KNOW YOUR INTRODUCING BROKER FORM AND AGREEMENT

Transcription

1 KNOW YOUR INTRODUCING BROKER FORM Documents Required A. Individual 1. Photo 2. Proof of Identity 2. Address Proof 3. Bank Account Proof Passport Size One) Passport Driving License National ID Other IDs issued by Govt. Agency Note: 1. Submit one document from each options, address proof and bank document should not be more that 3 months old, 2. Identity proof / Address Proof - should bear True Copies and be certified by employees of VEGA Markets Inc, introducing brokers/white label partners, a lawyer, notary, actuary, chartered accountant, director/secretary of a regulated financial institution and senior civil servant. The document should bear name, address, position and contact details (e.g. telephone, id) of the certifier. B. Corporate / Partnership Firms / Trusts / LP / LLP / LLC Utility /Telephone Bill Credit Card/Bank Statement Tenancy Contract Passbook Bank Statement Cancelled Cheque Leaf Bank Reference 1. Certificate of incorporation / registration 2. Valid Trade license 3. Memorandum & Article of Association/Partnership Deed/Trust Deed 4. Copy of Register of Directors, Shareholders and Company Secretary/Partners/Trustees/Members 5. If there are corporate entities as shareholders, declaration needed that beneficial owners have gone through KYC 6. Registered and Correspondence address proof of the Company/Partnership Firm/Trusts/LP/LLP/LLC 7. List of Authorized Signatories as per board resolution. 8. Identity Proof and Address Proof (as mentioned below) of Shareholders/Partners/Trustees/Members, Directors and Authorised Signatories 1. Proof of Identity 2. Address Proof Passport Driving License National ID Other IDs issued by Govt Agency Utility /Telephone Bill Credit Card/Bank Statement Tenancy Contract i) Identity Proof (1): anyone ii) Address Proof (2): anyone.

2 Note: Identity proof / Address Proof - should bear True Copies and be certified by employees, introducing brokers/white label partners of VEGA Markets Inc, a lawyer, notary, actuary, chartered accountant, director/secretary of a regulated financial institution and senior civil servant. The document should bear name, address, position and contact details (e.g. telephone, id) of the certifier. 9. Bank Statement for Account Proof (not more than three months old) 10. Share Holding Pattern 11. Latest Balance sheet copy or latest audited financials except newly incorporated Company/Partnership/Trusts/LP/LLP/LLC Notes: 1. Process of Approval will take few working days provided the form is duly filled, signed (should be backed by company seal/stamp) and the relevant documents are attached. 2. Introducing Broker approval, confirmation and other details will be forwarded to your official id registered with us.

3 Introducing Broker Profile - Individual Personal Details Full Name (as on passport): Nationality: Passport #: Date of Birth: / / (dd/mm/yyyy) Place of Birth: Residential address: Correspondence Address (if different): Address: Home Phone #: Mobile #: Work Phone #: Employment Information Employer s Name: Employer s Principle type of Business: Position Held: Total Experience (Years): Is employer or firm regulated by FCA or CFTC or any other regulator in financial markets? Yes No Bank Details Beneficiary Name: Beneficiary Address: Bank Account Number:, IBAN Number: Bank Name:

4 Bank Address: Swift Code: Financial Information Approximate annual income (in USD): Approximate net worth (in USD): Approximate value of your investment portfolio (in USD): Source of fund: Where did you hear about VEGA MARKETS INC? Total (years) investment/trading experience: General Disclosure A. Do you have any pending litigation and/or any other unresolved matter with any other broker and/or any other company or ever been sanctioned by any regulatory authority within the financial services industry? If yes, please provide details Yes No B. Are you/have you during the past 5 years been a partner, director, officer or employee of any broker, or any other company within the financial services industry, or the same of any exchange, board of trade, contract market or clearing organization? If yes, please provide details Yes No C. Has any judgment debt (including court judgment) made by a Court Order Still outstanding, whether in full or part? If yes, please provide details Yes No D. Do you classify as a politically exposed person? If yes, please provide details Yes No

5 E. Does any third party have any interest whether financial or otherwise, in respect of any control undertaken in the business? Yes No If Yes, please elaborate in which capacity The undersigned hereby attest(s) and certifies that the above information is complete and accurate. The undersigned hereby further authorize(s) VEGA MARKETS INC to verify any or all of the foregoing information. Signature Name Date (dd/mm/yyyy)

6 Introducing Broker Profile Corporate / Partnership Firm / Trusts / LP / LLP / LLC Full Name (as on license): Domicile: License Number #: Date of Incorporation: / / Legal Status: (Type of firm, Corporate/Partnership/Trusts) Type of Business: Registered address: Correspondence Address (if different): Address: Office Number #: Mobile #: Fax Number #: Financial Information Estimated total balance-sheet assets: Origin/Source of funds: Share Holders/ Partners/Trustee/ Members Beneficiary Names We are obligated to ensure that we identify and verify the controlling elements and beneficial ownership of any account that we open. Accordingly, please declare any shareholders including ultimate beneficial owners/ partners/trustees or beneficiaries having an interest of 20 % or more in the entity above. We will require full identification details for such individuals and corporates.

7 Particulars Name Date/Place of Birth Nationality Designation Address Tel/Mobile No Identity Document Details (Title/No) Date & Place of Issue Bank Details Beneficiary Name: Beneficiary Address: Bank Account Number: IBAN Number: Bank Name: Bank Address: Swift Code: General Disclosure A. Do you have any pending litigation and/or any other unresolved matter with any other broker and/or any other company or ever been sanctioned by any regulatory authority within the financial services industry? If yes please provide details Yes No

8 B. Has any judgment debt (including court judgment) made by a Court Order Still outstanding, whether in full or part? If yes please supply details Yes No C. Do(es) any director(s), major shareholder(s), partner(s), trustee(s), member(s) classify as a politically exposed person? If yes, please provide below any known details. Yes No The undersigned hereby attest(s) and certifies that the above information is complete and accurate. The undersigned hereby further authorize(s) VEGA MARKETS INC to verify any or all of the foregoing information. Signature and Company Seal: Name: Designation: Date: (dd/mm/yyyy)

9 To, VEGA MARKETS INC Capital Plaza Building, 15 th Floor, Paseo Roberto Motta, Costa del Este, Panama, Republic of Panama Dear Sir/Madam, I am an authorized officer/secretary of, (the Corporation / Partnership / Trust / LP / LLP / LLC). A Corporation / Partnership / Trust / LP / LLP / LLC organized / set up under the law of I hereby certify that the following resolutions were duly adopted by the Board of Directors or Members of the Corporation / Partnership / Trust / LP / LLP / LLC on and are now in full force and effect. IT WAS RESOLVED THAT 1. The Corporation / Partnership / Trust / LP / LLP / LLC approves and agrees to the Know Your Introducing Broker Form along with notes and Introducing Broker Agreement including Appendix and/or Schedule, (collectively, the Agreement) of VEGA MARKETS INC, in the form presented in this meeting; 2. The Corporation / Partnership / Trust / LP / LLP / LLC was empowered by its charter, certificate of incorporation, bye-laws, resolutions and other organizational documents of the Corporation to enter into and perform the Agreement and all liabilities and obligations attached to it is in accordance with its terms; 3. The under mentioned designated person(s) be authorized to sign the Agreement on behalf of the Corporation / Partnership / Trust / LP / LLP / LLC: Title Full Name Signature 4. The under mentioned designated person(s) be authorized to sign all further documents in connection with, and give all instructions relating to, the Agreement on behalf of the Corporation / Partnership / Trust / LP / LLP / LLC unless the Corporation / Partnership / Trust / LP / LLP / LLC has advised VEGA MARKETS INC independently about the appointment/addition of any new signatory or removal/deletion of existing signatory through a separate resolution in the similar capacity: Title Full Name Signature And that VEGA MARKETS INC shall be entitled to act without further enquiry in accordance with any instructions, whether oral or written, that may be given by any one of such persons with respect to the Agreement or transactions of the Corporation / Partnership / Trust / LP / LLP / LLC.

10 I certify that the above is a true extract from the minutes of a duly convened and held meeting of the Board of Directors or Members of the Corporation / Partnership / Trust / LP / LLP / LLC. Signature and Company Seal: Name: Designation: Date: (dd/mm/yyyy)

11 THE INTRODUCING BROKER This Introducing Broker agreement dated (as amended from time to time, this Agreement ), entered among VEGA MARKETS INC, having its registered office at Capital Plaza Building, 15 th Floor, Paseo Roberto Motta, Costa del Este, Panama- Republic of Panama. And a legal entity ( ), incorporate and registered in and regulated by, having registered office address is desirous to introduce clients to trade in spot foreign exchange ( Forex ) and Contracts for Differences ( CFDs ) as Introducing Broker ( IB ) to VEGA Markets Inc. Such clients would strictly be the IB originated customers. WHEREAS:- This Agreement sets out the terms upon which clients may be referred/introduced to VEGA MARKETS INC by the IB named above. IT IS HEREBY AGREED as follows: 1. Definition In this Agreement, unless the context otherwise requires, the following words shall have the following meanings:- 1.1 Person, shall mean any individual or legal entity (Corporate/Private Limited Company / Partnership Firms / Trusts / LP / LLP / LLC etc) or any combination thereof. 1.2 Client Agreement, shall mean Know Your Client (Account Opening) Form and the Agreement of VEGA MARKETS INC, which may be amended from time to time at the sole discretion of VEGA MARKETS INC. 1.3 Client, shall mean an IB originated person whom the Company has accepted to open account under its Client Agreement. Further, such IB originated person has signed the Client Agreement and has furnished all the documents prescribed in the Client Agreement and the person has subsequently been approved as Client of the Company. 2. Conflict 2.1 In the event of any conflict or discrepancy between this Agreement and the Client Agreement, the terms and

12 conditions as stated within the Client Agreement shall prevail and the IB shall not be able to overrule the judgment or interpretation of the Company in any circumstances. 2.2 The Company is authorized to cancel or change this agreement in favour of the client and Client s Agreement in case of any discrepancy occurred from the IB of this Agreement. 3. IB Relationship and Activities 3.1 The terms of this Agreement cover the rights and obligations of the IB in respect of IB originated Clients he may introduce to the Company, as defined by the Company. 3.2 In the event of the IB wishing to offer any deviation from the standard interpretation of this Agreement or the relationship upon which it is based, the IB will be deemed to be in breach of this Agreement and all its Terms, unless he has received written confirmation from the Company s Management that the proposed activities are approved and accepted. 3.3 The IB hereby undertakes to refer the trading facilities and services of the Company to prospective customers. The IB may act either in passing the names of potentially interested persons to the Company or may invite interested persons to contact the Company directly. 3.4 Where the IB seeks to receive fee income from the Company, in rebate or other form (an Appendix detailing such fee will be an integral part of this Agreement), he must ensure that the name of the referred person is given to the Company before that person opens an account and with such timing that there may be no doubt that the referred person has undertaken to open an account with the Company following the introduction made by the IB. In the event of any disparity between the claim(s) made by the IB and the understanding of the Company in respect of how the client came to be referred to the Company; the Company shall have sole discretion in accepting or rejecting any claims made by the IB. In other words, for purposes of this Agreement the term IB Originated Client will be limited to include only those clients identified and confirmed in writing by the Company as introduced by the IB and where the Client introduced is not and has not previously been a client of the Company. Once introduced to the Company then the 'IB Originated Client data becomes the property of the Company and the Company may contact these clients without restriction. 3.5 The IB undertakes and agrees to comply with all local compliance rules, regulations, directives, guidelines including, but not limited to, solicitation and sales practices, trading performance statements, risk disclosure, communications with the public, and the use of promotional materials, and shall pass such promotional literature to the Company for approval. The IB also agrees to observe all legal and regulatory requirements as dictated by the applicable jurisdiction laws and any local (domestic) regulatory requirements within his/it s jurisdiction as may apply in respect of financial promotions and related activities referred in this Agreement. 3.6 The IB shall not assign or transfer any of its obligations or rights under this agreement without the prior consent in writing of the Company.

13 3.7 The IB will not pass any market analysis or research that is made available generally by the Company without the prior written permission of the Company and will not pass direct trading recommendations. 3.8 The IB shall neither under any circumstances represent himself/itself as an employee or officer of the Company nor he shall pass himself off as having any relationship with the Company other than that of IB, without the prior express written permission of the Company. 3.9 The IB and the Company are entering into this agreement as principals and it is not intended that there should be any partnership or joint venture created by this agreement The Company at its sole discretion may accept or decline to accept any client referred by the IB The IB may not be considered a client of the Company under the definitions provided for by the regulatory bodies, on the basis of this Agreement The IB shall not influence or direct any client in respect of his trading unless that client has given the Introduction Agent express written permission to do so and in a form acceptable to the Company. The Introduction Broker accepts that neither the Company nor any of its officers, employees or affiliates shall be personally or collectively liable for any failure or omission on the part of the IB and/or the client to abide by the rules and procedures as provided to them by the Company The IB shall not hold any margin money or security or collateral in his account or any other account except in the Company authorized account for the purpose under any circumstances provided by the Client in respect of the Client s trading account(s) with the Company without the undisputed prior consent of the Company The IB unconditionally agrees that it will not represent to any Person or Client that the IB or the Company will guarantee such Person or Client any return/gain/profit or against loss or limit the loss of such Client and that it will not call for or attempt to collect required Initial Margin and/or Maintenance/Variation Margin as established by the Company The IB warrants and represents that he is not constrained by any legal or regulatory rules, directives, guidelines and laws in his place/country of business that prohibits him from freely and fully committing to this Agreement The IB will not undertake any activities in respect of any Client, prospective or actual, that may ordinarily be considered to be the function of the Company IB will refer accounts to the Company on a FULLY DISCLOSED BASIS where all client assets including client monies will be deposited by clients directly in the authorized accounts of the Company. It is hereby agreed that IB will not hold any clients assets or client monies It will be the responsibility of IB to ensure that all IB Originated Clients are fully aware of risks in trading financial instruments including Forex and CFDs. The IB will also ensure that the Clients are made aware that they

14 will be fully and solely responsible for their own trading account including profits, losses, login, passwords and other account information. The Company and/or any of its group entities including employees, officers and management will not be held liable for any trading losses in client s accounts. 4. VEGA MARKETS INC Undertaking 4.1 The Company will provide fully regulated trading environment and access to and use of online trading platform(s) and systems with back office support (statements, account status etc). 4.2 The Company warrants paying as agreed mutually in line with Appendix 1 for any trades executed by the IB Originated Clients on the Company s trading platforms and systems. Such payments/fees/rebates shall be paid monthly in arrears no later than the 15 th day for the preceding month in which those fees/rebates were earned. 4.3 The basis of fee/rebates payable to the IB has been set out in Appendix Any additional terms and services mutually agreed upon shall also be set out in Appendix 1 of this agreement. 5. Termination of Agreement 5.1 This Agreement shall remain in force from the date of this Agreement and shall continue thereafter unless and until terminated through written notice. Termination of this Agreement shall be by the provision of a minimum of one month s written notice by either party. The Company shall reserve the rights of the IB that may fall under the provisions of this Agreement and /or its Appendices and/or Schedules hereto attached or related, due to any malpractice, breach, failure or other significant event on the part of the IB, such event and termination to be at the sole discretion of the Company. 5.2 Either party may terminate this agreement by notice in writing with immediate effect if the other party is in material breach of any of the terms of this agreement and such breach, where it is remediable, remains unresolved for twenty one days after receipt of notice from the terminating party that the other party is in breach or if liquidation, bankruptcy or similar proceedings relating to insolvency are filed or initiated by or against the other party. 5.3 The IB warrants maintaining the strict confidentiality of the existence of this Agreement and its Terms and accepts that if the content of this Agreement is disclosed to third parties, the Company will have the right to terminate this notice with immediate effect and withhold any outstanding payment due to the IB. 5.4 In the event of termination for any reason, the IB shall promptly return all the information and materials supplied by the Company in respect of or consequent upon the entering into of this Agreement, or any parts thereof, that may then be in the IB s possession in any form and in any medium. The soft copies and materials in electronic form shall be deleted by the IB promptly. The IB shall continue to maintain the confidentiality of the data and this Agreement even after termination. 5.5 The IB undertakes to communicate any/all Notices in electronic sent to the Company s official id

15 or in writing delivered to the Company s address mentioned in this agreement or to such address(es) notified subsequently. The IB shall retain evidence of such Notices. 6. Non Exclusivity This agreement does not constitute an exclusive agreement and nothing in this agreement shall preclude either party from committing to similar arrangements with other institutions or individuals. 7. Liability Nothing in this agreement shall be so construed as to limit or exclude either party s liabilities in respect of death or personal injury howsoever caused. 8. Limitations of Liability and Indemnity 8.1 The Company will not be liable for any loss or expense incurred by the IB in connection with, or directly or indirectly arising from, the acts, omissions or negligence of any third party. 8.2 The IB will 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 act of omission of the IB in connection with its relationship with the Company or any Client introduced by the IB to the Company or any failure by the IB to perform any of the IB s obligations under this Agreement or any breach of any provision of this Agreement including without limitation, any refusal or failure to provide any authorisation as the Company may require The Company shall in no circumstances be liable to the IB for any consequential, direct or indirect, losses including but not limited to loss of profits, loss of opportunity, costs, expenses, penalties or damages the IB may suffer in relation to this Agreement. 8.4 Subject to the terms of this Agreement, the IB agrees to indemnify and hold the Company and its Principals, shareholders, officers, directors, employees, consultants, agents and representatives harmless from and against any and all claims, damages, costs, penalties, including those stemming from regulators, involving the IB s activities or its Client s accounts including account deficits, loss or losses and expenses, including legal fees, that the Company may sustain or become liable or answerable for or shall pay, as a result of any proven act, practice, conduct or omission of the IB or its Principals, shareholders, officers, directors, employees, consultants, agents or representatives with respect to the Clients introduced to the Company by the IB. 9. Force Majeure Neither party shall have any liability under or be deemed to be in breach of this agreement for any delays or failures in performance of this agreement which result from circumstances beyond the reasonable control of that party. If such circumstances continue for a continuous period of more than 3 months, either party may terminate this agreement by written notice to the other party.

16 10. Unenforceability The unenforceability or otherwise of any provisions of the terms and conditions of this agreement shall not affect the enforceability of the rest of these terms and conditions. 11. Applicable Law 11.1 VEGA MARKETS INC is the trading name of VEGA MARKETS INC, having its registered office at Capital Plaza Building, 15 th Floor, Paseo Roberto Motta, Costa del Este, Panama- Republic of Panama This Agreement shall be subject to the laws of Republic of Panama but such submission shall not prevent VEGA MARKETS INC from exercising its right to seek legal remedy in any other jurisdiction if it so chooses. 12. Declaration In witness hereof, the parties have executed this Agreement as at the commencement date on page 11 of this Agreement: For VEGA MARKETS INC Name Designation Date For and on behalf of Introducing Broker Name Designation Date

17 Schedule 1 - Rebates 1. Remuneration VEGA Markets Inc. will remunerate the IB for all transactions carried out by its Clients, in accordance with this Agreement, as follows: ~~~~ PLEASE INSERT THE REQUIRED REBATE TABLE HERE ~~~~ 2. General The following general terms apply to this Agreement: o o o o o All rebates will be applied to the total volumes traded each month and not in tranches. For the purposes of this Schedule, the term Round Turn shall mean a closed position. This does not include a fully hedged position where a IB Client or Customer may be long and short of the same market. If an error is made in the calculation of your remuneration, VEGA MARKETS INC reserves the right to correct such calculation at any time and to reclaim from you any overpayment made by VEGA MARKETS INC to you including without limitation, by way of reducing future payments which might otherwise be periodically due to you from us. Net revenues received in currencies other than US Dollar will be converted in accordance with VEGA MARKETS INC s standard currency exchange policy. While every effort is made during the account opening process to verify the authenticity of new accounts and subsequently their payments to us, we cannot be held responsible for any fraudulent claims or charge backs originating from the IB s introductions to us. As such we fully reserve the right to offset any such Demands made against VEGA MARKETS INC, against payments owed to the IB, until such loss is fully repaid. All payments made or received by VEGA MARKETS INC either to or from the IB or a IB Client will be subject to our internal policy and procedures on Anti-Money Laundering and Fraud, copies of which the IB acknowledges have been provided to it in advance of the execution of this Agreement. VEGA MARKETS INC will retain the right to withhold payments if we believe that by not doing so would lead to a breach of law, regulations or our statutory obligations. VEGA MARKETS INC shall provide the IB with details of any updates to its Anti-Money Laundering and Fraud policies and procedures from time to time. o To combat the introduction of scalpers to VEGA MARKETS INC from referrers, VEGA MARKETS INC reserves the right not to pay rebates to IBs for trades where the IB Clients have traded in and out of a position, either directly or indirectly through hedging, in under two [2] minutes, and shall on becoming aware of the same, provide the IB with details of the same prior to withholding such payments.

18 For VEGA MARKETS INC Name Designation Date For and on behalf of Introducing Broker Name Designation Date

19 APPENDIX 1 Services VEGA MARKETS INC will provide fully regulated trading environment and access to and use of online trading platform(s) and systems with back office support (statements, account status etc).