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Admiral Markets UK Ltd Terms of Securities Trading

Valable à partir du 15/06/2021


1. Introduction

1.1 This securities trading agreement (hereinafter the “Agreement”) is concluded between you, the client, and us, Admiral Markets UK Ltd (Company number 08171762, FCA firm reference number 595450). We refer to ourselves as "AM UK", "we", "our", "us" and "ourselves" as appropriate, and the client is referred to as "you", "your", "yours", "yourself" and "Client" as appropriate. AM UK may choose to amend this Agreement as per clause 20, in accordance to its sole and absolute discretion. You do not have and shall not have any right whatsoever to amend this Agreement.

1.2 Through the “Invest.MT5” account, we provide services that relate to the placing of orders to purchase and sell securities, which securities include, but are not limited to, ETFs, listed units in limited liability partnerships and depositary receipts for shares of foreign companies. AM UK shall receive and accept orders from the Client for the specified physical securities that may be available from time to time to the type of client account for which the Client has been approved. AM UK is responsible for the receipt of orders by the Client. The Client understands that the Invest.MT5 account allows the purchase and sale of securities only. Once purchased, the securities in the Invest.MT5 account may only be transferred by way of sale. The Invest.MT5 account is a cash account and not a margined account. In the event that short selling becomes permitted, it may, at AM UK’s discretion on notice, become a margined account.

You appoint AM UK as your agent for the purposes of providing the service to you in accordance with this Agreement. You acknowledge and agree that AM UK:

  • a) peut agir en tant que mandataire pour l`exécution ou l`arrangement de l`exécution des ordres et transactions en votre nom ;
  • b) will arrange for the safeguarding of any money you deposit in AM UK, in accordance to clause 8.2 of the Agreement.

1.3 In the event that a corporate action or capital event that includes issue in listed equity instruments that:

  • a) ne sont pas décrits dans la clause 1.2 ; ou
  • b) are issued in jurisdictions not supported by AM UK; or
  • c) are or will be traded in venues which AM UK cannot access; or
  • d) are not available on AM UK’s trading platform for any other reason;

AM UK will not be able to commence regular trading service to Clients with respect to these new issued instruments and will act reasonably in realising these instruments in the open market and settling with Client in cash at AM UK’s sole discretion. Please note that these corporate or capital events may affect your interests; it is your responsibility to understand the implications of these events. AM UK, its affiliated companies (AM UK affiliates, including Admiral Markets AS (“AM AS”) and Admiral Markets AU Pty Ltd (“AM PTY”), collectively referred to as “Affiliates”)), are not liable for any losses or adverse impacts arising from and/or in connection with these corporate or capital events.

1.4 You acknowledge that illiquid securities typically trade in a restricted market and that, therefore, it may be difficult or impossible to deal in such securities and/or to obtain reliable and timely information about them. Such markets may be subject to different trading rules and systems and typically represent off-exchange markets, which are not accessible to AM UK through its automated order transmission links. If any security that was previously available to you ceases trading on the most relevant regulated market/exchange and continues to trade on such off-exchange market, AM UK in its sole discretion may impose a ‘close-only’ trading mode that allows only the reduction of existing positions in such securities or close out any existing position in such security at a prevailing market price without prior notice to you.

1.5 In respect of any obligations you owe in relation to a transaction entered into by AM UK or any third party on your behalf or in your name, you appoint AM UK and each of our representatives, officers and employees as your attorney with full power of substitution in order to execute or procure any document, security holder information or settlement monies and deliver any such documents, security holder information and settlement monies as required to the entity responsible for settlement. AM UK may, in its sole and absolute discretion, delegate certain obligations under this Agreement to our Affiliates and third parties.

1.6 We will take reasonable steps to provide you with a clear explanation of all fees and charges you will need to pay before you begin to provide instructions of buying or selling financial products to us.

1.7 Our security trading service may not be suitable for everyone. There is a potential possibility of loss in investing in securities. The historical data of any securities cannot guarantee its future performance or return. Your gain or loss cannot be assured, especially during a market downturn. Securities transactions in a foreign market are speculative and have high risks. In addition, there are special trading risks existing out of normal transaction times, including low-flow risk, high-volatility risk, price-changing risk, market failing to be connected, and the news announcement and larger spread that have an effect on the price. You should acquire full knowledge and understanding of the relevant risks of securities transactions, and have the capability of taking such risks. Before opening an account, you should make an objective judgment and discretionary decision on the investment object and investment amount to be traded from the standpoint of a reasonable person based on your economic strength, source of funds and risk tolerance.

The directors, employees and agents of AM UK and our related parties do not fully ensure the authenticity, sufficiency, timeliness, reliability, completeness and effectiveness of the information relating to securities transactions in any explicit or implied way. All the information, data and materials provided by AM UK are only for reference. You should recognise and accept the fact that the transaction made through AM UK’s platform cannot be free from risks. The risks arising from trading should be borne by you. AM UK will not be held responsible for your investment risk and loss.

1.8 Any rights created for AM UK by this Agreement are not obligations. Any failure and/or delay by AM UK in exercising these rights does not constitute any waiver and/or exclusion of those rights.

1.9 This Agreement is governed by the relevant laws in force in England and Wales, and both you and AM UK agree that all disputes relating to or arising from the execution or performance of this Agreement and/or any transaction performed hereunder and/or any of your accounts, shall be irrevocably submitted to the exclusive jurisdiction of the courts of England and Wales. The Client waives any objection which it may have, at any time, to the bringing of any proceedings in any such courts and agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it. All terms contained within this Agreement are subject to all applicable laws and regulations including, without limitation, the constitutions, articles, by-laws, rules, regulations, policies, procedures and interpretations (collectively, "Rules") of the exchanges, markets and clearing houses to which orders are routed or transactions are executed or cleared; of the United Kingdom’s Financial Conduct Authority (“FCA"); and any other applicable Rules of a regulatory, self-regulatory or governmental authority ("Applicable Regulations"). AM UK and its Affiliates shall not be liable to you for any action, inaction, decision or ruling of any exchange, market, clearing house or regulatory authority.

2. The Services Provided by Admiral Markets UK Ltd and Dealing Between You and Us

2.1. Cet Accord explique :

  • a) comment nous recevons et gérons les ordres et instructions d`achat ou de vente de produits financiers reçus de votre part ; et
  • b) comment votre argent et vos produits financiers sont détenus.

2.2 This Agreement governs each instruction of buying or selling financial products received from you, issued or outstanding, each transaction entered into by AM UK on your behalf on or after this Agreement comes into effect, and all money and financial products held on your behalf on or after this Agreement comes into effect.

2.3 Dealing with you will be carried out by AM UK on a no advice basis and you agree that, unless otherwise stated in this Agreement, we are under no obligation:

  • a) de nous assurer de la pertinence de tout produit financier ou transaction pour vous ;
  • b) de surveiller ou de vous conseiller sur l`état de tout produit financier ;
  • c) de surveiller ou de vous conseiller sur l`état de tout produit financier détenu en votre nom ; ou
  • d) to cancel any financial products or to deal or sell any financial products you have bought, except where the Applicable Regulations require.

2.4 Representatives of AM UK and Affiliates are not authorised to and will not provide you with any investment, tax, financial, legal, regulatory, trading or any other form of advice. Nothing in the communications and material (including website, emails, price information etc.) provided by AM UK, or by AM UK`s representatives or Affiliates constitutes a recommendation or solicitation to buy or sell securities or other investments. You may wish to seek independent professional advice in relation to any transaction you propose to enter into under this Agreement. You retain sole and full responsibility for making all trading decisions.

2.5. Nous pouvons fournir des informations :

  • a) concernant tout produit financier, instruction de transaction au sujet duquel vous avez fait des demandes, en particulier concernant les procédures associées à ce produit financier, à l`instruction de transaction ; et
  • b) sous forme d`informations factuelles, cependant, nous ne sommes pas obligés de vous divulguer de telles informations et ces informations ne constitueront pas des conseils en matière d`investissement. Si un représentant employé par nous exprime un avis concernant un produit financier, une instruction de transaction, vous convenez qu`il n`est pas raisonnable pour vous de vous appuyer sur une telle déclaration, et qu`elle ne constituera pas un conseil en matière d`investissement.

3. Ouverture d`un Compte

3.1. You authorise AM UK to open and keep one or multiple accounts in respect of the services we provide to you.

3.2. Qualifications du Client :

  • a) Vous devez être un investisseur qualifié répondant aux exigences prévues par les lois et réglementations concernant la présente transaction :
    • i. Personne physique : Vous avez plus de 18 ans, avez la pleine capacité pour les droits civils et la conduite civile, et avez suffisamment de connaissances et d`expérience pour comprendre la nature et les risques du produit à trader.
    • ii. Organisation d`entreprise : Vous êtes pleinement qualifié en tant que personne morale distincte. Vous garantissez que la personne ouvrant un compte au nom de l`entreprise est le représentant légal de l`organisation d`entreprise ou dispose de l`autorisation légale et effective accordée par le représentant compétent de la société. La personne qui prévoit de passer un ordre dispose de l`autorisation légale et effective accordée par la personne morale et possède une connaissance et une expérience suffisantes pour comprendre la nature et les risques du produit à trader.
    • iii. Fiducie (Trust)
      • 1. Conformément aux documents de fiducie et aux Réglementations Applicables, le fiduciaire est autorisé à conclure cet Accord, à ouvrir le type de compte demandé, à effectuer des transactions et à donner des instructions. L`autorisation de fiducie acquise par le fiduciaire comprend, sans s`y limiter, l`achat, la vente (y compris la vente à découvert), le trading, la conversion, le remboursement, le rachat et le retrait d`actifs (y compris la livraison de titres vers/depuis le compte).
      • 2. In case of one trustee executing this Agreement, the trustee warrants that they have the right to perform this Agreement without the consent of other trustees or that they are authorised to enter into this Agreement. If several trustees jointly enter into this Agreement, AM UK may decide to require the written consents of any or all the trustees before following the instructions of any trustee at our discretion.
      • 3. The trustee confirms that AM UK may follow any trustee’s instructions to deliver funds, securities or any other assets to any trustee, including delivery of the assets to the trustee itself. The trustee ensures all the transactions made in its account abiding by the trust documents and Applicable Regulations. All trustees jointly undertake that AM UK will be exempted from any claim, loss, expenses or liabilities arising from any transaction made and acts taken by AM UK according to the trustees’ instructions.
  • b) During the periods of registration of opening an account on and use of our service, you should provide your true materials and information and you hereby warrant that all the materials and information you submit during said periods (including but not limited to email address, telephone, address, postal code, ID information and credit information) are true, accurate, complete and up-to-date. Where your abovementioned information is changed, you should timely notify AM UK thereof in writing. You authorise AM UK to carry out any investigation to verify the above-said information.
  • c) If these conditions are not met, you should immediately stop using the services provided by AM UK.

4. Ordre et Confirmation

4.1. You acknowledge that AM UK has no obligation to verify orders made under your username/password. Unless AM UK is notified and consents in writing, you will not allow anyone to access or place orders on your account. You are responsible for the confidentiality and use of your username/password and you agree to report any theft/loss of such username/password, or any unauthorised access to your account to AM UK’s customer service department at global@admiralmarkets.com. You remain responsible for all transactions entered using your username/password. You acknowledge and agree that any communication transmitted by you or on your behalf is made at your risk and you authorise AM UK to rely and act on, and treat as fully authorised and binding on you, any communication that we reasonably believe to have been transmitted by you or on your behalf by any agent who we reasonably believe to have been duly authorised by you.

4.2. An order or instruction of buying or selling financial products must be made by you:

  • a) via notre plateforme de trading ;
  • b) ou de toute autre manière que nous pourrions spécifier de temps à autre ; ou
  • c) orally by telephone (to be used in emergency cases only, with no guarantee of availability).

If your usual mode of communicating with us is unavailable for any reason, you should attempt the use of one of the other modes of acceptable communication specified above. AM UK will not accept any written instructions to buy/sell securities via email or through a written instruction, unless this method of submitting trade orders was agreed in advance between the Client and AM UK in response to any special circumstances. This Agreement must be evidenced in writing. AM UK will generally not accept an order or instruction received other than in accordance with clause 4, but if AM UK chooses to do so, we will not be responsible for any loss, damage or cost that you suffer or incur arising out of any error, delay or omission in us acting on such offer, or failing to act upon such offer.

You agree that AM UK may record any communications, electronic, by telephone, in person or otherwise, that AM UK has with you in relation to this Agreement and that any recordings that we keep will be our sole property and you accept that they will constitute evidence of the communications between you and us.

4.3.Client’s order and transmission of order: AM UK has the discretion to select brokers through which to route any Client order. To the extent that AM UK or any of its Affiliates provide execution services for the Client, AM UK is responsible for best execution of orders in accordance with Applicable Regulations. For some sufficiently liquid products traded at multiple markets, AM UK may provide an order-by-order routing whereby the order is passed to a third-party broker that will attempt to seek the best available terms for a Client`s order using a proprietary, computerised routing algorithm (“Smart Routing”). AM UK cannot guarantee execution of every order at the best posted price because of the following reasons (including but not limited to):

  • a) AM UK may not have access to every market/dealer;
  • b) d`autres ordres peuvent être passés plus tôt ou peuvent être traités en priorité ;
  • c) les centres de marché, les bourses, les courtiers tiers et/ou les teneurs de marché peuvent ne pas honorer les prix affichés ou peuvent réacheminer les ordres pour un traitement manuel ; ou
  • d) Les Règles du marché, les décisions ou les défaillances du système peuvent empêcher/différer l`exécution des ordres du Client ou faire en sorte que les ordres ne reçoivent pas le meilleur prix.

4.4.Cancellation/Modification of order: You acknowledge that it may not be possible to cancel/modify an order and that you are responsible for executions notwithstanding a cancel/modify request. AM UK and its Affiliates shall not be liable to the Client if AM UK or its Affiliates are unable to cancel or modify an order. The Client further acknowledges that attempts to modify or cancel and replace an order can result in an over-execution of the order, or the execution of duplicate orders, and the Client shall be responsible for all such executions.

4.5. Execution of order: If AM UK decides to exercise its discretion to execute your order, AM UK will execute your order as an agent, and may engage the agent of another broker or subsidiary to execute your order instead, in which case the engaged broker or subsidiary enjoys the same rights as AM UK. AM UK may decide to reject any of your order(s) or to terminate your use of AM UK’s service at any time at our discretion, but will endeavour to exercise this discretion reasonably. All the transactions should abide by the rules and policies of the related market or clearing houses and applicable laws and regulations. As per clause 1.9, AM UK IS NOT LIABLE FOR ANY ACTION OR DECISION OF ANY EXCHANGE, MARKET, DEALER, CLEARINGHOUSE OR REGULATOR.

You acknowledge and agree that AM UK may refuse to accept an order and we may place a limit on any order or place any restrictions/conditions on the acceptance of any order in our absolute discretion and without giving any reason or any prior notice. We may at any time use, add and change filters within a trading system which prevent delivery of orders or execution of orders without giving any reason or any prior notice. We will notify you of any refusal or limitation as soon as reasonably practicable, unless we are prevented by law or a direction from a regulatory authority from notifying you or we decide it is in accordance with our compliance policies and procedures not to notify you at that time or at all.

4.6.Confirmation: You acknowledge that confirmations of executions or cancellations may be delayed or may be erroneous (e.g., due to computer system issues) or may be cancelled/adjusted by an exchange. You are bound by the actual order execution, if consistent with your order. If AM UK confirms execution or cancellation in error and you delay reporting such error, AM UK reserves the right to remove the transaction from the account or require you to accept the transaction, in AM UK`s discretion. You agree to notify AM UK immediately by telephone or email if:

  • a) vous ne recevez pas de confirmation exacte d`une exécution ou d`une annulation ;
  • b) vous recevez une confirmation différente de votre ordre ;
  • c) you receive a confirmation for an order that you did not place; or
  • d) vous recevez un relevé de compte, une confirmation ou toute autre information reflétant des ordres, des transactions, des soldes, des positions, l`état de la marge (si applicable) ou l`historique des transactions erronés.

You acknowledge that AM UK may adjust your account to correct any error. You agree to promptly return to AM UK any assets erroneously distributed to you.

You agree to monitor each open order, and to notify AM UK by telephone at the telephone number(s) specified on AM UK’s website or by e-mail to the AM UK customer service department at global@admiralmarkets.com as soon as reasonably possible after you have become aware, or should have become aware, that:

  • (a) Vous n`avez pas reçu de confirmation précise d`exécution ou d`annulation ;
  • (b) Vous avez reçu une confirmation qui n`est pas conforme à votre ordre ;
  • (c) Vous avez reçu une confirmation d`exécution ou d`annulation d`un ordre que vous n`avez pas placé ; ou
  • (d) Vous avez reçu une confirmation, un relevé de compte ou toute autre information reflétant des ordres inexacts, des transactions, des soldes de compte, des titres, des fonds, l`état de la marge (le cas échéant) ou l`historique des transactions incorrects.

AM UK reserves the right to remove any erroneous trade from your account. You understand and agree that AM UK may adjust your account to correct any error. You agree to promptly return to AM UK any assets distributed to you to which you were not entitled. In the event any dispute or discrepancy related to orders and/or order confirmation are brought to AM UK’s attention, AM UK reserves the right to take any action it deems reasonable to close and/or suspend the position(s)/trade(s) that are the subject of the dispute.

4.7. Prohibition on Going Short: You may only sell securities held in your account whether settled or unsettled at the time of sale. If you have entered into an order to sell a security that you do not own at the time of the sale and that is not held in your account whether settled or unsettled at the time of sale, you authorise AM UK to either cancel the order if it has not already been executed, or, if the order has been executed, buy the equivalent security in the equivalent quantity on your behalf at your expense, without notice to you, and you agree that you shall be liable for any associated fines or charges incurred by us or you.

4.8. US Shares: AM UK may, but has no obligation to, ask you to sign the relevant US tax form before we accept an order or instruction from you to buy or sell a financial product in relation to securities listed on the Exchanges in the US. If you have not previously provided us with a valid US tax form and you already hold US shares, we may ask you to complete the relevant US tax form. If you do not return the signed and completed US tax form before the date we specify (usually 30 days), we reserve the right to sell your US shares. You have an ongoing obligation to inform us if your tax status changes.

4.9. Situations not covered by this Agreement: In the event that a situation arises that is not covered under this Agreement, AM UK will resolve the matter on the basis of good faith and fairness and, where appropriate, by taking such action as is consistent with common market practice. AM UK reserves the right to take such actions as necessary.

4.10. Regulatory Reporting: AM UK may be obliged under Applicable Regulations to make public certain information regarding our transactions with you. You acknowledge and agree that we are entitled to disclose such information and that such information held by us shall be our sole and exclusive property. You agree to provide us with all information that we may reasonably request for the purpose of complying with our obligations under Applicable Regulations and that you consent for us to provide to any third party such information about you and your relationship with us pursuant to this Agreement (including but not limited to your transactions, money or assets on your account) as we consider, acting reasonably, appropriate, or as required to comply with any applicable regulation or clause of this Agreement.

5. Connaissance des Titres, Warrants et Options, Actions d`Entreprise

5.1. AM UK shall not be obliged to, but we may arrange for you to receive the report, accounts and other information issued by a company. We are not obliged to, but we may notify you of or arrange attendance at any annual general meetings or extraordinary general meetings applicable to your financial products.

5.2. You confirm that you are responsible for familiarising yourself with the terms on any securities in your account, including upcoming corporate actions (e.g., tender offers, reorganizations, stock splits, etc.). AM UK has no obligation to notify you of any deadlines, required actions or dates of meetings, nor is AM UK obligated to take any action without specific written instructions sent by you to AM UK’s customer service department at global@admiralmarkets.com at least 14 days prior to the announced cut-off time for receipt of instructions. The consequences of the Client`s failure to timely provide such instructions are entirely the Client`s own responsibility and may give AM UK rights to act on behalf of the Client in its sole discretion. The processing of such special instructions may be subject to additional fees that shall be charged separately on the Client’s account prior to processing of instructions.

The Client consents that where proceeds of an announced corporate action cannot be credited to or reflected in the Client’s account, AM UK will make a cash balance adjustment in the Client’s account to replicate the material effect of such corporate action (typical examples include, but are not limited to, scrip dividends in new stocks that are not supported by AM UK’s trading platform, payments in lieu of fractional shares after the stock splits).

6. Règlement

6.1. AM UK is not responsible for any delay in the settlement of a transaction resulting from circumstances beyond our control, or the failure of any other person or party (including you) to perform all necessary steps to enable completion on the settlement date. Our obligation is only to pass on to you, or to credit to your account, such deliverable documents or sale proceeds (as the case may be) as we actually receive. If you are dealing in financial products that are not settled through a central securities depository system, settlement delays are likely to occur.

6.2. AM UK may refuse to allow a withdrawal on any account that you have with us if it would leave insufficient funds in the account to pay for any unsettled transactions. Where you make payment into your account and then make a withdrawal shortly afterwards, we reserve the right to delay settlement for up to ten business days to ensure your payment has cleared.

7. Registres, Rapports et Communications

7.1. AM UK keeps records of the financial products purchased by you in a way that enables us to readily identify the financial products which are held by you. The records include information about the transactions in financial products. AM UK will arrange for reasonable verification procedures for the appropriately frequent reconciliation of the financial products held by the custodians. AM UK will make available to you reports on the activity of your account on a daily and monthly basis, detailing information such as ticker name, position size, purchase price, accrued profit and loss for the statement period.

7.2. AM UK may provide such other information as may be reasonably requested by you in relation to any financial products held by a custodian, including to acknowledge the manner in which a custodian holds financial products for you.

7.3. You consent to receive any reports or confirmations that AM UK may make available by electronic means via AM UK’s system or platform and acknowledge that your access to and use of such reports are subject to this Agreement. You agree that any failure on your part to receive and read the notice does not obviate the effect of its subject matter.

7.4. You acknowledge and agree that the reports made available by AM UK may not be sufficient for you to discharge any obligations you have under law, whether statutory or otherwise, and that you should seek independent verification of the sufficiency of the reports for any purpose.

7.5. AM UK provides electronic confirmations, reports, account statements, key investor information documents, trade confirmations and other disclosure documents, relevant policies and agreements, and other Client records and communications (collectively, “Records, Reports and Communications”) in electronic form to the maximum extent permitted by applicable law.

7.6. Les Registres, Rapports et Communications électroniques peuvent être envoyés à votre plateforme de trading, à votre adresse e-mail ou à votre page de compte.

7.7. By entering into this Agreement, you consent to the receipt of Records, Reports and Communications, including as applicable, where these Records, Reports and Communications are published on AM UK’s website, and acknowledge that this Agreement is proper notification that these Records, Reports and Communications are available in electronic form on AM UK’s website. Such consent will apply on an ongoing basis and for every tax year unless withdrawn by you. You may withdraw such consent at any time by providing electronic written notice to AM UK through AM UK’s website. If you withdraw such consent, AM UK may provide required Records, Reports and Communications in paper upon receiving a request from you. However, AM UK reserves the right to require you to close your account if you withdraw consent to receiving electronic delivery of Records, Reports and Communications.

8. Fonds du Client et Compte

8.1. AM UK requires AM UK’s Clients to credit all funds related to their Invest.MT5 account to a designated financial institution with which AM UK maintains a segregated client account prior to the placement of any purchase order.

8.2. AM UK must deal with any money which you pay or give to us, or which is otherwise received by AM UK in connection with financial services provided by AM UK. You acknowledge that your monies will be deposited by AM UK in a clients segregated account.

8.3.You authorise AM UK to withdraw any or all monies to which you are otherwise entitled in any clients` segregated account or trust account maintained by AM UK to meet any liability, obligation or other loss which you owe to AM UK.

8.4. You hereby grant your express consent and agree that AM UK is entitled to all interest earned on money credited to a Clients` segregated account or trust account unless you and AM UK have otherwise agreed in writing.

8.5. If you instruct AM UK to pay an amount to you, AM UK will pay such amount to which you are entitled under this Agreement directly to you and not to any third party, unless you have otherwise instructed AM UK to do so and AM UK has agreed. You must provide the relevant account details for payment instructions in respect of payments to be made by AM UK to you. Whilst AM UK will take reasonable steps to comply with your payment instructions, AM UK accepts no responsibility for any failure to comply with those instructions and, if such failure occurs, the relevant monies will continue to be held by AM UK in accordance with applicable laws.

8.6. All currency exchange risks regarding any payment instruction will be solely your liability. Any conversion from one currency to another required to be made for performing any payment instruction may be effected by AM UK in the manner and at the time and at the exchange rates that AM UK in its absolute discretion decides.

8.7. You acknowledge that monies paid by you or AM UK to an international financial market participant or other service provider outside the United Kingdom, or received by such a person outside of the United Kingdom in connection with services provided to you by AM UK, will not be subject to the laws of the United Kingdom and rules governing client money, but instead will be subject to the applicable laws of the relevant jurisdiction.

9. Fonds des Cients et Conservation

9.1. Unless short selling is specifically permitted by AM UK, AM UK requires AM UK’s Clients to credit all funds related to their Invest.MT5 account to a designated financial institution with which AM UK maintains a segregated client account prior to the placement of any purchase order.

9.2. Immediately following the acceptance by AM UK of a purchase order by the Client for a security, AM UK shall be liable for the purchase. The amount payable for settlement of the purchase order shall become instantly due and payable by the Client to AM UK and shall thereupon cease to be client money. The Client shall not have the protection of the client money rules promulgated by the FCA in respect of funds required for settlement of a purchase order.

9.3. AM UK intends to deposit an amount equal to the amount due for settlement in a transaction segregated account in the name of AM UK with AM AS or AM PTY (as applicable). AM AS or AM PTY (as applicable) will transfer such amount from the transaction segregated account to a third-party broker who may be located in a jurisdiction outside the United Kingdom or the European Economic Area, such as the United States of America, for the purpose of clearing, settlement of the transaction and custody of the securities.

9.4. Securities purchased by a Client may be held in an omnibus account /segregated omnibus account (the “Omnibus Account”) with a third-party broker or custodian. In addition, these securities may be registered in the name of the intermediary broker or third-party custodian and held in the possession of such third-parties at an authorized securities depository for the benefit of clients of the third-party broker or custodian. The Omnibus Account may be held in a territory outside the United Kingdom or the European Economic Area and will not benefit from the protections afforded to clients under the laws of the United Kingdom or the European Economic Area. The terms of the Omnibus Account allow for the co-mingling of assets and as such, it may not be possible to separate your securities from those of other clients. The Omnibus Account allows for netting and allows the third-party broker and in some cases, relevant exchanges, liens and security interest over assets held in the Omnibus Account. There are additional risks relating to Omnibus Accounts of which the Client needs to be aware of, including the risk of insolvency (only applies in the event where the securities are held in an omnibus account and not a segregated omnibus account) of the third-party broker and/ or custodian as well as the risk that the held securities may be liquidated at prices not favourable to you or that your rights may not be recognised or enforceable under the laws of the relevant jurisdiction(s).

9.5. You should note that Clients may only purchase and sell securities. Once purchased, the securities in the Invest.MT5 account may only be transferred by way of sale.

9.6. FCA Client Money and Custody Rules:

  • i. The third-party broker/ custodian may be located outside the European Economic Area or outside of the United Kingdom. They may deposit and hold money, securities and other assets (including, but not limited to, collateral and safe custody investments) in accounts that are located outside of the United Kingdom or the European Economic Area. The legal, regulatory, and settlement regime applicable to other brokers or Affiliates and to the entities in which Clients’ money, securities and other assets will be held may be different from that of the United Kingdom (i.e., any client money and custody Rules promulgated by the FCA will not apply) or the rules within if outside the European Economic Area.
  • Among other things, different practices for the separate identification of clients money, securities, and assets may apply and, in the event of a default of Client’s money, securities and assets may be treated differently from the position that would apply if the money, securities or assets were held in the United Kingdom or within the European Economic Area.

Dans la mesure où un autre courtier ou un Affilié détient les fonds d`un Client, les titres ou d`autres actifs du client, le courtier ou l`Affilié détiendra ces fonds, ces titres et ces actifs conformément aux règles de leur juridiction respective et, lorsque les actifs sont détenus sur un compte Omnibus aux États-Unis d`Amérique, la Securities and Exchange Commission ("SEC") et la Commodity Futures Trading Commission ("CFTC") des États-Unis, le cas échéant.

10. Intérêt de Titre

10.1. AM UK acknowledges that it is prohibited from taking or granting a charge, mortgage, lien or other encumbrance over, or in relation to, the financial products held on your behalf, unless it is for expenses and outlays made in accordance with this Agreement (other than its unpaid fees) or in accordance with your instructions in this Agreement.

10.2. Subject to clause 10.1, you hereby instruct and agree that all assets of any kind held by or on behalf of AM UK for you (including without limitation any financial products held by AM AS or AM PTY (as and if applicable)) are hereby pledged to AM UK and are subject to a perfected first priority lien and security interest in AM UK’s or AM AS’s or AM PTY’s (as applicable) favour to secure performance of obligations and liabilities to AM UK and AM AS or AM PTY (as applicable) arising under this Agreement or any other document. If you fail to fulfil your payment obligations under this Agreement, AM UK or AM AS or AM PTY (as applicable) may combine or consolidate any of your accounts, convert to money, or under AM UK’s or AM AS’s or AM PTY’s (as applicable) control, a requisite portion of your property sufficient to satisfy the outstanding obligations under this Agreement and apply to proceeds or any property over which AM UK or AM AS or AM PTY or an Affiliate (as applicable) holds or controls in or towards payment of your liabilities to AM UK or AM AS or AM PTY (as applicable) arising by virtue of this Agreement. These rights are in addition to any rights AM UK or AM AS or AM PTY (as applicable) may have at law or equity. You acknowledge that this clause 10 may create a security interest in AM UK’s or AM AS’s or AM PTY’s favour.

11. Cas de Défaut et Actes Suspects

11.1. Un cas de "Défaillance" se produit automatiquement, sans préavis, dès que :

  • a) your breach/repudiation of any agreement with AM UK;
  • b) your failure to provide assurance satisfactory to AM UK of performance of an obligation, after request from AM UK in AM UK`s sole discretion;
  • c) votre compte présentant un capital propre nul ou étant en déficit ;
  • d) exécuter un ordre pour lequel vous disposiez de fonds insuffisants ;
  • e) des procédures engagées par/contre le Client en vertu de toute loi sur la faillite, l`insolvabilité ou similaire ;
  • f) cession en faveur de vos créanciers ;
  • g) nomination d`un administrateur judiciaire, d`un curateur, d`un liquidateur ou d`un officier similaire pour vous ou vos biens ;
  • h) la formulation de déclarations trompeuses/fallacieuses de votre part, ou de déclarations qui deviennent ultérieurement trompeuses/fallacieuses ;
  • i) votre incapacité légale ;
  • j) la poursuite de la suspension de votre activité ou de votre licence par tout organisme de réglementation ou toute organisation ; ou
  • k) AM UK having reason to believe that any of the foregoing is likely to occur imminently.

11.2. You unconditionally agree that, upon a Default, AM UK may terminate any or all of AM UK`s obligations to you and AM UK shall have the discretion to, without prior notice, liquidate all or any part of your positions in any account at AM UK, individual, joint, company or trust, at any time and any manner and through any market or dealer. You agree to not hold AM UK or AM AS or AM PTY or any Affiliates liable for all actions, omissions, costs, fees (including, but not limited to, attorney`s fees), or liabilities associated with any of your Default or any transaction undertaken by AM UK upon Default.

11.3. If AM UK or AM AS or AM PTY or any Affiliates, in their sole discretion believe that any of your accounts has been involved in any fraud or crime or violation of laws or Applicable Regulations, or has been accessed unlawfully, or is otherwise involved in any suspicious activity (whether victim or perpetrator or otherwise), AM UK may suspend or freeze the account or any privileges of the account, may freeze or liquidate funds or assets, or may utilize any of the remedies in this Agreement for a "Default".

12. Commission et Frais

12.1. When you give AM UK an instruction of buying or selling financial products and a transaction is entered into by AM UK on your behalf regardless of partial or full, you must pay to AM UK:

  • a) commission or brokerage at rates AM UK may notify you from time to time;
  • b) tous les frais, taxes, droits de timbre ou autres charges qui pourraient être imposés de temps à autre sur ou en relation avec toutes les transactions effectuées en votre nom ; et
  • c) des intérêts ou tout montant impayé dû en vertu de ce Contrat, calculés à partir de la date d`échéance jusqu`à la date à laquelle le(s) montant(s) sont remboursés intégralement.

12.2. AM UK may charge you for the provision by us to you of market data or any other account feature or such other fees as we reasonably advise you from time to time via email or by posting on AM UK’s website. You authorise AM UK to deduct commission and fees or other amounts (including interest) payable by you directly from your account.

12.3. If you have been referred to AM UK or on behalf of an agent or other third party, that agent or third party may receive benefits in the form of a commission or rebate from AM UK, provided that this is allowed in accordance with Applicable Regulations.

12.4. AM UK reserves the right to, at any time, change or impose fees in connection with the services that we provide to you. AM UK will provide reasonable notice to you of such imposition or change prior to its occurrence.

12.5. Sauf accord contraire, tous les montants à payer par vous en vertu de ce Contrat s`entendent Toutes Taxes Comprises (TTC).

12.6. Commissions and fees are as specified on AM UK’s website unless otherwise agreed in writing by AM UK beforehand. You acknowledge that AM UK deducts commissions/fees from your accounts, which will reduce account equity. Positions will be liquidated if commissions or other charges cause an account deficiency. Changes to commissions/fees are effective immediately upon either of:

  • a) posting on AM UK’s website or email; or
  • b) other written notice to you.

Your funds will not be disbursed until after transactions are settled. Terms and conditions for deposit and withdrawal of funds (including holding periods) are as specified on AM UK’s website.

12.7. Solde de Compte Négatif : Si un compte en espèces présente un déficit, des taux d`intérêt s`appliqueront jusqu`à ce que le solde soit remboursé. Vous acceptez de payer les frais raisonnables de recouvrement pour tout déficit impayé de votre part, y compris les honoraires d`avocats et les frais de recouvrement.

13. Cotations, Informations sur les Marchés, Recherches et Liens Internet

Quotes, news, research and information accessible through AM UK (including through links to outside websites) ("Information") may be prepared by third party providers. The Information is the property of AM UK, the providers or their licensors and is protected by law. You agree not to reproduce, distribute, sell or commercially exploit the Information in any manner without the prior written consent of AM UK and the providers. AM UK reserves the right to terminate access to the Information. None of the Information constitutes an advice, recommendation or a solicitation to buy or sell. Neither AM UK nor the providers guarantee accuracy, timeliness, or completeness of the Information, and you should consult an independent advisor before making investment decisions. RELIANCE ON QUOTES, DATA OR OTHER INFORMATION IS AT YOUR OWN RISK. IN NO EVENT WILL AM UK OR THE PROVIDERS BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES ARISING FROM USE OF THE INFORMATION. THERE IS NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE INFORMATION, INCLUDING WARRANTY OF MERCHANTABILITY, WARRANTY OF FITNESS FOR A PARTICULAR USE, OR WARRANTY OF NON-INFRINGEMENT.

Les performances passées d`un actif ne garantissent pas les performances futures.

14. License for Using AM UK’s Software

AM UK grants you a non-exclusive, non-transferable license to use AM UK’s software (hereinafter referred to as the “Software”) solely as provided herein. Title to AM UK’s Software and updates shall remain the sole property of AM UK, including all patents, copyrights and trademarks. You shall not sell, exchange, or transfer the AM UK Software to others. You shall not copy, modify, translate, decompile, reverse engineer, disassemble or reduce to a human readable form, or adapt, AM UK’s Software or use it to create a derivative work, unless authorised in writing by AM UK. AM UK is entitled to immediate injunctive relief for threatened breaches of these undertakings. This clause survives the termination of this Agreement.

15. Clause de Non-Responsabilité et Dommages Liquidés

15.1. You agree to indemnify and hold AM UK and the Affiliates harmless for all actions, omissions, claims, costs, expenses, fees (including, but not limited to, legal fees), penalties, losses, damages, taxes, imposts, levies and other liabilities which AM UK and/or the Affiliates may incur or be subjected to in connection with:

  • a) tout compte(s) à votre nom ou toute transaction ou toute transaction correspondante sur une bourse ou un marché, ou avec le courtier ou un courtier intermédiaire ou agent ;
  • b) l`exercice de tout droit ou recours en vertu de ce Contrat ;
  • c) meeting any obligation of AM UK which AM UK fails to perform by reason of an event of Default;
  • d) failure of commission or commission fault caused by your improper use of AM UK’s platform;
  • e) interruption, pause, retard ou défaillance de données des instructions de trading pouvant survenir en raison d`un dysfonctionnement, d`une interruption, d`un retard ou d`autres facteurs de transmission de données via Internet ;
  • f) perte découlant de la divulgation inappropriée de votre compte et mot de passe, de vos informations personnelles ou de vos informations de trading en raison de votre propre conduite ;
  • g) your use of the service provided by AM UK causing loss to you and/or a third party;
  • h) any force majeure event, including declarations of war, acts of terrorism, environmental disasters, unexpected changes in the legal/regulatory sphere etc., outside the control of AM UK.

15.2. Vous acceptez également et reconnaissez ce qui suit :

  • a) Upon registering and opening an account at AM UK, you warrant that you are obeying to the relevant laws and Applicable Regulations and Rules for using AM UK’s platform. You must not misuse AM UK’s trading platform and provided services by distributing illicit or harmful information or engaging in harmful conduct, including but not limited to the dissemination of false advertisements, violent imagery, insulting or slandering comments, violating the privacy of individuals and any other information against the laws and regulations. You must not engage in activities which infringe a third party’s intellectual property right or any other legal rights and interests. AM UK is not liable for any losses or damages arising from such conduct.
  • b) AM UK is not liable for any punitive, indirect, occasional, special or associated loss or damage, including but not limited to indirect personal damage, loss of business profit, interruption in trade, loss of business information or loss of any other reliance interests.
  • c) Since investment in securities or other financial products has risks of loss, AM UK will not be responsible for the profit and loss and risk related to your investment.
  • d) AM UK and our associated companies and Affiliates cannot guarantee the absolute reliability and accuracy of such information they provide as market quotation, diagram and comment, or the loss arising from the inaccuracy or missing of any contents of the market or from your subjective factors.
  • e) The internet contains an inherent level of risk, and in spite of AM UK’s best efforts it is possible that some malicious hack or malfunction of the web server may delay the release of or affect the veracity of market information and other securities-related information.
  • f) Your device setup may be incompatible with AM UK’s online transaction system, causing failure of orders or commission. In this case, you should report this to AM UK immediately and get technical support. AM UK is not liable for this.
  • g) AM UK does not examine or verify the contents provided by our associated companies and our Affiliates and does not guarantee the authenticity thereof, which should be judged by you and for which AM UK or its associated companies or Affiliates are not responsible.

15.3. Dommages Liquidés

You confirm that there may be postponement or interruption during your use of AM UK’s system, including those arising from AM UK’s intentional safeguarding of AM UK’s system. Under no circumstance, by taking whatever action and no matter whatever loss suffered by you may AM UK’s obligation exceed the total amount of the maximum monthly commission paid by you to AM UK within six (6) months before the occurrence of any claim.

16. Vie Privée et Confidentialité

16.1. You acknowledge that by opening an account with us and providing us with order instructions of buying or selling financial products, you will be providing us with personal information within the meaning of the United Kingdom’s Data Protection Act 2018, as amended. You consent to us processing all such information for the purposes of performing the Agreement and administering the relationship between you and us. You acknowledge and agree that this may result in your personal information being sent outside the United Kingdom or the European Economic Area. You consent to our processing and disclosing such information in accordance with this Agreement and our Privacy Policy as published on our website, as may be updated from time to time. In the event that you disclose your Tax Identification Number (“TIN”) to us, we will comply with the Applicable Regulations in the handling, storage and treatment of that TIN.

16.2. Les informations confidentielles incluent notamment, mais sans s`y limiter, les informations sur notre entreprise, y compris les opérations, les processus, les produits et la technologie, les affaires, les transactions, les clients, les fournisseurs (ci-après dénommées les "Informations confidentielles"), mais excluent les informations qui :

  • a) is or becomes public knowledge other than as a result of any breach of this Agreement or AM UK’s Privacy Policy;
  • b) sont légalement en votre possession avant de recevoir de telles informations de notre part ;
  • c) est reçue par vous sans aucune obligation de confidentialité.

AM UK and you undertake to not:

  • a) divulguer à toute personne des Informations confidentielles, sauf tel que permis par ce Contrat ou par la loi ;
  • b) utiliser toute Information Confidentielle à des fins autres que l`exercice de droits et l`exécution d`obligations en vertu de ce Contrat ou en relation avec celui-ci.

Cette clause et son application survivent à la résiliation de ce Contrat.

17. Le Client Doit Maintenir des Accords de Trading Alternatifs

Computer-based systems such as those used by AM UK are inherently vulnerable to disruption, delay or failure. YOU AGREE TO TAKE REASONABLE STEPS TO MAINTAIN ALTERNATIVE TRADING ARRANGEMENTS IN ADDITION TO YOUR AM UK ACCOUNT FOR EXECUTION OF YOUR ORDERS IN THE EVENT THAT AM UK’S SYSTEM IS UNAVAILABLE.

18. Divulgation de Confidentialité

AM UK hereby makes the following disclosures to you:

18.1. Securities purchased by you will be subject, inter alia, to the conditions and limitations that are indicated in Clause 9.4 of the Agreement.

18.2. You will be the beneficial owner of your funds in your account and shall ensure that the source and use of the funds is legitimate, and that the procedures for the deposit and currency exchange are consistent with the relevant laws and Applicable Regulations of your jurisdiction. Any dispute arising from the ownership and legality of your funds or any associated liability will be solely your responsibility. If any loss is caused to AM UK or AM AS or AM PTY (as applicable) as a result, AM UK and AM AS or AM PTY (as applicable) shall be fully indemnified by you.

19. Limitation of Liability and Indemnity

19.1. Subject to the provisions of the relevant laws that are applicable in England and Wales from time to time:

  • a) AM UK and any Affiliates make no warranties either expressly or impliedly as to merchantability, fitness for a particular purpose, or otherwise (including as to accuracy, availability, completeness or quality), with respect to any services offered by virtue of the Agreement, including, without limitation, AM UK’s trading platform;
  • b) AM UK and its Affiliates are excluded from all liability in contract or otherwise relating to or resulting from use of any service to be provided under this Agreement and for any loss incurred by you directly or indirectly without limitation as a result of or arising out of:
    • i. toute inexactitude, erreur ou retard dans ou omission de toute information fournie sous ce Contrat ;
    • ii. tout retard ou toute défaillance ou inexactitude, ou perte d`accès à la fourniture d`un service pour vous, y compris, sans limitation, tout retard, toute défaillance ou inexactitude dans, ou la perte d`accès à, la plateforme de trading ou en ce qui concerne la transmission des ordres, des instructions ou de toute autre information ;
    • iii. toute mauvaise interprétation de votre ordre ou de vos instructions qui sont flous, ambigus ou non spécifiques ; ou
    • iv. un événement de perturbation du service.

19.2. AM UK and its Affiliates are not liable in contract, tort (including negligence) or otherwise for any loss of prospective profits or expenses or special, indirect or consequential damages resulting from the supply of a service and the provision of custodial or depository services (as and if applicable).

19.3. To the fullest extent permitted by law, you release, discharge and indemnify and agree to keep AM UK, its Affiliates and their directors, officers, employees, associates, agents and representatives as well as their affiliates indemnified from and against all claims arising out of:

  • a) tout défaut, qu`il soit dû à votre action ou à votre omission en vertu de ce Contrat ou de tout ordre, instruction ou transaction ;
  • b) toute violation de votre part de toute loi applicable ;
  • c) toute déclaration ou garantie faite ou donnée par vous en vertu de ce Contrat s`avérant fausse ou incorrecte ;
  • d) toute erreur, omission, fraude, malversation, négligence, détournement ou acte criminel ou omission de votre part ou de la part de l`un de vos clients, employés, agents ou personnes autorisées, consultants ou assistants ;
  • e) any failure of any of your computer or electronic systems or networks to perform, be available or successfully transmit data to AM UK, or any error or inadequacy in the data or information input into such systems or networks by you;
  • f) tout retard dans le traitement de toute ordre ou instruction, y compris, par exemple, en raison de retards de systèmes ou de marchés, ou en raison de procédures de vérification ou de processus non autorisés, ou en raison du temps d`attente au téléphone ou du respect des politiques et procédures internes ;
  • g) anything lawfully done by AM UK in accordance with, pursuant or incidental to this Agreement;
  • h) toute instruction, demande ou orientation émanant de votre part ;
  • i) by reason of AM UK complying with any direction, request or requirement of applicable law, any financial market, any government body or any regulatory body having jurisdiction over AM UK;
  • j) arising from and in connection with or in any way related to AM UK in good faith accepting and acting on instructions received by facsimile transmission, email or by other means which are signed by or purported to be signed by you or any authorised person;
  • k) arising out of AM UK’s observance of this Agreement; or
  • l) payables en relation avec l`acquisition de tout produit financier ou en relation avec toute demande de paiement ou appel de fonds (y compris le capital impayé) les concernant.

20. Modification et Résiliation

20.1. AM UK may amend this Agreement from time to time. Any revised terms of this Agreement shall become effective five (5) business days after the date of any email notification issued to you or the date that it is posted on AM UK’s website (whichever is earlier). Any continued use of the services after the effective date shall constitute acceptance of any revised terms.

Within this period, the Client may send a written notice of objection via e-mail to global@admiralmarkets.com. Upon doing so, the Client must promptly cease using the services of AM UK, except as necessary to close all securities trading accounts (or any other accounts where securities are available for trading).

Prior to the use of AM UK’s services, you should carefully read this Agreement as you may become AM UK’s client after observing all the terms hereof. Once you are using the functions of AM UK’s trading platform, you form a relationship with AM UK subject to this Agreement. This Agreement governs all orders and instructions of buying or selling financial products received from you and all transactions entered into by AM UK on your behalf. Any amended agreement will supersede any previous agreement between you and AM UK on the same subject matter. This clause does not serve to exclude the effect of any of AM UK’s other disclosure documents, policies and agreements.

20.2. Without limiting the clause 11 Default event, AM UK may terminate this Agreement at any time by giving you notice. You may terminate this Agreement at any time by giving AM UK 5 business days’ notice. The termination of this Agreement:

  • a) n`affecte pas les obligations en cours en vertu de ce Contrat qui demeurent non remplies au moment de la résiliation ;
  • b) n`affectera pas toute obligation qui aurait déjà pu être engagée par l`une ou l`autre partie concernant des ordres, des instructions ou des transactions en cours déjà détenus en votre nom, ni aucun droit ou obligation légale qui pourrait déjà avoir découlé de ce Contrat ou de toute instruction qui aurait été donnée en vertu de celui-ci ; et
  • c) n`affectera pas le fonctionnement des clauses 7, 8, 11, 12, 14, 15, 16, 19 ou 20, le cas échéant.

Upon termination you will pay to AM UK any outstanding commission, charges, fees and taxes due.

20.3. Upon termination of this Agreement, subject to clause 12 Commissions and Fees, and without limiting clause 11 Default event, AM UK:

  • a) peut effectuer une ou plusieurs des actions suivantes :
    • i. annuler tout ordre et instruction en cours ;
    • ii. conclure une ou plusieurs transactions pour réaliser la clôture d`une ou plusieurs transactions non réglées ou positions ouvertes ;
    • iii. régler toute transaction qui n`a pas encore été réglée à la date de résiliation ;
    • iv. exercise any other rights AM UK has under this Agreement; and
    • v. do, or refrain from doing, anything else which AM UK considers reasonable in the context of this Agreement (or part thereof) having been terminated; and
  • b) will if applicable, within a reasonable time and subject to any lien that may be exercised, transfer or cause to be transferred those financial products for, in communication with the respective custodian, according to your instructions, provided that AM UK is in good faith able to arrange and is legally allowed to make such transfer.
  • c) will charge commission and any other applicable charges, fees and taxes on the sale or transfer of your financial product.

Where financial products are sold, you may suffer a shortfall between the amount you invested and the amount you get back after sale. AM UK and its Affiliates are not responsible for any shortfall that arises. Any shortfall will be borne by you. Where financial products cannot be sold, redeemed or transferred, AM UK will certificate the financial products at your cost and distribute these certificates to you. This Agreement will continue until AM UK has transferred, sold, redeemed or otherwise distributed the financial products or paid you the proceeds.

21. Politique de Confidentialité

The Client represents that the Client has read and understood the information contained in the "Privacy Policy" to be found on AM UK’s website, and consents to the collection and use of the personal information that the Client has shared with the Affiliates in accordance therewith. The Client further consents to the receipt of annual notice of the Privacy Policy via the AM UK website and shall monitor the AM UK website for revisions to the Privacy Policy.

22. Procédures de Réclamation

A summary of AM UK`s Internal complaint handling policy shall be made available to the Client through AM UK’s website.

23. Droit Applicable et Juridiction

The Client irrevocably agrees that this Agreement shall be governed by and construed in accordance with the laws of England and Wales without giving effect to conflicts of law provisions. The Client also irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction over all disputes relating to or arising from the execution or performance of this Agreement, any transaction hereunder or any of the Client’s accounts and irrevocably submits to the jurisdiction of such courts. The Client waives any objection which it may have, at any time, to the bringing of any proceedings in any such court and agrees not to claim that such proceedings have been brought in an inconvenient forum or that such court does not have jurisdiction over it.

However, the foregoing shall not prevent AM UK or any of its Affiliates from bringing an action in any court of any other jurisdiction, in their discretion.

24. Divers

24.1. You agree that this Agreement, and the various disclosure documents and policies issued by AM UK as amended from time to time, contains the complete contract entered into by and between us and you. This Agreement, and the various disclosure documents and policies issued by AM UK as amended from time to time, replaces and supersedes any other explicit and/or implicit agreement or representation between yourself and AM UK. In the event that there are any circumstances not covered by this Agreement, AM UK’s terms and conditions and all other applicable disclosure documents and policies will apply to Clients who trade securities. These documents are available from AM UK’s website.

24.2. Si une clause de ce Contrat est jugée et/ou rendue inapplicable ou inefficace, elle sera divisible dans la mesure la plus large permise par la loi et n`entravera pas la validité des autres clauses de ce Contrat.

24.3. You agree and consent to AM UK recording all phone conversations you have with AM UK and any Affiliates. You acknowledge AM UK’s privacy policy and agree upon AM UK’s collection/use of your information according to AM UK’s rules and Applicable Regulations.

24.4. Without AM UK’s prior written consent, you shall not transfer any rights or obligations hereunder. After sending notice to you, AM UK may transfer this Agreement to another broker, trader or futures broker. This Agreement guarantees AM UK’s successors or assignees interests. AM UK may terminate this Agreement or terminate providing services to you at any time. You may close your account through AM UK’s website by informing AM UK by email, however, only upon clearance of all positions and satisfaction of all other requirements for closing an account as stipulated on AM UK’s website will your account be closed.

24.5. You authorise AM UK directly or through a third party to inquire you about the information required as held by AM UK for carrying out business activities with you. The inquiry may include credit report and other credit examination requested when you breach this Agreement or break the obligation hereunder or verification of the information provided by you to the third-party database. Please read the privacy policy on AM UK’s website for more details regarding how we store, handle and use your information.

24.6. AM UK may amend this Agreement at any time as per clause 20 of this Agreement. In the event that any terms of this Agreement are rendered being fully or partially ineffective or unenforceable due to whatever reason, the other terms shall remain valid and binding to the extent permitted by law.

24.7. Ce Contrat est disponible en anglais et dans d`autres langues. En cas de divergence entre la version anglaise et les versions dans d`autres langues, la version anglaise prévaudra.