SWISS FINANCE CORPORATION

Transcription

1 SWISS FINANCE CORPORATION RETAIL CLIENT AGREEMENT

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3 SWISS FINANCE CORPORATION LIMITED 33 CAVENDISH SQUARE LONDON W1G 0PW UNITED KINGDOM GENERAL: (44-20) FOREX: (44-20) FAX: (44-20) SABX REUTERS DEALING: WEBSITE: Terms of Engagement We are please to enclose our Terms of Engagement, which sets out that we will provide Margin Trading facilities relating to foreign exchange to you. Swiss Finance Corporation Limited is regulated by the Financial Conduct Authority (FCA). It is entered on the FCA s register of authorised firms with number The FCA is an independent nongovernmental body, given statutory powers by the Financial Services and Markets Act 2000 to regulate firms that provide investment services in the United Kingdom. Its address is 25 The North Colonnade, Canary Wharf, London E14 5HS. Under the FCA s Conduct of Business Sourcebook, we are proposing to treat you as a Retail Client. These rules allow you, as the client, to request to be re-classified, i.e. to be treated as a Professional Client or an Eligible Counterparty. The re-classification as a Professional Client would result in a decrease in the level of regulatory protection you receive. If you wish to be reclassified as a Professional Client a Loss of Protection Notice for Professional Clients will be sent out to you. If you were re-classified as an Eligible Counterparty you would lose further protections and we would provide you with further information about this before agreeing to such a request. If you nevertheless still wish to be re classified, please contact us. We are also required to satisfy ourselves as to your identity for the purposes of anti-money laundering regulations. Accordingly we enclose a client information form, which explains how you can provide us with appropriate evidence of your identity. Please complete Client Information (Section A), Knowledge and Experience Information (Section C) complete and sign the Client Declaration (Section F) and (if relevant) the Appointed Traders Knowledge and Experience Information (Section G). Finally, please send this pack together with the appropriate identification evidence (as per Section A) to our Compliance Officer, Sanjay Amin, at the above address. Authorised and regulated by the Financial Conduct Authority Swiss Finance Corporation Limited Registration No l VAT Registration No

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5 I N D E X Retail Client Agreement SECTION PAGE A CLIENT INFORMATION 2 B RISK WARNING NOTICE - MARGIN TRADING 4 C KNOWLEDGE AND EXPERIENCE INFORMATION 6 D RETAIL CLIENT AGREEMENT ( Agreement ) 7 E CLIENT DECLARATION 12 F APPOINTED TRADERS KNOWLEDGE AND EXPERIENCE INFORMATION 13 G ADDITIONAL INFORMATION 14 1

6 S E C T I O N A Client information General information ACCOUNT NAME TICK AS APPROPRIATE: Company Partnership Individual Trust LLP ADDRESS (of Registered Office if company or LLP) NAME AND ADDRESS REQUIRED ON CONTRACTS AND STATEMENTS (if different from above) STATE THE REQUIRED FREQUENCY OF DAILY REPORTS STATE THE FORM OF REPORTS REQUIRED: fax mail other COMPANY OR LLP REGISTRATION NUMBER (if applicable) COUNTRY TAX DOMICILED NATURE OF BUSINESS CONTACT DETAILS TEL / HOME (if applicable) TEL / OFFICE MOBILE FAX NAME AND ADDRESS OF BANKERS SORT CODE / SWIFT ADDRESS ACCOUNT NAME 2 ACCOUNT NUMBER NAME OF OFFICER

7 S E C T I O N A General information continued PERSONS / TRADERS AUTHORISED TO GIVE INSTRUCTIONS IN RESPECT OF FOREIGN EXCHANGE TRANSACTIONS Name of Trader Signature of Trader accepting authority Signature of authorising authority SIGNATORIES AUTHORISED TO INSTRUCT NON-DEALING MATTERS Name Signature of individual accepting authority Signature of authorising authority Identity verification - Documentation required In order to comply with the increasing money laundering regulations in the United Kingdom, we are obliged by law to obtain the following documents, prior to opening an account on your behalf (please note that where certified copies are required, these must be certified before a solicitor or a notary public, unless the client is known personally to a member of the staff of Swiss Finance, in which case that member of staff can certify these documents him/herself). 1) If the account is to be established in the name of one or more individuals, please provide for each individual: a) certified copy of passport b) Proof of home address (e.g. a utility bill and/or bank reference) 2) If the account is to be established in the name of a company or LLP please provide: a) Copy of the most recent set of audited financial statements (if not available please provide an original (or certified copy) of a recent bank statement or utility bill, evidencing the company s or LLP s address). b) A certificate of incorporation c) A copy of the Memorandum and Articles of Association or similar document d) Documentary evidence of authorised signatories and specimen of their signatures e) A copy of the resolution authorising a foreign exchange netting account to be opened with Swiss Finance Corporation Limited and authorising the signatory who is to sign the account forms. f) For one director and one influential shareholder provide Director Shareholder 3) If the account is to be established in the name of a trust, please provide: a) Copy of the trust instrument b) List of trustees A clear signature sample One original (or certified copy) of a utility bill or bank statement Certified copy of passport Social Security number or equivalent (US only) c) List of beneficiaries (if available) d) If a trust company, extract from board minutes approving the opening of this account and designating those authorised to give instructions e) Certified copies of passports for at least two trustees f) Proof of home address of these trustees 3

8 S E C T I O N B Risk Warning Notice Margin Trading Introduction This notice is provided to you as a Retail Client in compliance with the FCA rules. You are considering dealing with us in margin FX services which we term Margined Trading. This notice is designed to explain in general terms the nature of and risks particular to Margined Trading and other financial derivative products to help you to take investment decisions on an informed basis. However, please note that this notice cannot and does not explain all the risks or features of such transactions. Margined Trading carries a higher risk of loss than trading many traditional instruments. For many members of the public these transactions are not suitable. You should not engage in Margined Trading unless you know and understand the features and risks including the possible extent of your losses - of the Margined Trading you wish to carry on and are also satisfied that Margined Trading is suitable for you in light of your circumstances, objectives and financial resources. In considering whether to engage in Margined Trading, you should be aware of the following: Nature of Margined Trades Our terms and conditions explain in detail how Margined Trades operate see our Retail Client Agreement, in particular the section on Margin Requirements. In summary these work by you, the client putting down an agreed sum of money upfront, known as margin, and entering into a contract with us to buy or sell an asset (normally currency). Depending on the movement of market prices against the agreed price, you may then make either a gain (in which case we will owe you a sum of money) or a loss (in which case you will owe us a sum of money) on the transaction with us. A Margined Trade is therefore a trade on movements in exchange rates or the values or prices of financial instruments, other assets, indices or other factors. Those rates, values or prices are set by us please see our Retail Client Agreement. Whether you make a profit or loss will depend on the rates, values or prices we set and fluctuations in the relevant underlying exchange rate, financial instrument, other asset, index or factor (the Underlying ) to which your Margined Trade relates. Margined Trades can only be settled in cash. Margined Trades are legally enforceable. In certain circumstances your losses on a Margined Trade may be unlimited. In particular, the amount which you become liable to pay may exceed the amount of the margin you have already put down up front. For instance, if you short a market (i.e. you agree to sell a financial instrument which you do not own in future at a lower price) and the price rises, it is impossible to know the limit of your potential losses until you end the Margined Trade and the difference between the market price and the price you agreed to sell at can be determined. You must ensure that you understand the potential consequences (including the potential for significant losses in some circumstances) arising from any particular Margined Trade and be prepared to accept that degree of risk. Margin Trades are not executed on a recognised or designated investment exchange. If you open a Margined Trade with us, you have to close it with us. You cannot transfer a Margined Trade to another person. It will therefore be closed at the price we offer. We may not always be able to identify a fair price at which to close out a transaction, for example where there is disruption of the relevant markets. Margined Trades may be closed out in certain circumstances, other than at your request, for example, where you do not meet a call made by us to increase the amount of margin held in your account, the close out limit set out in the agreement relating to any individual Margined Trade is reached, where we have not been able to contact you for a certain amount of time, or where our agreement is otherwise terminated. Please see our Retail Client Agreement. Such closing out may be at a price which crystallises a loss for you, for which you will be liable and which may be greater than if you had ended the transaction at a time of your choosing. You will not acquire the Underlying nor any rights or delivery obligations in relation to the Underlying. 4 Margined Trades which settle in a currency other than your base currency will also be affected by fluctuations in exchange rates and the conversion of any profit or loss into your base currency.

9 Risk Warning Notice Margin Trading Continued S E C T I O N B Leverage A high degree of gearing or leverage is associated with Margined Trading. This stems from the margining system applicable to Margined Trades, which generally involves you, the client, putting down up front a comparatively modest amount of money (when compared to the overall contract value) to open a Margined Trade. This can work for you and against you. A small price movement in your favour can result in a high return on the money put down as margin; however, a small price movement against you may result in substantial losses, potentially more than the money put down as margin, possibly substantially more. Prices can move quickly, meaning gains or losses can accumulate quickly. Because of this fact, you may be called upon to deposit substantial additional margin, at short notice, to support your liabilities under the Margin Trades and so maintain your Margined Trades. Please see the Retail Client Agreement. If you do not do so within the time required, your Margined Trades may be closed at a time which is less favourable to you and at a loss, and you will be liable for that loss. Your losses on a Margin Trade may exceed the amount of money you put down up front as margin and could, in theory, be unlimited. Spread Betting Spread bets are leveraged products and carry a high level of risk so you should only speculate with money you can afford to lose. Stop-losses are automatically allocated with each bet you make. All stops are not guaranteed. You can lose more than your initial deposit and stake. Before you open an account, please ensure that spread betting matches your investment objectives, familiarise yourself with the risks involved and if necessary seek independent advice. Volatility As mentioned above whether you make a profit or a loss will depend on the prices we set and fluctuations in the price of the Underlying to which your Margined Trade relates. Neither you nor we will have any control over movements in the Underlying. Movements in the Underlying can be volatile and unpredictable. Movement of the Underlying may affect your ability to close a Margined Trade, making it difficult or impossible to close a Margined Trade. This may occur, for example, if the Underlying is suspended or restricted from trading on an exchange. This may mean that losses could accumulate quickly and you may be unable to close the Margin Trade and so limit your losses. General In the unlikely event that we were to face liquidation, if you are deemed at the time of the liquidation to be an eligible claimant under the rules of the Financial Conduct Authority, you will be covered by the Financial Services Compensation Scheme. Further information about the compensation scheme is available at Further information and Advice You must be sure you understand the risks you are exposed to in entering a Margined Trade of the type explained in this notice before you proceed. If there is anything you do not understand, or you require clarification on any matter, please contact us. Please note however that we are not able to provide you with advice on any proposed transactions. If you require advice, please speak to your own professional or financial advisers. 5

10 S E C T I O N C Knowledge and experience information To assist us with providing you with the services and complying with the FCA s rules, please provide us with the following information. See also Section G Appointed Traders knowledge and experience if you have appointed traders to act on your behalf. 1. Please indicate the number of years of experience you have had in the foreign exchange markets: 2. Please indicate the overall frequency of your previous dealings in the foreign exchange markets (during both the past 12 months and during the period stated in your response to question 1 above): 3. Please indicate the typical size of transactions initiated by yourself in the foreign exchange market: 4. In what capacity have you been active in the foreign exchange markets? Advisory Execution only Discretion given to third party 5. Are your trading activities performed on a speculative or hedging basis? 6. Please give details of any other experience in any other financial market: (which should included details of the type, size and frequency of such transactions): 7. On the basis of your knowledge and experience, do you understand the nature and risks of dealing in the foreign exchange markets and the potential for loss of capital in excess of your original investment: Yes No Signature Date Please note that we may ask you for additional information in order to enable us to comply with the FCA s rules. If we are unable to obtain that information, we may not be able to accept you as a client. 6

11 Retail Client Agreement ( Agreement ) S E C T I O N D This agreement sets out the terms on which Swiss Finance Corporation Limited ( Swiss Finance ) will provide foreign exchange margin netting line facilities to you. This agreement shall be effective from the date we receive from you the signed client acknowledgement form (Section F). We are authorised and regulated by the Financial Conduct Authority ( FCA ) of 25 North Colonnade, Canary Wharf, London E14 5HS. This agreement contains legally binding terms of business and so it is in your interest to read it carefully. If there is anything in this agreement that you do not understand please contact us as soon as possible. Please note that if you place any orders with us or otherwise engage our services, you will be deemed to have accepted our terms and conditions. The terms and conditions on which we will provide you with investment services are the following: 1. Our dealing relationship For the purpose of FCA s rules we propose to treat you as a Retail Client. 2. Our services We will provide you with Margin Trading facilities in relation to foreign exchange and in doing so we will deal as principal with yourselves. The trading facility by Swiss Finance does not include physical delivery of foreign currency by Swiss Finance to yourselves. 3. Advice and suitability Swiss Finance does not provide investment advice; occasionally Swiss Finance may express an opinion on the currency market, which is normal market practice. Such an opinion will not constitute investment advice, and no reliance may be placed upon it, as it is not the aim of Swiss Finance to provide investment advice. Please also note that Swiss Finance will not undertake any assessment of any proposed transaction to determine whether or not it is suitable for you. You will be responsible for determining the suitability of any transaction you may place with Swiss Finance as regards whether it meets your objectives or you have financial resources to meet any losses you may suffer. In this respect, please read the risk warning notice (Section B) which gives information on the nature and risks of these transactions. Swiss Finance is however still required by the FCA s rules to make an assessment of whether you are sufficiently experienced and knowledgeable to understand the risks involved in the transactions Swiss Finance undertakes for you. In doing this Swiss Finance will rely on the information provided to it by you in Sections C and G and other information which you may provide Swiss Finance with subsequently. You confirm that all such information is true, accurate and complete and that Swiss Finance will have no liability in the event it is not. You will inform Swiss Finance if any such information ceases to be true, accurate and complete. If Swiss Finance is unable to obtain sufficient information to make such an assessment, or on the basis of the information provided Swiss Finance decides that you do not have the appropriate degree of experience and knowledge regarding the transactions in question, in accordance with the FCA s rules, Swiss Finance will warn you that this is the case and may decline to act in relation to the transaction in question. If Swiss Finance does decline to act in these circumstances, Swiss Finance will have no liability to you as a result of declining to act. 4. Best execution In the execution of transactions in circumstances in which we are acting on your behalf we are required by the FCA rules to achieve the best possible result for you in doing so. This is known as the duty of best execution. Information on our Execution Policy is summarised below. You agree that the terms of the Execution Policy will apply where we are executing orders for you and the duty of best execution applies. However, you should note that Swiss Finance normally only enters into transactions with you on the basis that it is acting as principal in those transactions. As such Swiss Finance will not normally be executing orders on your behalf and accordingly, the duty of best execution will not normally apply. If you are in doubt as to whether the duty of best execution applies, please contact Swiss Finance. 7

12 S E C T I O N D Retail Client Agreement ( Agreement ) continued Where the duty of best execution does apply, when executing orders on your behalf, we will take all reasonable steps to obtain the best possible result for you by taking into account a number of factors including price, costs, speed, likelihood of execution and settlement size, nature and any other consideration which we believe is relevant. We will ordinarily give the price and the costs relating to the execution of your order the highest priority in obtaining the best result for you, although there may be circumstances where we reasonably determine that another factor is more important. An Execution Venue with whom Swiss Finance places an order for execution, means a Regulated Market, a firm that executes orders off its own book, a market maker, or other liquidity provider (or any entity outside the European Economic Area which performs a similar function to any of these). We place significant reliance on the Interbank Forex Market as our main Execution Venue,however a more comprehensive list of Execution Venues that are used by Swiss Finance can be obtained from the Firm. We reserve the right to use another Execution Venue where we consider that it is appropriate, in the light of our Execution Policy, and we may from time to time add or remove an Execution Venue from this list. We will regularly assess the Execution Venues available in respect of any products that we trade, to identify those that will enable us, on a consistent basis, to obtain the best possible result when executing orders. You also agree to our executing orders outside regulated markets and multilateral trading facilities (as defined in the FCA Rules). When you provide us with a specific instruction as to the execution of an order that cannot be carried out in accordance with our Execution Policy, our Execution Policy may not apply and we will execute your order in accordance with your specific instructions. We will monitor compliance with our Execution Policy and we will review the effectiveness of our Execution Policy at least annually. Whenever a material change occurs that affects our ability to obtain the best possible result for our clients, we will amend this Policy as appropriate. We will let you know if we make any material changes to the Execution Policy. 5. Reports We will send confirmations of transactions which have been executed within one business day from the transaction being executed or confirmation of execution being received by Swiss Finance. 6. Charges and commission Swiss Finance normally does not charge any commission or other fees on foreign exchange transactions. Should a different arrangement be agreed for a client, this different arrangement will form part of this agreement and will be agreed and disclosed separately. However, other costs, including taxes, may be payable that are not imposed or paid by Swiss Finance. We may receive or provide commission or other payments or non-monetary benefits from or to third parties in connection with the services we provide which are neither received from nor provided to clients or persons acting on their behalf nor proper fees necessary to enable the services to be provided. In such cases we will disclose such commissions, payments of non-monetary benefits in summary form, and will provide full details of them upon request. 7. Your money As a Retail Client, any money which you have transferred or transfer to us, or which has been transferred to us on your behalf ( Your Money ), which is Client Money within the meaning of the Client Money Rules, will be held by us on trust for you at all times and for this purpose, and in accordance with the requirements of the Client Money Rules, it must be and will be segregated from our (SFC) own money. In the event of our insolvency, Your Money will be excluded from our assets. It is not our policy to pay interest to you on any of your money that we hold and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest on such money under the Client Money Rules or otherwise. In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipt of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and further that ownership of such money will be irrevocably transferred from you to us Rollover Swiss Finance will, upon each value date change proceed to rollover all open currency positions to the subsequent value date. This means that the transaction is effectively held open until it is not rolled over or otherwise closed. A rollover is a pair of transactions the 1st of which closes the opening currency balance and the 2nd which re-instates the original balance but for the new current value date. The financial effect of a rollover is dependant on the currency being rolled and the interest rate of the currency being rolled compared to the interest rate of the US$.

13 Retail Client Agreement ( Agreement ) continued S E C T I O N D 9. Conflicts of interest When we execute a transaction on your behalf, we may have an interest, relationship or arrangement that is material to all or any part of the information or Services being provided to you. We take the identification and management of conflicts of interest seriously. We have implemented a conflicts of interest policy that identifies those circumstances that constitute, or may give rise to conflicts of interest which pose a material risk of damage to the interests of one or more of our clients. This policy also addresses the effective organisational and administrative arrangements that we maintain and operate to manage these conflicts, such as departmental procedures and management arrangements, periodic testing of such measures and staff training. If, in respect of a specific conflict of interest which arises, we consider that the arrangements are not sufficient to enable us to ensure, with reasonable confidence, that the risk of damage to your interests and the interests of our other clients will be prevented, we will decline to act or we will inform you of the nature and type of conflict of interest before we undertake any business on your behalf that may be affected by this conflict. You will then be able to decide whether you agree to us acting for you in these circumstances. If you object to our acting for you, you should notify our Compliance Officer, in writing. Further details of our conflicts of interest s policy can be obtained from our Compliance Officer upon request. 10. Aggregate line facility The customer is granted, under this agreement, a line facility, that is the maximum open position a client can have open as any one time. The amount of the aggregate line facility granted is stipulated in the trade agreement relating to the relevant transaction. The trade agreement forms part of this agreement. 11. Margin requirements The client agrees to maintain with Swiss Finance an account containing a percentage of the equivalent dollar value of the total open long or short positions held by the client, whichever is greater, as stipulated in the trade agreement or any other amount as stipulated in the relevant trade agreement(s). This is the client s Margin Account. As noted above this money is not held subject to the FCA s client money rules. Cross currency trades (i.e. foreign currency versus foreign currency) will be margined at a percentage of the dollar value of the singular currency with the higher translated dollar value, the percentage being as stipulated in the trade agreement. Prices used for margining will be 8.00pm London closing rates as determined by Swiss Finance or other such prices as Swiss Finance may in its discretion deem appropriate. Upon rollover of positions on the rollover date and/or actual closeouts of positions, debits or credits accruing to the customer will be settled through the margin account. If for any reason the margin account falls below the initial agreed margin deposit amount and/or the value of open positions have a market-to-market loss (i.e. the market price for the theoretical liquidation at that point in time would create a loss for the customer), the customer will be called to settle the differential with same day cleared funds (i.e. by bank transfer) (a margin call ). Swiss Finance will reserve the right to make further interim margin calls at their discretion and as market circumstances may dictate. In the event that the customer fails to meet a margin call, then Swiss Finance will have the right to close out any outstanding position(s) and settle the resultant profit or loss against the client s account. This account is subject to a close out limit as stipulated in the relevant trade agreement(s) which is a limit on the aggregate losses which would be suffered at a point of time by a client if all that client s open transactions were closed at that time. If this limit is reached, Swiss Finance may close all such transactions immediately and the client will be liable for the losses incurred as a result. 9

14 S E C T I O N D Retail Client Agreement ( Agreement ) continued 12. Instructions Instructions may be sent by such means as may be notified to you by Swiss Finance from time to time (including telephone, Reuters dealing, facsimile, telex and by post). We shall be entitled to rely on and treat as binding any instructions, which we reasonably believe to be from you, or from authorized traders listed on the client information form (which may include telephone, Reuters dealing, facsimile, , on-line order facility, telex or by post), which we have accepted in good faith. We reserve the right not to act on your instructions in the event that it is not possible to carry them out, if market conditions change, if we need clarification, if we fail to receive the instructions during normal business hours or in reasonably sufficient time for us to act upon them. We may also refuse to follow your instructions if in our opinion, compliance therewith would be contrary to any applicable laws or regulations or if to do so would, in our bona fide opinion, be unreasonable in the circumstances. You agree that we shall not incur any liability to you for placing reliance on or for acting on any forged or unauthorized instructions or communication, which appears on its face to be genuine. 13. Non-contact Swiss Finance reserves the right to close out a customer s open position in the event that the customer cannot be contacted. Prior to exercising this right, Swiss Finance will attempt to contact the customer through normal channels. If this is unsuccessful, a courier notice will be sent to the customer, at their last known address, advising the customer that their position will be closed if no contact is made within 5 working days. 14. Default If for any reason, a debit balances arise on your account it should then be settled on demand. We retain the right to charge interest, at market rates, on any debit balances. 15. Telephone recording In order to assist us in monitoring compliance with relevant rules of conduct and to avoid misunderstandings, we may make and keep a recording of our telephone conversations. Our recordings shall be and shall remain our sole property, and will be accepted by you as conclusive evidence of the orders, instructions or conversations so recorded. You agree that we may deliver copies or transcripts of such recordings to any court or regulatory framework. 16. Confidentiality We attach great importance to client confidentiality. However we reserve the right to disclose any information about you or your investments that is requested by FCA or any other body to whom we are otherwise required by law or applicable regulations to disclose such information. 17. Liability Neither we nor any person connected with us, nor any of our or their respective directors, employees or agents, have any responsibility or liability whatsoever in the absence of negligence, fraud or willful default by us: For any loss or loss of profit as a result of any advice or opinion which may be given or expressed by us or any of them to you in good faith concerning any foreign exchange deal: For any expense, loss or damage suffered by you as a result of our or their carrying out your transactions or being unable, for reasons outside our or their control (including the failure or delay by any bank or counterparty), to carry out your instructions either at all or on a timely basis: For any indirect or consequential loss: For any loss arising from any damage to your business or reputation: or For any loss, damage or expense (whether or not similar to the above) arising in connection with this agreement or the provision of our services under it. However, nothing in this agreement shall seek to exclude or restrict any duty or liability, which we have in relation to you under the Financial Services and Markets Act 2000 or the FCA Rules. 18. Force majeure We shall not be in breach of our obligations under this agreement nor shall we be liable for any loss or damage incurred or suffered by you if there is any total or partial failure of or any delay or interruption in the performance of our duties and obligations under this agreement resulting from any events or circumstances beyond our control. 10

15 Retail Client Agreement ( Agreement ) continued S E C T I O N D 19. Indemnity You hereby irrevocably and unconditionally agree to indemnify or reimburse us on demand and keep us fully and effectively indemnified (whether before or after termination of the Agreement) from and against any and all costs, losses or liabilities incurred by us as a direct or indirect result of our acting under this Agreement including (without limitation) our so acting on any instructions received from you in respect of which you or any counterparty or bank do not make good and timely delivery or payment. 20. Amendments and termination We reserve the right at any time to amend this agreement by sending you a written notice describing the relevant changes. Any amendment will become effective on a date to be specified in the letter which will be at least ten business days after the letter is sent you, unless it is impracticable in the circumstance to do so. Either you or we may terminate the agreement forthwith by sending a notice of termination to the other. No penalty will be due from either you or us in respect of termination of these arrangements. Amendments to, or termination of, this agreement will not affect any outstanding order or transaction or any legal rights or obligations which may have already risen. You do not have any rights of cancellation of any transaction as the transactions are subject to fluctuations in value as a result of market movements. 21. Waiver of fiduciary duties You hereby agree that, even if we agree to provide you with advice or act as your agent or on your behalf hereunder, the only duties or obligations we owe you are those set out expressly in the Agreement or arising under FCA rules and that we do not owe you any other or further duties or obligations (whether arising from the fact that we are acting as your fiduciary or otherwise). You hereby also agree that any consent or waiver given by your acceptance of this Agreement in relation to any duty or obligation we might otherwise owe you shall be valid, effective and comprehensive even though the consent (or the disclosure to which it relates) is general only and not specific to the particular transaction concerned. 22. Complaints If you have any complaints about our performance under this Agreement you should direct that complaint to our Compliance Officer, who will investigate the nature of your complaint to try to resolve it. If he is unable to satisfy you, you may be able to complain to the Financial Ombudsman Service (FOS). Details can be obtained form the Compliance Officer. Swiss Finance will assume that a transaction is final and binding, if it is not disputed within 48 hours following its confirmation. 23. Compensation We are covered by the Financial Service Compensation Scheme. You may be entitled to compensation from the scheme if we cannot meet our obligations. This depends on the type of business and the circumstances of the claim. Most of the types of investment business are covered by the Financial Services Compensation Scheme. Further information about the compensation scheme is available at Documentation and correspondence All documentation including confirmations and daily statements will be mailed to the address and/or address noted on the Client Information Form unless otherwise advised in writing by the client to Swiss Finance. All correspondence between the customer and Swiss Finance must be addressed to: Swiss Finance Corporation Limited 33 Cavendish Square London, W1G 0PW United Kingdom All correspondence between the customer and Swiss Finance will be communicated in English and all documents and other information from Swiss Finance shall be provided to the customer in English, unless otherwise agreed with Swiss Finance. 25. Governing law This agreement is governed by the laws of England and Wales and both parties hereby submit to the non-exclusive jurisdiction of the courts of England and Wales in relation to any dispute under or in respect of this Agreement. 11

16 S E C T I O N E Client declaration TO: SWISS FINANCE CORPORATION LIMITED NAME OF CLIENT I/We have: i. Read and understood the Risk Warning Notice (Section B); ii iii. iv. Accurately completed the Client Information (Section A) and provided all identification evidence required by Section A; Accurately completed the Knowledge and experience Information (Section C); Read and understood the Retail Client Agreement (Section E); v. Read and understood the Summary of the Conflict of Interest Policy and the Best Execution Policy set out in the Retail Client Agreement (Section E). By signing this Client Acknowledgement Form I/we agree: i. To the terms set out in the Retail Client Agreement (Section E); ii. To the terms set out in our Conflict of Interest Policy and the Best Execution Policy referred to in the Terms & Conditions (Section E). NAME OF SIGNATORY SIGNED (ONLY BY AN AUTHORISED SIGNATORY) DATE Swiss Finance declaration Approved and acknowledged by: SWISS FINANCE CORPORATION LIMITED NAME NAME SIGNED SIGNED DATE DATE 12

17 Appointed traders knowledge and experience S E C T I O N F Please ensure that each appointed trader completes the following information and encloses a copy of their passport and proof of their home address. Please use copies of this form should it be necessary. 1. Please indicate the number of years of experience you have had in the foreign exchange markets: 2. Please indicate the overall frequency of your dealings in the foreign exchange markets: 3. Please indicate the typical size of transactions initiated by yourself in the foreign exchange market: 4. In what capacity have you been active in the foreign exchange markets? Advisory Execution only Discretion given to a third party 5. Are your trading activities performed on a speculative or hedging basis? 6. Please give details of any other experience in any other financial market: 7. On the basis of your knowledge and experience, do you understand the risks of dealing in the foreign exchange markets and the potential for loss of capital in excess of your original investment? Yes No APPOINTED TRADER NAME CONTACT DETAILS TEL / HOME (if applicable) TEL / OFFICE MOBILE FAX SIGNATURE 13

18 S E C T I O N G Additional information Please use this page to supply any additional information you feel necessary or should space not allow in the main form. 14

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20 SWISS FINANCE CORPORATION LIMITED 33 Cavendish Square, London W1G 0PW United Kingdom FOREX TEL: +44 (0) GENERAL TEL: +44 (0) GENERAL FAX: +44 (0) REUTERS DEALING: SABX REUTERS PAGES swissfinance REGULATED BY THE FINANCIAL SERVICES AUTHORITY