnotberesponsibleforanyconsequencesofitstakingsuchactions,unlesstheCompanyhasactednegligentlyorfraudulentlyinexercisingitsrightsfollowinganEventofDefault.TheClientshallexecutealldocumentsandtakeanyactionastheCompanymayrequestinordertoprotecttherightsoftheCompanyandanyGroupEntityundertheTermsorunderanyagreementtheClientmayhaveenteredintowithanyGroupEntity.
17.4IftheCompanyexercisesitsrightstosellunderclause17.2andfollowingapplicationoftheproceedsofsaleandanyotherrightstheCompanyhas,including,withoutlimitation,rightsunderanygenerallienandrightsofsetoff,andthereis:
a) ashortfall,theClientwillimmediatelypaytotheCompanyclearedandavailablefundsintheBaseCurrencytosatisfytheshortfall;or
b) anexcess,theCompanywillimmediatelypaytotheClientclearedandavailablefundsintheBaseCurrencyinordertosatisfytheexcessandclosetheClients’accounts.
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SECTION 18 / FORCE MAJEURE
18. ForceMajeure
18.1Neitherparty(noranyAssociatedCompanies)shallbeliableforanyfailure,delayoromissiontoperformanyoftheirobligationsordutiesifthefailurearisesfromanycauseorcausesbeyondtheircontrol,includingwithoutlimitation,actsofGod,actsorregulationsofgovernmentorotherauthorities,restrictionsontransferorconversion,requisitions,involuntarytransfers,war,fire,flood,explosions,civilcommotion,strikesorotherindustrialdisputes,powerfailure,failureoftelecommunicationslines,connectionorequipment,anyfailureordefectsinanyhardwareorsoftwareownedbytheCompanyorownedorsuppliedbythirdparties,oranyfailureofabroker,exchangeorclearinghouseforanyreasontoperformitsobligations(a“ForceMajeureEvent”).
18.2UpontheoccurrenceofaForceMajeureEvent,thepartiesshallusecommerciallyreasonableeffortstoresumeperformanceandeitherpartymaygivetheotherpartywrittennoticethataForceMajeureEventhasoccurred.UponoccurrenceofaForceMajeureEvent,alloftheparties’obligationstoeachotherundertheseTermsshallbeimmediatelysuspendedforthedurationofsuchForceMajeureEvent.
18.3UpontheoccurrenceofaForceMajeureEventthepartynotsufferingfromtheForceMajeureEventmayterminatetheAgreementafterthirty(30)calendardayswheretheForceMajeureEventispreventingsuchpartyfromperformingitsobligations.
19. ExclusionsandLimitationsofLiability
19.1NothingintheseTermsshallexcludeorrestrictanydutyorliabilityowedbytheCompanytotheClientundertheFinancialServicesandMarketsAct2000,theFCARulesoranyotherlegalrights(asamendedorreplacedfromtimetotime)youmayhaveinconnectionwiththeservicesweprovidetoyou.Apartfromtheforegoing,neithertheCompanynoritsdirectors,officers,employees,orAgentsshallbeliabletotheClientoranythirdpartyforanylosses,damages,costsorexpenses,lossofprofits,lossofgoodwillorreputation,lostdata,lossofuseoftheTradingFacility,businessinterruption,businessopportunity,costsofsubstitute,servicesordowntimecostsincurredorsufferedbytheClientundertheseTerms(includinganyTransactionorwheretheCompanyhasdeclinedtoenterintoaproposedTransaction)unlesssuchlossarisesdirectlyfromtheCompany’srespectivenegligence,breachofcontractorfraud.
19.2TheCompanydoesnotacceptliability:
a) for the performance or profitability of any transaction or investment activity undertaken by the client. you are wholly responsible for any investment decisions you make and for all instructions you provide to us;
b) for any loss that the client suffers in an event where any computer viruses, worms, software bombs, or similar items are introduced into the client’s computer hardware or software via the trading facility or secure access website, provided the company has taken reasonable steps to prevent any such introduction except where the company has acted negligently or in breach of contract;
c) for any loss that the client suffers for any breakdown or failure of any transmission or communication system or equipment or computer facility or trading software, whether belonging to the company or its associated companies, the client, any market, or any settlement or clearing system when the client trades online (via internet) or for any cause preventing the company from performing any or all its obligations except where the company has acted negligently or in breach of contract;
d) for any actions the company may take pursuant to its rights under these terms, including (for the avoidance of doubt but without limitation) in exercising its rights under a margin liquidation event or following an event of default, except where the company has acted negligently or in breach of contract;
e) for any losses or other costs or expenses of any kind arising out of or in connection with the placement of orders by the client or the execution of transactions with the company;
f) for any adverse tax implications of any transaction whatsoever;
g) by reason of any delay or change in market conditions before any particular transaction is affected; and
h) for communication failures, distortions or delays when using the trading facility except where the company has acted negligently or in breach of contract.
SECTION 19 / EXCLUSIONS AND LIMITATIONS OF LIABILITY
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SECTION 19 / EXCLUSIONS AND LIMITATIONS OF LIABILITY - CONTINUED
19.3NothingintheseTermswilllimittheCompany’sliabilityfordeathorpersonalinjuryresultingfromitsnegligence.
19.4InnoeventshalltheCompanybeliabletoyouoranythirdpartyfordamages,directorotherwise,inexcessofthelowerofeither(i)theamountpaidtousbyyouinrespectoftheServicesprovided,or(ii)£3million.Thislimitationiscumulative,andthesumofmultipleclaimsmaynotexceedthislimit.
19.5TheCompany,anditsemployeesandofficers,willnotinanycircumstancesbeliableforanyconsequentialloss,damageorliability(includingbutnotlimitedtolossofprofit)regardlessofwhetheritisawareofthelikelihoodofsuchloss,damageorliability.
SECTION 21 / AMENDMENTS
21. Amendments
21.1TheCompanywillnotifytheClientofanyproposedchangetotheTermsbysendingtheClientacopyoftheproposedchangesatleastthirty(30)calendardayspriortothechangesbecomingeffective,eitherbyemailorbypost,totheemailand/orpostaladdressmostrecentlynotifiedbytheClienttotheCompany.TheTermsarealwaysavailableinanuptodateformontheCompany’swebsiteorcanbeavailablebycontactingtheCompany.
21.2If,asaresultofchangestheCompanyproposestomake,theClientwishestoterminatetheAgreement,theClientmaydosoinaccordancewithclause22bysendingnoticetotheCompanywithintheperiodsetoutintheamendmentnoticeafterwhichthechangeswillbecomeeffective(whichwillbeatleastthirty(30)calendardays’).TheCompanywillnotchargetheClientfortransferringanyinvestmentsormoneyheldfortheClienttotheClientortoanythirdpartyiftheAgreementisterminatedunderthetermsofthisparagraph.
21.3WheretheClientwishestoterminatetheAgreementandwhere,afteraperiodoffourteen(14)calendardayshasexpiredsincetheClientgavetheCompanynoticetothateffect,theClientstillhasopenAccountsand/orOpenPositionstheCompanyshallhavetherighttoautomaticallyclosetheClient’sAccountsandOpenPositionswithoutanyfurthernoticetotheClient.
21.4TheCompanymayamendtheRateCardbygivingnolessthantwenty(20)calendardays’noticetotheClient,byprovidingittotheClientbyemailorpost,totheemailand/orpostaladdressmostrecentlynotifiedbytheClienttotheCompany.TheClientisresponsibleforregularlyreviewingtheRateCardforanyupdatesandagreestobeboundbythechangesunlesstheAgreementisterminatedinaccordancewithclause22below.
21.5If,asaresultofchangestheCompanyproposestomaketotheRateCard,theClientwishestoterminatetheAgreement,theClientmaydosoinaccordancewithclause22bysendingnoticetotheCompanywithintheperiodsetoutintheamendmentnoticeafterwhichthechangeswillbecomeeffective(whichwillbeatleast(20)BusinessDays).TheCompanywillnotchargetheClientfortransferringanyinvestmentsormoneyheldfortheClienttotheClientortoanythirdpartyiftheAgreementisterminatedunderthetermsofthisparagraph.
21.6WheretheClientwishestoterminatetheAgreementasaresultofchangestotheRateCardandwhere,afteraperiodoffourteen(14)calendardayshasexpiredsincetheClientgavetheCompanynoticetothateffect,theClientstillhasopenAccountsand/orOpenPositionstheCompanyshallhavetherighttoautomaticallyclosetheClient’sAccountsandOpenPositionswithoutanyfurthernoticetotheClient.
SECTION 20 / RIGHT TO CANCEL/COOLING OFF
19. RighttoCancel/CoolingOff
19.1Incertaincircumstances,theClientmaycancelanagreementforanyofourserviceswithinfourteendaysofcommencementirrespectiveofanyrightsundertheDistanceMarketingDirective.SuchnoticeofcancellationmustbeinwritingandtheCompanywillreturntoyouyourmoneyorassetsheldbyit.TheClientshouldbeaware
thatanyreasonableoutofpocketexpenses(e.g.relatingtothetransferofsecurities)willnotberefunded.Also,ifanytransactionshavebeencarriedout,youwillbeliableforanypricemovementunlessitinvolvesproductwhichcarriesarightofcancellationwhichmayapply.AnytransactionsinprogresswhenyoucancelwillbecompletedandtheClientwillstillberequiredtodeliveranycertificates,stockorpaymentduetocompletethetransaction.
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SECTION 22 / SUSPENSION AND TERMINATION
23. IntheEventofDeath
23.1Subjecttoclause24,intheeventoftheClient’sdeathwhilstaclientoftheCompany,theAccountwillbesuspendedandtheCompanymaycloseanyopenposition.TheAccountmaycontinuetoincurcustodychargesuntilitisclosed.NoinstructionsoveranyaccountwillbeaccepteduntilthetitleoftheClient’spersonalrepresentativestotheaccounthasbeenestablished(whichmayincludetherequirementtoperformstandardKnowYourClientandDueDiligencechecksonthepersonalrepresentatives)atwhichpointtheClient’spersonalrepresentativesmayinstructtheCompany
tosell,transferorotherwisedisposeoftheClient’sassets.
TheCompanywillnotberesponsibleforlossesduringtheperiodbetweentheClient’sdeathandthereceiptbytheCompanyofformalnoticeofit,orforlossesbetweentheClient’sdeathandthereceiptbytheCompanyofacertifiedcopyofthegrantofprobateorlettersofadministration(asappropriate)andnorshalltheCompanybeliableforanylossesarisingasaresultoftheCompanynotadministeringanyoftheClient’sinvestmentsfollowingdeath.Theaccountwillcontinuetoincurchargesuntilitisclosed.
22. SuspensionandTermination
22.1TheClientmayterminatetheAgreementimmediatelybygivingwrittennoticetotheCompany.TheClientagreesthatatanytimeaftertheterminationoftheAgreement,theCompanymay,withoutnoticetotheClient,closeoutanyoralloftheClient’sOpenPositions.
22.2TheCompanymaysuspendorterminatethisAgreementbygivingfifteen(15)BusinessDayswrittennoticetotheClient.TheClientagreesthatatanytimeaftertheexpirationofthenoticeofterminationoftheAgreement,theCompanymay,withoutfurthernoticetotheClient,closeoutanyoralloftheClient’sOpenPositions.WheretheCompanysuspendstheClient’sAccount,theCompanymaypreventtheClientfromopeninganynewpositions,buttheCompanywillnotclosetheClient’sOpenPositionsunlessotherwiseallowedbytheseTerms.Theprovisionsofthisclause22.2shallnotpreventtheCompanyfromexercisinganyofitsrightstoterminateorsuspendtheAgreementasprovidedelsewhereintheseTerms.
22.3UpontheterminationoftheAgreement,allamountspayablebytheClienttotheCompanywillbecomeimmediatelydueandpayableincluding(butwithoutlimitation):
a) alloutstandingfees,chargesandcommissions;
b) anydealingexpensesincurredbyterminatingtheseTerms;and
c) anylossesandexpensesrealisedinclosingoutanyTransactionsorsettlingorconcludingoutstandingobligationsincurredbytheCompanyontheClient’sbehalf.
22.4TerminationoftheAgreementwillnotaffectanyrightsorobligations,whichmayalreadyhavearisenbetweentheCompanyandtheClient.TheterminationoftheseTermswillnotaffectthecomingintoforceorthecontinuanceinforceofanyprovisionintheseTermswhichisexpressly,orbyimplication,intendedtocomeinto,orcontinueinforce,onoraftersuchtermination.
22.5Ifterminationoccurs,theCompanywill,assoonasreasonablypracticableandsubjecttotheseTerms,delivertotheClientanymoneyorinvestmentsintheClient’sAccount(s)subjecttoanyapplicablechargesandrightsofset-offassetoutontheCompany’sRateCard.AfinalstatementwillbeissuedtotheClientwhereappropriate.
24. JointAccounts
24.1WheretheAgreementisenteredintobetweentheCompanyandmorethanoneperson,asregardseachperson(exceptwheretheCompanyhasagreedotherwiseinwriting):
a) BothpersonsshallbeconsideredaClientandtheirobligationsandliabilitiesundertheAgreementarejointandseveral(whichmeans,forinstance,thatanyonepersoncanwithdrawortransfertheentirebalanceoftheAccounttotheirpersonalbankand/orinvestmentaccountwiththeCompany,andinthecaseifadebitbalanceordebtowedbytheClienttotheCompany,
eachAccountholderisresponsiblefortherepaymentoftheentirebalanceandnotjustashareofit).
b) Theyeachhavefullauthority(asfullasiftheyweretheonlypersonenteringintotheAgreement)onbehalfoftheotherstogiveorreceiveanyinstruction,notice,requestoracknowledgementwithoutnoticetotheothers,includinganinstructiontoliquidateand/orwithdrawinvestmentsfromtheAccountand/orcloseanyAccount.
c) SubjecttoanyparticulartermsagreedinconnectionwiththemanagementoftheAccount,theCompanymay
SECTION 23 / IN THE EVENT OF DEATH
SECTION 24 / JOINT ACCOUNTS
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SECTION 24 / JOINT ACCOUNTS - CONTINUED
initssolediscretion,requireaninstruction,requestordemandtobegivenbyallthejointaccountholdersbeforetheCompanytakesanyactionforanyreasonornoreasonwhatsoever.
d) AnysuchpersonmaygivetheCompanyaneffectiveandfinaldischargeinrespectofanyobligationsundertheAgreement.
e) Uponthedeathofanyjointaccountholder,theCompanywilltransfertheinvestmentsandtheresponsibilityforanyobligationsconnectedwiththeAccountintothesurvivingjointaccountholder’sname.
ThisAgreementwillremaininfullforcebetweentheCompanyandthesurvivingjointaccountholder.
24.2Unlessotherwiseagreedinwriting,theCompanymaycontactanddealwithonlyoneoftheAccountholdersnamedintheCompany’srecordssubjecttoanylegalrequirementstothecontrary.
24.3EitherAccountholdermayasktheCompanytoconverttheAccountintoasoleaccount.TheCompanymay(butshallnotbeobligedto)requireauthorityfromallAccountholdersbeforedoingso.AnypersonremovedfromtheAccountwillcontinuetobeliableforallobligationsundertheAgreement
SECTION 25 / NOTICES AND COMMUNICATION WITH THE CLIENT
25. NoticesandCommunicationwiththeClient
25.1TheCompanymaynotify,instruct,orcommunicatewiththeClientbytelephone,post,fax,email,facetofaceorbypostingamessageordocumentontheCompany’swebsiteorTradingFacility,andtheClientagreesthattheCompanymaycontacttheClientthroughanyofthesemediumsatanytime.TheCompanywillusetheaddress,faxnumber,phonenumber,oremailaddressspecifiedintheClient’sAccountopeningdocumentationorsuchotheraddresstheClientmaysubsequentlyprovidetheCompany.
25.2UnlessotherwiseprovidedintheseTerms,theClientwillbedeemedtohaveacknowledgedandagreedwiththecontentofanynotice,instructionorothercommunicationunlesstheClientnotifiestheCompanytothecontraryinwritingwithinfifteen(15)BusinessDaysofthedateonwhichtheClientisdeemedtohavereceiveditinaccordancewithclause25.3below.
25.3Anynotice,instructionorothercommunication(whichshallincludethedeliveryofConfirmationviahardcopyoremail)willbedeemedtohavebeenproperlygivenbytheCompany:
a) ifhanddelivered,whenleftattheClient’slastknownhomeorworkaddress;
b) ifsentbyfirstclassposttotheaddresslastnotifiedbytheClienttotheCompany,onthethirdbusinessdayafterbeingplacedinthepost;
c) ifgivenverballyoverthetelephone,immediatelywheretheCompanyspeakswiththeClient;
d) ifsentbyfax,immediatelyuponreceiptofasuccessfultransmissionreport;
e) ifsentbyemail,immediatelyaftertheemailissentprovidingtheCompanydoesnotreceiveconfirmationofafaileddeliveryfromtherelevantemailprovider;and/or
f) ifpostedontheCompany’swebsiteorTradingFacility,onthenextfollowingbusinessdayfollowingthebusinessdayithasbeenposted.
25.4TheClientisresponsibleforreadingallnoticespostedontheCompany’swebsiteandTradingFacilityinatimelymanner.
25.5TheClientmaynotifytheCompanybypost,fax,oremail,eachofwhichshallconstitutewrittennotice.TheClientwillusetheCompany’sregisteredaddress,faxnumber,oremailaddressspecifiedbytheCompanyfromtimetotimeinaccordancewithanynoticerequirement.TheClientmayalsoinstructorcommunicatewiththeCompanybytelephoneorviaafacetofacemeeting.
25.6AnoticemadeordeliveredtotheCompanywillbeeffectiveinaccordancewithclause24.3,mutatismutandis.
25.7TheClientandtheCompanyshallcommunicatewithoneanotherinEnglish.
25.8TheCompanyshallnotbeliableforanydelayintheClientreceivinganycommunicationoncedispatchedbytheCompany,exceptwherethedelayiscausedbytheCompany’swilfuldefault,fraudornegligence.
25.9TheCompanywillrecordmonitorandretainallcommunications(includingemail,electronicmessagingandfacsimile),telephoneconversationsandotherelectroniccommunicationswiththeClientandwillnormallyrecordtelephone,mobilephoneorothermobilehandhelddevice-basedconversationsbetweentheClientandtheCompany’semployeeswhoactinatradingorsalescapacity.TherecordswillbeavailableforwhateverperiodmayberequiredunderApplicableRegulations.Therecordswillbeavailabletoyouuponrequestduringthatperiod.Whereyourequestsuchrecords,wemaychargeyouanadministrationfeeandsuchfeewillbedisclosedtoyouinadvanceofanyrelatedcostsbeingincurred.
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SECTION 26 / INTELLECTUAL PROPERTY
SECTION 27 / DATA PROTECTION AND CONFIDENTIALITY
26. IntellectualProperty
26.1TheCompany’swebsite,TradingFacility,SecureAccessWebsiteandanyandallinformationormaterialsthattheCompanymaysupplyormakeavailabletotheClient(includinganysoftwarewhichformspartofthoseitems)areandwillremaintheCompany’spropertyorthatofitsserviceproviders.Suchserviceprovidersmayincludeprovidersofreal-timepricedatatotheCompany.Inaddition:
a) allcopyrights,trademarks,designrightsandotherintellectualpropertyrightsinthoseitemsareandwillremaintheCompany’sproperty(orthoseofthirdpartieswhoseintellectualpropertytheCompanyusesinrelationtoproductsandservicestheCompanyprovidesfortheClient’sAccount);
b) theCompanysuppliesormakesthemavailabletotheClientonthebasisthat:
a. theCompanycanalsosupplyandmakethem availabletootherpersons;and
b. theCompanymayceaseprovidingthematitssole andabsolutediscretionoriftheCompany’sservice providersrequiretheCompanytodoso;
c) theClientmustnotsupplyallorpartofthemtoanyoneelseandtheClientmustnotcopyalloranypartofthem;
d) theClientmustnotdelete,obscureortamperwithcopyrightorotherproprietarynoticestheCompanymayhaveputonanyofthoseitems;and/or
e) theClientmustonlyusetheseitemsfortheoperationofitsAccountinaccordancewiththeseTerms.
27. DataProtection
27.1Inthisclause,“DataProtectionLaws”meansGeneralDataProtectionRegulation(“GDPR”)(witheffectfrom23May2018and/oranyotherlegislationinforcefromtimetotimeintheEU/UnitedKingdomrelatingtoeitherorbothprivacyortheprocessingofpersonaldata,allastheymaybeamendedorsupersededfromtimetotime.Theexpressions“controller”,“datacontroller”,“personaldata”and“process”shallhavethemeaningsascribedtothemintheDataProtectionLaws.
27.2ForthepurposesoftheDataProtectionLaws,theCompanywillbethedatacontrollerinrespectofanypersonaldatawhichtheClientprovidestotheCompanyandweshallberesponsibleforensuringthatweprocessitincompliancewiththeDataProtectionLaws.
27.3TheCompanycollectstheClient’spersonaldataintwoways:
a) InformationtheClientgivestheCompany.TheClientmaygivetheCompanypersonaldatabyfillinginformsorbycorrespondingwiththeCompanybyphone,emailorotherwise.ThisincludespersonaldatatheClientprovideswhenbecomingaclientoftheCompanyandrequestingorengagingwiththeCompanyinconnectionwiththeServices.ThepersonaldatatheClientgivestheCompanymayincludetheClient’sname,address,e-mailaddress,phonenumber,financialinformation,identificationdocumentsandpersonaldescription(s).TheClientconfirmsthatanypersonaldatagiventotheCompanyisgivenlawfullybytheClientinaccordancewithDataProtectionLaws,totheextentapplicable.
b) InformationtheCompanyreceivesfromothersources.TheCompanymayobtaininformationfromothersourcesinordertocarryouttheservicesundertheseTerms.
27.4TheCompanyusestheClient’spersonaldataforthefollowingpurposes:
a) assessingandprocessinganapplicationforourServices;
b) toprovidetheServices(andthismayrequirethatweverifyinformationtheClientprovidesinthecourseofbecomingaclientandcarryoutassessmentsabouttheClient),whichincludescarryingouttheCompany’sobligationsarisingfromitsagreementswiththeClientandTransactionsundertakenwithorfortheClientandthemanagementofourrelationshipwithyou;
c) forinternalanalysisandresearchinordertofacilitatetheprovisionoftheServicestotheClient;
d) monitoringorrecordingtelephonecallswithyoutoresolveanyqueriesorissuesorforregulatorypurposes;
e) recordkeepingtoensureourServicesoperatewiththelawandrelevantApplicableRegulations;
f) tocomplywithreporting,legaland/orregulatoryrequirements;and
g) tooffertheClientadditionalinvestmentproductsorservices(exceptwheretheClienthasaskedtheCompanynotto).TheCompanymayuseexternalthirdpartiestoprocesstheClient’spersonaldataon
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SECTION 27 / DATA PROTECTION AND CONFIDENTIALITY - CONTINUED
itsbehalfwherenecessarytoenabletheCompanytoprovidetheServices,butonlyforthepurposesdescribedabove.TheCompanymayalsosharetheClient’spersonaldatawithAssociatedCompaniesinaccordancewithrequirementsforGDPRbutonlyforthepurposesdescribedabove.
27.5ItisnecessaryfortheCompanytoprocesstheClient’spersonaldatainthewaysdescribedinclauses26.4(a)to(e)inorderforustoperformtheServicesfortheClient.IftheCompanyprocessestheClient’spersonaldatainthewaydescribedinclause27.4(f),thiswillbebecauseitisnecessaryfortheCompanytocomplywithalegaland/orregulatoryobligation.
27.6TheClient’spersonaldatamaybestoredelectronicallyand/orinhardcopyform.TheCompanyiscommittedtoensuringthattheClient’spersonaldataissecure.InordertopreventunauthorisedaccessordisclosuretheCompanyhasputinplacesuitablephysical,electronicandmanagerialprocedurestosafeguardandsecurepersonaldatainaccordancewiththeDataProtectionLaws.TheCompanywillretainpersonaldataforaslongastheClientusestheServicesandthenforuptosevenyears,subjecttolegalorApplicableRegulations.
27.7TheCompany,orthethirdpartieswithwhomtheCompanysharestheClient’spersonaldata,maybelocatedoutsidetheEEAincountriesandthecompanyasacontrollerofpersonalinformation,willensureallpersonalinformationheldoutsidetheEEAwithathirdpartyissubjecttorequirementsofGDPR.
27.8TheCompanymayalsodisclosetheClient’spersonaldatatoanypurchaserofthewholeorpartofourbusinessoronanymergerorgroupreorganisation,providedthatthepersonaldatawillonlybeusedforthepurposessetoutabove.
27.9TheClienthastherighttoaskforacopyofthepersonaldata(subjectaccessrequest)whichtheCompanyholdsabouttheClient,subjecttocertainexceptions,andtheClientshouldinformtheCompanyinatimelymannerinordertoupdateorcorrectyourpersonaldata.TheClientalsohastherighttoeraseanypersonaldatatheCompanyholdsaboutit,torestricttheprocessingofyourPersonalData(whereappropriate)and/orrequestthatitbeportedtoanotherdatacontroller,again,subjecttocertainexceptions.
27.10TheClientacknowledgesandagreesthat,iftheClientexercisesanyoftherightslistedaboveand,asaresult,theCompanynolongerhasthepersonaldatanecessaryforourperformanceoftheServicestheCompanymayberequiredtoterminatetheServicesfollowingsuchrequest.IftheCompanyisnolongerabletoprovidetheServicesfollowingtheexerciseoftheClient’srights,theCompanymayterminatethisAgreementwithimmediateeffect.
27.10InaccordancewiththeDataProtectionLaws,theClientalsohastherighttorequestacopyofyourPersonalDataand/orlodgeacomplaintwiththeUKregulatorfordataprotection.InthefirstinstancepleasecontacttheComplianceDepartment([email protected])
27.11Informationofaconfidentialnature“ConfidentialInformation”whichyouprovidetouswillbekeptstrictlyconfidential,subjecttoourlegalobligations.
27.12Unlessyounotifyustothecontraryinwriting,weshallbeentitledtodiscloseinformationwhichisinthepublicdomainand/orisamatterofpublicrecord.Inaddition,youagreethatwecandiscloseConfidentialInformationto:
a)ourauditors;
b)ourinsurers;
c)theFCAandanyotherrelevantregulatoryauthorityoroperatorofaregulatedMarket;and
d)toprovidersofservicesweneedtorunthebusiness,
inallcasesonlyonceandtotheextentwehavereceivedreasonableassurancesthattherecipientsoftheConfidentialInformationwilltreattheinformationsoprovidedasconfidential.
27.13TheseTermsandallTransactionsenteredintobetweenusarestrictlyconfidentialandmaynotbedisclosedwithoutyourandourpriorwrittenconsent,unlessyouorwearerequiredtodosobylaw,ApplicableRegulationsoraregulatoryorgovernmentalauthority.Insuchcircumstances,andunlesswereasonablyconsider,actingingoodfaith,thatwearenotabletodoso,wewillendeavourtogiveyoupriornoticeofanysuchdisclosure.
27.14Forfurtherinformationpleaserefertoour“PrivacyandSecurityPolicy”whichcanbeprovidedtotheClientonrequest.
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SECTION 28 / MISCELLANEOUS
SECTION 29 / GOVERNING LAW AND JURISDICTION
Miscellaneous
28.1TheCompanymay,buttheClientmaynot,atanytimetransferorassignabsolutelyitsrights,benefitsand/orobligationsundertheseTermsbyprovidingtheClientwithnotlessthanten(10)BusinessDayswrittennotice.AnysuchtransferorassignmentshallbesubjecttotheassigneeundertakinginwritingtobeboundbyandperformtheCompany’sobligationsundertheseTerms.
28.2TheClient’srightsandobligationsundertheseTermsarepersonaltotheClient.ThismeansthattheClientcannotassignthemwithouttheCompany’spriorwrittenconsent.
28.3InordertocomplywithitsobligationsundervariouslegislativeandregulatoryrequirementsincludingbutnotlimitedtotheCompaniesAct1985&2006,theFinancialServicesandMarketsAct2000,theFCARules,theUnitedKingdomListingAuthority’sListingRules,and/ortheCityCodeonTakeoversandMergers,theCompanymayberequiredtomakecertaindisclosuresrelatingtotheClient’sTransactions,whichmayormaynotinvolvedisclosingtheClient’sidentity.Inadditiontocomplyingwithsuchobligations,theCompanymaycomplywithanyrequestforinformationpertainingtotheClientfromanyrelevantregulatoryorgovernmentauthority.TheClientagreesthatsuchcompliancedoesnotconstituteabreachofanyobligationofconfidentiality,whichtheCompanyowestotheClientpursuanttotheseTerms.
28.4WheretheAgreementspecifiesatimeorperiodbywhichweoryoumustcarryoutresponsibilitiesunderit,wemustbothkeeptothesetimescalesandtimewillbeoftheessenceinrespectofthoseobligations.Ifthereisnotimescalegiven,anyresponsibilitiesmustbecarriedoutwithinareasonabletimeinallthecircumstances.Wemayservenoticeonyou,andyoumayservenoticeonus,statingthatlegalactionmaybetakeniftheobligationsandresponsibilitiesarenotmetwithinareasonabletimeperiod.
28.5TherightsandremediesprovidedundertheseTermsarecumulativeanddonot(saveasexpresslyprovidedintheseTerms)excludeanyrightsorremediesprovidedbylaw.
28.6TheCompanyisundernoobligationtoexerciseanyrightorremedyeitheratallorinamanneroratatimebeneficialtotheClient.NodelayorfailurebytheCompanytoexerciseanyofitsrightsundertheseTerms(includinganyTransaction)orotherwiseshalloperateasawaiverofthoseoranyotherrightsorremedies.Nosingleorpartialexerciseofarightorremedyshallpreventfurtherexerciseofthatrightorremedyortheexerciseofanyotherrightsorremedies.Nocourseofconductorpreviousdealingsshallcreateanyfutureobligationtoperforminthesamemanner.
28.7If,atanytime,anyprovisionoftheseTermsisorbecomesillegal,invalid,orunenforceableinanyrespectunderthelawofanyjurisdiction,thensuchprovisionorpartthereofwill,tothatextent,bedeemedseverableandnotformpartoftheseTerms.Neitherthelegality,validitynorenforceabilityoftheremainingprovisionsoftheTermsshallbeinanywayaffected.
28.8TheClientandtheCompanydonotintendthatanyprovisionoftheseTermsshouldbeenforceablebyvirtueoftheContract(RightsofThirdParties)Act1999byanypersonwhoisnotapartytotheseTerms.
28.9TheCompanyconsiders,andyouacknowledgeandagree,thattheAgreementcontainsallrelevanttermsthathavebeenagreedbetweenusandyou,andthatitsupersedesallpriororcontemporaneousoralorwrittencommunications,proposal,agreementsorrepresentations.However,thefactthatanagreedtermmaynotbesetoutintheAgreementdoesnotnecessarilymeanitisnotbinding,butinsuchcircumstancesyou(orwe)wouldneedtobeabletoprovethatthetermwasagreedandthepersonwhoagreedthetermwasauthorisedtodoso.Further,thelawimpliescertaintermsintoanagreementevenifsuchtermsarenotexpresslysetoutinitsterms.
29. GoverningLawandJurisdiction
29.1AtransactionwhichissubjecttotherulesofaMarketshallbegovernedbythelawapplicabletoitunderthoserules.
29.2TheAgreementandtherelationshipbetweentheparties(includinganynon-contractualobligationarisingoutof
orrelatingtothisAgreement)shallbegovernedbyandconstruedinaccordancewithEnglishlaw.AnydisputesandclaimswillbedealtwithbythecourtsofEnglandandWales.
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ANNEX / PART I - SECURITIES AND EXCHANGE-TRADED FUNDS
ANNEX
ThisAnnex,whichformspartoftheTerms,setsoutcertainadditionaltermsandconditionsapplicabletothespecificproductssetoutherein.IntheeventofaninconsistencybetweentheAnnexandtheTerms,theprovisionsinthisAnnexshalltakeprecedence.
PARTI-EQUITIES
1. Defined Terms
Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:
“DebtSecurity”hasthemeaninggivenitundertheFCARules;
“Equity”hasthemeaninggiventotheterm‘equityshare’underFCARules;
“ETF”meansExchange-TradedFund;
“ETFShare”meansaunitorshareofanETFthatisavailabletotheClientforinvestmentpurposesthroughtheTradingFacilityand/orSecureAccessWebsite;
“Exchange-TradedFund”hasthemeaninggiventoitundertheFCARules;
“Instrument”meanseitherorbothaSecurityand/oranETFShare,asthecontextrequires;
“Security”hasthemeaninggiventoitundertheFCARules,andincludesEquityandDebtSecurity;
“ShortSales”meansatransactioninwhichyousellinvestmentswhichyoudonotownatthetimeofthesale.
2. Risks
WehavesetoutageneraldescriptionofthenatureandrisksassociatedwiththeproductsandinvestmentsweofferintheRiskWarningNotice.AcopyoftheRiskWarningNoticeisavailableonourwebsiteanduponrequest.YoushouldreviewthisinformationbeforetradingundertheseTerms.
3. Margin
WedonotprovideforthetradingofInstrumentsonMargin.Therefore,allSecuritiesTransactionsorETFShareTransactionsmustbepaidforinfullwithreadilyavailablefundsinyourAccount,andanySecuritiesorETFSharessoldmustbeavailablefordeliveryonorbeforethesettlementdate.
4. Dealings Between you and the Company
4.1 WewilltreateachInstructionyouplace(inaccordancewithclause7.1oftheTerms)asanoffertopurchaseorsellInstrumentssubjecttotheseTerms.WewillactsolelyasyourAgentinexecutinganOrdertopurchaseorsellETFShares.
Wemay,inourreasonablediscretion:
a) refusetoacceptanyInstructionfromyou;
b) acceptyourInstructionsubjecttocertainconditions;or
c) actingreasonably,refusetoproceedwithanOrderthatwehaveaccepted.Ifwedothis,wewillnotifyyouassoonasreasonablypracticable,subjecttoApplicableRegulationsandlaws.
4.2 Onceacceptedbyus,theOrderisirrevocableandyoucannotamendorcancelyourOrder,unless,beforetheexecutionofaparticularOrder,youprovidealternateInstructionstousandreceiveconfirmationfromusofanyamendmentorcancellationoftheOrder.
4.3 Youacknowledgeandacceptthat:
a) ifweincuradditionalreasonableexpenses(examplesofwhichinclude,butarenotlimitedto,premiumsanddiscounts)whencarryingoutyourOrderandweareunabletocontactyoutotellyouabouttheseafterreasonableeffortstodoso,wemayproceedtoexecuteyourOrderandincurthoseexpenseswhichwillthenbepayablebyyou;
b) theremaybeadelayintheexecutionofanOrderbecauseallOrdersareexecutedstrictlybyreferencetotimeofreceipt.Inparticular,anOrderreceivedwhentherelevantexchangeisclosedwillnotbeexecuteduntilafteritnextre-opens.WewillpresentthatOrderforexecutionwhentheexchangenextreopensor,ifalargenumberofOrdershavebeenreceivedwhiletheMarketisclosed,assoonasreasonablypracticableaftertheexchangenextreopens.
4.4 Assetoutinclause7.6oftheTerms,OrdersmaybeplacedasMarketOrderstobuyorsellassoonaspossibleatthepriceobtainableintheMarket,oronselectedproductsasLimitandStopOrderstotradewhenthepricereachesapre-definedlevel.Inaddition:
a) wemay,butarenotrequiredto,cancelapendingOrderiftheClientplacesaLimitOrderorStopOrderforanEquityinrespectofwhichtradingissuspendedorhasaCorporateActionbeforeexecution;
b) wemaypublishyourLimitOrderifitrelatestosharesadmittedtotradingonaRegulatedMarketandthatOrdercannotbeimmediatelyexecutedunderprevailingmarketconditions,unlessyouexpresslyinstructotherwise.
5. Short Selling
WewillnotacceptinstructionsforShortSalesinrelationtoInstruments.
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ANNEX / PART I - SECURITIES AND EXCHANGE-TRADED FUNDS - CONTINUED
6. Execution via Third Parties
6.1 Wemay,atourreasonablediscretion,arrangeforaTransactiontobeeffectedwithorthroughathirdparty.Wewillnotbeliabletoyouforanyactoromissionofanysuchthirdparty,exceptwheretheCompanyhasactednegligently,fraudulentlyorinwilfuldefaultinrelationtotheappointmentofthethirdparty.
6.2 TransactionsplacedbyusonyourbehalfinMarketsoutsideofGreatBritainmaybeexecutedviaathirdpartyandassucharesubjecttotheirservicelevels.Asaresult,latereportedTransactionscanbebookedtoyourAccountatanytimepriortothestartofthenexttradingday.ItispossiblethatanOrderthathasbeenconfirmedascancelledorexpiredmaybesubjecttoalatereportedfill.YoushouldcontactusifyouhaveanydoubtastothestatusofaparticularTransaction.
7. Settlement
7.1 SettlementdatesvarybyMarket.YoushouldinformyourselfoftherelevantsettlementdateforeachTransactionpriortosubmittinganInstruction.Wemayprovidesuchinformationuponrequest.
7.2 DependingontheproductandMarket,wemaylengthenorshortenthestandardsettlementdates.WherepermittedbytheMarket,weandyoumayagreetolengthenorshortenthesettlementdatespertainingtoyourTransactions.
7.3 TheClientisresponsibleforpayingforeachTransactionweexecuteforyou(asPrincipalorAgent),whetherbypaymentofthepurchaseprice,deliveryoftherelevantassets,orotherwiseastherelevantMarketrequires.Exceptasotherwiseagreed,theClientmustpayforanyInstrumentstheCompanypurchasesfortheClientonorbeforethesettlementdate.
7.4 InvestmentsheldforyouincustodywillbeusedtosettleyoursaleTransactions.Otherwise,inrespectofallsaleTransactionsyou:
a) promisetousthat,atthetimeofplacinganInstructiontosell,youowntherelevantInstruments;and
b) willimmediatelyarrangefordeliverytousofthecertificates,transferformsandotherdocumentsoforevidencingtitleandtransferinrespectoftheInstruments,,atthelatestbythecontractedsettlementdate,otherwisepaymenttoyoumaybedelayed.
7.5 WhentheClientpurchasesInstruments,theClientonlyobtainsunconditionaltitleorrighttotheInstrumentsoncefinalpaymenttotheCompanyhasbeenmade.
7.6 DeliveryorpaymentbythecounterpartytoanyTransactionweplaceorexecuteasyourAgentwillbeyourresponsibility.OurobligationtodeliverInstrumentstoyouortoaccounttoyouoranyotherpersononyourbehalffortheproceedsof
saleofanyinstrumentsisconditionalonourreceiptoftherelevantInstrumentsorsaleproceedsfromthecounterpartytotheTransaction.
7.7 WewillnotberesponsibleandwillnotcompensateyouintheeventacounterpartyfailstosettleaTransaction.TheonlyexceptiontothisiswhenwespecificallyagreewithyouinwritingthatwewillassumetheriskofacounterpartyfailingtosettleaTransaction.Anysuchexceptionalagreementwillbeonacase-by-casebasis(i.e.itwillbelimitedtotheparticularTransactionatthetimeandmustnotbeinterpretedasgivingrisetoanykindofpromise,understanding,assuranceorbeliefthatwewillagreetoacceptanysimilarriskinrelationtoanyotherTransactionatanytimeinthefuture).
7.8 Theremaybecircumstancesbeyondourcontrol,whichmaypreventusfromsettlingTransactionsintowhichyouhaveenteredorwhichwehaveenteredonyourbehalf.Thismayoccur,forexample,wherethecounterpartytotheTransactiondefaultsonitsobligations(i.e.becauseithasbecomeinsolvent).Ifthisoccurs,wewillusereasonableendeavourstosettletheTransactionforyou.However,theremaybecircumstanceswherethisisimpossible.Forexample,iftheTransactionissubjecttotherulesofanexchangeorMarketthenwewillhavetoactincompliancewiththoserules.WhereaTransactionhastobesettledthroughasettlementsystemthismayalsomeanthatthereissignificantdelayinsettlementorthatsettlementdoesnotoccur.YouwillremainliablefortheCompany’sobligationsinrelationtoeveryTransactionuntilsettlementorotherconclusionoftheTransactionoccurs.
7.9 ThesecuritiessettlementconventionsincertainMarketsthatapplytotheholdingofInstrumentsorsettlementofTransactionsforyoumayresultinadelaybeforeproceedsofsalearereceivedforyou,ortitletoanInstrumentpassestoyou.
8. Corporate Actions
8.1 WhereanInstructionisgiventotheCompanyinrespectofanEquityforwhichaCorporateActionisimminent,wemaydeclinetoacceptyourinstructionsorrefusetoexecuteaTransactiononthebasisoftheInstructions.
8.2 Where(inrespectofanEquityheldbyusforyourAccountordeliverabletousforyourAccount)anyCorporateActionsoccur,weshallnotbeobligedtoinformyouoftheCorporateActionorundertakeanyaction,evenifyouspecificallyinstructus,unlessweexpresslyconsentinwriting.IfweinformyouofaCorporateActionandyoutelluswithinsuchperiodaswespecifythatyouwishtoexerciseanyrightsarisingoutofCorporateActionsandprovidedtherearesufficientclearedfundsinyourAccount,wewillusereasonableendeavourstogiveeffecttoyourinstructionsbutonlyonsuchtermsasyouadviseandare
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ANNEX / PART I - SECURITIES AND EXCHANGE-TRADED FUNDS - CONTINUED
acceptabletotheCompany.Otherwise,wewilltakesuchaction,orrefrainfromtakinganyaction,aswemayinourreasonablediscretiondetermine.Fortheavoidanceofdoubt,wewillhavenoliabilityifacompanyfailstotellusaboutaCorporateAction.
8.3 Wemay,butshallnotbeobligedto,claimandreceivedividends,interestpaymentsandotherincomepaymentsaccruingtoyourinvestmentsheldbyanominee.Whereascripdividendisofferedandweagreetotakeactionforyourbenefit,wewillelecttotakethecashalternativeunlessthedefaultoptionisfortheissuanceofshares.
8.4 Weshallnotbeobligedto,butwemay,usingreasonableendeavours,arrangeforyoutoreceivethereport,accountsandotherinformationissuedbyacompany,attendshareholders’meetingsorunitholders’meetingsandvoteinpersonordirecthowournomineeshouldvoteonyourbehalf.
8.5 WhereaCorporateActionresultsinafractionalentitlementtopartofashare,thenwewillsellsuchfractionalsharesandcredityourAccountwithacashvaluethatmaybesubjecttoaminimumchargeforadministration.DetailsofthischargearesetoutontheRateCard.
8.6 WhereCorporateActions(suchaspartialredemptions)affectsomebutnotalltheinvestmentsheldinapooledaccount,weshallallocatetheinvestmentswhichareaffectedtorelevantcustomersinsuchafairandequitablemanneraswereasonablyconsiderappropriate.
8.7 IfthetermsofaCorporateActionrequireanelectiontobemadeonbehalfofourentirenomineeholdinginacompany,wereservetherightnottoofferanoptiontotheClient,whereitisreasonabletodoso.Wewillusereasonableendeavourstogiveyouanalternativeoption,butwecannotguaranteethatthiswillmatchtheoptionsofferedbytherelevantcompany.
8.8 Ifwearenotifiedofaclassactionorgrouplitigationthatisbeingproposedortakenconcerninginvestmentsthatournomineeisholding,orhasheld,onyourbehalf,wearenotrequiredtotellyouaboutthisorotherwiseactonthatnotification.
9. Tax
9.1 WherewereceiveapaymentforataxadjustmentofadividendrelatingtoanInstrumentweorourNomineeholdsforyourbenefit,wewillcredityourAccountwiththepaymentsubjecttoaminimumchargeforadministration(ifany),moredetailsofwhicharesetoutontheRateCard.
9.2 WhereyouseektotradeinU.S.Securities,theClientmustcompleteaCertificateofForeignStatusofBeneficial
OwnerforUnitedStatesTaxWithholding(W8BENForm),asprovidedbytheUnitedStatesInternalRevenueService,beforeenteringaTransactionforU.S.SecuritiesontheAccount.WewillrequireanoriginalsignedcopyoftheW8BENForm.
9.3 Inexceptionalcircumstances,wemayallowyoutotradeU.S.SecuritieswithoutholdingtheoriginalW8BENForm.However,wewillonlypermitthisexceptionwhereweholdascannedcopyofyourW8BENForminanticipationofreceivingyouroriginalsignedW8BENFormwithintwoweeks.Anysuchexceptionmustbeagreedbyusinwriting.
10. Transfer of Securities
10.1WhenopeninganAccountwithus,youmayrequesttotransferassetsand/orOpenPositionsfromanon-affiliatedbrokertous,bycompletingatransferrequestform.WewillusereasonableeffortstoeffectthetransferofInstrumentsand/oropenpositions.However,becausethetransferofInstrumentsand/oropenpositionsinvolvestheparticipationofanon-affiliatedbroker,wecannotguaranteethateveryrequestwillbefulfilled.
10.2WereservetherightnottoacceptthetransferofanyorallInstrumentsand/oropenpositionsfromanon-affiliatedbroker.Wherewedoacceptatransfer,wemaychargeyouafeeinaccordancewiththethenprevailingRateCard.Anyfeesimposedbythenon-affiliatedbrokerwillbechargedtoyourAccount.Wearenotresponsibleforinformingyouofthenon-affiliatedbroker’sfees.Youshouldmakeyourselfawareofsuchfeesbeforerequestingthetransfer.
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ANNEX / PART II - FUTURES AND OPTIONS
PARTII-FUTURESANDOPTIONS
1. Definitions
Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:
“CloseOut”means,inrelationtoacontract,tocloseout(includingbyenteringintoequalandoppositecontracts),unwind,cancelorotherwiseterminateorallowtoexpireand“ClosingOut”and“ClosedOut”willbeinterpretedaccordingly;
“Equity”hasthemeaninggiventotheterm‘equityshare’undertheFCARules,whichgenerallymeans,sharescomprisedinacompany’sequitysharecapital;
“OptionsContract(s)”meansanyTransactioninanoption(asdefinedbytheFCARules)enteredintobetweenyouandus;
“FuturesContract(s)”meansanyTransactioninafuture(asdefinedbytheFCARules)enteredintobetweenyouandus.
“UnderlyingInstrument”meanstheindex,commodity,currency,Equityorotherinstrument,assetorfactorwhosepriceorvalueprovidesthebasisfortheCompanyoranythirdpartytodetermineitspriceortheexecutablepriceforaMarketorproduct.
2. Risks
WehavesetoutageneraldescriptionofthenatureandrisksassociatedwiththeproductsandinvestmentsweofferintheRiskWarningNotice.AcopyoftheRiskWarningNoticeisavailableonourwebsiteanduponrequest.YoushouldreviewthisinformationbeforetradingundertheseTerms.
3. Dealings Between you and the Company
3.1 WemayenterintoFuturesContractsandOptionsContractswithyouinaccordancewiththeTerms.
3.2 WemayenterintoanOptionsContractwithyouinvolvinganobligationtomake,ortotake,deliveryoftheUnderlyingInstrumentofthecontractatafuturedateandprice,orinsomecasestosettlethepositionwithcash.Theobligationtomakeortotakedeliveryofthecontract’sUnderlyingInstrumentwillonlyrelatetoinstanceswheretheUnderlyingInstrumentisaFuturesContractoranEquity;insuchinstances,unlessotherwiseagreedinwritingbyusandyouandyouacknowledgeandagreethatyouwillnotacquireanyinterestintherelevantUnderlyingInstrumentorbeentitledtoreceivedividendsoranyequivalentthereof,toexercisevotingrights,toreceiveanyrightspursuanttoanyrightsorbonusissue,ortoparticipateinanyplacingoropenofferpriortotheexerciseoftheOptionsContract.WheretheOptionsContractisforcashsettlement,youacknowledgeandagreethatyouwillnotbeentitledtodeliveryof,orberequiredtodeliver,theUnderlyingInstrumenttowhichanOptionsContractrelates,norwillyouacquireanyinterestintherelevantUnderlyingInstrument,unlessweotherwiseagreeinwriting.
3.3 YouunderstandthatMarketsmayfromtimetotimesanctionthemakingofcontractsbyusoff-exchangeinordertosatisfyyourorder,wheretherehasbeenanerrorintheexecutionofyourorderon-exchange.Whereabetterprice(animprovement)canbeobtained,wemayseektosecureandofferthatimprovementtoyou.Where,inresponsetoyourOrder,wehaveboughtorsoldinaccordancewiththeinstructioninyourOrdertobuyor,asthecasemaybe,tosellbuthavetradedthewrongdelivery/expirymonthorwrongexercisepriceoftherelevantcontract,thenwemayinaccordancewithApplicableRegulationsoffsetanylossarisingfromthatTransactionagainstanyimprovementachievedforyouinthecourseofcorrectlysatisfyingyourOrder,thusofferingyouonlythenetimprovement,ifany.
3.4 UnlessotherwiseagreedinwritingbetweenusandyouorwheretheApplicableRegulationsprovideotherwise,wheneveranyTransactionisenteredintotoCloseOutanyexistingTransaction,thentheobligationsonusandyouunderbothsetsofTransactionsshallautomaticallyandimmediatelybeterminateduponenteringintothesecondTransaction,exceptforanysettlementpaymentdueinrespectofsuchclosedoutTransactions.
3.5 WheretherelevantMarketorintermediatebrokerdoesnotspecifyaparticularTransactionwhenmakingadeliveryorexercisingacontract,wemayallocaterandomlyorinawaywhichseemstoustobemostequitable.
4. Close Out and Exercise
4.1 UnlessyouhaveinstructedustoCloseOutaFuturesContractand/orOptionsContractunderclause5.2ofthisPartIIoftheAnnex,priortothematurityofsuchcontract(butinanyeventnotlessthanone(1)BusinessDaypriortothematurityofsuchcontract)youwillgiveussuchInstructionsandtakesuchactionsaswereasonablyrequire(andwithinsuchtimelimitaswenotifytoyou)toenableustosettle,deliveror,inthecaseofanOptionsContract,exerciseorallocateacontract.IfyoufailtogiveusanysuchInstructionsortotakeanysuchactionspriortothematurityofaFuturesContractand/orOptionsContract(butinanyeventnotlaterthanone(1)BusinessDaypriortothematurityofsuchcontract),wemay:
a) CloseOutanysuchcontract;
b) makeorreceivedeliveryofanyUnderlyingInstrumentorasset;or
c) takeactiontocover,reduceoreliminateanypotentiallossesinrespectoftherelevantcontract,onsuchtermsandinsuchmanneraswe,inourreasonablediscretion,deemappropriate.
4.2 SubjecttotherequirementsoftheseTerms,anyApplicableRegulationsandanyfurtherrequirementswenotifytoyou,youmayatanytimebeforethetimeforperformanceofaContract(butinanyeventnotlessthanone
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ANNEX / PART II - FUTURES AND OPTIONS - CONTINUED
(1) BusinessDaypriortomaturityofsuchcontract)requestweCloseOutsuchcontractor,ifapurchasedOptionContract,toexercisethatOptionContract.WewillnotberesponsibletoyoufortheconsequencesoffailingtoexerciseanOptionContractifwedonotreceivesufficientlyclearandtimelyInstructionsfromyouinrelationtotheexerciseofsuchoption.IfClosingOutaFuturesContractand/orOptionsContractresultsinasumofmoneybeingduetotheagent,settlementsystem,exchange,clearinghouse,brokerorotherthirdpartybyus,wewillnotifyyouofthatamountwhichwillbeimmediatelypayablebytheClienttotheCompany.
5. Contracts Requiring Non-Cash Settlement
5.1 WithrespecttoOptionsContractsrequiringnon-cashsettlement,theClientshallmaketheSecuritiesorotherfinancialinstruments(includingUnderlyingInstruments)deliverablebyitavailableforsettlementonorbeforethesettlementdate.WherethereareinsufficientSecuritiesorotherfinancialinstrumentsintheClient’sAccountandtheCompanyproceedstosettlement,theCompanymaybuytheSecuritiesorotherfinancialinstrumentsrequiredfordeliveryatapriceitbelievestobereasonable,chargetheClient’sAccountforthecostthereof,delivertheSecuritiesorotherfinancialinstrumentstosatisfythedeliveryobligation,andcredittheClient’sAccountwiththenetproceedsthereof(afterdeductionofcommissionandothercosts).
5.2 TheClientwillnotifytheCompanyofallrelevantdetailsrequiredbytheCompanyoftheClient’ssettlementagentinrespectofTransactionswhichmaybesubjecttodeliveryobligations.TheClientwillprocurethatitssettlementagententersintosuchotherdocumentationasmaybenecessarytoensurethattheclearingandsettlementofsuchTransactionstakeseffectwithoutliabilitytotheCompany.
6. Clearing and Give Up Arrangements
6.1 UnlessotherwiseagreedbetweentheCompanyandtheClient,asperclause7.2ofthisAnnex,theCompanywillclearallTransactionswithanotherbrokerordealerasspecifiedbytheCompany.
6.2 TheClientmayrequest,buttheCompanyshallnotbeobligedtocomply,thattheCompanyestablishagive-uparrangementbetweentheClient,theCompanyandanotherbrokerordealer.WheretheCompanyagreestoenterintosucharelationship,theClientauthorisestheCompanytoenterintoandexecuteanyInternationalUniformGive-UpAgreement(orsimilardocument)ontheClient’sbehalf.WheretheClientandtheCompanyarepartytoanInternationalGive-UpAgreement,theprovisionsoftheInternationalGive-UpAgreementshallprevailovertheseTermsintheeventofanyinconsistency.
6.3 InrespectofeveryTransactionmadebetweentheCompanyandtheClientandgivenuptobeclearedbyanotherbrokerordealerasspecifiedbytheClient:
a) ifsuchbrokerordealeracceptsthegive-up,theCompanyshall(withoutprejudicetoanyclaimitmayhaveforcommissionorotherpayment)uponsuchacceptanceceasetobeapartytotheTransactionandshallhavenoobligationtotheClientforitsperformance;and/or
b) ifsuchotherbrokerordealerdeclinestoacceptthegive-up,theCompanyshallbeentitledatitsoptioneithertoconfirmtheTransactionwiththeClientortoliquidateitbysuchsale,purchase,disposalorotherTransactionorcancellationastheCompanymayinitsabsolutediscretiondetermine,whetherontherelevantMarketorbyprivatecontractoranyotherfeasiblemethod(includingtheCompanytakingitoverortransferringittoanAssociatedCompany),andanybalanceresultingfromsuchliquidationshallbepromptlysettledbetweentheClientandtheCompanybutwithoutprejudicingtheCompany’srightsundertheseTermsorotherwise.
6.4 SubjecttoApplicableRegulations,clauses7.4and7.5ofthisAnnexapplywherethereisagive-upagreementbetweentheClient,theCompanyandathirdpartyexecutingbroker,andthereferencenumberormnemonicapplicabletotheClientisquotedbysuchexecutingbrokerwhenaTransactionissubmittedtotheCompanyforclearing.InactingastheClient’sclearingbroker,theCompanyshallacceptaTransactiongivenuptoitforclearingonlyiftheCompanyhasagreedwiththeClienttoclearTransactionsofsuchadescriptionandtheacceptancethereofwouldnotbreachanypositionorotherlimitsapplicabletotheClient’saccountwiththeCompany.Notwithstandinganyprovisioncontainedintherelevantgive-upagreement,iftheCompanyacceptssuchTransactionforclearing,suchTransactionshallbebindingandconclusiveontheClientimmediatelyonitsacceptanceforclearingbytheCompanywhetherornotthedetailsofsuchTransactionhavepreviouslybeenconfirmedtotheCompanybytheClient.TheCompanyshallnotbeliabletotheClientforanylosses,costs,expensesordamagesarisingfromanydiscrepancybetweendetailsintheClient’sinstructionstosuchexecutingbrokeranddetailsofTransactionssubmittedtotheCompanyforclearing.AnydisputerelatingtoaTransactiongivenuporattemptedtobegivenuptotheCompanyforclearingshallbedeterminedunderApplicableRegulations.
6.5 SubjecttotheApplicableRegulations,ifagive-upagreementbetweenyou,usandathirdpartyexecutingbrokerprovidesthattheexecutingbrokerwillinvoiceusdirectlyforitscommissionsinrelationtotheexecutionofanOrder,thenweshallbeentitledtorelyonthedetailsspecifiedinanyinvoicepresentedtousbysuchexecutingbrokerand,notwithstandingthattheamountsspecifiedintheinvoicemaybeincorrect,youshallfullyreimburseusforanysumpaidtotheexecutingbrokerinrespectofthatinvoice.Weshallhavenoliabilitytoyouforanylosses,costs,expensesordamagesincurredorsufferedbyyouasaresultofanincorrectamountbeingspecifiedinaninvoice.
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ANNEX / PART III – MUTUAL FUNDS
PARTIII-MUTUALFUNDS
1. Definitions
Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:
“MutualFund”meansaprofessionallymanagedinvestmentvehiclethatpoolsshareholders’moneytoinvestinaportfolioofvariousfinancialinstrumentsandassetspursuanttothestatedobjectivesofthevehicle.
“MutualFundShare”meansaunitorshareinaMutualFundthatisavailabletotheClientforinvestmentpurposesthroughtheTradingFacilityand/orSecureAccessWebsite.
2. Risks
WehavesetoutageneraldescriptionofthenatureandrisksassociatedwiththeproductsandinvestmentsweofferintheRiskWarningNotice.AcopyoftheRiskWarningNoticeisavailableonourwebsiteanduponrequest.YoushouldreviewthisinformationbeforetradingundertheseTerms.
3. Margin
WedonotprovideforthetradingofMutualFundSharesonMargin.Therefore,allMutualFundShareTransactionsmustbepaidforinfullwithreadilyavailablefundsinyourAccount,andanyMutualFundSharessoldmustbeavailablefordeliveryonorbeforethesettlementdate.
4. Dealings Between you and the Company
4.1 WewilltreateachInstructionyouplace(inaccordancewithclause7.1oftheTerms)asanoffertopurchaseorsellMutualFundSharessubjecttotheseTerms.WewillactsolelyasyourAgentinexecutinganOrdertopurchaseorsellMutualFundShares.Wemay,inourreasonablediscretion:
a) refusetoacceptanyInstructionfromyou;
b) acceptyourInstructionsubjecttocertainconditions;or
c) actingreasonably,refusetoproceedwithanOrderthatwehaveaccepted.Ifwedothis,wewillnotifyyouassoonasreasonablypracticable,subjecttoApplicableRegulationsandlaws.
4.2 Onceacceptedbyus,theOrderisirrevocableandyoucannotamendorcancelyourOrder,unless,beforetheexecutionofaparticularOrder,youprovidealternateInstructionstousandreceiveconfirmationfromusofanyamendmentorcancellationoftheOrder.
5. Short Selling
WewillnotacceptinstructionsforShortSalesinrelationtoMutualFundShares.
6. Settlement
6.1 SettlementdatesvarybyMarketandtypeofMutualFund.YoushouldinformyourselfoftherelevantsettlementdateforeachMutualFundShareTransactionpriortosubmittinganInstruction.Wemayprovidesuchinformationuponrequest.
6.2 TheClientisresponsibleforpayingforeachMutualFundShareTransactionweexecuteforyou(asPrincipalorAgent),whetherbypaymentofthepurchaseprice,deliveryoftherelevantMutualFundShares.Exceptasotherwiseagreed,theClientmustpayforanyMutualFundSharestheCompanypurchasesfortheClientonorbeforethesettlementdate.
6.3 MutualFundSharesheldforyouincustodywillbeusedtosettleyoursaleTransactions.Otherwise,inrespectofallsaleTransactionsyou:
a) promisetousthat,atthetimeofplacinganInstructiontosell,youowntherelevantMutualFundShares;and
b) willimmediatelyarrangefordeliverytousofthecertificates,transferformsandotherdocumentsoforevidencingtitleandtransferinrespectoftheMutualFundShares,atthelatestbythecontractedsettlementdate,otherwisepaymenttoyoumaybedelayed.
6.4 WhentheClientpurchasesMutualFundShares,theClientonlyobtainsunconditionaltitleorrighttotheMutualFundSharesoncefinalpaymenttotheCompanyhasbeenmade.
6.5 Theremaybecircumstancesbeyondourcontrol,whichmaypreventusfromsettlingTransactionsintowhichyouhaveenteredorwhichwehaveenteredonyourbehalf.Ifthisoccurs,wewillusereasonableendeavourstosettletheTransactionforyou.However,theremaybecircumstanceswherethisisimpossible.Forexample,iftheTransactionissubjecttotherulesofanexchangeorMarketthenwewillhavetoactincompliancewiththoserules.YouwillremainliablefortheCompany’sobligationsinrelationtoeveryTransactionuntilsettlementorotherconclusionoftheTransactionoccurs.
6.6 ThesecuritiessettlementconventionsincertainMarketsthatapplytotheholdingofMutualFundSharesorsettlementofTransactionsforyoumayresultinadelaybeforeproceedsofsalearereceivedforyou,ortitletoanInstrumentpassestoyou.
7. Transfer of Mutual Fund Shares
7.1 WhenopeninganAccountwithus,youmayrequesttotransferMuturalFundSharesfromanonaffiliatedbrokertous,bycompletingatransferrequestform.Wewillusereasonableeffortstoeffectthetransferbutbecausethetransferinvolvestheparticipationofanon-affiliatedbroker,wecannotguaranteethateveryrequestwillbefulfilled.
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ANNEX / PART III – MUTUAL FUNDS - CONTINUED
ANNEX / PART IV – SPOT FOREIGN EXCHANGE (“FX”)
PARTIV–SPOTFOREIGNEXCHANGE(“FX”)
1. Definitions
Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:
“SpotDate”meanstheBusinessDayonwhichaSpotFXTransactionissettled;
“SpotFXTransaction”meansaTransactiontobuyonecurrencyagainstsellinganothercurrencyatanagreedpriceforsettlementontheSpotDate.
2. Risks
WehavesetoutageneraldescriptionofthenatureandrisksassociatedwiththeproductsandinvestmentsweofferintheRiskWarningNotice.AcopyoftheRiskWarningNoticeisavailableonourwebsiteanduponrequest.YoushouldreviewthisinformationbeforetradingundertheseTerms.
3. Margin
WedonotprovideforthethetradingofSpotFXTransactionsonMargin.ThereforeallFXSpotTransactionsmustbepaidforinfullwithreadilyavailablefundsinthecurrencybeingsoldinyourAccount.
4. Dealings Between you and Company
4.1 WemayenterintoSpotFXTransactionswithyouinaccordancewiththeTerms.
4.2 EachInstructionforaSpotFXTransactionmustdesignate(i)thecurrencyyouwishtobuy,and(ii)thecurrencyyouwishtosell.Wemay,inourreasonablediscretion:
(a) refusetoacceptanInstructionfromyou;
(b) acceptyourInstructionsubjecttocertainconditions;or
(c) actingreasonably,refusetoprocessanOrderwehaveaccepted.IfwedothiswewillnotifyyouassoonasreasonablypracticablesuhcettoApplicableRegulationsandlaws.
4.3 Onceacceptedbyus,theOrderisirrevocableandyoucannotamendorcancelyourOrder,unless,beforetheexecutionofaparticularOrder,youprovidealternateInstructionstousandreceiveconfirmationfromusofanyamendmentorcancellationoftheOrder.
4.4 IfanOrderisacceptedbyusandincircumstanceswhereyoudonothaveaCurrencySub-Accountinthepurchasedcurrencytoenableustoeffectsettlement,theCompanywilldeemthatyouhavegivenusanInstructiontoestablishaCurrencySub-AccountintherelevantcurrencyandanyreasonableadministrativeexpensesincurredinestablishingtheCurrencySub-AccountandexecutingtheOrderwillbepayablebyyou.
5. Settlement
YoushouldinformyourselfoftherelevantSpotDateforeachSpotFXTransactionpriortosubmittinganInstruction.TheSpotDateformostcurrencypairsisusuallytwoBusinessDaysaftertheOrderisexecuted.Wemayprovidesuchinformationuponrequest.
7.2 WereservetherightnottoacceptthetransferofanyoprallMutualFundSharesfromanonaffiliatedbroker.Wherewedoacceptatransfer,wemaychangeryouafeeinaccordancewiththethenprevailingRateCard.Anyfeesimposedbythenon-affiliatedbrokerwillbechargedtoyourAccount.
Wearenotresponsibleforinformationyouofthenon-affilaitedbroker’sfees.Youshouldmakeyourselfawareofsuchfeesbeforerequestingthetransfer.
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ANNEX / PART V – EXTENSIONS OF CREDIT
ANNEX / PART VI - SIPP
PARTV-EXTENSIONSOFCREDIT
1. Definitions
Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:
“Loan”meansanextensionofcredittoyouinanamountexceeding£25,000,ortheforeigncurrencyequivalentthereof.
2. Dealings Between the Company and the Client
2.1 Fromtimetotime,andattheCompany’ssoleandabsolutediscretion,theCompanymayagreetomakeaLoantoyoubyadvancingsumstoyourAccount(ortoaCurrencySub-Account)inordertocoveradefiitinyourMarginRequirement.
2.2 AnysuchLoanwillonlybeavailable,andmayonlybeextended,toyouwhentheCompanyconsiders,initssoleandabsolutediscretion,thatthenetvalueofyourOpenPosition,anyTransactionscarriedinyourAccountandanyCustodyAssets,togetherwithanyMarginheldbytheCompany,are:
a)inexcessofthevalueoftheLoanbyanamountacceptabletotheCompany(asdeterminedbytheCompanyinitssoleandabsolutediscretion);and
b)subjecttotheCompany’ssecurityinterestsandrightsofsetoffpursuanttotheseTerms.
2.3 EachLoanwillbeoutstandingfromdaytodayandrepayableinthecurrencyorcurrenciesinwhichitwasdenominatedondemandprovedthattheCompanygiveyouareasonabletimeinallthecircumstancestoeffectthemechancisofpaymentpriortodeclaringaneventofDefaultpursuanttoclause17oftheTerms.Fortheavoidanceofdoubt,youmayrepaytheLoanatanytime.
3. Interest
3.1 InterestontheLoanshallaccruedailyascalculatedbytheCompanyasfollows:
a) TheaggregateamountintherelevantcurrencyoftheLoanoutstandingonthatday;multipliedby
b) TheinterestrateperannumasreasonablydeterminedbytheCompanyandnotifiedinadvancetoyouontheextensionofeachLoan;dividedby
c) 360,365or366,addeterminedbytheCompanywithreferencetotheusaualbaseyeardaycountfractionthatiscustomarilyusedforcalculatinginterestfothecurrencyinquestion.
3.2 InterestwillbepayabletotheCompanymonthlyinarrears.YouauthorisetheCompanytodebityourAccountortherelevantCurrencySub-Account(asthecasemaybe)withaccruedinterestandyouraccountstatementwillitemiseanysuchinterestpaymentdebitedfromtheAccount.
PARTVI-SIPP
1. Definitions
Thefollowingwordsandphrasesshall,unlessthecontextotherwiserequires,havethefollowingmeanings:
“PermittedInvestments”meansthoseinvestmentsthattheClientand/orTrusteemayenterintowiththeCompanyinaccordancewiththeSIPPRules;
“SIPP”meansaSelf-InvestedPersonalPension;
“SIPPRules”meansthoserulesandregulationsgoverningtheadministrationanduseoftheSIPPscheme,inforceandeffectfromtime;and
“Trustee”referstotheauthorisedSIPPproviderthroughwhomtheClientholdsitsSIPP.
2. Capacity
2.1 TheCompanyshalltreattheClientandtheTrusteeasitscustomerforthepurposesoftheseTerms.
2.2 TheClientisandwillremainthebeneficialowneroftheassetswithintheSIPP.TheTrusteeisthelegalownerofthe
assetsandshall,unlessotherwiseagreedinwriting,enterintoTransactionswiththeCompanyasPrincipal.
2.3 TheTrusteehasgiventheClientauthoritytoinstructtheCompanyunderapowerofattorneyandtheCompanywillbeentitledtorelyonthepowerofattorneyuntilitisrevoked,suchrevocationtobeinwriting.
3. Dealings between the Company and the Client
3.1 TheClientortheTrusteemayonlysendinstructionsinrelationTransactionsthatarePermittedInvestments.TheCompanyacceptsnoliabilityforanydirectorindirectlosssufferedbytheClientortheTrusteeintheeventthataninvestmentisnotaPermittedInvestment.TheCompanyisnotabletopreventtheClientfromdealingininvestmentswhicharenotPermittedInvestments.
3.2 Investmentdecisions,andongoingcompliancewiththeSIPPRules,arethesoleresponsibilityoftheClientand/ortheTrustee.TheCompanydoesnotandwillnotprovideinvestmentorpensionadvicetotheClientand/ortheTrustee.
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ANNEX / PART VI - SIPP - CONTINUED
ANNEX / PART VII – ISA
3.3 TheClientandtheTrusteeacknowledgeandagreethattheCompanymay,fromtimetotime,placerestrictionsonthetradingofSIPPfundsintermsoftheproductsthatmaybetradedandthereducedleveragethatcanapplytotheseproducts.TheserestrictionsmaybeadditionaltothoseimposedbytheSIPPRules.
3.4 TheCompanyisnotresponsibleandwillnotbeliableforthemaintenanceand/orrunningoftheClient’sSIPP.TheCompanyshallhavenoresponsibilityforredressinganybreachofthetermsoftheSIPP,asmayhavebeensetbytheHMRC.
4. Limitation of Liability and Indemnification
4.1 TheClientandtheTrusteeagreetoindemnifytheCompanyforalllosses,taxes,expenses,costsandliabilitieswhatsoever(present,future,contingentorotherwiseincludingreasonablelegalfees)whichmaybesufferedor
incurredbytheCompanyasaresultoforinconnectionwiththistheSIPPunlessandtotheextentthatsuchlosses,taxes,expenses,costsandliabilitiesaresufferedorincurredasaresultoftheCompany’snegligence,fraud.Wilfuldefaultorbreachofcontract.
4.2 TheCompanyacknowledgesthattheTrustee’sliabilityshall,inrelationtotheClientandPermittedInvestments,bestrictlylimitedtotheassetscontainedintheSIPPbytheClient.
4.3 TheClientacknowledgesthatifitbreachestheTermsoractsfraudulently,negligentlyorwithwilfuldefault,orifthereareinsufficientfundsintheClient’sSIPPtomeetanyoftheClient’sorTrustee’sobligations,theCompanyisentitledtopursuetheClientforanycostsorliabilitieswhichexceedthefundsintheClient’sSIPP.
IftheClientholdsanIndividualSavingsAccount(“ISA”conformingtotheIndividualSavingsAccountRegulations1998madebyHMTreasuryunderChapter3ofPart6oftheIncomeTax(TradingandOtherIncome)Act2005andSection151oftheTaxationofChargeableGainsAct1992(asmaybefromtimetotimeamendedorreplaced)withtheCompany,thetermsandconditionspreviouslyprovidedtotheClientbytheCompany(the“ISATerms”)shallcontinuetogovernsuchServices.Youareremindthecompanydoesnotprovideanyadviceontaxationand/orinvestmentswithanISA.
Fortheavoidanceofdoubt,intheeventofanyconflictbetweentheseTermsandtheISATerms,theISATermsshalltakeprecedenceandnoprovisionoftheTermsshallbeconstruedtocreateorapplyanyrightsovertheClient’sISAthatareinconsistentwithorcontrarytotheISARegulations.
ITI Capital Limited
Level 33 Tower 42, 25 Old Broad Street, London EC2N 1HQ, United Kingdom
Phone +44 (0) 20 3889 8333
Fax +44 (0) 20 3889 8331
Email [email protected]
Web iticapital.com
RISKWARNING:Tradingfinancialmarketsonmargincarriesahighlevelofrisk,andmaynotbesuitableaslossescanexceeddeposits.
DISCLAIMER:Tradingfinancialmarketsonmargincarriesahighlevelofrisk,andmaynotbesuitableaslossescanexceeddeposits.Youshouldbeawareandfullyunderstandallrisksassociatedwithfinancialmarketsandtrading.PriortotradinganyproductsofferedbyITICapitalLimited,youshouldcarefullyconsideryourfinancialsituationandyourlevelofexperienceandunderstanding.ITICapitalLimitedassumesnoliabilityforerrors,inaccuraciesoromissionsanddoesnotwarranttheaccuracy,completenessofinformation,text,graphics,linksorotheritemscontainedwithinthesematerials.YoushouldreadandunderstandtheTermsandConditionsontheITICapitalLimitedwebsitepriortotakingfurtheraction.
ITICapitalLimitedisaregisteredcompanyinEnglandandWales(RegistrationNo.02926252),authorisedandregulatedintheUnitedKingdombytheFinancialConductAuthority(RegistrationNo.171487)andisamemberoftheLondonStockExchangeandofICEEurope.TheregisteredaddressofITICapitalLimitedisLevel33Tower42,25OldBroadStreet,LondonEC2N1HQ,UnitedKingdom.