these Insinger the Beaufort Investment Account Conditions:

Transcription

1 01 This translation is furnished for the Client s convenience only. The original Dutch text, which will be sent upon request, will be binding and shall prevail in case of any variance between the Dutch text and the English translation. 1. General and definitions 1.1 The definitions in these shall be understood to mean: General : Investment Account: BIdB: Client: EUR: Fund: Funds List: the General of BIdB as they apply; the account administered by BIdB in the Client s name for the holding and administering of the Client s claims on the Foundation, which are expressed in Units; Bank Insinger the Beaufort N.V., having its registered office in Amsterdam and registered with the commercial register of the Amsterdam Chamber of Commerce under number ; the natural or legal person who has entered into an Agreement; Euros; de investment fund or issuing institution that has issued Units; the current list of Funds in which investments can be made from time to time via the Investment Account and possible further specifications, terms and conditions, as published on the Website; Order: Agreement: Unit: Private Information: Account Foundation: Contra Account: Transaction Price: a Client Order to BIdB to buy and/or sell (fractions of) Units or any other instruction that relates to the Account; the Agreement between Client and BIdB for the execution of the Orders or to manage the assets, comprising the Intake Form, the and any asset management Agreements, and any other governing conditions; a share, right of participation or any other financial instrument, of whatever name, that can be held in the Investment Account; the information issued by BIdB in respect of the Client that relates to the Agreement, the Account and the Funds, such as the Internet Overviews, contract notes, reports or any other statements; the Account and/or the Investment Account; Stichting Insinger Beleggingsrekeningen, having its registered office in Amsterdam and registered with the commercial register of the Amsterdam Chamber of Commerce under number ; an account in the Client's name with a bank, other than Client's Account; the opening price or price of a Unit on the Trade Date when the Order is executed, as further specified in the Funds list; Fund : Guarantee: Cash Account: Trade Date: Intake form: the rules that apply to a Fund, as defined in, amongst others, the terms and conditions, Articles of Association, prospectuses, regulations or any other documents of whatever name; the guarantee issued by BIdB under the Dutch Wft; a cash account held with BIdB in the Client s name; a trading day during which an Order can be executed in the Fund or on the relevant market; an (electronic) form requesting Client s personal data (including an overview of the Funds available for investment or the process to invest in such Funds); Static Data: Security Code: : Website: Client s name, ( ) address, postal address if applicable, number of the Contra Account, any powers of attorney granted by Client for the Account and details for the representative and Client s power of representation; the (combination of) security code(s) that grants Client access to, for instance, Internet Overviews, comprising the Account number, the password and/or any other method made available by BIdB for this purpose; these Insinger the Beaufort Investment Account, as they apply; and Intermediary: an intermediary, contracted by the Client, involved in establishing or managing the relationship with the Client; Wft the current Dutch Financial Supervision Act and any such regulations it prescribes or substituting regulations. Internet Overview: Public Information: an overview of Private or Public Information that relates to the Account that can be viewed via the Website; general Information, notices and explanations for Client that relate to the Agreement, the Account and the Funds; 1.2 The General apply to the Agreement, on the understanding that where reference is made to a Custodian, Client, Securities and/or Account, these must be read as Foundation, Client, Units and/or the Account as referred to in the. 1.3 In case of any dispute between the General and the Agreement, the stipulations of the Agreement shall prevail. R2P-07049/210/11.2.1

2 02 2. Interpretation Unless expressly stated otherwise, in the Agreement: a. references to any gender shall include all other genders; b. references to any person shall include any natural person, company, association, foundation, or partnership as well as any other legal entities or collaborations; c. words denoting the singular shall include the plural; d. references to definitions of (with a capital letter) shall have the meaning as stated in the General ; e. the custody of Units shall also include the administration thereof; f. references to articles shall relate to the articles of the ; and g. titles given are only for identification purposes and do not affect the interpretation of the General. 3. BIdB s task and the Foundation 3.1 BIdB is tasked with the work involved in the administration of the Units held by the Foundation for the benefit of the Client, including the collection of interest and dividends for Client, notification of, and filing procedures for, meetings, execution of Orders and directly or indirectly furnishing Orders to third parties in respect of these activities. The Foundation shall enable BIdB as far as necessary to perform these activities. 3.2 For the execution of the activities under the Agreement BIdB and the Foundation may use third parties or delegate (part of) the work. BldB s outsourcing policy shall apply accordingly. 4. Claims in Units; safekeeping by the Foundation for the benefit of the Client 4.1 By opening an Investment Account Client may obtain claims on the Foundation, expressed in the form of Units. 4.2 The first payment into an Account must be made from the Contra Account, subject to any other conditions that BIdB may set. 4.3 The claims in Units shall be administered on the Investment Account to four decimal places, whereby the number before the decimal comma represents a claim in Units and the number after the decimal comma represents a claim in money, the value of which is determined by multiplying the number behind the decimal point by the price of the Units. 4.4 The Foundation holds the Units in safe custody and administers them in its own name for the benefit and risk of the Client. The benefits and liabilities arising from or related to the Units held in custody by the Foundation shall be credited or charged to the Client. The safekeeping shall be effected by either entering the Units in the name of the Foundation in the registers designated for this purpose by the Funds in question, or by depositing them in a securities depot in the name of the Foundation with one or more banks, or by having the Units kept in safe custody and administered in some other manner by third parties in the name of the Foundation. The Foundation shall not be obliged to hold the Units it keeps in safe custody individually per Client. 4.5 BIdB and Foundation have made arrangements to protect the rights of clients. Protective measures are needed to prevent Units from being included in BldB s assets should BIdB go bankrupt. The Foundation is a Legal Person that under its Articles may not enter into any commercial risk in its business and which focuses solely on holding financial instruments and money for the benefit of the Clients. This minimises the risk of bankruptcy of the Foundation. BIdB has guaranteed the obligations of the Foundation in accordance with the Guarantee. The Guarantee is available for perusal at the BIdB offices. 5. Administration 5.1 BIdB shall provide Client with, at a minimum, the (non) Private Information as prescribed in and under the Wft, including statements and other legally prescribed information and reports that relate to the Account by a durable medium other than paper. BIdB shall also issue Client with an annual statement. 5.2 Contrary to Article of the General, the contents of the Private Information issued and the execution of Orders shall be regarded as having been approved by Client if Client does not contest this Information within five working days after these documents could reasonably have deemed to have reached the Client. 5.3 Without prejudice to the issuance of the Private Information referred to in this Article on a durable medium other than paper, Client may request this Private Information to be issued on paper. BIdB is authorised to charge for providing Information in this manner. 6. Information about Client 6.1 Client may arrange for the provision of Information referred to in Article 36.1 of the General to BIdB through an Intermediary. 6.2 Any amendment to the information must be reported to BldB in writing and legally signed by Client, without which the amendments cannot be invoked against BIdB or the Foundation, on the understanding that if Client uses the services of an Intermediary, amendments to the Client s ( ) address or postal address only requires the signature of the Intermediary. 6.3 BIdB has a Client classification policy. This classification is relevant for the protection of, and supply of Information by BIdB to, the Client and to provide non-professional investors with the highest level of protection. To protect Clients, BIdB classifies Clients as non-professional investors, unless BIdB explicitly informs Client otherwise. Clients may contact BidB to amend the classification. BIdB shall warn Client in advance of the implications of changing the classification and the corresponding risk of reduced protection and supply of information. 6.4 BIdB s policy on the processing of personal details of Client and of (authorised) representatives shall apply mutatis mutandis to the Foundation. 6.5 All (personal) data which Client issues to BIdB shall be treated as confidential. BIdB shall take all adequate measures to protect the (personal) data of Client on the Internet, but cannot be held liable if this data is distributed, copied or transferred to or by third parties. 7. Means of Communication and Data Carriers 7.1 Notifications to BIdB must be made in writing, unless a different manner of communication has been expressly agreed with BIdB. In the Agreement in writing shall be understood to refer to any durable data carrier designated for this purpose by BIdB, R2P-07049/210/11.2.2

3 To the extent that the Agreement specifies no other durable data carrier or BIdB has not designated any other durable data carrier, all (Non) Private Information that relates to the Account, the Funds and the Units shall be issued via the Website. 7.3 In addition to the Website, BIdB may make available other means of communication for receiving Orders and notifications. If BIdB makes available other means of communication than the Website it shall inform Client accordingly. If BIdB makes available a means of communication, such as an address or fax number, any Orders and notifications which BldB receives via another address or fax number shall in principal be treated as not having been received by BIdB, but may be executed by BIdB, without any obligation on the part of BIdB to inform Client of the incorrect manner of communication. 7.4 BIdB shall be free at all times to refuse to accept or to impose further conditions on a particular manner of communication with immediate effect, or to suspend, amend or terminate it. BIdB shall inform Client as soon as possible and state the reason if so requested. 7.5 The Client shall be solely responsible for the manner in which he/she communicates with BIdB. Under no circumstances shall BIdB be liable for the destruction or loss of data and for the resulting incorrect, untimely or inadequate execution or processing of an Order or a notification, or the failure to do so altogether. 8. The Internet 8.1 BIdB shall offer Client the option to view the Account online. The Internet Overviews show the latest available closing price for Units listed on markets in financial instruments and, for all other Units, the most recent price available to BldB. 8.2 Orders that are being executed may not yet be included in the Internet Overview. BIdB aims to ensure that its online Overviews contain correct, complete and up-to-date Information at all times, but cannot guarantee such. 8.3 In principle, the Internet Overview is accessible daily between 7 a.m. and 1 a.m. BIdB cannot guarantee that the Internet Overviews can be accessed at all times. Due to the nature of the Internet, disruptions, errors or delays may occur in the communication via the Internet. 8.4 In order to access the online Internet Overviews, Client shall arrange for suitable computer equipment, software and a connection to the Internet. BIdB shall inform Client about the minimum hardware and software requirements. If so requested, BIdB shall inform Client about the required hardware and software settings. Where possible, BIdB shall offer support in the event Client, due to hardware and/or software settings, experiences problems in the use of the online Internet Overviews. 8.5 Client shall be obliged to use an updated virus scanner and firewall when using the Internet Overviews. 8.6 The Website or the Internet Overview may offer automatic links to other Internet sites that are relevant to the Funds. However, this does not imply that BIdB or its affiliate entities are connected to these other Internet sites or their owners. Although BIdB aims to ensure that references are made to sites that are interesting for Client, BIdB shall not be responsible or liable for these other sites or the Information they contain, which have not been checked by or are not supported by BIdB. 8.7 BIdB uses cookies to facilitate the use of the Website. Cookies are small files that store certain settings on the computer used by Client. 9. Security Code 9.1 For the provision of (Non) Private Information, notifications and Orders via the Website, BIdB shall make available to Client a Security Code. In using all (Order) Forms and Security Codes made available by BIdB, Client shall comply with all security instructions included in the information issued or to be issued by BIdB to Client (through the Website or otherwise). 9.2 The first time the Client logs onto the Website, he/she will be asked to amend the password issued by BIdB that is part of the Security Code. The password must comprise a minimum of eight characters, with a minimum of two numbers and two letters. Client must choose a password that is not known by any third party and that cannot be easily detected by a third party. Client may amend the password at any time. For security reasons BIdB advises Client to do so at least once a month. Client shall be obliged to amend the password at least once a year. If Client fails to enter the correct password three times, access to the Website will be denied. Client will then have to contact BIdB. BIdB shall provide access again and issue Client with a new Security Code. 9.3 In addition to Article 16.2 of the General, Client must immediately contact BldB by telephone, fax or with a request to block the Account in case of loss, theft, or misuse of the Security Code or (Order) Forms or if these fall into unauthorised hands in any other manner. Immediately after receiving this request, BIdB shall block the Account or have it blocked and if necessary take further measures to avoid misuse. Client shall be obliged to confirm a request given by telephone in writing to BIdB as soon as possible. Client shall be liable for the consequences of abuse or unauthorised use of the Security Code or the (Order) Forms in the period up to the first request as indicated above. 10. Orders 10.1 Client shall give Orders solely to BIdB, and shall thereby be deemed to have been given to the Foundation. BidB will ensure that the Orders are carried out, subject to the provisions of the Agreement Orders must be given by Client to BldB solely in the manner stipulated by BIdB and by the means of communication designated by BldB In respect of every type of Order, BIdB may establish a (minimum) amount per Order and/or (minimum) costs per Order, if applicable, to be specified further according to the type of Units or in addition to, or contrary to, the Agreement, set further conditions in respect of the (times of) notification and the manner of execution of Orders and the manner and time at which the Transaction Price is determined or established The Account may be used solely for payments relating to the purchase, sale or holding of Units. Unless BIdB stipulates otherwise, no Orders may be given for transferring money other than to the Contra account Orders must be accurate, complete and legible and contain at least the name of Client, the number of the Account and, if applicable, the Contra Account, the amount or the number of Units, the Fund to which the Order relates and a clearly legible signature of the Client. BIdB may set additional requirements at any time as regards the information to be supplied to it and the manner in which the information is supplied An Order issued via the Website must be given in combination with the Security Code. Such Order shall be deemed to have been issued by the Client associated with the Security Code and shall bind the Client with the same legal consequences as a legally issued Order issued by Client to BldB in another manner. R2P-07049/210/11.2.3

4 Client shall indemnify BIdB against any liability resulting from the unauthorised use of issuing Orders and their execution BidB shall verify if the Order is complete In agreement with Articles 10.5 and/or BIdB shall be authorised to execute all complete Orders, without BIdB being obliged to examine the authenticity of such an Order or to verify it with the Client In case there is no clear or complete Order, BIdB shall return the Order to Client or to the Intermediary, with the request to provide more information. BIdB shall execute the Order after it has received a clear or complete Order. Neither BIdB nor the Foundation shall be liable if the execution of an Order is delayed or cancelled BIdB shall retain the right to refuse the execution of Orders if it has been unable to verify the Order with the Client. BIdB shall not be liable if due to such a verification the Order is not executed or is delayed, provided this verification was based on sound grounds A request made by Client not to execute the Order cannot be invoked against BIdB, if at the time BidB receives this request BidB has already started the execution of the Order, at the discretion of BIdB If the denomination of a Fund is in a currency other than EUR, or is available in a currency other than EUR, a conversion to EUR will take place on the basis of the relevant rates applied by BIdB at the time the Order is executed If BldB receives an Order on a Trade Date before the cut-off recorded in the Funds list, it will be executed on the subsequent Trade Date, or later if prescribed by the Fund conditions. An Order which BldB receives on a Trade Date after the cut-off time or on a day that is not a Trade Date, shall be deemed to have been received on the next Trade Date and shall be executed accordingly A print of a digital Order or (copy of a letter attached to) an comprising an Order shall serve as valid proof of the Order Save as stipulated otherwise in the Agreement, neither BIdB nor the Foundation shall dispose ofr the Units without an Order, or execute any other right attached to the ownership of and/or entitlement to the Units BIdB shall be authorised to charge costs for the execution of an Order. 11. Policy on the execution of Orders 11.1 Contrary to Article 10 and 11 of the General, BIdB shall execute Orders in accordance with the. BIdB shall take all reasonable steps to obtain the best possible result in the execution of the Orders for Client, but cannot guarantee that the best possible result will indeed be achieved In the execution of Orders account is taken of the various execution factors, such as the Transaction Price, execution costs, speed, and probability of execution, settlement, scope and nature of the transaction. BIdB considers the Transaction Price and the costs the key determining execution factors BIdB has selected places of execution where it places the Orders. These are, specifically, the (managers of the) Funds for Units not traded on NYSE Euronext Amsterdam and NYSE Euronext Amsterdam for listed Units. BIdB may also hire the services of third parties to transfer or execute an Order. In these cases the policy on the execution of Orders of these third parties shall apply All Orders shall first be netted with the Orders of other Clients of BIdB. If an Order remains after netting, it shall be executed in accordance with the. In the execution of a bulk Order, allocation shall take place pro rata to the original amount of the Order. Bulk Orders may in some cases be to the disadvantage of Client. 12. Buying of Units 12.1 For Orders for purchasing Units, the purchase amount required is determined by the Units to be purchased multiplied by the Transaction Price, plus costs. For purchase Orders stated in EUR, the number of Units bought is determined by the amount, after deduction of the costs, divided by the Transaction Price Clients will ensure at all times that there is a sufficient balance either on the Contra Account and/or Account so as to enable BIdB to carry out purchase Orders for Units and to pay for the costs. In the event Client gives several purchase Orders for Units simultaneously, which may be executed in part due to there being an insufficient balance, these Orders shall be executed in the order in which they were recorded by BIdB. In the event of an insufficient balance, the purchase Order shall not be executed Client may give purchase Orders once or periodically, and authorise BIdB to deduct the associated amounts from the Contra Account and/or Account by means of a single or standing order As soon as the Foundation has taken into safe custody the Units bought for the benefit of the Client, and these have been recorded in the Investment Account, Client shall obtain a claim on the Foundation for these Units The Investment Account shall be credited with the Units purcahsed upon the simultaneous debiting of the Account with the amount due as specified on the contract note Funds transferred by Client without a clear Order shall be paid back into the Contra Account or into the originating account. No interest is paid over this sum If 360 days after receipt of the purchase buying Order no payment has been received from Client for the Order, the Order shall legally lapse Open purchase Orders shall be terminated if the difference between the amount actually transferred by Client and the amount for which the Order was given, is equal to or smaller than 5% of the amount originally designated for investment. 13. Sale of Units 13.1 In a sale Order for Units the amount resulting from the sale is determined by multiplying the number of Units for sale by the Transaction Price, minus the costs. If a sale Order is stated in EUR, the number of Units sold is determined by dividing the amount plus costs by the Transaction Price Client will ensure at all times that there are sufficient Units in the Investment Account so as to enable BIdB to carry out sale Orders. A sale Order in EUR will be executed as applicable if the number of Units is sufficient for this purpose. If a sale Order does not specify an allocation in respect of the Units, the sale will take place in accordance with the allocation of the Units already held The Investment Account shall be debited with the Units sold upon the simultaneous crediting of the Account or the Contra Account with the amount received as specified on the contract note. 14. Switching Units If Client issues an Order to switch Units in one Fund for Units in another Fund, the Units the Client wishes to switch from are first sold, before the Units the Client wishes to receive are bought. The stipulations in the Agreement concerning the sale and purchase of Units shall apply mutatis mutandis, on the understanding that such Orders may only be issued in EUR. R2P-07049/210/11.2.4

5 Dividends on Units 15.1 After receipt by the Foundation of Dividends paid in Units, the Investment Account will be credited with a claim in Units Dividends paid in cash shall in principle be re-invested in the relevant Fund, unless Client has instructed otherwise. Reinvestments shall be made at the Transaction Price, unless reinvestment takes place on the basis of the Fund conditions at a reinvestment price that is below the Transaction Price In the event of dividends declared by a Fund that may be received in cash or in Units, BIdB shall in principle request payment in Units, unless Client has instructed otherwise. 16. Transfer and delivery of Units 16.1 Units in a Fund that are kept by Clients in their own name or that are held in a security depot or in some other manner in their own name, can at their request and following the transfer of the Units to the Foundation be credited to their Investment Account as a claim in Units Units in a Fund held by the Foundation for the benefit of Clients can at their request be delivered to them provided the laws and regulations and the conditions of the Fund concerned permit such delivery and the Fund lends its cooperation to it. Fractions of Units are available for delivery only if this possibility is provided for in the of the Fund concerned Clients wishing to have Units transferred or delivered must submit a written request to this effect to BIdB stating the Fund concerned and, in the case of delivery, where necessary, the security depot to which the Units have to be transferred BIdB can exclude certain Funds from transfer and/or delivery as referred to in this Article. 17. Voting rights 17.1 Clients wishing to attend a Fund meeting and exercise the right to vote at this meeting in respect of their Units will be enabled to do so by the Foundation, unless the Fund or its regulations preclude them from doing so. To this end, Clients must submit a request in writing to BIdB. This application should reach BIdB not later than two days before the expiry of the term stated in the notice to attend the meeting concerned, and shall include information on the number of Units for which Client wishes to exercise the right to vote. All relevant rules and regulations in force in the country of establishment of the Fund in question shall be of corresponding application to Client Client s Orders relating to the Units in respect of which they wish to exercise the right to vote cannot be executed in the period starting on the day the application referred to in clause 1 of this article has been received, and ending on the day following the meeting in question In this article meeting shall be understood to mean a meeting of shareholders, a meeting of holders of certificates, a meeting of participants or any other meeting of a Fund that can be attended by participants, shareholders or holders of certificates, as the case may be, and at which votes may be cast. 18. Compensation and costs 18.1 Where this Agreement refers to costs, they include the costs of BIdB and of the Foundation, as well as the costs of the Funds and of other third parties with respect to the services that are provided under this Agreement for the benefit of the Client. BIdB shall be authorised to charge these costs to Client and shall be irrevocably authorised by Client to take these out of its Account, if necessary by selling Units, without prior notification to Client Article 18.1 shall apply mutatis mutandis for any damage and costs incurred by BIdB and/or the Foundation that are the result of the Client s liability, on the understanding that recovery or settlement is also possible in respect of the Client. 19. Liability 19.1 BIdB has implemented segregation of duties in its administrative organisation and internal audit procedures such that the risk of fraud is minimised. In addition, BldB has compliance procedures and codes of conduct in place to prevent the use of inside information. BidB employees must comply with a personal trading policy when carrying out private transactions. This policy comprises regulations to prevent conflicts of interest due to private investments by employees or the use of inside information. BIdB employs a compliance officer who monitors the strict compliance to these and other rules. A disaster recovery plan enables BIdB to continue its activities and services to Clients to the best of its abilities during a calamity Further to Article 35 of the General, BIdB shall be liable for damage arising from depreciation in value, drop in share prices, lower yields or other causes only in agreement with Article 35.3 of the General BldB shall not be liable for the shortcomings of third parties whose services BIdB uses or used in the performance of the Agreement, provided it was careful in selecting these third parties. As such BIdB is not liable for the shortcomings of correspondents, regulated markets and other trade platforms and (inter)national deposit institutions BIdB shall not be liable for damage resulting from a Fund s shortcomings or shortcomings of any third party hired by the Fund. If as a result of the shortcoming of a Fund the Units of that Fund held by the Foundation are at any time inadequate in relation to the corresponding claims or do not agree with such claims expressed in Units, any one Client shall only have such claim as is possible in relation to the claims of the other Clients. Where applicable, in that case only as many Units will be delivered to any one Client as is possible in relation to the claims of the other Clients. If a shortage as described in the previous clause were to occur, BIdB will assist Clients as much as possible in recovering the damage they have suffered as a result If a shortage in connection with Units of a certain type as described in Article 19.3 were to occur or were BIdB to suspect that this can or is bound to happen, BIdB can refuse to carry out Orders in connection with these Units until the shortage has been eliminated or reversed or until it has been established that no shortage will occur Client is liable for damage that is the result of a cancellation of the collection of a standing order as referred to in Article BIdB is not liable for any damage that is the result of services based on incorrect or incomplete Information provided by Client BIdB guarantees the obligations of the Foundation under the conditions of the Guarantee As regards liability of the Foundation, in so far as the Wft permits these restrictions, all relevant stipulations in the Agreement in respect of BldB s liability shall apply mutatis mutandis. R2P-07049/210/11.2.5

6 Fund conditions 24. Amendment to the Agreement 20.1 The relationship between Client and the Foundation and/or BIdB shall be governed equally by the conditions of the Fund in which Units are held in the name of the Foundation for the account and risk of Client. All rights and obligations - including costs and expenses resulting from the conditions of the Fund, are also rights and obligations which Client has towards the Foundation or BIdB respectively BIdB will supply Client with all (non) Private Information it and/or the Foundation receives from a Fund and that is relevant to the Client, as soon as possible, unless this Information can be deemed to have been made public or is available via the Website following publications, press releases or notifications. 21. Conflict of interests BIdB has a policy for the prevention of and dealing with conflicts of interest that is aimed at promoting the Client s interests. To the best of its knowledge BIdB knows of no existing or potential conflict of interests between BIdB and Client and/or between the Foundation and Client and/or between Client and other Clients with BIdB and/or the Foundation, other than referred to in respect of the execution of the Orders. If another (potential) conflict of interests occurs BIdB will inform Client immediately. In solving any conflicts, Client s interest will always prevail BIdB shall be authorised at all times to amend in whole or in part the Agreement and applicable, in consultation with the Foundation. BIdB shall inform Client of the Amendments. Amendments are binding for Client as soon as he has been informed in writing of the planned amendment or publication of the intention to amend has been published on the Website with a copy of the planned amendment made available to the Client free of charge at the Client s request Amendments may be made with immediate effect, on the understanding that Amendments that are detrimental to Client will enter into effect thirty (30) days after Client has been informed of these Amendments. Within this term of thirty (30) days Client is entitled to cancel the Agreement without costs in accordance with the stipulations in the applicable then In so far as further requirements are set for the Agreement in or under the Wft, such amendment shall automatically form part of the Agreement, contrary to Article 24.2, without the approval from Client, the Foundation or BIdB. 25. Unforeseen cases In all cases in which these do not provide BIdB shall decide in consultation with the Foundation. 22. Supervision and guarantees 22.1 Under the Wft BIdB has been authorised as a bank-investment company and is supervised and monitored by, and is included in the register of, the AFM and DNB. BIdB is also a member of Kifid, and it accepts all of its decisions as binding. The contact addresses are listed on the Website The deposit guarantee scheme and investor compensation scheme apply to BldB. Claims on the Foundation do not fall under any guarantee scheme. 23. Termination and closing of the Account 23.1 If Client or BIdB wishes to terminate the Agreement, the relevant party will inform the other party in writing accordingly. Client must inform BIdB immediately if the Units must be sold or delivered, specifying the securities account to where the Units must be delivered. If Client fails to give a timely Order for this purpose, it will be deemed to have opted for the sale of the Units If required, BIdB will inform Client of the reason for closing the account. BIdB reserves the right to terminate the Agreement if the total value of the Account is less than EUR 2, After the sale or delivery, the Account will be closed. Closing the Account may incur costs for Client. The costs will be deducted retrospectively from any amount resulting from the sale of Units The Agreement will end immediately, without notice of default being required, as soon as the BIdB has learnt that Client has been granted a suspension of payment, has been declared bankrupt or (in the event of a legal person) has been dissolved, or Client dies, is placed under curatorship or is assigned a receiver, or a debt restructuring scheme is declared applicable. In these cases the manager shall continue the services of management of these affairs, until the time as an authorised person gives further instructions. R2P-07049/210/11.2.6