Introduction
This Policy is provided to you to help you understand, as a potential or actual client of EVO CAPITAL MANAGEMENT EUROPE LTD (the “Company” or “us”) the basic principles that the Company’s employs to discharge its regulatory duties relating
to customer identification and verification and the measures that that the Company takes regarding prevention
of money laundering and terrorist financing on its trading platforms.
This Policy forms an integral part of the client agreement between you and the Company (the “Client Agreement”) and other terms and policies that govern your relationship with us. As a pre-requisite of opening and maintaining
a trading account with us, you must agree to and accept and consent to the terms of the Client Agreement. By
doing so, you also agree to the terms of this Policy.
You must ensure that you have read and understood the contents of this Policy before you commence any operations on your Trading Account.
This Policy lays down the Company’s framework and procedures for: preventing the Company from being used, intentionally or unintentionally, by criminal elements for money laundering or financing of terrorist activities; enabling the Company to know/understand the Clients and their background and source of funds; properly identify and verify the identity of Clients. This Policy can be modified or altered by the Company at any time with or without notice.
Legal Framework
The Company is required to comply with the provisions of the following anti-money laundering laws and regulations, as may be amended from time to time:
*Money Laundering (Prevention) Regulations (2013)
*Money Laundering (Prevention) (Amendment) Act 2013
*Suppression of the Financing of Terrorism (Amendment) Act 2013 (SFT(A)2013)
In accordance with the Laws, we are obliged to set out policies and procedures for preventing money laundering activities. Those procedures, which are implemented by the Company include, inter alia: identification and due diligence procedures of the Clients through the implementation of a risk-based approach; record keeping procedures in relation to the Clients’ identity and their transactions at our trading platforms; internal reporting procedures to the Company’s Money Laundering Reporting Officer appointed to receive and consider information
or suspicion that a Client is engaged in money laundering activities; appropriate procedures of internal control, risk management, with the purpose of preventing money laundering activities; and examination of transactions that due to their nature are considered vulnerable to money laundering, and especially for complicated or unusually large transactions and transactions that are taken place without an obvious financial or legal purpose;
Risk-Banned Approach
3.1. Risk Based Approach in Client Verification
The Company applies appropriate measures and procedures, on a risk-based approach, so as to focus its effort
in those areas where the risk of money laundering and terrorist financing appears to be higher. A risk- based approach is adopted by the Company during the verification of the Clients’ identity, the collection of information
for the construction of their economic profile and monitoring of their transactions and activities at their Trading Accounts. Taking into consideration the assessed risk, the Company determines the type and extent of measures
it adopts, to manage and mitigate the identified risks.
Client acceptance procedure is prepared following detailed assessment of the risks faced by the Company from the Clients and/or their transactions and/or their countries of origin or operations and/or any other factors the Company may identify as significant from time from time. The Company identifies the Clients prior or during to commencing
a business relationship.
The Company, in accordance with the Law, conducts the verification of the identity of the Clients and the beneficial owners (if the Client is a body corporate) during the establishment of the business relationship. The verification
of Clients’ information may be made via the submission of documents or electronically, or by other means in the Company’s sole discretion.
3.2. Timing of Client Identification
The Company performs identification of the Clients prior the establishment of the business relationship and proceeds with verification of the potential Clients’ identity prior or during the establishment of a business relationship to prevent interruption of the normal conduct of business and where there is limited risk of money laundering or terrorist financing occurring. In case of the latter, the due diligence procedure shall be completed
as soon as practicable after the initial contact. Where, in the Company’s opinion, the risk of money laundering and terrorist financing cannot be determined as low, enhanced Client due diligence shall be completed prior the establishment of a business relationship. Each Client is required to complete the Company’s KYC procedures
by submitting the relevant KYC documentation or pass electronic verification.
3.3. Operation of Trading Account Prior to Completion of Verification
The Company, in its sole and absolute discretion, may enable a Client to operate its Trading Account during the establishment of the business relationship when the Client is deemed as being of low risk of money laundering and terrorism financing and according and further subject to a maximum deposit limit not exceeding 12,000 US Dollars or equivalent in other currencies. Such Clients must complete their KYC onboarding and provide all relevant verification documents to the Company within 14 days after the date of opening of the Trading Account
Clients who are permitted to use their Trading Account under this Section 3.3 are given 14 days from the day
of opening thereof to complete the Company’s KYC and verification procedure. In case where a Client is unable
to comply with the Company’s KYC and verification requirements within the aforesaid time frame, the Company
shall return the funds as part of the termination process and close the account. In this case, the relationship is to
be considered void and the funds have to be returned to a bank account in the name of the depositor. Where the Company is unable to return the funds to its source of deposit, it must retain the funds in a separate bank account until the Client completes the KYC and due diligence procedure to the Company’s satisfaction in order to be able
to withdraw the funds.
Client Identification
For ascertaining the true identity of the Client, each Client who is a natural person shall be required to provide the Company with at least the following information:
*True name as stated on the official identity card or passport;
*Full residential address, including postal code;
*Telephone;
*Email address;
*Date of birth;
*Nationality; and
*Details of occupation of the Client.
Each Client who is a natural person shall provide to the Company at least the following documents during the
on-boarding procedure to verify the above information of the Client:
*a valid proof of identity;
*recent proof of residence, in the form of a utility bill, local tax authority bill or a bank statement
(not older than 6 months);
such other documents as the Company may reasonably require to verify the Client’s source of wealth
and occupation.
Where a Client is a body corporate or a company or any other type of legal entity, the Company shall require
the following documents and information:
*full name of the legal entity;
*legal entity’s address (place of operations);
*certificate of incorporation;
*memorandum of Articles and Association;
*certificate of registered address or a similar document;
*certificate or register of directors;
*certificate or register of shareholders;
*board resolution for the opening of the Trading Account indicating the authorized persons;
*proof or identity and proof of address of the authorized person if other than the shareholder;
*full KYC documents for the ultimate beneficial owner of the legal entity, including proof of beneficial ownership.
The Company reserves the right to demand, when it deems appropriate, notarized and/or apostilled copies of any
of the above documents along with English translation thereof.
The Company reserves the right to take such additional measures as it deems fit when conducting Client
due diligence in cases where, in the Company’s opinion, there is elevated higher risk of money laundering.
When entering into the Client Agreement with the Company, the Client authorizes the Company to carry out such searches and to transfer the Client’s information to such external data bases and verification service providers
(such as World Check) as the Company might deem necessary to complete its KYC and verification procedures.
The Company retains full and absolute discretion as to the precise type and form of the KYC documents collected from the Clients. You shall be advised on what you are required to provide by the relevant Client onboarding officer of the Company.
Politically Exposed
Persons
It’s the Company policy not to establish a business relation nor accept as Client persons who are classified
as Politically Exposed Persons (“PEPs”) or the immediate family members of PEPs due to the same presenting additional risks to the Company.
The Company has the right to perform checks in relation to the Clients in external databases (such as World Check) in order to identify if the respective potential Client is considered a PEP or is included in any sanctions list.
The meaning of PEP includes the following natural persons who are or have been entrusted with prominent public functions in any country:
*heads of state, heads of government, ministers and deputy or assistant ministers;
*members of parliaments;
*members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions
are not subject to further appeal, except in exceptional circumstances;
*members of courts of auditors or of the boards of central banks;
*ambassadors and high-ranking officers in the armed forces;
*members of the administrative, management or supervisory bodies of state-owned enterprises.
Record Keeping
The Company documents our verification process, including all KYC information provided by the Clients, the methods used and results of verification, and the resolution of any discrepancies identified in the verification process. We keep records containing a description of any document that we relied on to verify your identity, noting the type of document, any identification number contained in the document, the place of issuance, and if any,
the date of issuance and expiration date. With respect to non-documentary verification, we retain documents that describe the methods and the results of any measures we took to verify the identity of Clients. We also keep records containing a description of the resolution of each substantive discrepancy discovered when verifying
the identifying information obtained. We shall keep the Clients’ KYC documents and information, as well as information about the transactions posted on the Platform through the Clients’ Trading Accounts, for 5 (five) years after the date of termination of relationship with the relevant Client.
Prospective clients should study the following risk warnings very carefully. Please note that we do not explore or explain all the risks involved when dealing in Financial Instruments. We outline the general nature of the risks of dealing in Financial Instruments on a fair and non-misleading basis.
In particular, Contracts for Difference (‘CFDs’) are complex financial products and not suitable for all investors. CFDs, are leveraged products that mature when you choose to close an existing open position. By investing in CFDs, you assume a high level of risk and can result in the loss of all of your invested capital.
Unless a client knows and fully understands the risks involved in each Financial Instrument, they should not engage in any trading activity. You should not risk more than you are prepared to lose. EVO CAPITAL MANAGEMENT EUROPE LTD will not provide clients with any investment advice in relation to investments, possible transactions in investments, or Financial Instruments, neither will we make any investment recommendations.
Clients should consider which Financial Instrument is suitable for them according to their financial status and goals before opening an account with EVO CAPITAL MANAGEMENT EUROPE LTD. If a client is unclear about the risks involved in trading in Financial Instruments, then they should consult an independent financial advisor. If the client still doesn’t understand these risks after consulting an independent financial advisor, then they should refrain from trading at all.
Purchasing and selling Financial Instruments comes with a significant risk of losses and damages and each client must understand that the investment value can both increase and decrease, clients they are liable for all these losses and damages, which could result in more than the initial invested capital once they make the decision has been made to trade.
Technical Risk
The Client shall be responsible for the risks of financial losses caused by the failure of information, communication, electronic and other systems. The result of any system failure may be that his order is either not executed according to his instructions or it is not executed at all. The Company does not accept any liability in the case of such a failure.
While trading through the Client Terminal the Client shall be responsible for the risks of financial losses caused by:
Client’s or Company’s hardware or software failure, malfunction or misuse;
poor Internet connection either on the side of the Client or the Company or both, or interruptions or transmission blackouts or public electricity network failures or hacker attacks, overload of connection;
the wrong settings in the Client Terminal;
delayed Client Terminal updates;
the Client disregarding the applicable rules described in the Client Terminal user guide and in the Company’s Website.
Abnormal Market Conditions
The Client acknowledges that under Abnormal Market Conditions the period during which the Instructions and Requests are executed may be extended.
Trading Platform
The Client acknowledges that only one Request or Instruction is allowed to be in the queue at one time. Once the Client has sent a Request or an Instruction, any further Requests or Instructions sent by the Client are ignored and the “Order is locked” message appears until the first Request or Instruction is executed.
The Client acknowledges that the only reliable source of Quotes Flow information is that of the real/live Server’s Quotes Base. Quotes Base in the Client Terminal is not a reliable source of Quotes Flow information because the connection between the Client Terminal and the Server may be disrupted at some point and some of the Quotes simply may not reach the Client Terminal.
The Client acknowledges that when the Client closes the order placing/modifying/deleting window or the position opening/closing window, the Instruction or Request, which has been sent to the Server, shall not be cancelled. In case the Client has not received the result of the execution of the previously sent Instruction but decides to repeat the Instruction, the Client shall accept the risk of making two Transactions instead of one, however the client may receive an “Order is locked” message as described in point 2.5 above.
The Client acknowledges that if the Pending Order has already been executed but the Client sends the Instruction to modify its level and the levels of If-Done Orders at the same time, the only Instruction, which will be executed, is the Instruction to modify Stop Loss and/or Take Profit levels on the position opened when the Pending Order triggered.
Communication
The Client shall accept the risk of any financial losses caused by the fact that the Client has received with delay or has not received at all any notice from the Company.
The Client acknowledges that the unencrypted information transmitted by email is not protected from any unauthorized access.
The Client is fully responsible for the risks in respect of undelivered trading platform internal mail messages sent to the Client by the Company as they are automatically deleted within 3 (three) calendar days.
The Client is wholly responsible for the privacy of the information received from the Company and accepts the risk of any financial losses caused by the unauthorized access of a third party to the Client’s Trading Account.
The Company has no responsibility if authorized/unauthorized third persons have access to information, including electronic addresses, electronic communication and personal data, access data when the above are transmitted between the Company or any other party, using the internet or other network communication facilities, telephone, or any other electronic means.
Force Majeure Event
In case of a Force Majeure Event the Client shall accept the risk of financial losses.
This notice cannot disclose all the risks and other significant aspects of foreign exchange and derivative products such as futures, options, and Contracts for Differences. You should not deal in these products unless you understand their nature and the extent of your exposure to risk. You should also be satisfied that the product is suitable for you in light of your circumstances and financial position. Certain strategies, such as a “spread” position or a “straddle”, may be as risky as a simple Long or Short position.
Although forex and derivative instruments can be used for the management of investment risk, some of these products are unsuitable for many investors. You should not engage in any dealings directly or indirectly in derivative products unless you know and understand the risks involved in them and that you may lose entirely all of your money. Different instruments involve different levels of exposure to risk and in deciding whether to trade in such instruments you should be aware of the following points:
Effect of Leverage
Under Margin Trading conditions even small market movements may have great impact on the Client’s Trading Account. It is important to note that all accounts trade under the effect of Leverage. The Client must consider that if the market moves against the Client, the Client may sustain a total loss greater than the funds deposited. The Client is responsible for all the risks, financial resources the Client uses and for the chosen trading strategy. It is highly recommended that the Client maintains a Margin Level (percentage Equity to Necessary Margin ratio which is calculated as Equity / Necessary Margin * 100%) of not lower than 1,000%. It is also recommended to place Stop Loss to limit potential losses, and Take Profit to collect profits, when it is not possible for the Client to manage the Client’s Open Positions.
The Client shall be responsible for all financial losses caused by the opening of the position using temporary excess Free Margin on the Trading Account gained as a result of a profitable position (cancelled by the Company afterwards) opened at an Error Quote (Spike) or at a Quote received as a result of a Manifest Error.
High Volatile Instruments
Some Instruments trade within wide intraday ranges with volatile price movements. Therefore, the Client must carefully consider that there is a high risk of losses as well as profits. The price of Derivative financial instruments is derived from the price of the underlying asset in which the instruments refer to (for example currency, stock, metals, indices, etc). Derivative financial instruments and related markets can be highly volatile. The prices of instruments and the underlying asset may fluctuate rapidly and over wide ranges and may reflect unforeseeable events or changes in conditions, none of which can be controlled by the Client or the Company. Under certain market conditions it may be impossible for a Client’s order to be executed at declared price leading to losses. The prices of instruments and the underlying asset will be influenced by, amongst other things, changing supply and demand relationships, governmental, agricultural, commercial and trade programs and policies, national and international political and economic events and the prevailing psychological characteristics of the relevant market place. Therefore, Stop Loss order cannot guarantee the limit of loss.
The Client acknowledges and accepts that, regardless of any information which may be offered by the Company, the value of Instruments may fluctuate downwards or upwards and it is even probable that the investment may become of no value. This is owed to the margining system applicable to such trades, which generally involves a comparatively modest deposit or margin in terms of the overall contract value, so that a relatively small movement in the underlying market can have a disproportionately dramatic effect on the Client’s trade. If the underlying market movement is in the Client’s favor, the Client may achieve a good profit, but an equally small adverse market movement can not only quickly result in the loss of the Client’s entire deposit, but may also expose the Client to a large additional loss.
Liquidity
Some of the underlying assets may not become immediately liquid as a result of reduced demand for the underlying asset and the Client may not be able to obtain the information on the value of these or the extent of the associated risks.
Futures
Transactions in futures involve the obligation to make, or to take, delivery of the underlying asset of the contract at a future date, or in some cases to settle the position with cash. They carry a high degree of risk. The gearing or leverage often obtainable in futures trading means that a small deposit or down payment can lead to large losses as well as gains. It also means that a relatively small movement can lead to a proportionately much larger movement in the value of your investment, and this can work against you as well as for you. Futures transactions have a contingent liability, and you should be aware of the implications of this, in particular the margining requirements, which are set out below.
Options
There are many different types of options with different characteristics subject to the following conditions.
Buying Options:
Buying options involves less risk than selling options because, if the price of the underlying asset moves against you, you can simply allow the option to lapse. The maximum loss is limited to the premium, plus any commission or other transaction charges. However, if you buy a call option on a futures contract and you later exercise the option, you will acquire the future. This will expose you to the risks described under futures’ and contingent liability investment transactions.
Writing Options:
If you write an option, the risk involved is considerably greater than buying options. You may be liable for margin to maintain your position and a loss may be sustained well in excess of the premium received. By writing an option, you accept a legal obligation to purchase or sell the underlying asset if the option is exercised against you, however far the market price has moved away from the exercise price. If you already own the underlying asset which you have contracted to sell (when the options will be known as covered call options) the risk is reduced. If you do not own the underlying asset (uncovered call options) the risk can be unlimited. Only experienced persons should contemplate writing uncovered options, and then only after securing full details of the applicable conditions and potential risk exposure.
Contracts for Differences
The CFDs available for trading with the Company are non-deliverable spot transactions giving an opportunity to make profit on changes in currency rates, commodity, stock market indices or share prices called the underlying instrument. If the underlying instrument movement is in the Client’s favor, the Client may achieve a good profit, but an equally small adverse market movement can not only quickly result in the loss of the Client’s entire deposit but also any additional table-accordion commissions and other expenses incurred. So, the Client must not enter into CFDs unless he is willing to undertake the risks of losing entirely all the money which he has invested and also any additional table-accordion commissions and other expenses incurred.
Investing in a Contract for Differences carries the same risks as investing in a future or an option and you should be aware of these as set out above. Transactions in Contracts for Differences may also have a contingent liability and you should be aware of the implications of this as set out below.
Off-exchange Transactions in Derivatives
CFDs, forex and precious metals are off-exchange transactions. While some off-exchange markets are highly liquid, transactions in off-exchange or non-transferable derivatives may involve greater risk than investing in on-exchange derivatives because there is no exchange market on which to close out an Open Position. It may be impossible to liquidate an existing position, to assess the value of the position arising from an off-exchange transaction or to assess the exposure to risk. Bid prices and Ask prices need not be quoted, and, even where they are, they will be established by dealers in these instruments and consequently it may be difficult to establish what is a fair price.
In regards to transactions in CFDs, forex and precious metals with the Company, the Company is using a trading platform for transactions in CFDs which does not fall into the definition of a recognized exchange as this is not a Multilateral Trading Facility and so do not have the same protection.
Foreign Markets
Foreign markets involve various risks. On request, the Company must provide an explanation of the relevant risks and protections (if any) which will operate in any foreign markets, including the extent to which it will accept liability for any default of a foreign firm through whom it deals. The potential for profit or loss from transactions on foreign markets or in foreign denominated contracts will be affected by fluctuations in foreign exchange rates.
Contingent Liability Investment Transactions
Contingent liability investment transactions, which are margined, require you to make a series of payments against the purchase price, instead of paying the whole purchase price immediately. The Margin requirement will depend on the underlying asset of the instrument. Margin requirements can be fixed or calculated from current price of the underlying instrument, it can be found on the website of the Company.
If you trade in futures, Contracts for Differences or sell options, you may sustain a total loss of the funds you have deposited to open and maintain a position. If the market moves against you, you may be called upon to pay substantial additional funds at short notice to maintain the position. If you fail to do so within the time required, your position may be liquidated at a loss and you will be responsible for the resulting deficit. It is noted that the Company will not have a duty to notify the Client for any Margin Call to sustain a loss-making position.
Even if a transaction is not margined, it may still carry an obligation to make further payments in certain circumstances over and above any amount paid when you entered the contract.
Contingent liability investment transactions which are not traded on or under the rules of a recognized or designated investment exchange may expose you to substantially greater risks.
Collateral
If you deposit collateral as security with the Company, the way in which it will be treated will vary according to the type of transaction and where it is traded. There could be significant differences in the treatment of your collateral depending on whether you are trading on a recognized or designated investment exchange, with the rules of that exchange (and the associated clearing house) applying, or trading off-exchange. Deposited collateral may lose its identity as your property once dealings on your behalf are undertaken. Even if your dealings should ultimately prove profitable, you may not get back the same assets which you deposited, and may have to accept payment in cash. You should ascertain from your firm how your collateral will be dealt with.
Commissions and Taxes
Before you begin to trade, you should make yourself aware of all table-accordion commissions and other charges for which you will be liable. If any charges are not expressed in monetary terms (but, for example, as a percentage of contract value), you should ensure that you understand the true monetary value of the charges.
There is a risk that the Client’s trades in any Financial Instruments including derivative instruments may be or become subject to tax and/or any other duty for example because of changes in legislation or his personal circumstances. The Company does not warrant that no tax and/or any other stamp duty will be payable. The Client is responsible for any taxes and/or any other duty which may accrue in respect of his trades.
Suspensions of Trading
Under certain trading conditions it may be difficult or impossible to liquidate a position. This may occur, for example, at times of rapid price movement if the price rises or falls in one trading session to such an extent that under the rules of the relevant exchange trading is suspended or restricted. Placing a Stop Loss will not necessarily limit your losses to the intended amounts, because market conditions may make it impossible to execute such an Order at the stipulated price. In addition, under certain market conditions the execution of a Stop Loss Order may be worse than its stipulated price and the realized losses can be larger than expected.
Clearing House Protections
On many exchanges, the performance of a transaction by your firm (or third party with whom it is dealing on your behalf) is guaranteed by the exchange or clearing house. However, this guarantee is unlikely in most circumstances to cover you, the Client, and may not protect you if your firm or another party defaults on its obligations to you. On request, the Company must explain any protection provided to you under the clearing guarantee applicable to any on-exchange derivatives in which you are dealing. There is no clearing house for traditional options, nor normally for off-exchange instruments which are not traded under the rules of a recognized or designated investment exchange.
Insolvency
The Company’s insolvency or default, may lead to positions being liquidated or closed out without your consent. In certain circumstances, you may not get back the actual assets which you lodged as collateral and you may have to accept any available payments in cash or by any other method deemed to be appropriate. Segregated Funds will be subject to the protections conferred by Applicable Regulations.
Non-segregated Funds will not be subject to the protections conferred by Applicable Regulations. Non-segregated Funds will not be segregated from the Company’s money and will be used in the course of the Company’s business, and in the event of the Company’s insolvency you will rank as a general creditor.
This notice is provided to you in accordance with applicable legislation.
The Company may pass money received from the Client to a third party (e.g. a bank, a market, intermediate broker, OTC counterparty or clearing house) to hold or control in order to effect a Transaction through or with that person or to satisfy the Client ‘s obligation to provide collateral (e.g. initial margin requirement) in respect of a Transaction. The Company has no responsibility for any acts or omissions of any third party to whom it will pass money received from the Client.
The third party to whom the Company will pass money may hold it in an omnibus account and it may not be possible to separate it from the Client ‘s money, or the third party’s money. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client with claims in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
The Company may deposit Client money with a depository who may have a security interest, lien or right of set-off in relation to that money.
A Bank or Broker through whom the Company deals with could have interests contrary to the Client’s interests.
No closed deposits detected
At EVO CAPITAL MANAGEMENT EUROPE LTD, we recognize the importance of personal information entrusted to us. It is one of our fundamental responsibilities as a financial institution to ensure that we protect the information entrusted to us by our clients and our website visitors.
This Privacy Notice will inform you as to how we look after your personal data and tell you about your privacy rights and how the law protects you. It applies to any personal information you provide to the Company and subject to local law, any personal information we collect from other sources.
Throughout this Notice, “the Company” or “Us” refers to EVO CAPITAL MANAGEMENT EUROPE LTD, a company with registered address at Churchill Place , E14 5EU London.
We only collect personal information that we believe are relevant and required to understand your needs and to conduct our business.
We use your personal information to provide you with better customer services and products.
We will not disclose your personal information to any external organization unless we have your consent or are required by law.
We may be required from time to time to disclose your personal information to Governmental or judicial bodies or agencies or our regulators, but we will only do so under proper authority.
We aim to keep your personal information on our records accurate and up-to-date.
We maintain strict security systems designed to prevent unauthorized access to your personal information by anyone, including our staff.
Your privacy is protected by law and this section explains how that works. In accordance to the Data Protection Act, we are allowed to use your personal information only if we have a proper reason to do so. This includes sharing it outside the Company. The law states that we must have one or more of these reasons:
Fulfil a contract we have with you, or
When it is our legal or regulatory duty, or
Where it is necessary for our legitimate interests (or those of a third party) and your interests and fundamental rights do not override those interests or
When you consent to it.
A legitimate interest is when we have a business or commercial reason to use your information. But even then, it must not unfairly go against what is right and best for you
The Company will process your personal data only after obtaining your express consent, where it is necessary for the performance of a contract to which you are a party or to enable you to enter into a contract or in accordance with the law. You give your consent to us through our account opening mandate and during your relationship with us. We will only disclose your personal data if:
the law requires it or such personal data is exempted from data protection laws;
such disclosure is for the administration of justice or in the public interest or relates to the use of a unique identification number to facilitate sharing information and avoid multiple registrations among public sector agencies;
such disclosure is necessary for the performance of a contract to which you are a party or to enable you to enter into a contract; or
such disclosure is required to protect your vital interests;
you agreed that we may disclose your data for the purposes for which such data has been collected and of which you have been informed.
We will only use your personal data for the purposes for which we collected it, unless we reasonably consider that we need to use it for another reason and that reason is compatible with the original purpose.
National Identifier - A number given to you by a government to identify who you are, such as a National Identity Card, Passport.
Contact Details - Address information and a way to contact you.
Socio-Demographic - This includes details about your work or profession, nationality, education and where you fit into general social… (Social Research/Survey) or income groupings.
Financial - Your financial position, status and history.
Contractual/ Transactional - Details about payments to and from your accounts with us, and insurance claims you make.
Locational - Location data from your mobile phone and the IP address of your connection when while using our trading platform or mobile application.
Transactional - Details about payments to and from your accounts with us and insurance claims you make.
Behavioral - Details about how you use our products and services.
Usage Data - Other data about how you use our products and services.
Technical - Details on the devices and technology you use.
Communications - What we learn about you from letters, emails and conversations between us.
Social Relationships - Your family, friends and other relationships.
Open Data and Public Records - Details about you that are in public records such as the Electoral Register and information about you that is openly available on the internet.
We collect personal information to carry out and administer our services and products to you. These may include claims management, risk management consulting and other forms of insurance services (including underwriting of insurance products and reinsurance), employee benefits program administration and investment advisory services.
When you request our services, we ask you to provide accurate and necessary information that enables us to respond to your request. While the personal information we collect may come directly from you, it may also be provided by our affiliates or other third parties (such as employers, insurance companies, insurance brokers or agents, credit organizations, motor vehicle and driver licensing authorities, financial institutions, medical professionals, etc.). If you provide personal information about other individuals (such as employees, dependents, etc.), you must obtain their consent prior to your disclosure to the Company.
Visit the Company’s Websites for purposes of this Notice, “website” includes our mobile applications. By using the Company websites and associated microsites, you agree to the processing of your personal information as explained in the Terms and Conditions, including placing cookies on your device as described in the Cookie Notice. We collect personal information to fulfil your requests for products and services and to improve your online experience. We strive to limit the amount of personal information collected to support the intended purpose of the collection. In some instances, the Company automatically collects certain types of information when you visit our websites and through e-mails that we may exchange. Automated technologies may include the use of web server logs to collect IP addresses, “cookies” and web beacons. The collection of this information will allow us to improve the effectiveness of the Company websites and our marketing activities. Cookies The Company may collect information during your visit to the Company’s website through the use of cookie technology. A cookie is a piece of programming information contained in a very small text file that is placed in your Internet browser or elsewhere on your hard drive. You can control acceptance of cookies by modifying your Internet browser preferences. You have the ability to accept all cookies, to be notified when a cookie is set or to reject all cookies. Please note that, if you choose to block all cookies (including essential cookies) you may not be able to access all or part of our site and may be unable to use those services or engage in activities that require the placement of cookies. The Company uses cookies to distinguish you from other users of our website and to help us compile aggregate statistics about usage of our websites.
In addition, on some occasions, the Company may use tracking technologies such as web beacons, to collect information about your visits to the Company websites. These are small electronic images embedded in web content or e-mail messages and are ordinarily not visible to users. Like cookies, this tracking technology enables us to track pages and content accessed and viewed by users on the Company websites. The use of these technologies also helps us to provide you with a positive experience when you browse our websites, and it also helps refine our content and personalize your experience. For more detailed information, you may wish to visit our Cookie Notice.
Engage with the Company through Social Media. You can engage with us through social media websites or through features such as plug-ins or applications on the Company websites that integrate with social media sites. You may also choose to link your account with us to third party social media sites. When you link your account or engage with us on or through third party social media sites, plug-ins, or applications, you may allow us to have ongoing access to certain information from your social media account (e.g., name, e-mail address, photo, gender, birthday, the posts or the ‘likes’ you make). If you post information when you interact with our websites through social media sites, plug-ins or other applications, depending on your privacy settings, this information may become public on the Internet. You can control what information you share through privacy settings available on some social media sites. For more information about how you can customize your privacy settings and how third party social media sites handle your personally identifiable information, please refer to their privacy help guides, privacy statements and terms of use.
Access our Websites through Mobile Devices. If you access our websites on your mobile telephone or mobile device, we may also collect your unique device identifier and mobile device IP address, as well as information about your device’s operating system, mobile carrier and your location information. When you provide us your mobile device phone number as your contact phone number, you consent to the use of your mobile device phone number for the purposes identified in this Notice. If you choose to receive notifications from us on your mobile device (e.g. text notifications), you also consent to the use of your mobile phone number for that purpose.
Marketing. We may use your personal information to tell you about relevant products and offers. This is what we mean when we talk about ‘marketing’. We may collect personal information from visitors of our website and those individuals that participate in a contest or promotion (online or over the telephone, or at one of our branches). Such information is only collected from individuals who voluntarily provide us with their personal information. The personal information we have for you is made up of what you tell us and data we collect when you use our services or from third parties we work with. We study this to form a view on what we think you may want or need, or what may be of interest to you. This is how we decide which products, services and offers may be relevant for you. We can only use your personal information to send you marketing messages if we have either your consent or a ‘legitimate interest’. You can choose to receive marketing and other promotional materials by e-mail. If you do receive email or promotional direct mailings, you will always have an opportunity to opt-out. If at any time you would like us to cease sending you direct mailings, please contact us or our representatives.
provide information and services as requested by you;
determine eligibility and process applications for products and services;
understand and assess your ongoing needs and offer products and services to meet those needs;
carry out communication, service, billing and administration;
administer claims;
obtain and update credit information with appropriate third parties, such as credit reporting agencies, where transactions are made on credit;
market products and services (subject to your consent); and
conduct processing necessary to fulfil other contractual obligations
*With your consent, we may also use your personal information for additional purposes.
Business Partners We disclose personal information to business partners that are necessary to provide our products and services. Examples include: credit and fraud reporting agencies, reinsurers, medical service providers, our advisers such as loss adjusters, lawyers and accountants and others involved in the claims handling process.
We do not rent, sell or otherwise disclose personal information about our clients with unaffiliated third parties for their own marketing use.
Authorized Service Providers We may disclose your information to service providers we have retained to perform services on our behalf. These service providers are contractually restricted from using or disclosing the information except as necessary to perform services on our behalf or to comply with legal requirements.
Legal Requirements and Business Transfers We may disclose personal information (i) if we are required to do so by law or legal process, (ii) in response to law enforcement authority or other government official requests, (iii) when we believe disclosure is necessary or appropriate to prevent physical harm or financial loss, (iv) in connection with an investigation of suspected or actual illegal activity or (v) in the event that the Company is subject to a merger or acquisition to the new owner of the business. Disclosure may also be required for company audits or to investigate a complaint or security threat.
The Company may transfer certain personal information across geographical borders to the Company entities or service providers in other countries working on our behalf in accordance with applicable law. We may transfer personal data to another country where you have given explicit consent to the proposed transfer. Notwithstanding the above, consent is not necessary in the case of Reinsurance. Does the Company have security measures in place to protect your information? The Company has implemented reasonable physical, technical and administrative security standards to protect personal information from loss, misuse, alteration or destruction. Our service providers and agents are contractually bound to maintain the confidentiality of personal information and may not use the information for any unauthorized purpose.
The Company takes reasonable steps to keep your personal information accurate and complete. You can access or update your personal information in the following ways:
Profile. To amend your personal data, you can reach us on [email protected].
Mobile Devices. If you previously chose to receive push notifications on your mobile device from us but no longer wish to receive them, you can manage your preferences either through your device or the application settings. If you no longer wish to have any information collected by the mobile application, you may uninstall the application by using the uninstall process available on your mobile device.
Cookies. As described in our Cookie Notice, you can adjust your browser settings to accept or refuse cookies.
Email. Contact us at the e-mail or postal address listed in the “Contact Us” section at the bottom of this Notice. Please include your current contact information, the information you are interested in accessing and your requested changes. We will provide you access to the personal information requested, subject to reasonable limitations provided by law, unless it infringes on the privacy of other individuals.
If we do not provide you with access, we will provide you with the reason for refusal and inform you of any exceptions relied upon.
We sometimes use systems to make automated decisions based on personal information we have or allowed to collect from others about you and your business. This helps us to make sure our decisions are quick, fair, efficient and correct, based on what we know. These automated decisions can affect the products, services or features we may offer you now or in the future or the price that we charge you for them. You have the right to object to an automated decision.
Right of Information and Access. This right enables you to receive a copy of all your personal information we hold about you free of charge and to check that we are lawfully processing it.
Right to Rectify. This enables you to have any incomplete or inaccurate data we hold about you corrected, though we may need to verify the accuracy of the new data you provide to us by a supplementary statement.
Right to Rectify. This enables you to have any incomplete or inaccurate data we hold about you corrected, though we may need to verify the accuracy of the new data you provide to us by a supplementary statement.
Right of Erasure. This enables you to ask us to delete or remove personal data where it is no good reason for us continuing to process it. You also have the right to ask us to delete or remove your personal data where you have successfully exercised your right to object to processing, where we have processed your information unlawfully or where we are required to erase your personal data to comply with local law. Note, however, that we may not always be able to comply with your request of erasure for specific legal reasons which will be notified, if applicable, at the time of your request.
Right to Object. Where we are relying on a legitimate interest (or those of a third party) and there is something about your particular situation which makes you want to object to processing on this ground as you feel it impacts on your fundamental rights and freedoms, you have the right to object in writing at any time to the processing of your personal data.
Right to Restrict. This enables you to ask us to suspend the processing of your personal data in the following scenarios: If you want us to establish the data’s accuracy; Where our use of the data is unlawful but you do not want us to erase it; Where you need us to hold the data even if we no longer require it as you need it to establish, exercise or defend legal claims; or You have objected to our use of your data but we need to verify whether we have overriding legitimate grounds to use it.
Right to Withdraw. consent at any time This will not affect the lawfulness of any processing carried out before you withdraw your consent. If you withdraw your consent, we may not be able to provide certain products and services to you. We will advise you if this is the case at the time you withdraw your consent.
If you wish to exercise any of the rights set out above, please write to us at [email protected]. You will not have to pay a fee to access your personal data (or to exercise any of the other rights). However, we may charge a reasonable fee if your request is clearly unfounded, repetitive or excessive.
We may need to request specific information from you to help us confirm your identity and ensure your right to access your personal data (or to exercise any of your rights). This is a security measure to ensure that personal data is not disclosed to any person who has no right to receive it. We may also contact you to ask you for further information in relation to your request to speed up your response.
We try to respond to all legitimate requests within one month. Occasionally it may take us longer than a month if your request is particularly complex or you have made a number of requests. In this case, we will notify you and keep you updated.
We ask third-party service providers to agree to our privacy policies if they need access to any personal data to carry out their services. We will not disclose your personal data to external organizations that are not our service providers, unless you gave us your consent, or unless we may do so by law, or if it is necessary for the conclusion or performance of our agreement with you.
Children have the same rights as adults over their personal data. They can exercise their own rights as long as they are competent to do so. Where a child is not considered to be competent, an adult with parental responsibility may exercise the child’s data protection rights on their behalf. For children under 16, we need to get consent from whoever holds parental responsibility for them. Our websites are not directed to children and we do not knowingly collect personal information from children on our websites.
We store your personal data during your relationship with us and even after we have ceased our relationship, as required by law. Your right to lodge a complaint with the Commissioner Please let us know if you are unhappy with how we have used your personal information. You can contact the Data Protection Officer. You also have the right to lodge a complaint with the Commissioner. Find out on their website how to report a concern.
If you have any questions relating to this Notice, please contact our Data Protection Officer at via our contacting our support team.
We may need to update this Notice from time to time. We encourage you to periodically check our website so that you will be aware of our latest privacy practices. This Notice was last updated on 1 September 2021. It is important that the personal data we hold about you is accurate and current. Please keep us informed if your personal data changes during your relationship with us.
1.1 In this Agreement, the words shall have the following meaning:
“Abnormal Market Conditions” shall mean conditions contrary to Normal Markets Conditions, e.g., when there is low liquidity in the market, or rapid price movements in the market, or Price Gaps.
“Access Data” shall mean the Client’s access codes, any login code, password(s), Trading Account number and any information required to make Orders with the Company.
“Affiliate” shall mean in relation to the Company, any entity controlled directly or indirectly by the Company, any entity that controls directly or indirectly the Company, or any entity directly or indirectly under common control with the Company. For this purpose, “control” means ownership of a majority of the voting power of the Company or entity.“Agreed Process” means any process agreed between the parties in respect of a Dispute other than the Procedure for Dispute Resolution, as specified in Clause 23 hereof.
“Applicable Rate” means:
(a) Key European Central Bank (repo) Interest Rate, if the Currency of the Trading Account is EUR; or (b) Bank of Singapoure base rate if the Currency of the Trading Account is GBP.
“Application to Open Trading Account” shall mean the “Application to open Trading account” form completed by the Client and accessed through the Website.
“Ask” shall mean the higher price in the Quote being the price at which the Client may buy.
“Balance” shall mean the total financial result of all Completed Transactions and depositing/withdrawal operations on the Trading Account.
“Base Currency” shall mean, in respect of Transactions where the underlying Instrument is a Currency, the first currency in the Currency Pair against which the Client buys or sells the Quote Currency.
“Bid” shall mean the lower price in the Quote being the price at which the Client may sell.
“Business Day” shall mean any day between Monday and Friday inclusive, other than a public holiday as announced by the Company on its Website.
“Business Hours” shall mean 9:00 a.m. to 18:00 p.m. on a Business Day (Monday to Friday).
“Client Terminal” shall mean the Webtrader terminal (including its Web Trader and mobile app versions, as the case may be) which is used by the Client in order to obtain information of financial markets (which content is defined by the Company) in real-time, to make technical analysis of the markets, make Transactions, place/modify/delete Orders, as well as to receive notices from the Company. The program can be downloaded on the Website free of charge.
“Commodity” shall mean a commodity, such as spot gold or spot silver.
“Company” shall mean EVO CAPITAL MANAGEMENT EUROPE LTD, a company registered address at Churchill Place , E14 5EU London. The Company operates under brand and business name EVO CAPITAL MANAGEMENT EUROPE LTD and is the sole owner of this website.
“Completed Transaction” shall mean two counter deals of the same size in different directions (opening a position and closing the position): buying and then selling or selling and then buying.
“Contracts for Difference” or “CFDs” means derivatives, whose value depends on an underlying Instrument;
“Contract Specifications” shall mean principal trading terms (Spread, Lot Size, Initial Margin, Hedged Margin etc.) for each Instrument or groups of similar Instruments, displayed in the Client Terminal and on the Company’s Website.
“CRS” shall mean the Common Reporting Standard.
“Currency of the Trading Account” shall mean the currency that the Client chooses when opening the Trading Account.
“Currency Pair” shall mean, in respect of any Transaction the underlying asset of which are currencies, the object of a Transaction based on the change in the value of one currency against the other.
“Client Information” shall mean any information or documentation that the Company receives from the Client or otherwise obtains which relates to them, their Account or the provision or the use of the Services.
“Data Delivery Date” means each date agreed as such between the parties provided that, in the absence of such agreement, the Data Delivery Date will be the Joint Business Day immediately prior to the PR Due Date.
“Dispute” shall mean either:
(a) the conflict situation when the Client reasonably believes that the Company as a result of any action or failure to act breaches one or more terms of the Legal Documents; or
(b) the conflict situation when the Company reasonably believes that the Client as a result of any action or failure to act breaches one or more terms of the Legal Documents; or
(c) the conflict situation when the Client makes a deal at an Error Quote (Spike), or before the first Quote comes to the Trading Platform on the Market Opening, or at the Quote received by the Client because a Dealer made a Manifest Error or because of a software failure of the Trading Platform.
(d) any dispute between the parties which: (i) in the sole opinion of the party delivering the relevant Dispute Notice, is required to be subject to the Dispute Resolution Procedure; and (ii) in respect of which a Dispute Notice has been effectively delivered.
“Dispute Date” means, with respect to a Dispute, the date on which a Dispute Notice is effectively delivered by one party to the other party save that if, with respect to a Dispute, both parties deliver a Dispute Notice, the date on which the first in time of such notices is effectively delivered will be the Dispute Date. Each Dispute Notice will be effectively delivered if delivered in the manner agreed between the parties for the giving of notices in respect of this Agreement.
“Dormant and/or Inactive Account” shall mean any Company Client trading account where the Client/account holder/owner of that trading account has not initiated any trading activity and/or inactivity for a period of six (6) consecutive months and/or where the Company has not carried out any transactions in relation to the trading account by and/or on the instructions of the Client/account holder/owner and/or their authorized representative for a period of six (6) consecutive months.
“Dormant and/or Inactive Account Fee” shall mean a handling fee of USD 40 or equivalent per month imposed by the Company and/or paid by a Client for their dormant account(s) held by the Company, as this may be amended from time to time by the Company.
“Equity” shall mean: Balance + Floating Profit – Floating Loss.
“Error Quotes” are rates received which are transmitted to the Client’s Terminal due to a system technical error.
“Error Quote (Spike)” shall mean an Error Quote with the following characteristics:
(a) a significant Price Gap; and
(b) in a short period of time the price rebounds with a Price Gap; and
(c) before it appears there have been no rapid price movements; and
(d) important macroeconomic indicators and/or corporate reports are released before or immediately after it appears; and
(e) a significant variance from the market pricing.
The Company has the right to delete Error Quotes (Spikes) from the Server’s Quotes Base and cancel all Transactions entered at Error Quote prices.
“Event of Default” shall have the meaning given in Clause 16 .
“FATCA” shall mean the Foreign Account Tax Compliance Act.
“Floating Profit/Loss” shall mean current profit/loss on Open Positions calculated at the current Quotes.
“Force Majeure Event” shall have the meaning as set out in Clause 18 .
“Free Margin” shall mean funds on the Trading Account, which may be used to open a position. It is calculated as Equity Less Necessary Margin.
“Hedged Margin” shall mean the margin required by the Company sufficient to open and maintain Matched Positions. The details for each Instrument are in the Contract Specifications.
“Indicative Quote” shall mean a Quote at which the Company has the right not to accept any Instructions or execute any Orders.
“Initial Margin” shall mean the margin required by the Company to open a position. The details for each Instrument are in the Contract Specifications.
“Instruction” shall mean an instruction from the Client to the Company to open/close a position or to place/modify/delete an Order.
“Instrument” shall mean any asset underlying a CFD Transaction, including Currency Pair, Commodity, Stocks, Indices and Cryptocurrencies.
“Illicit Profit” shall mean profit which has been generated as a result of an Event of Default and/or during Abnormal Market Conditions.
“Joint Business Day” means a day that is a Local Business Day in respect of each party.
“Key Terms” means, with respect to a relevant Transaction and a party, the valuation of such relevant Transaction and such other details the relevant party deems relevant from time to time which may include the effective date, the scheduled maturity date, any payment or settlement dates, the notional value of the contract and currency of the relevant Transaction, the underlying instrument, the position of the counterparties, the business day convention and any relevant fixed or floating rates of the relevant Transaction. For the avoidance of doubt, “Key Terms” does not include details of the calculations or methodologies underlying any term.
“Legal Documents” shall mean this Client Agreement together with and all Policies, as these are published in the Client Documents Pack section of the Website. The Client acknowledges that the Legal Documents may be amended by the Company from time to time and the last version shall be available by accessing the Website.
“Leverage” means the practice of using Margin in order to increase the potential return of an investment which also symmetrically increases a potential loss. Trading on leveraged capital means that a Client can trade in amounts significantly higher than the funds they invest, which only serves as the margin. Leverage is commonly expressed as a ratio which describes an order of magnification of potential profits or losses in comparison with the profits or losses that a Client would have incurred if they traded solely with their invested capital. For example, a 1:100 Leverage ratio means that in order to open a position the Initial Margin is one hundred times less than Transaction Size.
“Long Position” shall mean a buy position that appreciates in value if market prices increase. In respect of Currency Pairs, Long Position represents buying the Base Currency against the Quote Currency.
“Lot” shall mean a unit of Instruments in the Trading Platform.
“Lot Size” shall mean the number or volume of underlying Instruments in one Lot defined in the Contract Specifications.
“Margin” shall mean the necessary guarantee funds to maintain Open Positions, as determined in the Contract Specifications for each Instrument.
“Margin Level” shall mean the percentage Equity to Necessary Margin ratio. It is calculated as (Equity / Necessary Margin) * 100%.
“Margin Trading” shall mean Leverage trading when the Client may make Transactions having far less funds on the Trading Account in comparison with the Transaction Size.
“Matched Positions” shall mean Long and Short Positions of the same Transaction Size opened on the Trading Account for the same Instrument.
“Necessary Margin” shall mean the margin required by the Company to maintain Open Positions. The details for each Instrument are specified in the Contract Specifications.
“Normal Market Conditions” shall mean the market where there are no (in the Company’s reasonable discretion):
considerable breaks in the Quotes Flow in the Trading Platform;
fast price movements; and
large Price Gaps.
“Open Position” shall mean a Long Position or a Short Position which is not a Completed Transaction.
“Order” shall mean an instruction from the Client to the Company to open or close a CFD position when the price reaches the Order Level.
“Order Level” shall mean the price indicated in the Order.
“Price Gap” shall mean the following:
(a) the current Quote Bid is higher than the Ask of the previous Quote; or
(b) the current Quote Ask is lower than the Bid of the previous Quote.
“Politically Exposed Person” or “PEP” shall mean someone who currently or in the last 12 months belonged to a political entity or governmental body; this extends to the immediate family members and close associates of such a person.
“Quote” shall mean the information of the current price for a specific Instrument, in the form of the Bid and Ask prices.
“Quote Currency” shall mean, in respect of Transactions where the underlying Instrument is Currency, the second currency in the Currency Pair which can be bought or sold by the Client for the Base Currency.
“Quotes Base” shall mean Quotes Flow information stored on the Server.
“Quotes Flow” shall mean the stream of Quotes in the Trading Platform for each Instrument.
“Relevant Amount(s)” shall mean any free Equity in the Client’s Trading Account not used for margin purposes.
“Request” shall mean a request from the Client to the Company given to obtain a Quote. Such a Request shall not constitute an obligation to make a Transaction.
“Server” shall mean the webtrader Server. The program is used to execute the Client’s Instructions or Requests, to provide trading information in real-time mode (the content is defined by the Company), in consideration of the mutual liabilities between the Client and the Company, subject to the Terms of the Legal Documents.
“Services” shall mean the services provided by the Company to the Client as set out in Clause 5 .
“Short Position” shall mean a sell position that appreciates in value if market prices of the underlying Instrument fall.
“Spread” shall mean the difference between Ask and Bid.
“Third party service provider” refers to an entity that the parties agree will perform all or part of the actions under the relevant provision for both parties.
“Trading Account” shall mean the unique personified registration system of all Completed Transactions, Open Positions, Orders and deposit/withdrawal transactions in the Trading Platform.
“Trading Account History” shall mean any of and/or all Client’s trading and/or non-trading activity including but not limited to deposits, withdrawals, credits and/or any other services offered by the Company within a Client’s account(s) with the Company, whether these derive from and/or on webtrader platforms and as these may from time to time in part of or all be transferred, and/or further archived, and/or shrunk, and/or compressed, however fully accessible at any time by the Client from and/or on their private and personal space in the Platform.
“Trading Benefits Scheme” shall have the meaning given in Clause 25.1 hereof.
“Trading Platform” or “Platform” shall mean all programs and technical facilities which provide real-time Quotes and allow Transactions to be made, Orders to be placed/modified/deleted/executed and calculate all mutual obligations between the Client and the Company. The trading platform consists of the Server and the Client Terminal including Web trader, and their mobile versions.
“Transaction” shall mean any contract or transaction entered into or executed by the Client or on behalf of the Client arising under this Agreement and the Terms of Business.
“Transaction Size” shall mean Lot Size multiplied by number of Lots.
“Website” shall mean the Company’s website or such other website as the Company may maintain from time to time for access by Clients.
“Written Notice” shall have the meaning set out in Clause 10 .
1.2 All references to a statutory provision include references to:
(a) any statutory modification, consolidation or reenactment of it, whether before or after the date of these Legal Documents, for the time being in force;
(b) all statutory instruments or orders made pursuant to it; and
(c) any statutory provision of which that statutory provision is a re‐enactment or modification.
1.3 Words denoting the singular include the plural and vice versa; words denoting any gender include all genders; and words denoting persons include corporations, partnerships, other unincorporated bodies and all other legal entities and vice versa.
1.4 Unless otherwise stated, a reference to a clause, party or a schedule is a reference to a clause in or a party or schedule to this Agreement respectively.
1.5 The clause headings are inserted for ease of reference only and do not affect the construction of the terms of this Agreement.
1.6 Any words whose meaning is not defined in this Client Agreement, shall have the meaning provided in the Terms of Business.
2.1 This Client Agreement (“Agreement”) is entered by and between the Company and a person who has successfully completed the process of application and registration to open a Trading Account with the Company via our Website or through any other method designated by the Company.
2.2 This Client Agreement, together with the Terms of Business, the Complaints Handling Policy, the Risk Disclosure Statement and such other policies and procedures applicable to the Clients as are published in the Client Documents Pack section of the Website (the “Legal Documents”), as these may be amended or supplemented from time to time, constitute the entire agreement between the Company and the Client. The Legal Documents set out the terms upon which the Company shall deal with the Clients in respect of its Services. In the event of any inconsistency between the provisions of these Terms of Business and the provisions of the laws of Singapoure, the provisions of the laws of Singapoure, shall prevail.
2.3 The Legal Documents shall govern all trading activity and non-trading operations of the Client with the Company.
2.4 In relation to any Client transaction, the Company acts on a principal-to-principal basis and not as the agent on the Client’s behalf. This means that unless otherwise agreed, the Company shall treat the Client as a client for all purposes and the Client shall be directly and fully responsible for performing the obligations under each transaction made by the Client. If the Client acts in relation to or on behalf of another person, whether or not the Client makes the identity of that person known to the Company, the Company shall not accept that person as a client and shall accept no obligation to that person whatsoever.
3.1 The Legal Documents shall come into effect on the date on which the Client receives notice from the Company in accordance with Clause 4.1 and shall continue unless and until terminated by either party.
3.2 This Agreement is an initial service agreement which relates to a series of successive or separate operations including, without limitation, Transactions in Instruments.
3.3 The Client has no right to cancel the Agreement on the basis that it is a distance contract.
4.1 The Client’s Trading Account shall be activated by the Company giving notice to the Client and upon:
(a) the Company having received an on-line registration form completed by the Client;
(b) acceptance by the Client of the Legal Documents; and
(c) the Client having passed, to the Company’s satisfaction, all relevant know-your-customer checks and verification procedures.
4.2 The Company reserves the right at its absolute discretion to accept or reject the Client with or without reason.
4.3 The Company has the right to request minimum initial deposit (to be determine by the Company in its sole discretion) to allow the Client to start using the Trading Account.
4.4 Upon activation of the Trading Account, the Client shall be able to view, in the Client’s dedicated personal space in the Platform, the amount due to them as account balance at all times and shall have the right to withdraw the same, on demand. Accordingly, the Client hereby waives the right to receive a monthly written statement.
5.1 The Company shall offer the following Services to the Clients on the terms and conditions set out in the Legal Documents and subject at all times to the Client being in compliance with their obligations thereunder:
(a) Receive and transmit Orders or execute (on an own account basis) Orders for the Client in CFDs.
(b) Provide foreign currency services provided they are associated with the provision of the Investment Service of Clause 5.1(a) herein.
(c) Grant credits to Clients (as and if applicable), to allow the Client to carry out a transaction in one or more CFD, as described in this Clause 5.1, provided that the Company is involved in the aforesaid transaction.
(d) Safekeeping and administration of Instruments for the account of Client (as and if applicable), including custodianship and related services such as cash/collateral management, as described in Clause 7 below.
(e) Provide the Clients access to Investment Research data which may be relevant for Clients’ consideration;
5.2 Subject to the terms and conditions of the Legal Documents, the Company may enter into CFD Transactions with the Client with underlying Instruments specified on the Company website.
5.3 The Client agrees and accepts that when entering into a CFD Transaction, the Client does not become an owner of the underlying Instrument and shall not receive physical delivery of such Instrument. As an owner of a CFD, the Client will not have the right of attending and / or voting at any general meeting of the issuer of the underlying Instrument to which the CFD corresponds to. Similarly, the Client will not have a right to receive dividends, coupons or any other cash distributions made to the owners of such Instruments. However, as further set out in the Company’s Order Execution Policy, the Company will make positive or negative cash adjustments to the Client’s Trading Account depending on the type of position in the relevant CFD.
5.4 The Company shall carry out all Transactions with the Client on an execution-only basis. The Company is entitled to execute Transactions notwithstanding that a Transaction may be not suitable for the Client. The Company is under no obligation to monitor or advise the Client on the status of any Transaction, to make margin calls or to close out any Client’s Open Positions.
5.5 The Client shall not be entitled to ask the Company to provide investment advice or to make any statements of opinion to encourage the Client to make any particular Transaction.
5.6 Profit or loss in the Currency of the Trading Account is deposited in/withdrawn from the Trading Account once the Transaction is closed.
5.7 The Company shall not provide personal recommendations or advice on the merits of any specific Transactions.
5.8 The Company may from time to time and at its discretion provide information and recommendations in newsletters which it may post on its Website or provide to subscribers via its Website or otherwise. Where it does so:
(a) the information so provided is intended solely to enable the Client to make their own investment decisions and does not amount to investment advice;
(b) if the document contains a restriction on the person or category of persons for whom that document is intended or to whom it is distributed, the Client agrees that he shall not pass it on to any such person or category of persons;
(c) the Company gives no representation, warranty or guarantee as to the accuracy of completeness of such information or as to the tax consequences of any Transaction;
(d) the Client accepts that prior to dispatch, the Company may have acted upon it itself to make use of the information on which it is based. The Company does not make representations as to the time of receipt by the Client and cannot guarantee that he shall receive such information at the same time as other Clients. Any published research reports or recommendations may appear in one or more screen information service.
(e) The information is provided solely to assist the Client to make the Client’s own investment decisions and does not amount to investment advice or unsolicited financial promotions to the Client.
(f) It does not necessarily take into consideration the relevant legislative or regulatory framework of the country where the Client is resident and it is the Client’s responsibility to ensure compliance therewith.
5.9 The Company shall have the right to request and the Client shall be obliged to provide information about the Client’s knowledge and experience in the investment field so that it can assess whether the service or product envisaged is appropriate for the Client. If the Client elects not to provide such information to the Company or if the Client provides insufficient information, the Company shall not be able to determine whether the service or product envisaged is appropriate for the Client. The Company shall assume that information about their knowledge and experience provided from the Client to the Company is accurate and the Company shall have no responsibility to the Client if such information is incomplete or misleading or changes or becomes inaccurate unless the Client has informed the Company of such changes.
5.10 The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Client and the Client agrees that the Company shall have no obligation to inform the Client of the reasons. The Company further reserves the right to suspend, delay and/or amend the provision of any Services in the event of Abnormal Market Conditions.
5.11 All trade Requests are subject to size considerations. If the requested trade size is larger than the Company is able to fill at any particular moment due to market conditions, then the Order may be executed partially or the entire trade or Order may be rejected at the Company’s sole discretion.
5.12 Market commentary, news, or other information are subject to change and may be withdrawn at any time without notice.5.13 The Client understands, confirms and accepts that any and/or all of their trading history in the Trading Platforms may at any time and without prior written consent and/or notice to the Client be archived by the Company to a single summarized line in the respective Trading Account, where such trading history records exceed a timeframe of one (1) month. Such archived trading and non-trading history shall be accessible and/or downloadable at any time at the Client’s request.
5.14 The Company hereby confirms that all Client records and/or trading and non-trading activity, current and/or past and/or archived shall be maintained for at least seven (7) years after the termination of the business relationship with the Client and subject to applicable legislative requirements.
5.15 The Company reserves the right to suspend, close, or unwind any Transaction which has resulted from any misconfiguration, technical error, or if the Company suspects any fraud, manipulation, arbitrage, or other forms of deceitful or fraudulent activity on the Client’s account or multiple accounts with the Company or otherwise related or connected to any and/or all Transactions. Under such circumstances and except in cases of any suspicious transactions, the Company shall subject to law be entitled to withdraw any profits and charge any costs which it reasonably deems, in its sole discretion, to have been inappropriately gained and shall not be liable for the cancelation of any Transaction or profits or in the event of any damages or losses which may result from the suspension, closure or unwinding.
5.16 In accordance with the CRS, the Client agrees to submit to the Company all the necessary information about the Client (name, address, jurisdiction of residence, TIN (tax identification number), date and place of the birth, account number of the Client, and any necessary additional documents and information at the request of the Company) and agrees to the systematic and periodic transmission of bulk taxpayer information by the source country to the country of residence. The Client (a) consents to the processing of his or her personal data to the Company, which is registered as a data controller according to the law, for identification, administrative, and business purposes necessary for the Company to fulfil its legal and contractual obligations under this and other agreements between the parties, with rights to transfer such personal data to auditors, lawyers, financial consultants, and other service providers and counter-agents contracted by the Company and (b) has been advised of his or her rights pursuant to the Law No. 172-13 on the Protection of Personal Data (2013).
Commissions, Charges And Other Costs
6.1 The Client shall be obliged to pay the Company the commissions, charges and other costs set out in the Contracts Specifications. The Company shall display all current commissions, charges and other costs on its Website and/or the Trading Platforms.
6.2 The Company may from time to time deal on the Client’s behalf with persons with whom the Company has a soft commission agreement which permits the Company (or another member of the Company group) to receive goods or services in return for transacting investment business with such persons or others. It is the policy of the Company in relation to such agreements to ensure that such arrangements operate in the best interest of the Client as far as practicable, for example, because the arrangements allow access to information or other benefits which would not otherwise be available.6.3 The Client hereby authorizes the Company to pay commissions/fees to any third party who introduced him or who acts on the Client’s behalf provided that the Company notifies the Client of any payment made pursuant to the present clause.
6.4 The Client agrees in the event that their remaining Trading Account Balance is up to 1 cent (USD/EUR/GBP) and their Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance of up to 1 cent (USD/EUR/GBP) and use it for charity purposes at its absolute discretion.
6.5 The Client undertakes to pay all stamp expenses relating to this Agreement and any documentation which may be required for the carrying out of the Transactions.
6.6 The Client shall be solely responsible for all filings, tax returns and reports on any Transactions which should be made to any relevant authority, whether governmental or otherwise, and for payment of all taxes (including but not limited to any transfer or value added taxes), arising out of or in connection with any Transaction.
6.7 In case the Client performs a withdrawal request without any trading activity from the last deposit made or if any other form of abuse is found the Company reserves the right to:
(a) charge the Client the equivalent amount of any deposit fees incurred, or
(b) 3% of the total withdrawal amount.
The Client shall be notified via email or through the messaging function in the respective Trading Platform about processed withdrawal request and applied charges.
6.8 In case the Client does not have any trading activity on all Clients Trading Accounts for a period equal to 6 (six) consecutive calendar months or more starting from the date of the last trading activity, the Company on a monthly basis shall charge the Client an amount of 5 EUR/GBP or Rupee equivalent to EUR/GBP per account, depending on the Client’s Trading Account currency.
7.1 The Company is entitled, without prior notice to the Client, to make any currency conversions which the Company considers necessary or desirable for the purposes of complying with its obligations or exercising its rights under the Legal Documents or any Transaction. Any such conversion shall be effected by the Company having regards to the best prevailing rates for freely convertible currencies.
7.2 Notwithstanding the fact that the Company shall use its best endeavors to minimize all foreign currency exchange risk arising from any Transaction or from the compliance by the Company with its obligations or the exercise by it of its rights under the Legal Documents, if any such risks arise, they will be borne by the Client.
7.3 The Client may deposit funds to their Trading Account at any time.
7.4 Funds deposits and withdrawals to/from the Trading Account shall be governed by the Regulations for Deposits and Withdrawals.
7.5 If the Client has an obligation to pay any amount to the Company which exceeds the Equity on their Trading Account, the Client shall pay the amount representing the excess within 2 working days of the obligation arising.
7.6 The Client acknowledges and agrees (without prejudice to any of the Company’s other rights under the Agreement to close out the Client’s Open Positions and exercise other default remedies against the Client) that where a sum is due and payable to the Company in accordance with the Agreement and sufficient cleared funds have not yet been credited to the Client’s Trading Account, the Company shall be entitled to treat the Customer as having failed to make a payment to the Company and to exercise its rights under the Agreement.
7.7 The Company shall update on a regular basis the available payment system on the deposit & withdrawal section of the Website. The availability of each payment system may differ depending on country of residence.
8.1 In the event the Company provides advice, information or recommendations to the Client, the Company shall not be responsible for any consequences of the Client having acted on such advice, information or recommendations. The Client acknowledges that the Company shall not, in the absence of its fraud, willful default or gross negligence, be liable for any losses, costs, expenses or damages suffered by the Client arising from any inaccuracy or mistake in any information given to the Client including, without limitation, information relating to any Transactions. Subject to the right of the Company to void or close any Transaction in the specific circumstances set out the Legal Documents, any Transaction following such inaccuracy or mistake shall nonetheless remain valid and binding in all respects on both the Company and the Client.
8.2 Except in cases of gross negligence, willful default or fraud on the part of the Company, the Company shall not be liable for any loss or expense incurred by the Client in connection with, or directly or indirectly arising from:
(a) any error or failure in the operation of the Trading Platform or any delay caused by the Client Terminal;
(b) Transactions made via the Client Terminal;
(c) any failure by the Company to perform any of its obligations under the Legal Documents as a result of a cause beyond its control; or
(d) acts, omissions or negligence of any third party.
8.3 The Client shall indemnify the Company and keep the Company indemnified on demand in respect of all liabilities, costs, claims, demands and expenses of any nature whatsoever which the Company suffers or incurs as a direct or indirect result of any failure by the Client to perform any of the Client’s obligations under the Legal Documents.
9.1 The rules of communication between the Client and the Company are set out in the Terms of Business.
9.2 The Client shall give Instructions and Requests to the Company only via the Client Terminal, in accordance with the Terms of Business.
10.1 Any Written Notice given under this Agreement may be made as follows:
(a) Trading Platform internal mail;
(b) email;
(c) post; or
(d) information published on the Company News Webpage.
10.2 All contact details provided by the Client, e.g. address or email address as last notified shall be used as applicable. The Client agrees to accept any notices or messages from the Company at any time.
10.3 Any such Written Notice shall be deemed to have been served:
(a) if sent by email, within one hour after emailing it;
(b) if sent by Trading Platform internal mail, immediately after sending it;
(c) if sent by post, five calendar days after posting it;
(d) if posted on the Company’s Website, within one hour after it has been posted.
11.1 This Agreement may only be amended in writing and with the consent of all parties to it.
11.2 Both parties to the Agreement can terminate this Agreement by at least 3 (three) days’ notice in writing to the other Party.
11.3 Upon giving termination notice under this Agreement or receiving the same from the Client, the Company shall be entitled without prior notice to the Client to cease to grant the Client access to the Trading Platform.
11.4 Upon termination of this Agreement, all amounts payable by the Client to the Company shall become immediately due and payable including:
(a) all outstanding fees, charges and commissions;
(b) any dealing expenses incurred by terminating this Agreement and charges incurred for transferring the Client’s investments to another investment firm; and
(c) any reasonable losses and expenses realized in closing out any Transactions or settling or concluding outstanding obligations incurred by the Company on the Client’s behalf.
11.5 The Company reserves the right at its absolute discretion, to suspend the Client’s account in case the Client places abnormal number of erroneous requests which creates an extra-load to the Company’s servers and can cause negative trading experience to the other clients of the respective servers and the Company shall notify the Client of the suspension promptly thereafter. Erroneous requests may include but not limited to invalid stops or modifications, wrong TP or SL, over limit volume or number of orders, requests with not enough account funds and others.
12.1 The Company may use, store or otherwise process personal information provided by the Client in connection with the provision of the Services in accordance with the laws of Singapoure.
12.2 If the Client is an individual, the Company is obliged, in accordance with the Law No. 172-13 on the Protection of Personal Data (2013), to supply the Client, on request, with a copy of personal data which it holds about the Client (if any), provided that the Client pays a fee.
12.3 By entering into this Agreement, the Client expressly consents to the Company transmitting the Client’s Information to any third parties which may require same in order to effectively implement the Services or effectively executing any operational function performed to the Company to Client (e.g. refunding the Client his money).
12.4 Telephone conversations between the Client and the Company may be recorded. Any recordings shall be and remain the sole property of the Company and will be accepted by the Client as conclusive evidence of the Instructions/Requests or conversations so recorded. The Client agrees that the Company may deliver copies of transcripts of such recordings to any court, regulatory or government authority.
13.1 The Client accepts that the Company, for the purpose of marketing financial services and products, may from time to time make direct contact with the Client by telephone, e-mail or otherwise upon the Client’s consent. Once such a consent is obtained the Client agrees to such communications and agrees that the Client shall not consider such communication a breach of any of the Client’s rights under any relevant data protection and/or privacy regulations. The Client may opt out of receiving such communications by sending the Company an e-mail to its customer support email specified on the Website.
13.2 The Client accepts that the Company, for the purpose of complying with FATCA and CRS, shall have the right to request any information or documentation reasonably required and the Client shall be obliged to provide the same to the Company immediately.
14.1 The information which the Company holds about the Client is confidential and shall not be used for any purpose other than in connection with the provision of the Services. Information of a confidential nature shall be treated as such provided that such information is not already in the public domain or in the legal possession of the Company and was not subject to an obligation of confidence or non-disclosure at the moment of its receipt by the Company. Information of a confidential nature shall only be disclosed to any person, in the following circumstances:
(a) in compliance with the Foreign Accounting Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS);(b) where required by law or as requested by regulatory and enforcement authorities, courts and similar bodies which have jurisdiction over the Company;
(c) to investigate or prevent fraud or other illegal activity;
(d) to those members of the Company personnel who require information thereof for the performance of their duties under the Legal Documents or to any third party in connection with the provision of Services to the Client by the Company;
(e) for purposes ancillary to the provision of the Services or the administration of the Client’s Trading Account, including, without limitation, for the purposes of credit or identification enquiries or assessments;
(f) at the Client’s request or with the Client’s consent;
(g) to the Company’s consultants, lawyers, auditors, provided that in each case the relevant professional shall be informed about the confidential nature of such information and commit to the confidentiality herein obligations as well; or
(h) In judicial proceeding between the Company and the Client.
14.2 The information which the Company holds about the Client is confidential and shall not be used for any purpose other than in connection with the provision of the Services or where necessary for the purpose of any Dispute or litigation between the Client and the Company. Information of a confidential nature shall be treated as such provided that such information is not already in the public domain or in the legal possession of the Company and was not subject to an obligation of confidence or non-disclosure at the moment of its receipt by the Company. Information of a confidential nature shall only be disclosed to any person, in the following circumstances:
(a) in compliance with the Foreign Accounting Tax Compliance Act (FATCA) and the CRS;
(b) where required by law or as requested by regulatory and enforcement authorities, courts and similar bodies which have jurisdiction over the Company;
(c) to investigate or prevent fraud or other illegal activity;
(d) to those members of the Company personnel who require information thereof for the performance of their duties under the Legal Documents or to any third party in connection with the provision of Services to the Client by the Company;
(e) for purposes ancillary to the provision of the Services or the administration of the Client’s Trading Account, including, without limitation, for the purposes of credit or identification enquiries or assessments;
(f) at the Client’s request or with the Client’s consent;
(g) to the Company’s consultants, lawyers, auditors, provided that in each case the relevant professional shall be informed about the confidential nature of such information and commit to the confidentiality herein obligations as well;(h) In judicial proceedings between the Company and the Client.
Time shall be of the essence for the purposes of the Legal Documents, including this Agreement.
16. Default
16.1 Each of the following shall constitute an “Event of Default” for the purposes of this Agreement and the Legal Documents:
(a) failure of the Client to provide any Initial Margin and/or Hedged Margin, or other amount due under the Legal Documents;
(b) the failure of the Client to perform any obligation due to the Company;
(c) the initiation by a third party of proceedings for the Client’s bankruptcy (if the Client is an individual) or for the Client’s winding-up or for the appointment of an administrator or receiver in respect of the Client or any of the Client’s assets (if the Client is a company) or (in both cases) if the Client makes an arrangement or composition with the Client’s creditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client;
(d) any representation or warranty made by the Client in Clause 17 is or becomes untrue;
(e) the Client is unable to pay the Client’s debts when they fall due;
(f) the Client (if the Client is an individual) dies or becomes of unsound mind; or
(g) any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in Clause 16.2 .
(h) the Client attempts and/or performs any of the actions which shall be determined by the Company as fraud, manipulation, swap-arbitrage or other forms of deceitful or fraudulent activity in the Client’s account or accounts with the Company;
(i) The Client has carried out trading:
– which can be characterized as excessive without a legitimate intent, to profit from market movements;
– while relying on price latency or arbitrage opportunities;
– which can be considered as market abuse;
– during Abnormal Market Conditions.
16.2 If any Event of Default mentioned at clauses 16.1 (a) to 16.1 (e) above occurs, the Company shall promptly notify the Client of the Event of Default and require the Client to comply with its relevant obligation under this Agreement within ten (10) of the service of the said notice (the ‘Cure Notice’). If the Client fails to comply with the requirements of the Cure Notice, the Company shall be entitled to take any of the actions set out in clause 16.3.16.3 If an Event of Default mentioned at clauses 16.1 (f) to 16.1 (i) above occurs the Company may, at its absolute discretion, at any time and without prior Written Notice, take one or more of the following steps:
(a) close out all or any of the Client’s Open Positions at current Quotes;
(b) debit the Client’s Trading Account(s) for the amounts which are due to the Company;
(c) close any or all of the Client’s Trading Accounts held with the Company;
(d) refuse to open new Trading Accounts for the Client;
(e) adjust the Client’s trading account balance to remove any illicit profit.
17.1 The Client represents and warrants to the Company, and agrees that each such representation and warranty is deemed repeated each time the Client gives an Instruction or Request by reference to the circumstances prevailing at such time, that:
(a) the information provided by the Client to the Company in the course of opening of the Trading Account and at any time thereafter is true, accurate and complete in all material respects;
(b) the Client has read and fully understood the terms of the Legal Documents including the Risk Disclosure Statement;
(c) the Client is duly authorized to enter into the Legal Documents, to give Instructions and Requests to the Company and to perform its obligations thereunder;
(d) the Client acts as principal and not as agent or trustee on behalf or for the benefit of any third party;
(e) performance by the Client of its obligations and exercise of its rights under the Legal Documents shall not violate the applicable regulations or any law, ordinance, charter, by-law or rule applicable to the Client or to the jurisdiction in which the Client is resident, or any agreement by which the Client is bound or by which any of the Client’s assets are affected;
(f) the Client consents to the provision of the information of the Legal Documents by means of the Website and/or any other means which the Company chooses at its sole discretion;
(g) the Client confirms that it has regular access to the internet and consents to the Company providing the Client with information, including, without limitation, information about amendments to the terms and conditions, costs, fees, the Legal Documents, Policies and information about the nature and risks of investments by posting such information on the Company’s Website;
(h) The Client represents that the purpose of their Transactions with the Company is one or more of the following:
Speculative investments or trading;
– Hedging;
– Intraday Trading;
– Risk Management.
– In the event where the purpose is other than the above, or at any stage during the course of this Agreement the purpose changes, the Client shall notify the Company immediately in writing.
(j) The Client hereby represents that the nature of business for entering into the present Agreement is one or more of the followings:
– Trading in CFDs;
– Trading in CFDs in Currencies;
– Trading in CFDs in Commodities;
– Trading in CFDs on Cryptocurrencies;
– Trading in CFDs on Indices;
– Trading in CFDs on Stock, Bonds and other financial Instruments.
– In the event where the nature is other than the above, or at any stage during the course of this Agreement the nature changes, the Client shall notify the Company immediately in writing.
17.2 In addition to all other rights and remedies available to it, the Company has the right to void any position of the Client opened in the Trading Platform or to close out any or all positions at the current Quotes at any time, at its absolute discretion, if the Client breaches any provision of Clause 17.1 above.
18.1 The Company may, in its reasonable opinion, determine that a Force Majeure Event exists, in which case the Company will, in due course, take reasonable steps to inform the Client. A Force Majeure Event includes without limitation:
(a) any act, event or occurrence (including, without limitation, any strike, riot or civil commotion, terrorism, war, act of God, accident, fire, flood, storm, interruption of power supply, electronic, communication equipment or supplier failure, civil unrest, statutory provisions, lock-outs) which, in the Company’s reasonable opinion, prevents the Company from maintaining an orderly market in one or more of the Instruments;
(b) the suspension, liquidation or closure of any market or the abandonment or failure of any event to which the Company relates its Quotes, or the imposition of limits or special or unusual terms on the trading in any such market or on any such event; or
(c) Abnormal Market Conditions.
18.2 If the Company determines in its reasonable opinion that a Force Majeure Event exists (without prejudice to any other rights under the Legal Documents) the Company shall promptly send a notice to the Client and at any time take any of the following steps:
(a) increase Margin requirements; or
(b) close out any or all Open Positions at such prices as the Company considers in good faith to be appropriate; or
(c) suspend or freeze or modify the application of any or all terms of the Legal Documents to the extent that the Force Majeure Event makes it impossible or impractical for the Company to comply with them; or
(d) take or omit to take all such other actions as the Company deems to be reasonably appropriate in the circumstances with regard to the position of the Company, the Client and other clients.
19.1 The Company has the right to suspend the Client’s Trading Account at any time in the event of occurrence of Abnormal Market Conditions or in the event the Company has reasonable proof that the Client is trading on Error Quotes or otherwise attempts to defraud the Company, or in case of occurrence of Event of Default, with or without Written Notice to the Client.
The Company reserves the right to suspend, close or unwind any Transaction which has resulted from any miss-configuration, technical error or if the Company suspects any fraud, manipulation, arbitrage or other forms of deceitful or fraudulent activity in a Client’s account or multiple accounts with the Company or otherwise related or connected to the any and/or all Transactions.
19.2 In the event that a situation arises that is not covered under the Legal Documents, the Company will resolve the matter on the basis of good faith and fairness and, where appropriate, by taking such action as is consistent with market practice.
19.3 No single or partial exercise of, or failure or delay in exercising any right, power or remedy (under these terms or at law) by the Company shall constitute a waiver by the Company of, or impair or preclude any exercise or further exercise of, that or any other right, power or remedy arising under the Legal Documents or at law.
19.4 Any liability of the Client to the Company under the Legal Documents may in whole or in part be released, compounded, compromised or postponed by the Company in its absolute discretion without affecting any rights in respect of that or any liability not so waived, released, compounded, compromised or postponed. A waiver by the Company of a breach of any of the terms of the Legal Documents or of a default under these terms does not constitute a waiver of any other breach or default and shall not affect the other terms. A waiver by the Company of a breach of any of the terms of the Legal Documents or a default by the Client under the same will not prevent the Company from subsequently requiring compliance with the waived obligation.
19.5 The rights and remedies provided to the Company under the Legal Documents are cumulative and are not exclusive of any rights or remedies provided by law.
19.6 The Company may, by giving to the Client at least 5 Business Days prior Written Notice, assign and transfer any of its rights and obligations the Legal Documents to any third party in whole or in part, provided that such assignee agrees to abide by the terms of the Legal Documents.
19.7 If any term of the Legal Documents (or any part of any term) shall be held by a court of competent jurisdiction to be unenforceable for any reason then such term shall, to that extent, be deemed severable and not form part of this Agreement or the relevant Legal Document, but the enforceability of the remainder of the Legal Documents shall not be affected.19.8 The Client may not assign, charge or otherwise transfer or purport to assign, charge or otherwise transfer the Client’s rights or obligations under the Legal Documents without prior written consent of the Company and any purported assignment, charge or transfer in violation of this term shall be void.
19.9 Where the Client comprises two or more persons, the liabilities and obligations under any agreement with the Company shall be joint and several. Any warning or other notice given to one of the persons which form the Client shall be deemed to have been given to all the persons who form the Client. Any Order given by one of the persons who form the Client shall be deemed to have been given by all the persons who form the Client.
19.10 The Client accepts and understands that the Company’s official language is the English language and the Client should always read and refer to the main Website for all information and disclosures about the Company and its activities. Translation or information provided in languages other than English in the Company’s local websites is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein.
19.11 The Company, under the terms and conditions of this Agreement and in accordance with its internal policies and procedures, reserves the right in its absolute discretion, to impose on any dormant and/or inactive account a handling fee of USD 40 or equivalent in other currencies per month and/or close the trading account upon and/or after the period of six (6) consecutive months of inactivity in the following cases:
(a) Where a Client has not transacted with the Company for a period of six (6) consecutive months and the Company will deem the Trading Account to be dormant and/or inactivate;
(b) Where a Client’s dormant and/or inactivate account(s) has a positive cash balance, the Company reserves the right at its absolute discretion to apply and/or impose a handling fee of EUR 20 or equivalent in other currencies per month and as this may be amended from time to time by the Company;
(c) Where a Client makes a genuine attempt to resolve their account balances, the Company reserves the right to waive any and/or all payments and/or fees at its own and absolute discretion;
(d) Where a Client’s dormant account and/or inactivate account(s) has a zero cash balance, the Company will reserve the right to close the account(s) upon and/or after the period of six (6) consecutive months of inactivity.
19.12 In the event that the Company determines, in its sole discretion, that an Order(s) submitted by the Client is manifestly erroneous, the Company reserves the right to switch the relevant account of the Client to Close Only Mode. A ‘manifestly erroneous order’ is defined as, but shall not be limited to, an order at a price substantially different from, or inconsistent with, the prevailing market for any given tradeable Instrument on a trading day or, as applicable, outside the traded range for any given tradeable Instrument for a particular moment in time that may be in question. If the Company switches the Client’s Trading Account to Close Only Mode, it means that the Client shall not be permitted to open any new Transactions or increase exposure under existing Transactions, but the Client shall be permitted to close, part close or reduce exposure under the existing Transactions. The right of the Company to switch the Trading Account to Close Only Mode hereunder is subject to prior notification of the Client.The Company shall give the Client either oral or a written (includes electronic) notice of its intention to switch the Trading Account to Close Only Mode. The Client shall have three (3) g days from the date of notice to withhold all manifestly erroneous Orders. In the event that the Client has failed to do so, the Company shall switch the Trading Account to Close Only Mode as stated above until any of the erroneous Orders is effective. The Company shall not be liable for losses of the Client arising from or in connection with submission of the clearly erroneous Order(s) and followed actions of the Company hereunder. The Client agrees to indemnify and hold the Company harmless from all damages or liability as a result of the foregoing.
19.13 All copyrights, trademarks, trade secrets, and other intellectual property rights and proprietary rights to the Website in its totality, its contents, and any related materials (“Company’s IP”) shall remain at all times the sole and exclusive property of the Company and the Client shall have no right or interest in the Company’s IP except for the right to access and use the Company’s IP as specified in the Agreement. The Client acknowledges that the Company’s IP is confidential and has been developed by means of substantial investments of skill, time, effort, and money. The Client shall protect the confidentiality of the Company’s IP and not allow website access to any third party. The Client shall not publish, distribute, or otherwise make the Company liable to third parties, any information derived from or relating to the Company IP. The Client shall not copy, modify, decompile, reverse engineer, or make derivative works of the Company’s IP.
20.1 This Agreement shall be governed by and construed in accordance with the laws of Singapoure.
20.2 In the event of a dispute arising out of or relating to the Agreement, the Client irrevocably agrees that the parties to the Agreement shall first seek settlement of that dispute in accordance with the Complaint Handling Policy. If the dispute is not satisfactorily settled under the Complaint Handling Policy, the parties to the Agreement shall seek the settlement thereof by mediation in accordance with the rules and procedures set out in Clause 20.3.
20.3 With respect to any proceedings, the Client irrevocably:
(a) agrees that the courts of the Singapoure shall have exclusive jurisdiction to settle any disputes in connection with the Agreement; and
(b) submits to the jurisdiction of the courts of the Singapoure; and
(c) waives their right to any objection which the Client may have at any time to the filing of any legal cases in any such courts; and
(d) agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Client.
20.4 The Client irrevocably waives to the fullest extent permitted by law, with respect to the Client and the Client’s revenues and assets irrespective of their use or intended use, all immunity (including but not limited to grounds for diplomatic immunity or other similar grounds) from (a) suit or arbitral proceedings, (b) the jurisdiction of any courts, (c) relief by way of injunction, order for specific performance, or for recovery of property, (d) attachment of their assets (whether obtained before or after judgment) and (e) the execution or enforcement of any judgment to which the Client or the Client’s revenues or assets might otherwise be the subject matter in any proceedings in the courts of any jurisdiction and irrevocably agrees to the extent permitted by any applicable law that the Client will not claim any such immunity in any proceedings. The Client consents generally in respect of any proceedings to the provision of any relief or the initiation of any process in connection with such proceedings, including, without limitation, the making, enforcement, or execution against any property whatsoever of any order or judgment which may be made or given in such proceedings.
20.5 In the case of a dispute which cannot be resolved following the Dispute Resolution procedure provided in Clause 22 below, the parties submit to the jurisdictions of the Courts of the Singapoure.
21.1 The Client shall not proceed in any action that could probably allow the irregular or unauthorized access or use of the Trading Platform. The Client accepts and understands the Company reserves the right, at its discretion, to terminate or limit his access to the Trading Platform if it suspects that he/she allowed such use.
21.2 When using the Trading Platform, the Client shall not, whether by act or omission, do anything that shall or may violate the integrity of the Platform or cause it to malfunction.
21.3 The Client is permitted to store, display, analyze, modify, reformat and print the information made available through the Trading Platform. The Client is not permitted to publish, transmit, or otherwise reproduce that information, in whole or in part, in any format to any third party without the Company’s consent. The Client may not alter, obscure or remove any copyright, trademark or any other notices that are provided on the Trading Platform.
21.4 The Client agrees to keep secret and not to disclose any Access Data to any person other than an individual who has been expressly authorized to act on his behalf.
21.5 The Client agrees to notify the Company immediately if it knows or suspects that his Access Data has or may have been disclosed to any unauthorized person.
21.6 The Client agrees to co-operate with any investigation the Company may conduct into any misuse or suspected misuse of his Access Data.
21.7 The Client accepts that it shall be liable for all Orders given through and under its Access Data. In cases where a third person is assigned as an authorized representative to act on their behalf the Client shall be responsible for all Orders given through and under its representative’s Access Data.
21.8 The Client acknowledges that the Company bears no responsibility if unauthorized third persons have access to information, including electronic addresses, electronic communication and personal data, when the above are transmitted, using the internet or other network communication facilities, post, telephone, or any other electronic means.
21.9 In the event where the Company suspects any fraud, manipulation, swap-arbitrage or other forms of deceitful or fraudulent activity in a Client’s Trading Account or Accounts with the Company or otherwise related or connected to the any and/or all Transactions, then the Company reserves the right, at its sole discretion, to close all open positions in the Client’s Trading Account and deduct or add a penalty (equivalent to the swap and/or any profit amount) for all transactions currently and/or previously made in the account and/or annul all profits made as a result and decline from accepting any further requests from the Client to be exempted from any swaps and/or terminate all agreements with the Client.
22.1 If any conflict situation arises when the Client reasonably believes that the Company as a result of any action or failure to act has breached one or more of the terms of the Legal Documents, the Client has the right to lodge a complaint with the Company as soon as reasonably practicable after the occurrence of the event.
22.2 To file any complaint, the Client shall follow the procedure outlined in the Complaints Handling Policy posted on the Website.
22.3 The Company has the right to dismiss a complaint in case it does not comply with the requirements set out above.
22.4 Disputes not mentioned in the Legal Documents and/or Compliant Handling Policy are resolved in accordance with the common market practice and at the sole discretion of the Company.
22.5 If the Quotes Flow has been interrupted due to a software and/or hardware failure, all decisions in regard to the Dispute shall be made on a basis of the live Server’s Quotes Base.
22.6 The Company shall not be liable to the Client if for any reason the Client has received less profit than the Client had hoped for or has incurred a loss as a result of uncompleted action which the Client had intended to complete but which the Client has not completed.
23.1 If the Client has been notified in advance by Trading Platform internal mail or any other way of routine maintenance on the Server, complaints made in regard to any unexecuted Instructions which are given during such a construction period, are not accepted.
23.2 Complaints in regard to a Transaction or Order execution based on the difference in the prices for the Contract for Difference in the Trading Platform and for the underlying asset of the Contract for Difference are not accepted.
23.3 Complaints in regard to time of Order execution notwithstanding the amount of time the Company Dealer needed to execute the Order are not accepted, unless the Order placed in the queue has not been executed as the Terms of Business provide.
23.4 No Client complaints shall be accepted in regard to the financial results of the deals made using temporary excess Free Margin on the Trading Account gained as a result of a profitable position (cancelled by the Company afterwards) opened at an Error Quote (Spike) or at a Quote received as a result of a Manifest Error.
23.5 In regard to all Disputes any references by the Client to the Quotes of other companies or information systems shall not be taken into account.
23.6 The Client acknowledges that it shall not be able to manage the relevant position while the Dispute in regard to that position is being considered and no complaints in regard to that matter are accepted.
23.7 The Client acknowledges that the Company shall not notify it that the Dispute has been resolved and the position has been reopened and the Client shall be responsible for all the risks in this respect.
23.8 Once the Dispute has been resolved the Company has the right to trigger the Stop Loss or Take Profit in the chronological order in which they would have been triggered if the Stop Out had not been executed.
23.9 The Company has the right to void any Transaction if the corresponding hedge trade has been cancelled by its relevant Liquidity Provider.
24. Risk Acknowledgement And Disclosure
The Company discloses and the Client acknowledges that they run a great risk of incurring losses, including the loss of all invested capital, and damages as a result of the purchase and/or sale of any CFD and accepts that they are willing to undertake this risk. The Client represents that they have sufficient knowledge, and experience to make own evaluation of the merits and risks of any Transaction, including a risk of losing all of their invested capital. The Company gives no warranty as to the suitability for any Client of the CFDs traded under this Agreement and neither have nor assume any fiduciary duty in its relations with the Clients.
25.1 In the event where the Client agrees to participate in a bonus scheme, and/or other promotion, and/or contest which offers a trading benefit (hereinafter the “Trading Benefits Scheme”), the following terms and conditions shall apply:
(a) The Client shall not be entitled to participate in more than one Trading Benefit Scheme at the same time, unless otherwise explicitly provided in the applicable terms and conditions of the Trading Benefit Scheme.
(b) The Company shall not be liable for any margin call or losses that the Client may suffer, including but not limited to losses due to stop-out level, if the trading benefit is withdrawn for any reason pursuant to the applicable terms and conditions of the Trading Benefit Scheme.
(c) The Company reserves the right, as it in its sole discretion deems fit, to alter, amend, suspend, cancel or terminate the Trading Benefit Scheme, or any aspect of it, at any time and without any prior notice. Under no circumstances shall the Company be liable for any consequences of any alteration, amendment, suspension, cancelation or termination of the Trading Benefit Scheme.
(d) Any indication or suspicion of fraud, manipulation, cash-back or bonus or swap arbitrage, or other forms of deceitful or fraudulent activity in the Client’s account or multiple accounts with the Company or otherwise related or connected to the Trading Benefit Scheme shall nullify any and all transactions executed and/or profits or losses garnered therein.
(e) The Company reserves the right, at its sole discretion, to disqualify any individual from any Trading Benefit Scheme if the Company suspects a misuse or attempt to misuse a Trading Benefit Scheme, or breaches the present Agreement and/or any of the Company’s Business Terms and/or the terms and conditions of the Trading Benefit Scheme and to nullify any and all transactions carried and cancel all orders and annul and/or withdraw all profits of such Client. In these circumstances, the Company shall not be liable for any consequences of the trading benefit cancelation.
(f) In the event of dispute, this shall be resolved in accordance to the Dispute Resolution procedure set out herein.
(g) Notwithstanding the translated language of the terms and conditions of a Trading Benefit Scheme, the English wording shall be the prevailing version in the event of any discrepancy between the two languages.
This Policy is provided to you to help you understand, as a potential or actual client of EVO CAPITAL MANAGEMENT EUROPE LTD (the “Company” or “us”) the basic principles that the Company’s employs to discharge its regulatory duties relating to customer identification and verification and the measures that that the Company takes regarding prevention of money laundering and terrorist financing on its trading platforms.
This Policy forms an integral part of the client agreement between you and the Company (the “Client Agreement”) and other terms and policies that govern your relationship with us. As a pre-requisite of opening and maintaining a trading account with us, you must agree to and accept and consent to the terms of the Client Agreement. By doing so, you also agree to the terms of this Policy. You must ensure that you have read and understood the contents of this Policy before you commence any operations on your Trading Account.
This Policy lays down the Company’s framework and procedures for: preventing the Company from being used, intentionally or unintentionally, by criminal elements for money laundering or financing of terrorist activities; enabling the Company to know/understand the Clients and their background and source of funds; properly identify and verify the identity of Clients. This Policy can be modified or altered by the Company at any time with or without notice.
The Company is required to comply with the provisions of the following anti-money laundering laws and regulations, as may be amended from time to time:
Money Laundering (Prevention) Regulations (2013)
Money Laundering (Prevention) (Amendment) Act 2013
Suppression of the Financing of Terrorism (Amendment) Act 2013 (SFT(A)2013)
In accordance with the Laws, we are obliged to set out policies and procedures for preventing money laundering activities. Those procedures, which are implemented by the Company include, inter alia: identification and due diligence procedures of the Clients through the implementation of a risk-based approach; record keeping procedures in relation to the Clients’ identity and their transactions at our trading platforms; internal reporting procedures to the Company’s Money Laundering Reporting Officer appointed to receive and consider information or suspicion that a Client is engaged in money laundering activities; appropriate procedures of internal control, risk management, with the purpose of preventing money laundering activities; and examination of transactions that due to their nature are considered vulnerable to money laundering, and especially for complicated or unusually large transactions and transactions that are taken place without an obvious financial or legal purpose;
The Company applies appropriate measures and procedures, on a risk-based approach, so as to focus its effort in those areas where the risk of money laundering and terrorist financing appears to be higher. A risk- based approach is adopted by the Company during the verification of the Clients’ identity, the collection of information for the construction of their economic profile and monitoring of their transactions and activities at their Trading Accounts. Taking into consideration the assessed risk, the Company determines the type and extent of measures it adopts, to manage and mitigate the identified risks.
Client acceptance procedure is prepared following detailed assessment of the risks faced by the Company from the Clients and/or their transactions and/or their countries of origin or operations and/or any other factors the Company may identify as significant from time from time. The Company identifies the Clients prior or during to commencing a business relationship.
The Company, in accordance with the Law, conducts the verification of the identity of the Clients and the beneficial owners (if the Client is a body corporate) during the establishment of the business relationship. The verification of Clients’ information may be made via the submission of documents or electronically, or by other means in the Company’s sole discretion.
The Company performs identification of the Clients prior the establishment of the business relationship and proceeds with verification of the potential Clients’ identity prior or during the establishment of a business relationship to prevent interruption of the normal conduct of business and where there is limited risk of money laundering or terrorist financing occurring. In case of the latter, the due diligence procedure shall be completed as soon as practicable after the initial contact. Where, in the Company’s opinion, the risk of money laundering and terrorist financing cannot be determined as low, enhanced Client due diligence shall be completed prior the establishment of a business relationship. Each Client is required to complete the Company’s KYC procedures by submitting the relevant KYC documentation or pass electronic verification.
The Company, in its sole and absolute discretion, may enable a Client to operate its Trading Account during the establishment of the business relationship when the Client is deemed as being of low risk of money laundering and terrorism financing and according and further subject to a maximum deposit limit not exceeding 12,000 US Dollars or equivalent in other currencies. Such Clients must complete their KYC onboarding and provide all relevant verification documents to the Company within 14 days after the date of opening of the Trading Account.
Clients who are permitted to use their Trading Account under this Section 3.3 are given 14 days from the day of opening thereof to complete the Company’s KYC and verification procedure. In case where a Client is unable to comply with the Company’s KYC and verification requirements within the aforesaid time frame, the Company shall return the funds as part of the termination process and close the account. In this case, the relationship is to be considered void and the funds have to be returned to a bank account in the name of the depositor. Where the Company is unable to return the funds to its source of deposit, it must retain the funds in a separate bank account until the Client completes the KYC and due diligence procedure to the Company’s satisfaction in order to be able to withdraw the funds.
For ascertaining the true identity of the Client, each Client who is a natural person shall be required to provide the Company with at least the following information:
True name as stated on the official identity card or passport;
Full residential address, including postal code;
Telephone;
Email address;
Date of birth;
Nationality; and
Details of occupation of the Client.
Each Client who is a natural person shall provide to the Company at least the following documents during the on-boarding procedure to verify the above information of the Client:
a valid proof of identity;
recent proof of residence, in the form of a utility bill, local tax authority bill or a bank statement (not older than 6 months);
such other documents as the Company may reasonably require to verify the Client’s source of wealth and occupation.
Where a Client is a body corporate or a company or any other type of legal entity, the Company shall require the following documents and information:
full name of the legal entity;
legal entity’s address (place of operations);
certificate of incorporation;
memorandum of Articles and Association;
certificate of registered address or a similar document;
certificate or register of directors;
certificate or register of shareholders;
board resolution for the opening of the Trading Account indicating the authorized persons;
proof or identity and proof of address of the authorized person if other than the shareholder;
full KYC documents for the ultimate beneficial owner of the legal entity, including proof of beneficial ownership.
The Company reserves the right to demand, when it deems appropriate, notarized and/or apostilled copies of any of the above documents along with English translation thereof. The Company reserves the right to take such additional measures as it deems fit when conducting Client due diligence in cases where, in the Company’s opinion, there is elevated higher risk of money laundering. When entering into the Client Agreement with the Company, the Client authorizes the Company to carry out such searches and to transfer the Client’s information to such external data bases and verification service providers (such as World Check) as the Company might deem necessary to complete its KYC and verification procedures.
The Company retains full and absolute discretion as to the precise type and form of the KYC documents collected from the Clients. You shall be advised on what you are required to provide by the relevant Client onboarding officer of the Company.
It’s the Company policy not to establish a business relation nor accept as Client persons who are classified as Politically Exposed Persons (“PEPs”) or the immediate family members of PEPs due to the same presenting additional risks to the Company.
The Company has the right to perform checks in relation to the Clients in external databases (such as World Check) in order to identify if the respective potential Client is considered a PEP or is included in any sanctions list.
The meaning of PEP includes the following natural persons who are or have been entrusted with prominent public functions in any country:
heads of state, heads of government, ministers and deputy or assistant ministers;
members of parliaments;
members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
members of courts of auditors or of the boards of central banks;
ambassadors and high-ranking officers in the armed forces;
members of the administrative, management or supervisory bodies of state-owned enterprises.
The Company documents our verification process, including all KYC information provided by the Clients, the methods used and results of verification, and the resolution of any discrepancies identified in the verification process. We keep records containing a description of any document that we relied on to verify your identity, noting the type of document, any identification number contained in the document, the place of issuance, and if any, the date of issuance and expiration date. With respect to non-documentary verification, we retain documents that describe the methods and the results of any measures we took to verify the identity of Clients. We also keep records containing a description of the resolution of each substantive discrepancy discovered when verifying the identifying information obtained. We shall keep the Clients’ KYC documents and information, as well as information about the transactions posted on the Platform through the Clients’ Trading Accounts, for 5 (five) years after the date of termination of relationship with the relevant Client.
1.1. These Terms of Business govern all actions in regard to the execution of the Client’s instructions and requests.
1.2. These Terms of Business specify:
principles of opening/closing positions and placing/modifying/deleting/executing Orders under Normal Market Conditions and Abnormal Market Conditions;
the Company’s actions in regard to the Client’s Open Positions in case the Margin Level of the Trading Account is insufficient to support Open Positions; and
procedures of Dispute resolution and the methods of communication between the Client and the Company.
1.3. These Terms of Business and the Client shall govern all the Client’s Transactions and should be read carefully by the Client. In the event of any inconsistency between the provisions of these Terms of Business and the provisions of the laws of Singapoure, the provisions of the laws of Singapoure shall prevail.
1.4. Unless otherwise defined, capitalized terms used in Terms of Business shall have the meaning given to such terms in the Client Agreement. In addition, the definitions set out in Clause 10 (“Interpretation of Terms”) shall apply.
Execution of the Client’s Requests and Instructions
2.1. Quotation mechanisms, which are used in order to trade, are specified in the Contract Specifications.
2.2. The procedure for handling the Client’s Instructions and Requests given through the Client Terminal is:
the Client prepares an Instruction or a Request and the Client Terminal checks if it is valid;
the Client Terminal sends the Instruction or Request to the Server;
if the connection between the Client Terminal and the Server has not been disrupted, the Server receives the Instruction or Request and starts the process of verification;
a valid Client’s Request or Instruction is placed in the queue and sorted by arrival time (first in – first out) and the “Order is accepted” status appears in the “Order” window in the Client Terminal. The Company shall not be responsible for any delays in the execution of any Orders in Abnormal Market Conditions;
as soon as a Dealer is ready to handle a new Instruction or Request the Dealer takes the first Instruction or Request from the queue and processes it1 and the “Order is in process” status appears in the “Order” window in the Client Terminal;
the Server receives from the Dealer the result of the Client’s Request or Instruction execution process;
the Server sends to the Client Terminal the result of the Client’s Request or Instruction execution process; and
the result of the Request or Instruction execution is received by the Client Terminal if the connection between the Client Terminal and the Server has not been disrupted.
2.3. The Client has the right to cancel a previously given Request or Instruction only if the Request or the Instruction has the “Order is accepted” status. In order to cancel it, the Client shall press the “Cancel order” button. The Client cannot cancel a Request or Instruction given by an Expert Advisor (EA).
2.4. If the Instruction or the Request is being processed by a Dealer and its status is “Order is in process”, the Client has no right to cancel it.
2.5. Quotes which the Client receives through the Client Terminal for the Instruments quoted in the Request Execution mode are indicative only. In response to the Request, a Dealer may offer a Quote which differs from these Indicative Quotes.
2.6. The Company at its sole discretion shall specify the current market price.
2.7. The amount of time a Dealer needs to execute the Instruction or the Request depends on the quality of the connection between the Client Terminal and the Server, as well as on the Normal Market Conditions. The standby time for each Instruction or Request which has been placed in the queue in order to be executed has a limit of 3 (three) minutes at the time of the release of these Terms of Business. If during this period of time the Request or the Instruction has not been received by a Dealer, it is deemed to be irrelevant and automatically deleted. Under Abnormal Market Conditions, the Company reserves the right, in its sole discretion, to reject any Orders for execution.
2.8. In the circumstances listed below, the Company may decline an Instruction or a Request (the “Off quotes” message will appear in the Client Terminal in this case):
if the Instruction or Request precedes the first Quote in the Trading Platform on the Market Opening;
if current Conditions are different from Normal Market Conditions;
if the Client has made an unreasonable number of Requests in comparison with the number of Transactions2;
if the Client’s Free Margin is less than the Initial Margin;
in any other reasonable case on the Company’s sole discretion;
if the limit for the overall volume of a Client position and/or number of Orders on this type of account have/has been exceeded. Market Pre-Closing Amendments
2.11. Be informed that the Company may at its sole discretion switch the leverage to a maximum of up to 1:100 for all forex currency pairs and spot metals within the hour before the trading session ends on every Friday if any positions are opened, closed or modified on a Standard MT4 account. However, before the beginning of the next trading session, the leverage will be reset based on the total volume of open positions on the account.
2.12. Please bear in mind, that the Company may at its sole discretion, extend these amendments for as long as it deems necessary after the market opening, by providing the Client with prior written notice. Spreads
2.13. The Company shall provide quotes for all Instruments with a flexible Spread:
The minimum spread for each Instrument is specified in the Contract Specifications.
The maximum spread for each Instrument, under Normal Market Conditions, is available upon request. Quotes Base Synchronization
2.14. In case of an unforeseen break in the Quotes Flow caused by software or hardware failure, the Company has the right to synchronize the Quotes Base on the real/live Server from other sources. Such sources include:
Quotes Base on the demo Server;
any other reliable sources. In the case of any Disputes arising in regard to the break in Quotes Flow, all decisions are made in accordance with the synchronized Quotes Base. Leverage
2.15. The size of the Leverage depends on the Client’s Open Positions as described on the Company’s Trading Terms Webpage.
2.16. The Company has the right to change the Leverage of the Trading Account with immediate effect without giving prior notice. Leverage may be changed:
during Abnormal Market Conditions;
during an Emergency Situation;
during Force Majeure Event circumstances.2.17. The Company is entitled to apply new margin requirements amended in accordance with Clause 2.16 above to the new positions and to the positions which are already open.
3.1. In order to give an Instruction to open a position the Client shall specify the following:
Instrument; and
Transaction Size. Instruments Quoted in the Instant Execution Mode
3.2. In order to open a position through the Client Terminal without using an Expert Advisor, the Client shall press the “Buy” or “Sell” button the moment the Client is satisfied with the prices in the Quotes Flow.
3.3. In order to open a position through the Client Terminal using an Expert Advisor, the Instruction must be generated at the current Quote. Instruments Quoted in the Request Execution Mode
3.4. In order to open a position through the Client Terminal without using an Expert Advisor, the Client shall send a Request. The Client may open a position at the offered Quote by pressing the “Buy” or “Sell” button. The Company has the right to revoke the Quote if the Client has not sent an Instruction within 3 (three) seconds of receiving the Quote or if the market moves and the Quote becomes irrelevant.
3.5. In order to open a position through the Client Terminal using an Expert Advisor, the EA generates a Request. If the Company offers a Quote, which differs from the EA’s Quote by not more than the “slippage” value (the EA’s parameter which determines the acceptable range between the EA’s Quote and the Quote offered by the Company), the EA gives the Instruction to the Server to open a position at the Quote offered by the Company. Processing and Execution of Instructions to Open a Position
3.6. Once the Server has received the Client’s Instruction to open a position, it automatically checks if the Free Margin is sufficient to open the position:
“Free Margin” is calculated as follows: Free Margin = Balance – New Margin + Floating Profit – Floating Loss;
all Floating Profits/Losses for all Open Positions and the new position are calculated at the current Quotes;
cumulative Client positions and new Necessary Margin (“New Margin”) are calculated for the Matched Positions depending on the Hedged Margin; for other positions this is dependent on the Initial Margin, which is calculated at the average weighted price (in terms of volume) of all positions except the matched ones;
if the above-mentioned calculations for the new position have been done and: “Free Margin” is more or equals to zero, the position is opened. The process of opening the position is followed by the relevant record in the Server Log‐File;
“Free Margin” is less than zero, then the Company has the right to decline the Instruction to open the position and the “No money” message will be recorded in the Server Log‐File.
3.7. The Company has the right to requote if the current Quote changes whilst a Dealer processes a Client’s Request or Instruction. The requote window will be enabled if in the “Order” window there is a tick in the “Enable maximum deviation from quoted price” tick‐box and the “Maximum deviation” field value equals zero3.
3.8. If the Client does not press the “OK” button within 3 seconds, the Quote becomes invalid and it will be concluded that the Client refuses to open a position.
3.9. An Instruction to open a position shall be deemed executed and the position shall be deemed open once the relevant record appears in the Server Log‐File.
3.10. In the Trading Platform each Open Position has a Ticket.
3.11. An Instruction to open a position will be declined by the Company if it precedes the first Quote in the Trading Platform on the Market Opening. In this case the “Off quotes” message appears in the Client Terminal window.
4.1. In order to give an Instruction to close a position, the Client shall specify the following:
Ticker; and
Transaction Size. Instruments Quoted in the Instant Execution Mode
4.2. In order to close a position through the Client Terminal without using an Expert Advisor, the Client shall press the “Close” button the moment the Client is satisfied with the Quote in the Quotes Flow.
4.3. In order to close a position through the Client Terminal using an Expert Advisor, the Instruction to close a position must be generated at the current Quote. Instruments Quoted in the Request Execution Mode
4.4. In order to close a position through the Client Terminal without using an Expert Advisor, the Client shall send a Request by pressing the “Request” button. Once the Client has received a Quote and is satisfied with it, the Client shall press the “Close” button within three seconds while the Quote is still valid. If during this period the Client fails to give any Instructions or the market moves and the Quote becomes irrelevant, the Company has the right to revoke the Quote.
4.5. In order to close a position through the Client Terminal using an Expert Advisor, the EA generates a Request. If the Company offers a Quote which differs from the EA’s Quote by not more than the “slippage” value (the EA’s parameter which determines the acceptable range between the EA’s Quote and the Quote offered by the Company), the EA gives the Instruction to the Server to close the position at the Quote offered by the Company. Processing and Execution of Instructions to Close a Position
4.6. The Company has the right to requote if the current Quote changes whilst a Dealer processes a Client’s Request or Instruction. The requote window will be enabled if in the “Order” window there is a tick in the “Enable maximum deviation from quoted price” tick‐box and the “Maximum deviation” field value equals zero4. If the Client does not press the “OK” button within three seconds, the Quote becomes invalid and it will be concluded that the Client refuses to close a position.
4.7. If amongst the Client’s Open Positions, the Client has a position which he/she wishes to close against a matching Open Position of the same Instrument, the Client can do so by using the “Close by” item in the “Type” drop down list. Upon matching/closing the Client’s chosen positions, the Client shall have either a zero or net Long/Short Position based upon the net overall exposure. The Client shall note that the net overall position will be allocated a new Ticket. By using “Close by” item, the Client closes locked positions of the same volume or partially closes two locked positions of different volumes. The smaller position and equivalent part of the larger position shall be closed, and a new Open Position shall be generated in the same direction as the larger position and assigned with a new Ticket.
4.8. An Instruction to close a position is deemed executed and the position is deemed closed once the relevant record appears in the Server Log‐File.
4.9. An Instruction to close a position shall be declined by the Company if the Instruction precedes the first Quote on the Market Opening. In this case the “Off quotes” message appears in the Client Terminal window.
4.10. An Instruction to close a position shall be declined by the Company if it is made when the Stop Loss or Take Profit for this position is in the queue in order to be executed. In this case the “Off quotes” message appears in the Client Terminal window.
Order Types in the Trading Platform
5.1. In order to open a position, the following Orders (Pending Orders) may be used:
“Buy Stop” ‐ an Order to open a Long Position at the price higher than the price at the moment of placing the Order;
“Sell Stop” ‐ an Order to open a Short Position at the price lower than the price at the moment of placing the Order;
“Buy Limit” ‐ an Order to open a Long Position at the price lower than the price at the moment of placing the Order;
“Sell Limit” ‐ an Order to open a Short Position at the price higher than the price at the moment of placing the Order.
5.2. In order to close a position, the following Orders may be used:
“Stop Loss” ‐ an Order to close a previously opened position at the price less profitable for the Client than the price at the moment of placing the Order;
“Take Profit” ‐ an Order to close a previously opened position at the price more profitable for the Client than the price at the moment of placing the Order;
“If‐Done Order” ‐ Stop Loss and/or Take Profit which are activated once the Pending Order they are related to has been executed.
When and for How Long Orders can be Placed
5.3. The Client may place, modify or delete Orders only within trading hours for the relevant Instrument. The trading hours for each Instrument are indicated in the Contract Specifications. 5.4. The Expiration Status for the Pending Orders on the Instruments is specified in the Contract Specifications.
5.5. Stop Loss and Take Profit for all Instruments have “GTC” (“Good Till Cancelled”) status.
The Procedure for Placing an Order
5.6. In order to give an Instruction to place a Pending Order, the Client shall specify the following required parameters:
Instrument;
Transaction Size;
Order type (Buy Stop, Buy Limit, Sell Stop, or Sell Limit); and
Order Level.
In addition, the Client may indicate the following optional parameters:
level of Stop Loss. “0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed);
level of Take Profit. “0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed);
date and time when the Pending Order expires.
The Instruction shall be declined if:
any of the required parameters is not specified or is incorrect;
any of the optional parameters is incorrect.
In this case, the “Invalid S/L or T/P” error message appears if the Orders are placed through the Client Terminal without using an Expert Advisor.
5.7. If the Client gives an Instruction to place Stop Loss or Take Profit, the following information must be specified:
Ticket of the Open Position;
level of the Stop Loss; “0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed);
level of the Take Profit; “0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed).
If any of the information is incorrect and the Orders are placed through the Client Terminal without using an Expert Advisor, the Instruction shall be declined and the “Modify” button shall remain inactive.
5.8. If the Client gives an Instruction to place the If‐Done Orders on a Pending Order, the Client shall specify the following:
Ticker for the Pending which the Client intends to place the Orders on;
level of the Stop Loss; “0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed);
level of the Take Profit; “0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed).If any of the indicated information is incorrect and the Orders are placed through the Client Terminal without using an Expert Advisor, the Instruction shall be declined and the “Modify” button shall remain inactive.
5.9. While giving an Instruction, the difference between the Stop Loss, or Pending Order level and the current market price must not be less than the number of Points indicated for each Instrument in the Contract Specifications, and the following conditions must be met:
for the Stop Loss on the Short Position the current market price is the Ask price and the Order must not be placed lower than the Ask price plus this number of Points;
for the Take Profit on the Short Position the current market price is the Ask price and the Order must not be placed higher than the Ask price less this number of Points;
for the Stop Loss on the Long Position the current market price is the Bid price and the Order must not be placed higher than the Bid price less this number of Points;
for the Take Profit on the Long Position the current market price is the Bid price and the Order must not be placed lower than the Bid price plus this number of Points;
for the Buy Limit the current market price is the Ask price and the Order must not be placed higher than the Ask price less this number of Points;
for the Buy Stop the current market price is the Ask price and the Order must not be placed lower than the Ask price plus this number of Points;
for the Sell Limit the current market price is the Bid price and the Order must not be placed lower than the Bid price plus this number of Points;
for the Sell Stop the current market price is the Bid price and the Order must not be placed higher than the Bid price less this number of Points.
5.10. While giving an Instruction, the difference between the If‐Done Order level and the level of the Pending Order must not be closer than the number of Points indicated for each Instrument in the Contract Specifications, and the following conditions must be met:
the Stop Loss on the Buy Limit or Buy Stop must not be placed higher than the level of the Pending Order less this number of Points;
the Stop Loss on the Sell Limit or Sell Stop must not be placed lower than the level of the Pending Order plus this number of Points;
the Take Profit on the Buy Limit or Buy Stop must not be placed lower than the level of the Pending Order plus this number of Points;
the Take Profit on the Sell Limit or Sell Stop must not be placed higher than the level of the Pending Order less this number of Points.
5.11. An Instruction to place an Order is deemed executed and the Order is deemed placed once the relevant record appears in the Server Log‐File.
5.12. Each Pending Order has a Ticket.
5.13. An Instruction to place an Order will be declined by the Company if it precedes the first Quote on the Market Opening. In this case the “Off quotes” message appears in the Client Terminal window.
5.14. The Company has the right to decline an Instruction to place an Order if, while a Dealer processes this Instruction, the current Quote reaches the level at which Clause 5.9 or 5.10 above have been breached.
The Procedure for Modifying and Deleting an Order
5.15. If the Client gives an Instruction to modify Pending Order parameters (the level of the Pending Order and/or If‐Done Orders), the Client shall specify the following:
Ticket;
Pending Order level;
level of Stop Loss; “0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed);
level of Take Profit; “0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed).
If any of the indicated information is incorrect and the Orders are placed/modified/deleted through the Client Terminal without using an Expert Advisor, the Instruction shall be declined and the “Modify” button shall remain inactive.
5.16. If the Client gives an Instruction to modify Stop Loss and Take Profit on the Open Position, the Client shall specify the following:
Ticket;
level of Stop Loss; “0.0000” means that Stop Loss is not placed (or it is deleted if it has already been placed);
level of Take Profit. “0.0000” means that Take Profit is not placed (or it is deleted if it has already been placed).
If any of the indicated information is incorrect and the Orders are placed/modified/deleted through the Client Terminal without using an Expert Advisor, the Instruction shall be declined and the “Modify” button shall remain inactive.
5.17. When the Client gives an Instruction to delete a Pending Order, the Client shall specify its Ticket.
5.18. An Instruction to modify or delete an Order is deemed executed and the Order is deemed modified or deleted once the relevant record appears in the Server Log‐File.
5.19. An Instruction to modify or delete an Order shall be declined by the Company if it precedes the first Quote on the Market Opening. In this case the “Off quotes” message appears in the Client Terminal window.
5.20. The Company has the right to decline an Instruction to modify or delete an Order if, while it is being processed, the Order has been placed in the queue in order to be executed in accordance with Clause 5.22. herein.
5.21. When the Client gives an Instruction to modify or delete an Order Level, the Company has the right to cancel the Order Level modification or Order deletion if the processing of that Instruction is finished after the Order is placed in the queue in order to be executed in accordance with Clause 5.22. herein.
The Procedure for Order Execution
5.22. The Order is placed in the queue in order to be executed in the following cases:
the Take Profit on open Long Position is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or higher than the Order Level;
the Stop Loss on open Long Position is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or lower than the Order Level;
the Take Profit on open Short Position is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or lower than the Order Level.
the Stop Loss on open Short Position is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or higher than the Order Level;
the Buy Limit is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or lower than the Order Level;
the Sell Limit is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or higher than the Order Level;
the Buy Stop is placed in the queue in order to be executed if the Ask price in the Quotes Flow becomes equal or higher than the Order Level;
the Sell Stop is placed in the queue in order to be executed if the Bid price in the Quotes Flow becomes equal or lower than the Order Level;
If any Sell Stop, Buy Stop, Sell Limit or Buy Limit Instruction includes a Take Profit or Stop Loss, as the case may be, and there is a Price Gap when the Bid price or the Ask price in the Quotes Flow exceeds the Take profit or the Stop Loss, as the case may be, then the Order shall be opened and closed simultaneously with the respective Bid and Ask price.
5.23. Once the Pending Order is placed in the queue in order to be executed, the Server automatically checks if the Free Margin is sufficient to open the position:
cumulative Client positions and new Necessary Margin (“New Margin”) are calculated: for Matched Positions depending on the Hedged Margin;
for other positions this is dependent on the Initial Margin, which is calculated at the average weighted price (in terms of volume) of all positions except the matched ones;
if the Pending Order Level is in the Price Gap, the Floating Profits/Losses for all Open Positions and the new position are calculated at the current Quotes at the moment the Order is placed in the queue in order to be executed;
“Free Margin” is calculated as follows: Free Margin = Balance – New Margin + Floating Profit – Floating Loss;
if the above-mentioned calculations for the new position have been done and: “Free Margin” is more or equals to zero, the position is opened. The process of opening the position is followed by the relevant record in the Server Log‐File and the position opened by this Order has the same Ticket as the Pending Order; “Free Margin” is less than zero, then the Company has the right to decline the Instruction to open the position and delete the Pending Order and the “No money” message shall be recorded in the Server Log‐File.5.24. An Order is deemed executed once the relevant record appears in the Server Log‐File.
5.25. In case of Pending Order execution, the process of opening the position is followed by the relevant record in the Server Log‐File and the position opened by this Order has the same Ticket as the Pending Order.
5.26. If there is enough liquidity to hedge the trade with Liquidity Providers at the Order Level adjusted by the cost of hedging, the Company executes Buy Stop, Sell Stop and Stop Loss Orders at the Order Level.
5.27. If there is not enough liquidity to hedge the trade with Liquidity Providers at the Order Level adjusted by the costs of hedging, the Company executes Buy Stop, Sell Stop and Stop Loss Orders at the price at which the Company has hedged the trade. The Company has the right to adjust this price to reflect the cost of hedging. The Client acknowledges that the execution price may differ from the Order Level.
5.28. Pending Order can be executed partially if there is not enough Liquidity to hedge the trade with Liquidity Providers at the Order Level. In case of insufficient Liquidity from Liquidity Providers for the full execution of an Order at the Order Level, the Order shall be executed partially and new Pending Order shall be issued with the originally specified parameters on unfilled amount. Under Abnormal Market Conditions, the Company reserves the right to reject any Pending Order.
5.29. If there is more than one Dealer, depending on the amount of time a Dealer needs to handle the Client’s Request or an Instruction, there is a possibility that in the Server LogFile the recorded execution time of the first Request or Instruction in the queue shall be later than the execution time of the Request or Instruction which followed after.5.30. Please note that Buy Limit, Sell Limit, Buy Stop, Sell Stop, Take Profit and Stop Loss orders are market orders therefore execution is based on the market conditions and as a result they are executed at the current market price.
6.1. The Company is entitled to close the Client’s Open Positions without the consent of the Client or any prior notice if the Equity is less than the Level of Stop Out specified on the Company’s Trading Terms Webpage. Stop Out levels are indicated on the Company’s website in the “Trading Account Comparison” section.
6.2. Margin Level is monitored by the Server and subject to Clause 6.1 above the Server generates the Stop Out Instruction to close a position without prior consent. Stop Out is executed at the current Quote following the priority of the queue. The Client agrees that the price at which the Order is executed may be different from the Quote at which the Stop Out Instruction was generated. Once the position has been closed the relevant record appears in the Server Log‐File with the “Stop Out” remark.
6.3. If the Client has several Open Positions, the first position which has to be placed in the queue in order to be closed is the one with the highest Floating Loss.
6.4. When the last Open Position is closed in accordance with Clause 6.1 and there is no Price Gap or Price Gap on the Market Opening, the Company shall guarantee that the execution of Stop Out for the last position, in accordance with Clauses 6.2- 6.3, shall not result in Negative Equity5 on the Client’s Trading Account.
6.5. If a Stop Out execution has resulted in a negative Balance of the Client’s Trading Account, the Client shall be liable for this loss and must make a payment of the full and total amount due immediately. Company has the right to compensate this loss at the expense of the Client’s funds located in other Accounts belonging to the Client.
6.6. In regard to CFDs on futures which are approaching the expiry date of the underlying asset, the Transactions are executed in the “close only” way. The Company advises the Client of the date when the “close only” mode starts through Trading Platform internal mail notice and/or by displaying the information on the Company’s Website.
The Company compulsorily closes the positions, which remain open on the expiry date of the underlying future contract, at the last Quote of the last trading session for this Contract for Difference:
Long positions at the Bid price;
Short positions at the Ask price.
6.7. The Company has the right to close any Open Positions of the Client without a warning if it is required in accordance with the Dispute process.
7.1. While trading CFDs on Shares and Spot Indices, please consider that the Company may apply reasonable measures in order to reflect the Corporate Actions of the underlying assets. This can include but is not limited to: Splits / Reverse Splits, Dividends Payments, Rights Issues, Mergers or Acquisitions etc.
7.2. Please also note that it is the Client’s sole responsibility to be aware if an upcoming corporate event is approaching that may affect the underlying securities. The Company might charge the costs associated with the underline corporate actions, depending on Client’s position direction (Buy/Sell), without a notice as this has been applied directly by our Liquidity Providers to the Company.
7.3. In relation to a dividend adjustment to be applied to the Client’s account, the Client must hold an open trade at the close of the trading session on the Business Day before the ex-dividend date.
8.1. In order to communicate with the Client, the Company may use:
Trading Platform internal mail;
Email;
Telephone;
Company News Webpage.
Contact details provided by the Client whilst opening the Trading Account or updated in accordance with Clause 8.4 will be used by the Company to contact the Client and the Client hereby agrees to accept any notices or messages from the Company at any time.
8.2. Any communication sent to the Client (documents, notices, confirmations, statements, etc.) are deemed received if:
sent by email, within one hour after emailing it;
sent by Trading Platform internal mail, immediately after sending it;
by telephone, then once the telephone conversation has been finished;
posted on the Company News Webpage, within one hour after it has been posted.
8.3. For the purpose of Clause 8, “business hours” mean between 9:00 a.m. and 5:00 p.m. (GMT + 2) on a Business Day.
8.4. The Client shall notify the Company immediately of any change in the Client’s contact details.
8.5. Transactions shall be confirmed by email on the next Business Day after the execution. If the Client has a reason to believe that the confirmation is inconsistent or if the Client does not receive any confirmation (though the Transaction was made), the Client shall contact the Compliance Department.
8.6. On the first day of each month the Company shall send by email a statement which includes all Transactions during the previous month.
8.7. Any telephone conversation between the Client and the Company may be recorded. Any recordings shall be and shall remain the sole property of the Company and shall be accepted by the Client as conclusive evidence of the Instructions, Requests or conversations so recorded. The Client agrees that the Company may deliver copies of transcripts of such recordings to any court, regulatory or government authority.
9.1. The Company shall treat money held by the Company on the client’s behalf as Client Money.
9.2. The Company co-operates with various credit institutions. Where we are faced with a charge back from any financial institution, which chargeback relates to the Client’s trading activity with us, we shall be entitled to provide such financial institution with such evidence of the client relationship as may be necessary in order for us to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity between us and you.
9.3. When you transfer money to your account with the Company, the time taken for the funds to appear on your Account depends on the method used for transferring such funds. Deposits and withdrawals of funds can only be made to and from accounts in your own name.
9.4. We will hold client money with authorized regulated credit institutions. The funds will be kept in bank accounts denominated as clients’ funds and clearly segregated from the Company’s own funds. Funds deposited may be kept in one or more omnibus accounts with any authorized regulated credit institution which we will specify from time to time and will be held in our name denominated as clients’ funds as set out above. We will not be liable for the insolvency, acts or omissions of any third party referred to in this clause or for any loss suffered as a result of any shortfall in any omnibus account.
9.5. We deposit clients’ money held on behalf of our clients in an account and/or accounts opened with a bank or receive funds through payment processing companies, provided that we have exercised all due care, skill and diligence in the selection, appointment and periodic review of such banks and payment processing companies and of the arrangements for the holding and safekeeping of clients’ money which they have in place.
9.6. We shall take all necessary measures in order to ensure that any clients’ money deposited with a bank are identifiable separately from the cash belonging to the Company by means of differently titled accounts on the books of the bank (s) or other equivalent measures that achieve the same level of protection.
9.7. The Company may hold Clients’ money in omnibus accounts with financial and credit institutions. In this respect, you are hereby warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. In such case it may not be possible to distinguish if the particular Client’s funds are held by a certain financial or credit institution. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc.
10.1. In these Terms of Business:
“Abnormal Market Conditions” shall mean conditions contrary to Normal Markets Conditions e.g. when there is low liquidity in the market or rapid price movements in the market or Price Gaps.
“Bar/Candle” shall mean a Chart element, which shows opening and closing prices, as well as the lowest and the highest prices for the definite period of time (for example, minute, 5 minutes, a day, a week).
“Buy Limit” shall have the meaning given in Clause 5.1. herein.
“Buy Stop” shall have the meaning given in Clause 5.1. herein.
“Chart” shall mean the Quotes Flow in the form of a chart. For the period relevant for a Bar/Candle:
Bar/Candle high is the highest Bid,
Bar/Candle low is the lowest Bid,
Bar/Candle close price is the last Bid,
Bar/Candle open price is the first Bid.
“Client Terminal Log‐File” shall mean the file, which is created by the Client Terminal in order to record all the Client’s Requests and Instructions with accuracy to a second.
“Company” shall mean EVO CAPITAL MANAGEMENT EUROPE LTD having its registered address at Churchill Place , E14 5EU London.
“Client” shall mean a legal entity or an individual being a party to the Operative Agreements with the Company in regard to making Transactions, subject to Margin Trading.
“Client Agreement” shall mean the agreement between the Company and the Client, which together with the Terms of Business are defined as “Operative Agreements” and govern the terms on which the Company deals with the Client.
“Day Order” shall mean an Order which is automatically deleted at the end of the trading session.
“Dealer” shall mean the Server or an employee of the Company who is authorized to process the Client’s Instructions and Requests and execute Orders and Stop Outs.
“Expert Advisor” shall mean an algorithm in the form of a program based on MetaQuotes Language 4, which is used to control a Trading Account and give Instructions and Requests to the Server through the Client Terminal.
“GTC” (“Good Till Cancelled”) shall mean the Order which is valid until the Client sends the Instruction to delete the Order.
“If‐Done Order” shall have the meaning given in Clause 5.2. herein.
“If‐Done Order” shall have the meaning given in Clause 5.2. herein.
“Instant Execution” shall mean the mechanism of providing Quotes to the Client without prior Request. The Client may make a Transaction anytime as the Client sees the Quotes Flow in real time.
“Manifest Error” shall mean an error of a Dealer who opens/closes a position or executes an Order at the price which significantly differs from the price for this Instrument in the Quotes Flow at the moment of taking this action, or any other Dealer’s action in respect of the prices which are significantly different from the market prices.
“Market Opening” shall mean the time at which the market opens after weekends, holidays or trading session time gaps.
“New Margin” shall have the meaning given in Clause 3.7. herein.
“Normal Market Conditions” shall mean the market where there are no:
considerable breaks in the Quotes Flow in the Trading Platform; and
fast price movements; and
large Price Gaps.
“Pending Order” shall mean an instruction from the Client to the Company to open a position once the price has reached the level of the Order.
“Point” / “Pip” shall mean the numerical value of the last, or right‐most, digit of a Quote.
“Price Gap on the Market Opening” shall mean the following:
the first Bid of the current trading session is higher than the last Ask of the previous session; or
the first Ask of the current trading session is lower than the last Bid of the previous session.
“Request Execution” shall mean the mechanism of providing Quotes to the Client with prior Request.
“Sell Limit” shall have the meaning given in Clause 5.1. herein.
“Sell Stop” shall have the meaning given in Clause 5.1. herein.
“Server Log‐File” shall mean the file created by the Server, which records accurately to a second all Requests and Instructions sent by the Client to the Company as well as the results of their execution.
“Stop Loss” shall have the meaning given in Clause 5.2. herein.
“Stop Out” shall mean an instruction to close the Client’s Open Position without the consent of the Client or any prior notice in a case of insufficient funds required for maintaining Open Positions.
“Take Profit” shall have the meaning given in Clause 5.2. herein.
“Ticket” shall mean the unique identity number assigned for each Open Position or Pending Order or deposit/withdrawal transaction in the Trading Platform.
“Trading Terms Webpage” shall mean the webpage of the Website on which the Trading Terms information is displayed.
“Trading Platform Time Zone” shall mean the time zone in which the Server Log‐File records any event. At the time of the release of this document the Trading Platform Time Zone is GMT/BST+2 (last weekend of October – last weekend of March). During daylight saving time (last weekend of March – last weekend of October), the Trading Platform Time Zone may be shown as GMT+3.
10.2. All references to a statutory provision include references to:
any statutory modification, consolidation or re-enactment of it, whether before or after the date of these Terms of Business, for the time being in force;
all statutory instruments or orders made pursuant to it; and
any statutory provision of which that statutory provision is a re‐enactment or modification.
10.3. Words denoting the singular include the plural and vice versa; words denoting any gender include all genders; and words denoting persons include corporations, partnerships, other unincorporated bodies and all other legal entities and vice versa.
10.4. Unless otherwise stated, a reference to a clause, party or a schedule is a reference to respectively a clause in or a party or schedule to these Terms of Business.
10.5. The clause headings are inserted for ease of reference only and do not affect the construction of these Terms of Business.
EVO CAPITAL MANAGEMENT EUROPE LTD, a company having its registered address at Churchill Place , E14 5EU London.
The Company is required to establish, implement and maintain a policy on conflicts of interest and provide information regarding the adequate man-aging of any conflicts of interest between itself, including its managers and employees, tied agents or other relevant persons, as well as any per-son directly or indirectly linked to them by control, and their clients or be-tween one client and another that arise in the course of providing any in-vestment and ancillary services. The conflicts of interest policy is applicable to all clients, including retail clients, professional clients and eligible counter parties.
For the purposes of identifying the types of conflict of interest that arise in the course of providing investment and ancillary services or a combination thereof and whose existence may damage the interests of a client, the Company takes into account, by way of minimum criteria, whether the Company or a relevant person, or a person directly or indirectly linked by control to the Company, is in any of the following situations, whether as a result of providing investment or ancillary services or investment activities or otherwise:
1) the Company or a relevant person, or a person directly or indirectly linked by control to the Company is likely to make a financial gain, or avoid a financial loss, at the expense of the client;
2) the Company or a relevant person, or a person directly or indirectly linked by control to the Company has an interest in the outcome of a service provided to the client or of a transaction carried out on behalf of the client, which is distinct from the client’s interest in that outcome;
3) the Company or a relevant person, or a person directly or indirectly linked by control to the Company has a financial or other incentive to favor the interest of another client or group of clients over the interests of the client;
4) the Company or a relevant person, or a person directly or indirectly linked to the Company carries on the same business as the client;
5) the Company or a relevant person, or a person directly or indirectly linked by control to the Company receives or will receive from a person other than the client an inducement in relation to a service provided to the client, in the form of monetary or non-monetary benefits or services.
Relevant person in relation to the Company means any of the following persons:
a director, partner or equivalent, manager or tied agent of the firm;
a director, partner or equivalent, or manager of any tied agent of the firm;
an employee of the firm or of a tied agent of the firm, as well as any other natural person whose services are placed at the disposal and under the control of the firm or a tied agent of the firm and who is involved in the provision by the firm of investment services and activities;
a natural person who is directly involved in the provision of services to the investment firm or to its tied agent under an outsourcing arrangement for the purpose
of the provision by the firm of investment services and activities
If a conflict of interest arises, the affected parties can be the Company, its employees or its clients. More specifically, a conflict of interest may arise between the following parties:
Between the client and the Company.
Between two clients of the Company.
Between the Company and a relevant person of the Company.
Between a client of the Company and a relevant person of the Company.
Between Company’s Departments.
In the case of identification of a possible conflict of interest, a staff member must refer it initially to his immediate supervisor to assist in the assessment of a material risk of damage and inform Compliance Department together with full details to allow regulatory scrutiny, of:
Corrective and preventive actions;
How these actions were considered appropriate;
Any conditions imposed; and
Whether there are still ongoing conflicts, how these are being managed and advised to the client.
The Company maintains a compliance department that is independent within the Company, and it is within the duties of the Compliance Department to monitor the Company’s Conflicts Policy and practices for any possible violation, as well as for managing any possible conflicts of interest. The Company has established suitable and adequate internal procedures for minimizing any potential conflicts of interest which include the following:
Independence
The following measures have been adopted by the Company for ensuring the requisite degree of independence appropriate to the size and activities of the Company:
1) Measures to prevent or control the exchange of information between relevant persons engaged in activities involving a risk of a conflict of interest (i.e. by establishing a Chinese wall):
The Company has constructed adequate Chinese Walls, in accordance with the legal requirements between its departments and has established clear lines of responsibility, in order to avoid the flow of information held by a person in the course of carrying out a part of its business to be withheld from or used by persons who are in the process of carrying out another part of its business. In particular, physical barriers have been established in order the flow of information is restricted between employees, access has been limited in relation to information and documentation and communication has been restricted between certain employees during the course of carrying out their parts of business.
2) Separate supervision of relevant persons whose principal functions involve carrying out activities on behalf of, or providing services to, clients whose interests may conflict, or who otherwise represent different interests that may conflict, including those of the Company.
3) Segregation of duties and supervision for persons engaged in different business activities including procedures for ensuring appropriate communication between business units.
4) Removal of any direct link between the remuneration of relevant persons principally engaged with one activity and the remuneration of, or revenues generated by, different relevant persons principally engaged in another activity, where a conflict of interest may arise in relation to those activities.
5) Dealing room employees do not relate their remuneration with clients’ performance.
6) Proper controls to ensure that no improper inducements are given or received, and proper inducements are disclosed appropriately.
7) Measures to prevent or limit any person from exercising inappropriate influence over the way in which a relevant person carries out investment or ancillary services or activities. Additionally, the person who decides or influences an individual’s bonus may exert undue influence over that individual’s integrity of judgment.
8) Measures to prevent or control the simultaneous or sequential involvement of a relevant person in separate investment or ancillary services or activities such as reception and transmission of clients’ orders and tasks such as portfolio decision making and calculating performance.
9) Segregation of duties that may give rise to conflicts of interest if carried on by the same individual.
10) Disclosure of conflict of interest When the measures taken by the Company to manage conflicts of interest are not sufficient to ensure, with reasonable confidence that risks of damage to clients’ interest will be prevented, the Company proceeds with the disclosure of conflicts of interest to the client. Prior to carry out a transaction or provide an investment or an ancillary service to a client, the Company must disclose any actual or potential conflict of interest to the client. The disclosure will be made in sufficient time and in a durable mean and shall include sufficient detail, taking into account the nature of the client, source of conflicts of interest, the risks to the client to enable him to take an informed decision with respect to the investment or ancillary service in the context of which the conflict of interest arises. Where the Company will consider that a disclosure is not sufficient to manage a conflict, we may choose not to proceed with the transaction or matter giving rise to the conflict. Clients will be given the opportunity to decide on whether or not to continue their relationship with us with no unreasonable obstacles.
11) Record keeping In accordance with the requirements of FCA the Company keeps and regularly updates a record of the kinds of investment and ancillary service or investment activity carried out by or on behalf of the Company in which a conflict of interest entailing a material risk of damage to the interests of one or more clients has arisen, or, in the case of an ongoing service or activity, may arise.
12) Responsibilities The Company’s Chief Executive Officer and the Compliance Officer are responsible for clearly allocating responsibility and delegating authority to accountable individuals to ensure that those involved are aware of their involvement.
The Company’s employees are required to identify new conflicts of interest arising out of the activities/services that they perform and engage in the process to notify line management upon identifying any potential conflict.
The responsible person for the day to day management of the implementation of this Policy is the Compliance Officer.
The Company reserves the right to amend the current Policy at its discretion and at any time it considers suitable and appropriate and that shall be at least annually.
EVO CAPITAL MANAGEMENT EUROPE LTD, a company having its registered address at Churchill Place , E14 5EU London, (hereinafter referred to as the “Company” which term includes its receivers, liquidators, successors and permitted assignees), on the one part; and
The person who has applied to the Company and has agreed to be bound by the below Terms and Conditions to become an Investor as defined below (hereinafter referred to as the “Investor” or “Client”), on the other part.
1.1. The Company shall offer the EVO CAPITAL MANAGEMENT EUROPE LTD services strictly under the following terms and conditions and subject at all materials times to the laws of Singapoure.
1.2. The Client has read, understood and accepted all information on the Company’s domain (website) (hereinafter called the “Website”) clearly and publicly stated, available to all Clients. The Company reserves the right to register and operate other relevant domains (websites) for marketing and promotional purposes to specific countries which contain information and disclosures to clients and prospective clients in any language other the English language. The Client accepts and understands that the Company’s official language is the English language and should always read and refer to the Website for all information and disclosures about the Company and its activities.
2.1. In the Agreement, unless the context otherwise requires, the following words shall be construed as follows:
“Abnormal Market Conditions” means conditions contrary to normal market conditions e.g when there is low liquidity in the market or rapid price movements in the market;
“Affiliate” shall mean in relation to the Company, any entity controlled directly or indirectly,** by the Company, any entity that controls directly or indirectly, the Company, or any entity directly or indirectly under common control with the Company. For this purpose, “control” means ownership of a majority of the voting power of the Company or entity.
“Agreement” shall mean this Agreement and its Appendices, as amended from time to** time.
“Applicable Regulations” shall mean any rules of a relevant** regulatory authority:
1) the rules of the relevant Market; and
2) all other applicable laws, rules and regulations as in force from time to time in any jurisdiction.
“Application Form” shall mean the application form completed by the Client to apply for** the Company’s Services including an online or electronic application (via which the Company shall obtain amongst other things necessary information for the Client’s identification and due diligence), under this Agreement.
“Ask” shall mean in relation to a Contract for Difference the higher price in the Quote being** the price at which the Company may buy.
“Assets” shall mean Financial Instruments and monetary funds.
“Assets Valuation” prices used for the valuation of investments shall be the current** available price at the moment of valuation from either the Company’s liquidity providers or from Bloomberg or any other internationally recognized information source as can be seen in trading account of the Client at the Trading Platform.
All cash balances, cash deposits or credits shall be valued at the principal (nominal) amount held by the Company.
“Balance” shall mean the total financial result on the Client Account after the last completed** Transaction and deposit or withdrawal, at any period of time.
“Business Day” shall mean any day between Monday and Friday, inclusive, other than the** 25th of December, or the 1st of January or any other holiday to be announced by the Company on its Website, in relation to any payment in any currency and in relation to sending any orders, margin calls and other notices or communications, on which commercial banks are open for business in the place specified in the address for notice most recently provided by the recipient.
“CFD” or “Contract for Difference” shall** mean a spot or a forward contract for difference** having one Underlying Asset.
“Client Account or Client’s Investment Account or Investor Account” shall mean the** personal account opened in the name of the Client, when the Client joins a Strategy, for the purpose of investing in the Strategy.
The functionality of the Investment Account is set out in Appendix 1 to the present Agreement.
“Coefficient” indicates the amount of trading activity in your account compared to the** Manager’s account.
“Currency Pair” shall mean the object/Underlying Asset in a Contract for Difference based** on the change in the value of one currency against the other.
“Dormant and/or Inactive Account” shall mean any client trading account where** the client/account holder/owner of that trading account has not initiated any trading activity and/or inactivity for a period of six (6) consecutive months and/or where the Company has not carried out any transactions in relation to the trading account by and/or on the instructions of the client/account holder/owner and/or his/her authorized representative for a period of six (6) consecutive months.
“Dormant and/or Inactive Account Fee” shall mean a handling fee of $5/€5/£5/₦5 or** equivalent per month imposed by the Company and/or paid by a client for his/her dormant account(s) held by the Company, as this may be amended from time to time by the Company.
“Event of Default” shall have the meaning given in Clause [15 ]hereto.
“Financial Instruments/Instruments” shall mean the financial instruments that the Company may offer for trading from time to time.
“Force Majeure Event” has the meaning as set out in Clause [16 ]hereto.
“Illicit Profit” shall mean profit which has been generated as a result of an Event of Default** and/or during Abnormal Market Conditions.
“Investor” (or ‘Client’) shall mean the person who has applied to the Company and has** agreed to be bound by these Terms and Conditions to invest funds in an Investment Strategy (Manager’s Account).
“Long Position” shall mean a buy position that appreciates in value if market prices increase. In respect of Currency Pairs, Long Position represents buying the Base Currency against the Quote Currency.
“Manager” shall mean a person who has entered into an Agreement for the provision of** the EVO CAPITAL MANAGEMENT EUROPE LTD services: Strategy Manager and whose Strategy is available on the Website for the Investor to invest.
“Monthly Period” shall mean every continuous monthly period commencing, in the case** of the first monthly period, on the date of commencement of this Agreement and ending one calendar month thereafter and in the case of every subsequent monthly period, commencing on the first day which next follows the last day of the immediately preceding Monthly Period and ending one calendar month thereafter.
“MTF or Multilateral Trading Facility” shall mean a multilateral system operated by an** investment firm or market operator, which brings together or facilitates the bringing together of multiple third-party buying and selling interests in financial instruments in the system and in accordance with its nondiscretionary rules in a way that results in a contract in accordance with the provisions of applicable law of the jurisdiction it is regulated.
“Net Adjusted Profit” shall mean the amount, if any, by which:
1) the Market value of the Client’s Assets on the last day of each payout interval or on the date the Agreement is terminated (less the Transaction Expenses incurred and any applicable taxes and duties imposed on the Client’s Assets and paid by the Company at its own expense which shall be reimbursed by deduction from the Client’s Assets) prior to application of the Profit Share, after it exceeds the High-Water Mark;
2) the Market value of the Client’s Assets at the beginning of the calculating period plus any additional investments and less any withdrawals of the Client’s Assets during such period.
“Net Profit” shall mean an amount equal to the difference between:
1) the market value of the Client’s Assets at the end of calculating period less the Transaction Expenses incurred and any applicable taxes and duties imposed on the Client’s Assets and paid by the Company at its own expense which shall be reimbursed by deduction from the Client’s Assets.
2) the market value of the Client’s Assets at the beginning of the calculating period plus any additional investments and less any withdrawals of the Client’s Assets during such period.
“Open Position” shall mean in relation to a CFD a Long Position or a Short Position which** is not a completed transaction.
“Order” shall mean an instruction from the Company to another party to open or close a** position when the price reaches the Order Level in relation to a Contract for Difference.“Order Level” shall mean the price indicated in the Order in relation to a Contract for** Difference.
“Party” shall mean a party to this Agreement (i.e. the Client or the Company).
“Pause” an Investment Account shall** mean the act of clicking on the “Pause” button in** the Client’s Investment Account. If the Account is paused, all positions in the Account shall be closed.
“Payout Interval” The monthly interval that starts on the day of the Investor’s initial deposit** and concludes after a 30-day period. When the payout interval is reached, the Profit Share is paid to the Manager automatically if the Investor’s account is found to be profitable compared to the previous interval, if it exceeds the High-Water Mark.
“Precious Metal” shall mean spot gold or spot silver.
“Profit Share” The profit share represents a percentage of the profits that shall be** rewarded to the Manager for his positive performance. This is paid 30 days from the day of initial minimum deposit and in case of withdrawal or closing of the strategy, the higher water mark rule applies.
“Quote” shall mean the information of the current price for a specific Underlying Asset in a Contract for Difference, in the form of the Bid and Ask prices.
“Regulated Market or Organized Market” shall mean the multilateral system managed or operated by a market operator and which brings together or facilitates the bringing together of multiple third-party buying or/ and selling interests in financial instruments – in the system and in accordance with its non-discretionary rules – in a way that results in a contract, in respect of the financial instruments admitted to trading under its rules or/and systems, and which is authorized and functions regularly with the provisions of applicable law of the jurisdiction it is regulated.
“Resuming” an Investment Account shall mean the act of clicking on the “Resume” ** button in the Client’s Investment Account. By resuming the Account, all positions opened by the Manager, shall be reflected in the Investor’s Account and all trading activity shall be resumed.EVO CAPITAL MANAGEMENT EUROPE LTD shall mean the service developed by the Company, whereby the Strategy Manager manages the Investor’s investments on their behalf in accordance with the Strategy and for a Profit Share.
“Services” shall mean the services to be provided as described in Clause [4;]
“Short Position” shall mean in relation to a CFD a sell position that appreciates in value if** market prices fall.
“Strategy or Investment Strategy” shall mean the series and/or sequence and/or set of** Transactions carried out by the Manager through the Manager’s Account which shall be available for Investors to invest in.
“Trading Account” shall mean the unique personified registration system of the consisting** of all completed transactions in CFDs, Open Positions, Orders and deposit/withdrawal transactions in the Trading.
“Trading Platform” shall mean the trading platform of the Company consisting of all** programs and technical facilities which provide real-time Quotes, allow transactions in CFDs to be made, Orders to be placed/modified/ deleted/executed and calculate all mutual obligations between the Company or the Client on the one hand third party service provider on the other hand. The trading platform consists of the Server and the Client Terminal.
“Transaction” shall mean any transaction with the Client’s Assets.
“Transaction Expenses” shall mean the costs associated with the Transactions and** Services undertaken by the Company on behalf of the Clients (the expenses incurred in connection with conclusion, execution and settlement of the Transactions, currency conversion including but not limited to the expenses of other brokers, custodians, any stock exchange and/or banks) as well as any expenses, judicial expenses, incurred by the Company in connection with the Agreement and/or protection of the Client’s rights to the Client’s Assets.
“Underlying Asset” shall mean the underlying asset in a Contract for difference and may** be a Currency Pair, Precious Metal, Commodities, CFDs and Indices.
“Website” shall mean the Company’s website or such other website** as the Company may maintain from time to time for access by its clients.
2.2. Words denoting the singular include the plural and vice versa; words denoting any gender include all genders; and words denoting persons include corporations, partnerships, other unincorporated bodies and all other legal entities and vice versa.
2.3. Unless otherwise stated, a reference to a clause, party or a schedule is a reference to respectively a clause in or a party or schedule to this Agreement.
2.4. The clause headings are inserted for ease of reference only and do not affect the construction of this Agreement.
3.1. The Agreement shall commence on the date on which the Client receives notice from the Company that he/she has been accepted as a Client (“Date of Commencement”), as soon as the Client reviews and approves/accepts the Agreement.
3.2. The Agreement shall continue unless or until terminated by either party.
4.1. Subject to the Client’s obligations under the Agreement being fulfilled and any other rights of the Company herein in the Agreement, the Company shall offer the following Services to the Client:
4.1.1. Participation to the EVO CAPITAL MANAGEMENT EUROPE LTD
4.1.2. Participation to the EVO CAPITAL MANAGEMENT EUROPE LTD shall give the right and/or opportunity to the Client** to have access to the Investment Strategy of Managers.
4.2. The Client hereby agrees that by joining a Strategy of the EVO CAPITAL MANAGEMENT EUROPE LTD, the Client:
4.2.1. appoints the Manager of the Strategy as its true and lawful attorney and agent, with full power and authority to act as a manager of the Client’s investment account;
4.2.2. instructs the Company to take all such necessary actions to follow the Manager’s strategy.
It is hereby understood that the Strategy shall be followed at a pro-rata basis, comparing the funds in the Manager’s Account with the funds in the Client’s investment account.
4.3. Without prejudice to the generality of Clauses [4.1] and [4.2] the Client grants the Company full power and discretion to perform the following functions on behalf of the Client (and without prior reference to the Client), following the Strategy of the Manager:
4.3.1. to invest or deal with the Client’s investment account as the Manager in his own discretion deems appropriate for the Client;
4.3.2. to purchase (or otherwise acquire), sell (or otherwise dispose of), maintain, exchange or trade in Financial Instruments (including CFDs) in any manner whatsoever;
4.3.3. to enter into Contracts for Difference and hence place Quotes and Orders for transmission or execution with another investment firm or bank;
4.3.4. to execute Transactions in regulated markets and Multilateral Trading Facility;
4.3.5. to execute Transactions outside regulated markets and Multilateral Trading Facility, for example enter into over-the-counter transactions;
4.3.6. to enter into Transactions in any markets and generally act in any other way which the Manager deems appropriate in relation to the management and investment strategy;
4.3.7. to subscribe for issues and offers for the sale of Financial Instruments;
4.3.8. to accept private placements, underwritings and sub-underwritings of Financial Instruments;
4.3.9. to invest in mutual funds and collective investment schemes which are managed, operated or directed by the Company or any associated company as well as in Financial Instruments which are partly paid and that there is no limitation in the amount or percentage which may be invested in any Financial Instruments of a single issuer or in a single Financial Instrument or in any area of business activity;
4.3.10. to issue orders and instructions with respect to the disposition of the Financial** Instruments, forming part of the investment strategy.
5.1. The Company offers to the Client the choice to join any of the Investment Strategies available through the EVO CAPITAL MANAGEMENT EUROPE LTD. Such Investment Strategies, relevant information, applicable costs and fees, Profit Share and the history and performance of each such Investment Strategy are provided on the Website.
5.2. The Client hereby acknowledges and understands that each Investment Strategy bears its own fees and charges, Asset Valuation and procedures.
5.3. Such information is available on the Website. By entering into this Agreement and choosing the particular Strategy, the Client is consenting to be bound by the applicable fees, Profit Share and charges, Asset Valuation and procedures of the particular Strategy.
5.4. The Client may apply to join a specific Investment Strategy offered by the Company and a Manager, by making an on-line request on the Website and by complying with the Company’s account opening procedures.
5.5. Client Investment Account Payout Interval:
5.5.1. A Payout Interval on a Client Investment Account begins on the date the Account is activated (first minimum deposit);
5.5.2. A Payout Interval is equal to one calendar month;
5.5.3. The end of a Payout Interval designates the beginning of the following Payout Interval.
6.1. The Company shall, when entering into this Agreement with the Client, have the right to request and obtain the necessary information regarding the Client knowledge and experience (in order to understand the risks involved in the Transaction or in the management of his/her Investment Account), his financial situation and his investment objectives.
7.1. The Company shall provide the Client with Written periodic statements (the “Reports”) on Trade, Deposits and Withdrawal Transactions executed in the Client’s investment account and Profit Share payments, on a monthly basis.
7.2. The Client is obliged to provide the Company with an e-mail address for the purpose of issuing and distributing the Report. It is the Client’s responsibility to inform the Company of any change to this email address (or any other relevant personal information).
7.3. The Client is entitled to submit reasonable objections to the Report in writing, within 10 (ten) Business Days from the date when the Report is received by the Client. If the Client expresses no objections during this period, the Report is considered as approved by the Client. The Parties have agreed that the “reasonable objections” can be made by the Client only in the event where the Company has breached any of its obligations under the agreement.
7.4. If not otherwise agreed in writing by the Parties, an annual statement for each Annual Period is not required as the information is covered in the Reports.
8.1. The Client shall pay the Manager as remuneration for the Services provided hereunder the Profit Share applicable for each Investment Strategy the Client joins.
8.2. All applicable costs and/or fees, Profit Share and/or commissions are stated on the Website, as these may be amended from time to time. Any changes to the fees, Profit Share shall be published in the Website.
8.3. The Profit Share for each specific Investment Strategy shall be available on the Website.
8.4. The Client hereby agrees that any Profit Share, fee or expense payable to the Manager may be paid by deduction from the investment account of the Client and/or the Client’s wallet, in the event of partial or full withdrawal, without any additional consent of the Client.
8.5. The Client shall pay the Manager, immediately when so requested by the latter and the Company is entitled to debit the Account of the Client with any value added tax or any other tax, contribution or charge which may be payable as a result of any Transaction, any act or action of the Company under the Agreement.
8.6. The Client shall independently pay all taxes and duties imposed on the amount of profit or income received by the Client as a result of participation in the EVO CAPITAL MANAGEMENT EUROPE LTD. Where necessary by virtue of applicable legislation, all Profit Share, fees and/or charges and/or payments shall be subject to VAT.
8.7. When providing a Service to a Client, the Company may pay or receive Profit Share, fees, commissions or other non- monetary benefits from the Managers and/or other third parties as far as permissible under Applicable Regulations. To the extent required by law, the Company shall provide information on such benefits to the Client on request.
8.8. The Company, under the terms and conditions of this Agreement and in accordance with its internal policies and procedures, reserves the right in its absolute discretion, to create a dormant accounts policy and/or to impose on any dormant and/or inactive account a handling fee of $5/€5/£5/₦5 or equivalent per month and/or close the trading account upon and/or after the period of six (6) consecutive months of inactivity in the following cases:
8.8.1. Where a client has not transacted with the Company for a period of six (6) consecutive months and the Company shall deem the trading account to be dormant and/or inactivate.
8.8.2. Where a client’s dormant and/or inactivate account(s) has a positive cash balance, the Company reserves the right at its absolute discretion to apply and/or impose a handling fee of $5/€5/£5/₦5 or the Company.
8.8.3. Where a client makes a genuine attempt to resolve their account balances, the Company reserves the right to waive any and/or all payments and/or fees at its own and absolute discretion.
8.9. Where a client’s dormant account and/or inactivate account(s) has a zero cash balance the handling fee of $5/€5/£5/₦5 or equivalent per month shall not be imposed by the Company, however, the Company reserves the right to close the account(s) upon and/or after the period of six (6) consecutive months of inactivity.
9.1. The Client may deposit or withdraw into or from the Client’s investment account at any time, subject to conditions herein in Clause [9.] A request for withdrawals and/or deposits must be submitted in the Client’s personal area.
9.2. The minimum deposit into the EVO CAPITAL MANAGEMENT EUROPE LTD shall be available at the Website.
9.3. An Investor cannot cancel a request to deposit and/or withdraw funds.
9.4. However, after the execution of the deposit and/or withdrawal, the Client may submit a deposit and/or withdrawal request (as applicable) of the amount, which shall be executed upon the Company’s compliance & AML regulations being satisfied.
10.1. The Company is entitled, without prior notice to the Client, to make any currency** conversions which the Company considers necessary or desirable for the purposes of complying with its obligations or exercising its rights under the Agreement. Any such conversion shall be effected by the Company having best regards to the prevailing rates for freely convertible currencies.
10.2. Notwithstanding the fact that the Company shall use its best endeavors to minimize all foreign currency exchange risk arising from any Transaction or from the compliance by** the Company with its obligations or the exercise by it of its rights under the Agreement, if any such risks arise, they shall be borne by the Client.
11.1. Subject to Client’s instructions, the Company** shall provide best execution to the Client in** accordance with the Company’s Order Execution policy and shall work with the relevant brokers to ensure that they provide best execution in a manner that is compliant with applicable legislation, in fulfilling an order or executing transactions for the Client. The Company or any of its brokers may combine the Client’s order with the Company’s orders, orders of persons connected with the Company and orders of other Clients. Such aggregation may on some occasions operate to advantage and on others to Client’s disadvantage.
11.2. The Client acknowledges and consents to the following:
11.2.1. Where more than 1 Client joins an Investment Strategy, the orders shall be executed** as an aggregate of the volumes of all Investment Accounts and the account of the Manager, in one separate order. The price of execution for all Investment Accounts following the specific Investment Strategy shall be defined based on the average price of all prices executed for the specific order;
11.2.2. Where a Client joins, and/or deposits to, and/or pauses, and/or resumes, and/or** withdraws from his Investment Account, Clause [11.2.1 ] shall not apply and orders shall not be executed as an aggregate.
Data protection
12.1. The Company may collect information directly from the Client (in his/her completed** Application form or otherwise) or from other persons including, for example, credit reference agencies, fraud prevention agencies and the providers of public register.
12.2. The Company may use, store or otherwise process personal information provided by the** Client in connection with the provision of the Services.
12.3. If the Client is an individual, the Company is obliged to supply the Client, on request, with a** copy of personal data which it holds about the Client, provided that the Client pays a reasonable fee.
12.4. The information which the Company holds about the Client is confidential and shall not be** used for any purpose other than in connection with the provision of the Services. Information of a confidential nature shall be treated as such provided that such information is not already in the public domain or in the legal possession of the Company and was not subject to an obligation of confidence or non-disclosure at the moment of its receipt by the Company.
12.5. The Company has the right to disclose the Client’s** information of a confidential nature in** the following circumstances:
12.5.1. to the Manager the Client has joined, in the course of business;
12.5.2. where required by law or as requested by regulatory and enforcement authorities,** courts and similar bodies which have jurisdiction over the
Company;
12.5.3. to investigate or prevent fraud or other illegal activity;
12.5.4. to those members of the Company’s personnel who require information thereof for** the performance of their duties under the Agreement or to a Manager or any third party in connection with the provision of Services to the Client by the Company;
12.5.5. for purposes ancillary to the provision of the Services or the administration of the** Client’s Account, including, without limitation, for the purposes of credit or identification enquiries or assessments;
12.5.6. at the Client’s request or with the Client’s consent;
12.5.7. to the Company’s consultants, advisors, lawyers, auditors, provided that in each** case the relevant professional shall be informed about the confidential nature of such information and commit to the confidentiality herein obligations as well;
12.5.8. to judicial proceeding between the Company and the Client;
12.5.9. where required in compliance with the Foreign Account Tax Compliance Act** (FATCA) and Common Reporting Standard (CRS).
12.6. The Client agrees that the Company may pass information about the Client in the** Company’s group and to external companies to help the Company to process and/or analyze it as part of the provision of Services to the Client. If the Client does not wish the Client’s personal data to be used for such purposes, the Client shall give the Company Written Notice.
12.7. The Company may use Client Information in order to provide, administer, tailor and improve** the Services, the Company relationship with the Client and its business generally (including communicating with the Client and facilitating his use of the Website and/or the Company’s telephone trading facilities); to carry out credit, anti-money laundering and fraud prevention checks; to exercise and/or defend the Company’s legal rights; and to comply with Applicable Regulations and the requests of regulatory and enforcement authorities in any jurisdiction.
Confidentiality
12.8. Information, in any form, given by the Company in respect of Financial Instruments may not** be used or relied on by the Client for any purpose other than the services, and the terms of any engagement letter relating to the services (including details of Profit Share) may not be disclosed to any third party (unless the Client comes under a legal obligation to disclose it or to disclose it to another adviser in connection with the services, in either of which cases the Client shall promptly inform the Company of such disclosure), nor used or relied on by any third party without the Company’s prior written consent.
12.9. In addition to any other right or obligation by virtue of which the Company or any of its** brokers may be entitled or bound by law to disclose information, the Company shall be entitled, if requested or required, at its discretion, to disclose any information (including Confidential Information) known to it, and/or to produce any documents relating to the Client’s business or affairs to any governmental or regulatory agency or authority. In addition, the Company shall, where reasonably practicable, seek to impose a confidentiality requirement in any case where the information is not subject to statutory restrictions on disclosure by the recipient.
12.10. The Company shall not have any duty to disclose to the Client any information that comes** to the knowledge of the Company, in the course of carrying on any other business or as a result of or in connection with the provision of services to other persons. The Company may be prohibited from disclosing or having regard to, or it may be inappropriate for it to disclose to the Client or have regard to, such information even if it relates to the Client or to the services provided to the Client.
12.11. All information, documents and communications in the possession or control of the** Company relating to the services or the subject matter of the services, shall be the Company’s sole property, save for original contracts, share certificates and other original documents held on the Client’s behalf. The Company shall be permitted to retain a copy of all information, documents and communication in connection with the services for regulatory and risk management purposes.
13.1. Unless the contrary is specifically provided, any notice, instructions, authorizations,** requests or other communications to be given to the Company by the Client under the Agreement shall be in writing and shall be sent to the Company’s registered or mailing address which appears on its Website or to any other address which the Company may from time to time specify to the Client for this purpose and shall take effect only when actually received by the Company, provided they do not violate and are not contrary to any term of this Agreement.
13.2. Communications via email shall be sent to our support team.
13.3. The Company reserves the right to specify any other way of communication with the Client.
13.4. In order to communicate with the Client or send documents, trade confirmations, notices** and statements, the Company may use:
1) email;
2) telephone;
3) post;
4) commercial courier service;
5) air mail; or
6) Website;
7) Trading Platform.
13.5. Notices shall be deemed delivered:
1) if sent by email, within one hour after emailing it;
2) if sent by Online Trading System internal mail, immediately after sending it;
3) if sent by telephone, once the telephone conversation has been finished;
4) if sent by post, seven calendar days after posting it;
5) if sent via commercial courier service, at the date of signing of the document on receipt of such notice;
6) if sent by air mail, ten Business Days after the date of their dispatch;
7) if posted on the Company Webpage, within one hour after it has been posted.
13.6. All contact details provided by the Client, e.g. address, email address or fax number as last** notified shall be used as applicable. The Client agrees to accept any notices or messages from the Company at any time. It is the Client’s responsibility to ensure that he provides to the Company accurate and up to date contact information and inform the Company if such information changes.
13.7. Telephone conversations between the Client and the Company may be recorded. Any** recordings shall be and remain the sole property of the Company and shall be accepted by the Client as conclusive evidence of the Instructions/Requests or conversations so recorded. The Client agrees that the Company may deliver copies of transcripts of such recordings to any court, regulatory or government authority.
14.1. The Client accepts and understands that the Company’s official language is the English** language and the Client should always read and refer to the Website for all information and disclosures about the Company and its activities. Translation or information provided in languages other than English in the Company’s local websites is for informational purposes only and do not bind the Company or have any legal effect whatsoever, the Company having no responsibility or liability regarding the correctness of the information therein.
14.2. The Company reserves the right to register and operate other relevant domains (websites)** for marketing and promotional purposes to specific countries which contain information and disclosures to clients and prospective clients in any language other the English language.
15.1 Each of the following constitutes an “Event of Default”:
15.1.1. the failure of the Client to provide any amount due under the Agreement;
15.1.2. the failure of the Client to perform any obligation due to the Company;
15.1.3. the initiation by a third party of proceedings for the Client’s bankruptcy (if the Client is an individual) or for the Client’s winding-up or for the
appointment of an administrator or receiver in respect of the Client or any of the Client’s assets (if the Client is a company) or (in both cases) if the Client makes an arrangement or composition with the Client’s creditors or any procedure which is similar or analogous to any of the above is commenced in respect of the Client;
15.1.4. where any representation or warranty made by the Client in Clause [20] is or becomes untrue;
15.1.5. the Client is unable to pay the Client’s debts when they fall due;
15.1.6. the Client breaches any of the terms of this Agreement;
15.1.7. the Client (if the Client is an individual) dies or is declared absent or becomes of unsound mind;
15.1.8. an action set out in Clause [15.2] is required by a competent regulatory authority or body or court;
15.1.9. in cases of material violation by the Client of the requirements established by** legislation, such materiality determined in good faith by the Company;
15.1.10. if the Company suspects that the Client is engaged into money laundering activities** or terrorist financing or other criminal activities;
15.1.11. the accumulation of illicit profit;
15.2. If any Event of Default mentioned at clauses 15.1.1 to 15.1.6 above occurs, the Company shall promptly notify the Client of the Event of Default and
require the Client to comply with its relevant obligation under this Agreement within ten (10) of the service of the said notice (the ‘Cure Notice’). If the Client fails to comply with the requirements of the Cure Notice, the Company shall be entitled to take any of the actions set out in clause 15.3.1 to 15.3.11.
15.3 If any Event of Default mentioned at clause 15.1.7 to 15.1.11 above occurs, the Company shall be entitled without prior written notice to take one or more of the following actions:
15.3.1. terminate this Agreement;
15.3.2. close out all or any of the Client’s open positions in Derivative Financial Instruments at current Quotes;
15.3.3. debit the Client Account(s) for the amounts which are due to the Company;
15.3.4. close any or all of the Client Accounts held with the Company;
15.3.5. combine Client Accounts, consolidate the Balances in such Client Accounts and to set-off those Balances;
15.3.6. refuse to open new Client Accounts for the Client;
15.3.7. suspend or freeze Client’s open positions in Derivative Financial Instruments;
15.3.8. sell Financial Instruments;
15.3.9. convert any currency;
15.3.10. terminate any other agreement(s) it has with the Client.
15.3.11. adjust the Client’s trading account balance to remove illicit profit.
16.1. The Company may, in its reasonable opinion, determine that a Force Majeure Event exists.
A Force Majeure Event includes without limitation:
16.1.1. any act, event or occurrence (including, without limitation, any strike, riot or civil commotion, terrorism, war, act of God, accident, fire, flood, storm, interruption of power supply, electronic, communication equipment or supplier failure, civil unrest, statutory provisions, lock-outs) which, in the Company’s reasonable opinion, prevents the Company from maintaining an orderly market in one or more of the Financial Instruments;
16.1.2. the suspension, liquidation or closure of any market or the abandonment or failure of any event to which the Company relates its Quotes, or the imposition of limits or special or unusual terms on the trading in any such market or on any such event;
16.1.3. technical problems of the Trading Platforms, and/or wrong pricing, and/or wrong calculations.
16.2. In the event where the Client is affected by a Force Majeure, the Client shall without delay** but not later than seven (7) Business Days after commencement of such Force Majeure inform the Company in writing of the occurrence of such events and their consequences and shall undertake to take all possible measures to minimize the negative consequences caused by such an event. Upon cessation of the Force Majeure Event, the Client shall, without any delay but within seven (7) Business Days of the date of cessation of such event, inform the Company in writing of the cessation of these events.
16.3. Failure of the Client to notify the Company, shall deprive such party of the right to avoid** bearing any liability for non-fulfilment or improper fulfilment of any obligations under this Agreement as a result of such event.
16.4. Unless otherwise agreed in writing by both parties, a Force Majeure Event may operate to** extend the term of this Agreement.
16.5. Release of a party from liability for non-fulfilment or improper fulfilment of any unrealizable** obligation under this Agreement due to occurrence of a Force Majeure Event shall not relieve such party from performance of other obligations that are not recognized by the parties as realizable under this Agreement.
16.6. Neither of the parties shall bear any liability in the case of non-fulfillment or improper** fulfilment of any obligations under this Agreement, where such non-fulfilment or improper fulfilment is caused exclusively by an event of uncontrollable force, including the acts of any authorities that prevent any party from proper fulfilment of its obligations.
16.7. If the Company determines in its reasonable opinion that a Force Majeure Event exists** (without prejudice to any other rights under the Agreement) the Company shall promptly send a notice to the Client and at any time take any or all of the following steps:
16.7.4. suspend or modify the application of any or all terms of the Agreement to the extent that the Force Majeure Event makes it impossible or impractical for the Company to comply with them;
16.7.5. take or omit to take all such other actions as the Company deems to be reasonably appropriate in the circumstances with regard to the position of the Company, the Client and other clients.
16.8. Except as expressly provided in this Agreement, the Company shall not be liable or have** any responsibility for any type of loss or damage arising out of any failure, interruption, or delay in performing its obligations under this Agreement where such failure, interruption or delay is due to a Force Majeure event.
This Agreement may only be amended in writing and with the consent of all parties to it.
18.1. The Investment Account shall be valued on the following basis:
18.1.1. Financial Instruments, which are listed on any stock exchange shall be calculated on the basis of the closing offer price of the Instruments on the relevant date as published by the authorities of the relevant stock exchange or in any publication in which the said prices are published as the Company may choose on the relevant date of valuation or if the offer prices of the relevant Financial Instrument cannot be determined for any reason in this way, then they shall be calculated in accordance with the closing offer price of the relevant Financial Instrument as published by the authorities of the relevant stock exchange or in any publication in which the said prices are published as the Company may choose on the last date on which such publication has been made immediately prior to the relevant date of valuation.
18.1.2. Financial Instruments, which in the Company’s opinion, cannot easily be realized, shall be calculated in accordance with such fair valuation as the Company may in each case determine; and gross dividends, distributions of cash, bonus shares or other bonus securities, rights issues, warrants and interest received from or in relation to investments of the Portfolio during any Annual Period or Monthly Period, as the case may be as well as any withdrawal of cash or investments from the Portfolio during any Annual Period or Monthly Period, as the case may be, as well as any withdrawal of cash or investments from the Portfolio during any Annual Period or Monthly Period, as the case may be, shall be taken into account in the valuation of the Portfolio and shall be added to the Final Value for the relevant Annual Period or Monthly Period, as the case may be.
18.1.3. Any monetary profits made from entering into CFDs shall be included in the valuation of the Portfolio after deducting the applicable Profit Share and Transaction Expenses.
18.1.4. The Value of the investment account is constantly changing based on the movement of underlying instruments, further deposits and withdrawals.
18.2. The Final Value of the Investment Account for the relevant Payout Interval, shall be** determined after deduction of all outstanding Profit Share, fees and expenses, including third-party ones.
18.3. The Final Value of the Investment Account for the Payout period shall be compared with a** benchmark that the Company shall select. The benchmark more accurately tracks the Clients assets and reflects each of the clients’ investment objectives.
19.1. The Client can initiate his Account’s liquidation (closure) by making a closure request in the Client’s personal space at the Trading Platform. All positions on Account must be closed.
The Company can initiate, when it believes is a proper time, a Client’s Account liquidation, taking into consideration the pre-agreed Client’s investment policy statement and the current circumstances of the markets at the given point in time. All open positions shall immediately be closed.
A request for the closure of a Client Account’s can take up to 3 business days or otherwise agreed with the Company.
19.2. Both Parties may terminate this Agreement by giving written notice of at least 3 (three) days’ notice to the other.
19.3. Any such termination shall not affect any obligation which has already been incurred by** either the Client or the Company in respect of any Open Position or any legal rights or obligations which may already have arisen under the Agreement or any Transactions and deposit/withdrawal operations made thereunder, any rights which have arisen, existing commitments or any contractual provision which were intended to remain in force after the termination.
19.4. In the case of termination, the Client shall pay:
19.4.1. Any pending Profit Share or Transaction Expenses and any other amount payable; or
19.4.2. Any dealing expenses incurred by terminating this Agreement and charges incurred for transferring the Client’s investments to another investment firm;
19.4.3. Any reasonable losses and expenses realized in closing out any Transactions or settling or** concluding outstanding obligations incurred by the Company on the Client’s behalf.
19.5. The termination of the Agreement shall:
19.5.1. not affect the rights or liabilities of either of the Company or the Client in respect of transactions already initiated, including all open contracts, and the Client shall be obliged to pay for such transactions initiated before notice of termination is received by the Company and a due proportion of any periodic payment for the services provided hereunder;
19.5.2. not prejudice any right of any person to all deposits and other sums held by such person and this Agreement shall continue to apply in respect of such transactions; and
19.5.3. not terminate or affect any warranties and obligations which the Company or the Client hereto have made or have under this Agreement.
20.1. The Client represents and warrants to the Company that:
20.1.1. the information provided by the Client to the Company in the Application Form and at any time thereafter is true, accurate and complete and the documents handed over by the Client are valid and authentic;
20.1.2. the Client has read and fully understood the terms of the Agreement including the information in the Appendices;
20.1.3. the Client is duly authorized to enter into the Agreement and to perform its obligations hereunder;
20.1.4. the Client acts as principal and not as an agent, representative, trustee or custodian of someone else (unless he has disclosed this fact to the Company);
20.1.5. the Client is the individual who has completed the Application Form or, if the Client is a company, the person who has completed Application Form on the Client’s behalf is duly authorized to do so;
20.1.6. all actions performed under the Agreement shall not violate any law or rule applicable to the Client or to the jurisdiction in which the Client is a resident or a subject, or any agreement by which the Client is bound or by which any of the Client’s Assets are affected;
20.1.7. the Client Financial Instruments and Client money are not in any direct or indirect way the proceeds of any illegal activity or used or intended to be used for terrorist financing;
20.1.8. the documents handed over by the Client are valid and authentic;
20.1.9. the Client has chosen the particular type of service and investment objectives, taking his total financial circumstances into consideration which he considers reasonable under such circumstances;
20.1.10. the Client has declared in the Application Form if he is a Politically Exposed Person** and shall notify the Company if at any stage during the course of this Agreement, he becomes a Politically Exposed Person.
20.1.11. Entering into this Agreement by the Client does not and shall not contravene or** constitute a default under, or cause to be exceeded, any of the following, namely:
any law by which the Client or any of its assets is bound or affected;
rights of any third parties in respect of the Client or the Financial Instruments;
any agreement to which the Client is a party or by which any of its assets are bound;
20.1.12. Without prejudice to the rights of the Company as set out herein, neither the Client** nor any of his Authorized Representative / Attorney shall have any dealings in relation to or trade in any of the Financial Instruments or cash or any other property assets which he has delivered to or acquired through the Company,
20.1.13. The Financial Instruments and other assets, including cash amounts, which the** Client may deliver from time to time to the Company belong exclusively to the Client and are owned by him free from any right of lien, charge, pledge or any other encumbrance or claim by any third party, unless the Client has otherwise disclosed to the Company in writing.
21.1. The Client unreservedly acknowledges and accepts that, regardless of any information** which may be offered by the Company, the value of any investment in Financial Instruments may fluctuate downwards or upwards and it is even probable that the investment may become of no value.
21.2. The Client declares that he has read and that he has understood and thus accepts without** any reservation the following:
21.2.1. The value of the Financial Instruments may decrease and the Client may receive less money than originally invested or the value of the Financial Instruments may present high fluctuations;
21.2.2. Information on past performance of a Financial Instrument does not guarantee the present and/or future performance. The use of historic data does not constitute a binding or safe forecast as to the corresponding future return of the Financial Instruments to which such data refers;
21.2.3. Some Financial Instruments may not become immediately liquid due to various reasons such as reduced demand, and the Company may not be in the position to sell them or easily obtain information on the value of such Financial Instruments or the extent of any related or inherent risk concerning such Financial Instruments;
21.2.4. When a Financial Instrument is negotiated in a currency other than the currency of the Client’s country of residence, any changes in an exchange rate may have a negative effect on the Financial Instruments’ value, price and performance;
21.2.5. A Financial Instrument in foreign markets may entail risks different than the usual risks in the markets at the Client’s country of residence. In some cases, such risk may be higher. The prospect of profit or loss from Transactions in foreign markets is also influenced by the exchange rate fluctuations;
21.2.6. Rights and Warrants are rights to acquire shares or other Financial Instruments with or without the deposit of a specific amount to the issuer. If the Company does not exercise its right to acquire shares or other Financial Instruments during the period of exercise of the Rights or Warrants, then at the time of their expiry, the Rights and/or Warrants expire and have no value whatsoever;
21.2.7. The value of the Rights and/or Warrants is directly affected by the market price of the specific share or security. For example, a small change in the market price of the share or security may result in a significant change in the price of the Right and/or Warrant. Therefore, the value of the Rights and/or Warrants is extremely volatile;
21.2.8. In connection with any purchase, other acquisition, sale or other disposal for the protection of the value of Financial Instruments, a movement in exchange rates may have separate effect favorable as well as unfavorable on the gain or loss otherwise experienced on the Financial Instrument.
21.3. The Client acknowledges and accepts the risks outlined in the Risk acknowledgment and** disclosure found at the Legal Documents Section of the Website (hereinafter the “Risk Disclosure”) and further acknowledges and accepts that there may be other risks which are not contained in this clause or in the Risk Disclosure.
21.4. The Client acknowledges that no representations were made to him by or on behalf of the** Company which have in any way incited or persuaded him to enter into the Agreement.
21.5. The Client is entering into the present agreement at his own free will.
21.6. The Client agrees and understands that:
21.6.1. When trading in Derivative Financial instruments (like CFDs) he shall not be entitled to delivery of, or be required to deliver, the Underlying Asset, nor ownership thereof or any other interest therein.
21.6.2. No interest shall be due on the money that the Company holds in his Client Account.
21.6.3. When trading in Derivative Financial instruments (like CFDs) this is done on the outcome of the price of an underlying asset (e.g. currency or metal or commodity etc.) and that trading does not occur on a Regulated Market but Over-The-Counter (OTC).
21.6.4. The Company is entitled to execute the Transactions outside the Regulated Markets and MTF.
21.7. The Client confirms that he has regular access to the internet and consents to the Company** providing him with information, including, without limitation, information about amendments to the terms and conditions, costs, fees, Profit Share, this Agreement, Policies and information about the nature and risks of investments by posting such information on the Website.
21.8. The Client consents to the Company contacting the Client, from time to time, for the purpose** of administering the terms of the agreement and for marketing purposes.
22.2. The Company shall conclude Transactions in good faith and with due diligence but shall not** be held liable for any omission, deliberate omission or fraud by a Manager and/or any person, firm or company from whom the Company receives instructions for the execution of the Client’s Orders and/or from which Transactions are carried out on behalf of the Client, unless to the extent where this would be the result of gross negligence, willful default or fraud on the part of the Company.
22.3. Except in cases of gross negligence, willful default or fraud on the part of the Company, if the Company incurs any claims, damage, liability, costs or expenses, which may arise in** relation to the execution or as a result of the execution of the Agreement and/or in relation to the provision of the Services and/or instructions contained in the Agreement it is understood that the Company bears no responsibility whatsoever and it is the Client’s responsibility to indemnify the Company for such.
22.4. The Company shall not be held liable for the loss incurred by the Client in cases where** the Client’s funds are kept by a third party such as a bank or other institution used as a payment provider, or for an act, which was carried out based on inaccurate information at its disposal prior to being informed by the Client, of any change in the said information.
22.5. Except in cases of gross negligence, willful default or fraud on the part of the Company, the Company shall not be liable for any loss or expense incurred by the Client in connection** with, or directly or indirectly arising from but not limited to:
22.5.1. any failure by the Company to perform any of its obligations under the Agreement
as a result of Force Majeure Event or any other cause beyond its control;
22.5.2. the acts, omissions or negligence of any third party;
22.5.3. any changes in the rates of tax;
22.5.4. in the event the Company provides news, market commentary, recommendations, information relating to Transactions or research to the Client (or in newsletters which it may post on its Website or provide to subscribers via its Website or otherwise) and the Client suffers any losses, costs, expenses or damages arising from any inaccuracy or mistake in any such information given;
22.5.5. currency risk;
22.5.6. the Client’s choice of a Manager.
23.1. If any term of the Agreement (or any part of any term) shall be held by a court of competent** jurisdiction to be unenforceable for any reason then such term shall, to that extent, be deemed severable and not form part of this Agreement, but the enforceability of the remainder of Agreement shall not be affected.
24.1. No single or partial exercise of, or failure or delay in exercising any right, power or remedy** (under these terms or at law) by the Company shall constitute a waiver by the Company of, or impair or preclude any exercise or further exercise of, that or any other right, power or remedy arising under the Agreement or at law.
24.2. Any liability of the Client to the Company under the Agreement may in whole or in part be** released, compounded, compromised or postponed by the Company in its absolute discretion without affecting any rights in respect of that or any liability not so waived, released, compounded, compromised or postponed. A waiver by the Company of a breach of any of the terms of the Agreement or of a default under these terms does not constitute a waiver of any other breach or default and shall not affect the other terms. A waiver by the Company of a breach of any of the terms of the Agreement or a default under these terms shall not prevent the Company from subsequently requiring compliance with the waived obligation.
25.1. The Company may, without prior written consent of the Client, assign the benefit and burden of the Agreement to a third party in whole** or in part, provided that such assignee agrees to abide by the terms of the Agreement.
25.2. The Client may not assign, charge or otherwise transfer or purport to assign, charge or** otherwise transfer the Client’s rights or obligations under the Agreement without prior written consent of the Company and any purported assignment, charge or transfer in violation of this term shall be void.
26.1. The Company has put in place internal procedures for handling complaints fairly and** promptly. Any complaint must be made in writing giving all relevant details. The Client may notify complaints to the Company regarding the failure to fulfil or the improper fulfilment of any obligations related to trading operations on the Client Account, in writing together with all details and supporting documents.
26.2. The Procedure for Dispute Resolution is outlined in the Client Agreement concluded** between the Client and the Company and Complaints Handling Policy of the Company available to all Clients on the Website.
27.1. This Agreement shall be governed by and construed in accordance with the laws and** regulations of Singapoure.
27.2. With respect to any proceedings, the Client irrevocably:
27.2.1. agrees that the courts of Singapoure shall have exclusive jurisdiction to determine any proceedings;
27.2.2. submits to the jurisdiction of Singapoure courts;
27.2.3. waives any objection which the Client may have at any time to the bringing of any proceedings in any such court; and
27.2.4. agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over the Client.
28.1. Notwithstanding any other provision of this Agreement, in providing Services to the Client** the Company shall be entitled take or omit to take any
measures which it considers desirable in view of compliance with the laws and regulations (collectively the ‘Laws’) in force in Singapoure at the time. Any such measures as may be taken and all the Laws in force shall be binding for the Client.
28.2. All Transactions on behalf of the Client shall be subject to the laws of Singapoure which govern the** establishment and operation of Investment Firms, the regulations, arrangements, directives, circulars and customs of the regulator of the Company and any other authorities which govern the operation of the Company.
28.3. The Company is authorized to disclose information relating to the Client and/or his** Transactions to its regulator and other regulatory bodies as required by law.
28.4. The Company shall keep Client records for at least seven** years after termination of the Client Agreement.
29.1. The Client shall take all reasonably necessary measures (including, without prejudice to the** generality of the above, the execution of all necessary documents) so that the Company may duly fulfill its obligations under the Agreement.
29.2. The Company may at its discretion proceed to freeze the account of the client if it considers** that documents received are not adequate and the client fails to provide the documents within the deadlines advised by the Company. In this case the account of the client shall be charged a handling fee of $5 per month or the balance of the account whichever lower until the client provides the Company with the missing information.
29.3. Where the Client comprises two or more persons, the liabilities and obligations under the** Agreement shall be joint and several. Any warning or other
notice given to one of the persons which form the Client shall be deemed to have been given to all the persons who form the Client. Any instruction or notice given by one of the persons who form the Client shall be deemed to have been given by all the persons who form the Client.
29.4. The rights and remedies provided to the Company under the Agreement are cumulative and** are not exclusive of any rights or remedies provided by law.
29.5. Nothing in the Agreement shall prevent the Company from acting as an investment manager** or to provide any other Client with the investment services.
29.6. The Company may at its discretion proceed to freeze the Investment Account if it considers** that documents received are not adequate and the Investor fails to provide the documents within the deadlines advised by the Company. In this case the account of the Investor shall be charged a handling fee of $5 per month or the balance of the account whichever lower until the Investor provides the Company with the missing information.
30.1. The Client declares that:
30.1.1. has carefully read and fully understood the entire text of the above terms and conditions Agreement with which he fully and unreservedly agrees;
30.1.2. has read and went through all information provided on the internet regarding the Company, its services offered, relevant Profit Share, fees and costs, general risk disclosure, client categorization, summary conflict of interest’s policy, order execution policy for CFDs, general risk disclosure and risk disclosure on CFDs and has found all relevant information up to standards.
30.1.3. consents and agrees to direct advertising through cold calling, either by phone or personal representation, automatic calls, email or other phone, electronic or digital means by the Company.
30.1.4. is over 18 and to the best of his knowledge and belief, the information provided to the Company, and any other documentation supplied is correct, complete and not misleading and he shall inform the Company of any changes to the details or information.
30.1.5. has chosen and shall choose the investment amount, taking his total financial circumstances into consideration which he considers reasonable under such circumstances.
31.1. While trading CFDs on Shares and Spot Indices, please consider that the Company may** apply reasonable measures in order to reflect the Corporate Actions of the underlying assets. This can include but is not limited to: Splits / Reverse Splits, Dividends Payments, Rights Issues, Mergers or Acquisitions etc.
31.2. Please also note that it is the Client’s sole responsibility to be aware if an upcoming** corporate event is approaching that may affect the underlying securities. The Company might charge the costs associated with the underline corporate actions, depending on Clients position direction (Buy/Sell), without notice as this has been applied directly by our Liquidity Providers to the Company.
31.3. In relation to a dividend adjustment to be applied to the Client’s account, the Client must** hold an open trade at the close of the trading session on the Business Day before the ex-dividend date.
Appendix 1: Functionalities of the Investment Account
Initial Minimum Deposit: As soon as the Client meets the Minimum Deposit level, the system automatically starts following the Investment Strategy. i.e. new order or orders shall be executed if the Investment Strategy has open positions.
All requests in relation to opening or closing orders on the investment account shall be processed and executed during the trading hours of all the trading instruments in the investment account.
The Investment Account shall have the same terms and conditions as the Strategy Manager Account that is followed by the Investor Account. The Strategy Manager can be registered under another brand and/or by another company and in case of any complaint the Client shall follow standard Complaints Management Policy of the Company.
When the Manager withdraws all the funds from his/her Manager’s Account, all Investment Accounts following the Manager shall be closed as well.
When a Manager is inactive for 90 calendar days all Investment Accounts following the Manager shall be closed.
Investment account is closed automatically if it is paused for 90 days with 5 calendar day/s prior email notification before closing.
The system can automatically pause an Investment Account.
In the case that it cannot follow the Investment Strategy due to:
1) The calculated volume to be executed on the Investment Account cannot be fulfilled given that it does not meet the minimum volume requirements. The minimum volume requirement for the execution of trades is 0.0001 lots.
2) Extreme volatility or other technical issue
3) The Free Margin available in the Investment Account is not sufficient to open a new position.
The following Formula is used for calculating Volume of Investment Account:
Vi = Vm*R*K
Vi = Volume of Investment Account Vm = Volume of Strategy Account
R = Relationship between the Investment Account’s and the Investment Strategy’s equities
K = Coefficient of following between the Investment Account and the Investment Strategy. It can be 1 or 0.5.
Negative balance protection is an automated adjustment of the account balance to zero should it become negative after a stop out. We will always bring your account back to zero at no extra cost, ensuring that you never lose more than your deposited funds.
Segregated bank accounts: Your money is held in segregated client bank (independent trust) accounts at regulated banks.
This Policy is provided to you to help you understand, as a potential or actual client of EVO CAPITAL MANAGEMENT EUROPE LTD (the “Company” or “us”) the basic principles that the Company’s employs to discharge its regulatory duties relating to customer identification and verification and the measures that that the Company takes regarding prevention of money laundering and terrorist financing on its trading platforms.
This Policy forms an integral part of the client agreement between you and the Company (the “Client Agreement”) and other terms and policies that govern your relationship with us. As a pre-requisite of opening and maintaining a trading account with us, you must agree to and accept and consent to the terms of the Client Agreement. By doing so, you also agree to the terms of this Policy.
You must ensure that you have read and understood the contents of this Policy before you commence any operations on your Trading Account.
This Policy lays down the Company’s framework and procedures for: preventing the Company from being used, intentionally or unintentionally, by criminal elements for money laundering or financing of terrorist activities; enabling the Company to know/understand the Clients and their background and source of funds; properly identify and verify the identity of Clients. This Policy can be modified or altered by the Company at any time with or without notice.
The Company is required to comply with the provisions of the following anti-money laundering laws and regulations, as may be amended from time to time:
Money Laundering (Prevention) Regulations (2013)
Money Laundering (Prevention) (Amendment) Act 2013
Suppression of the Financing of Terrorism (Amendment) Act 2013 (SFT(A)2013)
In accordance with the Laws, we are obliged to set out policies and procedures for preventing money laundering activities. Those procedures, which are implemented by the Company include, inter alia: identification and due diligence procedures of the Clients through the implementation of a risk-based approach; record keeping procedures in relation to the Clients’ identity and their transactions at our trading platforms; internal reporting procedures to the Company’s Money Laundering Reporting Officer appointed to receive and consider information or suspicion that a Client is engaged in money laundering activities; appropriate procedures of internal control, risk management, with the purpose of preventing money laundering activities; and examination of transactions that due to their nature are considered vulnerable to money laundering, and especially for complicated or unusually large transactions and transactions that are taken place without an obvious financial or legal purpose;
3.1. Risk Based Approach in Client Verification
The Company applies appropriate measures and procedures, on a risk-based approach, so as to focus its effort in those areas where the risk of money laundering and terrorist financing appears to be higher. A risk- based approach is adopted by the Company during the verification of the Clients’ identity, the collection of information for the construction of their economic profile and monitoring of their transactions and activities at their Trading Accounts. Taking into consideration the assessed risk, the Company determines the type and extent of measures it adopts, to manage and mitigate the identified risks.
Client acceptance procedure is prepared following detailed assessment of the risks faced by the Company from the Clients and/or their transactions and/or their countries of origin or operations and/or any other factors the Company may identify as significant from time from time. The Company identifies the Clients prior or during to commencing a business relationship.
The Company, in accordance with the Law, conducts the verification of the identity of the Clients and the beneficial owners (if the Client is a body corporate) during the establishment of the business relationship. The verification of Clients’ information may be made via the submission of documents or electronically, or by other means in the Company’s sole discretion.
3.2. Timing of Client Identification
The Company performs identification of the Clients prior the establishment of the business relationship and proceeds with verification of the potential Clients’ identity prior or during the establishment of a business relationship to prevent interruption of the normal conduct of business and where there is limited risk of money laundering or terrorist financing occurring. In case of the latter, the due diligence procedure shall be completed as soon as practicable after the initial contact. Where, in the Company’s opinion, the risk of money laundering and terrorist financing cannot be determined as low, enhanced Client due diligence shall be completed prior the establishment of a business relationship. Each Client is required to complete the Company’s KYC procedures by submitting the relevant KYC documentation or pass electronic verification.
3.3. Operation of Trading Account Prior to Completion of Verification
The Company, in its sole and absolute discretion, may enable a Client to operate its Trading Account during the establishment of the business relationship when the Client is deemed as being of low risk of money laundering and terrorism financing and according and further subject to a maximum deposit limit not exceeding 12,000 US Dollars or equivalent in other currencies. Such Clients must complete their KYC onboarding and provide all relevant verification documents to the Company within 14 days after the date of opening of the Trading Account
Clients who are permitted to use their Trading Account under this Section 3.3 are given 14 days from the day of opening thereof to complete the Company’s KYC and verification procedure. In case where a Client is unable to comply with the Company’s KYC and verification requirements within the aforesaid time frame, the Company shall return the funds as part of the termination process and close the account. In this case, the relationship is to be considered void and the funds have to be returned to a bank account in the name of the depositor. Where the Company is unable to return the funds to its source of deposit, it must retain the funds in a separate bank account until the Client completes the KYC and due diligence procedure to the Company’s satisfaction in order to be able to withdraw the funds.
For ascertaining the true identity of the Client, each Client who is a natural person shall be required to provide the Company with at least the following information:
True name as stated on the official identity card or passport;
Full residential address, including postal code;
Telephone;
Email address;
Date of birth;
Nationality; and
Details of occupation of the Client.
Each Client who is a natural person shall provide to the Company at least the following documents during the on-boarding procedure to verify the above information of the Client:
a valid proof of identity;
recent proof of residence, in the form of a utility bill, local tax authority bill or a bank statement (not older than 6 months);
such other documents as the Company may reasonably require to verify the Client’s source of wealth and occupation.
Where a Client is a body corporate or a company or any other type of legal entity, the Company shall require the following documents and information:
full name of the legal entity;
legal entity’s address (place of operations);
certificate of incorporation;
memorandum of Articles and Association;
certificate of registered address or a similar document;
certificate or register of directors;
certificate or register of shareholders;
board resolution for the opening of the Trading Account indicating the authorized persons;
proof or identity and proof of address of the authorized person if other than the shareholder;
full KYC documents for the ultimate beneficial owner of the legal entity, including proof of beneficial ownership.
The Company reserves the right to demand, when it deems appropriate, notarized and/or apostilled copies of any of the above documents along with English translation thereof.
The Company reserves the right to take such additional measures as it deems fit when conducting Client due diligence in cases where, in the Company’s opinion, there is elevated higher risk of money laundering. When entering into the Client Agreement with the Company, the Client authorizes the Company to carry out such searches and to transfer the Client’s information to such external data bases and verification service providers (such as World Check) as the Company might deem necessary to complete its KYC and verification procedures.
The Company retains full and absolute discretion as to the precise type and form of the KYC documents collected from the Clients. You shall be advised on what you are required to provide by the relevant Client onboarding officer of the Company.
It’s the Company policy not to establish a business relation nor accept as Client persons who are classified as Politically Exposed Persons (“PEPs”) or the immediate family members of PEPs due to the same presenting additional risks to the Company.
The Company has the right to perform checks in relation to the Clients in external databases (such as World Check) in order to identify if the respective potential Client is considered a PEP or is included in any sanctions list.
The meaning of PEP includes the following natural persons who are or have been entrusted with prominent public functions in any country:
heads of state, heads of government, ministers and deputy or assistant ministers;
members of parliaments;
members of supreme courts, of constitutional courts or of other high-level judicial bodies whose decisions are not subject to further appeal, except in exceptional circumstances;
members of courts of auditors or of the boards of central banks;
ambassadors and high-ranking officers in the armed forces;
members of the administrative, management or supervisory bodies of state-owned enterprises.
The Company documents our verification process, including all KYC information provided by the Clients, the methods used and results of verification, and the resolution of any discrepancies identified in the verification process. We keep records containing a description of any document that we relied on to verify your identity, noting the type of document, any identification number contained in the document, the place of issuance, and if any, the date of issuance and expiration date. With respect to non-documentary verification, we retain documents that describe the methods and the results of any measures we took to verify the identity of Clients. We also keep records containing a description of the resolution of each substantive discrepancy discovered when verifying the identifying information obtained. We shall keep the Clients’ KYC documents and information, as well as information about the transactions posted on the Platform through the Clients’ Trading Accounts, for 5 (five) years after the date of termination of relationship with the relevant Client.
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