18-client agreement 20161123 - rockfort markets€¦ · client must provide notice to gpp markets...
TRANSCRIPT
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Client Agreement
1. About GPP Markets and this Agreement
1.1 Who you are dealing with GPPMarketsLimited(companynumber5821427,FSPnumberFSP509766)isaNewZealand-basedcompany,registeredandincorporatedinAuckland,NewZealand.ItislicensedundertheFMCAasaderivativesissuer,andisregisteredasaFinancialServiceProvider,inNewZealand.GPPMarketsprovidesover-the-counter(OTC)dealingandexecutionservicestoclientsinspotforeignexchange(FOREXorFXContracts)andContractsforDifference(CFDs)derivativesContracts.ThisAgreementisenteredintobyandbetweenGPPMarketsandtheClientintheprincipleofequalfootingandmutualbenefit.
1.2 About this Agreement ThisAgreementsetsoutthebasisonwhichGPPMarketswillprovideservicestoyou,theClient.ThisAgreementgovernseachtransactionenteredintooroutstandingbetweenGPPMarketsandtheClient,onoraftertheacceptanceoftheClient’sApplicationFormbyGPPMarkets.OnlyafterGPPMarketsacknowledgesandapprovestheClient’sApplicationForm(aftertheClienthasprovidedallinformationrequiredbyGPPMarkets),canthisAgreementbedeemedtohavebeenacceptedbyGPPMarketsorbecomeacontractthathasbeenagreedbyandbindingupontheClientandGPPMarketsuntilitsterminationinaccordancewiththisAgreement.BeforeenteringintothisAgreement,pleasecarefullyreadthisAgreement(includingtheRiskWarningStatementintheAppendix)andtheseparatePDSfortheContracts.ThiswillformthebasisofthecontractbetweenyouandGPPMarkets.YouwillhavereceivedacopyofthecurrentPDSinconjunctionwiththisAgreement.ThePDSwillbesupplementedorreplacedfromtimetotime,andyoucanobtainthelatestversionfromourwebsitewww.gppmarkets.com.YoushouldcarefullyreadtheRiskWarningStatementandconsiderseekingprofessionalfinancial,legal,taxation,andotherprofessionaladvicebeforemakinganydecisionsaboutGPPMarkets’productsorservices.
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1.3 Binding Force ThisAgreementwillcontinuetobevalidandcoveralltheAccountsopenedorreopenedbytheClientatanytimewithGPPMarkets,orothersuccessorsortransferors.Ifthereareamalgamations,mergersorotherchangesinrespectofeithertheClientorGPPMarkets,thisAgreement(includinganyauthorizations)willbeadaptedtotheinterestsofGPPMarketsorothersuccessorsortransferors,andwillcontinuetobebindingupontheClientand/orhis/herheirs,trustees,administrators,legalrepresentatives,successorsandassignors.TheClientmustprovidenoticetoGPPMarketsofanysuchamalgamation,merger,orotherchangeinrespectoftheClient.
1.4 Effect of Agreement under Governing Legislation NothinginthisAgreementwillexcludeorrestrictanydutyorliabilityowedbyustoyouundertheGoverningLegislationandifthereisanyconflictbetweenthisAgreementandtheGoverningLegislation,theGoverningLegislationwillprevail.
1.5 Meaning of terms InthisAgreement:(a) ‘we’,‘us’,‘our’,or‘GPPMarkets’referstoGPPMarketsLimited;(b) ‘you’,‘your’,and‘Client’referstotheclientnamedintheApplicationForm;(c) othertermsthatarecapitalisedinthisAgreementaredefinedinclause25;
and(d) referencesto‘inwriting’includeareferencetoanemailsentbyustothelast
knownemailaddressweholdforyou,byyoutoouremailaddresssetoutinthePDS,orineithercasetoacommunicationsentbyanyotherelectronicmeanspermittedbylaw.
1.6 Non-English language copy IfthisAgreementisprovidedtoyouinanylanguageotherthanEnglish,thenpleasenotethatnon-EnglishdocumentisforyourinformationonlyandthatthegoverninglanguageofthisAgreementandofanydisputearisingunderitisEnglish.
2. Accounts
2.1 Establishment of Accounts UponentryintothisAgreementinaccordancewithclause1.2,GPPMarketswillestablishanAccountintheClient’sname.WheretwoormorenaturalPersonsarenamedastheAccountHoldertheAccountwillbeestablishedintheirnamesasJointClientsunlesstheyspecificallyadviseotherwise.
2.2 Establishment of sub-accounts WemaydivideaClient’sAccountintodifferentsub-accountsdenominatedindifferentcurrencies,andreferencesinthisAgreementtoanAccountincludesreferencestoalloranysuchsub-accounts(asthecontextrequires).
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2.3 Holding of amounts in Accounts TheClientagreesandacknowledgesthat:(a) theClient’smoneyandthemoneyofourotherclientswillbecombinedand
depositedbyGPPMarketsinaClientBankAccount;(b) theClient’smoneywillbeheldinaClientBankAccountandareassumedby
GPPMarketstobeheldinthecourseofGPPMarkets’businessdealinginContracts;and
(c) unlessotherwiseagreedinwriting,GPPMarketsisentitledtoanyinterestontheClient’smoneydepositedwithGPPMarketsandsegregatedandinvestedbyGPPMarkets.
2.4 Maintenance of records GPPMarketswillmaintainrecordsofClientMoneyandAccountsinaccordancewithGoverningLegislation.ClientscanaccessinformationfromtheserecordsinrespectoftheirAccountonGPPMarkets’onlinetradingplatform.
2.5 Restrictions on activities Wemay,inourabsolutediscretion:(a) notacceptanyPersonasaclient;(b) revoke,suspend,orterminatetheregistrationofanyPersonasaclient;or(c) restricttheactivitiesofanyClient,includingallowingyoutoonlycloseopen
positions.
2.6 Refusal of services Tothemaximumextentpermittedbylaw,GPPMarketsmayrefusetheprovisionofanyservicetotheClient,withoutbeingobligatedtoinformtheClientofthereasonsforthatrefusal,ifGPPMarketsreasonablyconsidersthatsorefusingisnecessaryinordertoprotectthelegitimateinterestsoftheClient,GPPMarkets,orboth.
3.2. Third parties
3.1 Authorised third parties YoumayauthoriseathirdpartytoactonyourAccount.Todoso,youmustfirstcompleteandsigna“PowerofAttorney”form.Theformisavailablebycontactingourcustomersupportteam.
3.2 No liability for authorised third parties IfaClientauthorisesanythirdparty(whetherwithorwithoutdecision-makingpower)toconducttransactionsormanagehis/heraccountonbehalfoftheClient,GPPMarketswillnotbeheldliableforanylosses,costs,expensesordamagescausedasaresultofthatauthorisation.GPPMarketsdoesnotmakeanystatementsorundertakingswithrespecttoanythirdpartiesrelevanttoanyfinancialtransactions;GPPMarketsshallnotbeheldliableforthelosses,costs,expensesordamagescausedtotheClientbytheactivitiesofanythirdparties.ItistheClient’ssoleresponsibilitytoauthoriseanythirdpartytomanagehis/heraccountandbearallrelevantrisks.
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3.3 GPP Markets may act on instructions YouconfirmthatweareauthorisedtoactwithoutfurtherenquiryoninstructionsgivenorpurportedtobegivenbyyouoryourAttorneybyfacsimile,mail,emailorotherelectronicmeansoftransmissionincludingthroughyourAccountontheGPPMarketswebsiteregardingContractsandpayments,includingpaymenttothirdpartybeneficiaries.Tothemaximumextentpermittedbylaw,ourrecordswillbeconclusiveevidenceofsuchinstructions,andweareentitledtoactonanysuchinstructions(includinginstructionsgivenviatheGPPMarkets’onlinetradingplatform)withoutfurtherenquiry.
4. Electronic Trading
4.1 Client bound by trading platform terms ByenteringintothisAgreement,theClientagreestobeboundbythetermsandconditionsofGPPMarkets’onlinetradingplatform,asamendedfromtimetotime.
4.2 System failures Tothemaximumextentpermittedbylaw,GPPMarketsshallnotbeheldliableforanylosses,costs,expensesordamagesincurredduetoelectronictradingsystemfailures.
4.3 Password Protection TheClientshallkeepconfidentialhis/herpasswordandensurenothirdpartyusehis/hertradingfacilities.TheClientshallbesolelyresponsiblefortheconfidentiality,safetyanduseofthepassword.Tothemaximumextentpermittedbylaw,GPPMarketsshallnotberesponsibleforlosses,costs,expensesordamagescausedtotheClientbypasswordtheft.
5. Trading – Quotations and entry into Contracts
5.1 Contracts are Over-the-counter (OTC) FinancialproductsofferedbyGPPMarketsarespotforeignexchangeandCFDderivativescontractstradedOTC.Thismightbeconsideredtoinvolvegreaterriskthanon-exchangederivativecontracts,asthereisnoexchangemarketonwhichtocloseoutanopenposition.AllpositionsenteredintowithGPPMarketsmustbeclosedwithGPPMarketsandcannotbeclosedwithanyotherentity.
5.2 Quotations YoucanaskustoquotethepriceatwhichyoumayenterintoaContractwithusandthemarginrequired(ifany)bynominatingtheamountoftheUnderlyingAssetandthecurrencyagainstwhichitistobeexchanged(subject,ineachcase,toourrequirementsrelatingtominimumlotsizesandavailablecurrencies,asadvisedtoyoufromtimetotime).
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5.3 Entry into Contract Ifweprovideaquote,youmayinstructustoarrangetheentrybyyouintoaContractequivalenttothatforwhichthequotewassought.ReceiptbyusofyourinstructionwillbeanofferfromyoutoustoenterintothatContract.Wearenotunderanyobligationtoacceptyourofferandmaydeclinetodosoinourabsolutediscretion(includingwheretherequiredmarginhasnotbeenprovidedpursuanttoclause5.6).
5.4 Confirmation of entry into Contract or offer being declined (a) WewillprovideyouwithConfirmationInformationinrespectofeach
ContractinrespectofwhichweacceptyourofferinaccordancewiththeGoverningLegislation.OurfailuretoprovideConfirmationInformationwillnotprejudiceoraffectthevalidityorenforceabilityofthatContractandotherthanasprovidedbyGoverningLegislationwillnotbeliableasaresultofafailuretoprovideConfirmationInformation.
(b) Unlessyounotifyuswithin48hoursthatyouwishtodisputeaContract,thecontentsofConfirmationInformationprovidedwill,intheabsenceofmanifesterrorandsubjecttoclause5.5,beconclusiveevidenceoftheexecutedContract.
(c) IfwedecidenottoacceptyouroffertoenterintoaContract,wewilladviseyouofthatdecisionpromptly.
5.5 Quotation Error Shouldaquotationerroroccur(includingoralresponsestoClientrequests),thentothemaximumextentpermittedbylaw,GPPMarketsshallnotbeheldresponsibleforanylosses,costs,expensesordamagescausedbyquotationerrorsandorderexecutionsinAccountbalancesandreservestherighttomakenecessarycorrectionsoradjustmentstotherelevantAccount.Forthepurposesofthisclause,‘quotationerrors’arepricesprovidedinerror,andincludenon-tradableorroguepriceswereceivefromexternalpricefeedsthataredisplayedonourtradingplatform.GPPMarketswillnotifyClientsofanysuchcorrectionsoradjustments.
5.6 Margin requirement Youmustmaintaintheminimummarginrequirementsweadvisetoyouinaccordancewithclause10.ItisyourresponsibilitytomonitoryourAccountbalances.TheInitialMarginrequiredinrespectofaContract(ifnotalreadyreceivedbyus)willbeimmediatelydueandpayableuponouracceptingyouroffertoenterintoaContract.
6. Closing positions
6.1 Termination of Contracts YoumaycloseoutapositionbyunwindingaContractatanytimebynoticetousthatyouwishtheContracttobeclosedout.Uponreceiptofthatnotice,wewillenterintoamatchingandoppositeContractonyourbehalfassoonaspracticableafteranytimeanddatespecifiedinthatnotice(or,ifnosuchtimeordateisspecified,afterreceiptofsuchnotice).
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6.2 Standing instructions to terminate Contracts YoumayprovideuswithstandinginstructionstoterminateanexistingContractwhenaparticularpricelevelisreachedinrespectoftherelevantUnderlyingAsset,subjecttoourrequirementsinrespectofsuchstandinginstructionsfromtimetotime.Youacknowledgethatifyouprovideuswithsuchstandinginstructions,thepriceatwhichtheContractisterminatedmightnotbetheexactpricelevelspecified.
6.3 GPP Markets may terminate contracts IftheunrealisedlossesinrelationtoaContractatanytimeexceedstheequityinyourAccount,wemaycloseoutthatContractasifthateventwereaDefaultEvent.
6.4 Money to be paid on termination WhenaContractisclosedoutwhich:(a) resultsinaprofitforyou,thatprofitwillbecreditedtoyourAccount;or(b) resultsinaloss,thatamountwillbedebitedfromyourAccountunlessdoing
sowouldresultinyourAccountbalancebecomingnegative,inwhichcaseyoumustimmediatelypayustheamountowinginsuchcurrencywespecifyinclearedfunds.
6.5 Set-off Wewillsetoffanymoneyowedtoyouunderthisclauseagainstanymoneyyouoweusunderthisclause(forexample,wheretwoseparateContractsareterminated).IfthereisthensufficientmarginintheAccount,anyamountowingbyyouunderthisclausemaybesettledinwholeorinpartbydebitingtheClient’sAccountuptotheamountofthatexcess.UnlesstheClientrequestsotherwise,anyrealisedprofitfromterminatingContractswillberetainedintheClient’sAccount.
6.6 Money to be paid on termination TheclosingoutofaContractinaccordancewiththisclausewillconstituteacompletedischargeofalltheparties’obligationsunderthatContractandhastheeffectofimmediatelycancellingtheContractsothattheonlyobligationsthatcontinueinrespectoftheContractarethoseprovidedforinthisclause.WhereweexerciseanyrighttocloseoutaContractunderthisAgreement,theclosingoutwillbeeffectedonyourauthority(whichyougivebyenteringintothisAgreement),atyourriskandexpenseandinyourname,inaccordancewiththisclauseasifyouhadgivennoticeonthedatethatweexerciseourright.
7. Reporting and nature of services
7.1 Reporting on Contracts WewillreporttoyouinrelationtoyourContractsinaccordancewiththeGoverningLegislation.BysigningtheApplicationFormyouagreethatwemayprovideyouwithongoingConfirmationInformationthroughanelectronicfacility(includingthroughtheonlineplatform)and/orbyemail.
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7.2 Capacity GPPMarketsisundernoobligationtomonitororadvisetheClientontrading,therefore,subjecttotheGoverningLegislation,GPPMarketsmayexecuteaninstructionreceivedbytheClientevenifsuchtransactionisnotsuitablefortheClient.TheClientunderstandsthatifnecessary,independentfinancialadviceshouldbesoughtinrelationtotradingfinancialinstruments,includingbutnotlimitedtotradingspecificfinancialinstrumentsofferedbyGPPMarkets,investmentsstrategiespursuedbytheClient,chargesandtaximplications.GPPMarketswillnotgiveadviceaboutwhethertheClientshouldopen,closeorholdaContract,asGPPMarketsisanexecutiononlybroker.
8. Client’s Representations, Warranties, Assurances, and Undertakings
8.1 Client’s general representations and undertakings TheClientwillbedeemedtoprovidethefollowingrepresentationsandundertakingsonthedateofentryintothisAgreementandeachtimeaContractisenteredinto:(a) TheClientunderstandsthatalthoughlowmargindepositsareusually
requiredinOTCtransactions,lossesarisingfrompricefluctuationsinOTCtransactionsmayexceedtheClient’sinitialinvestmentandmargindeposit,astheleverageratioisrelativelyhigh.
(b) TheClientundertakesandstatesthatiffinanciallossesaresufferedfromOTCtransactionsthoselosseswillnotaffecthis/herexisting/futurelifestyleandfinancialconditions.
(c) TheClientdeclaresthat:(i) ifhe/sheisanaturalPerson,he/shehasfullmentalandlegalcapacity
andisover18(eighteen)yearsofage;and(ii) iftheClientisnotanaturalPerson,hasfulllegalcapacity,andotherwisehasthenecessarypower,capacityandauthoritytoenterintoContracts,andtheClient(orthePersonexecutingthisAgreementonbehalfoftheClient)hasfullpowerandauthoritytoexecutethisAgreement,andthereforetheClientmayenterintotheAgreementandtheAgreementandeachContractwillconstituteavalidcontractbindinguponandenforceableagainsttheClient.
(d) TheClientacceptsthatGPPMarketsreservestherightto,atanytimeandwithoutpriorwrittennotice,refusetoactontheinstructionsofanyAttorneyappointedbytheClient.
(e) TheClientdeclaresthathe/sheisfullyawareofanyimplications,includingbutnotlimitedtoanyrestrictions,setbyhis/herlocaljurisdictioninrelationtoenteringtheAgreementandtradinginContracts,andthat(exceptinthecaseofaClientresidentinNewZealand)thesedonotrequireGPPtotakeanyadditionalregulatorycomplianceorotheractioninordertotransactwiththeClient.
(f) TheClientdeclaresthatanytradinginContractsofferedbyGPPMarketsisproportionaltohis/herspecificfinancialsituationandthattheClienthas
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takenanyindependentlegalandfinancialadvicetheClientconsidersnecessarypriortoenteringintothisAgreementandanyContract.
(g) IftheClientismorethanonenaturalorlegalPerson(JointClients),theClientagreesthatalloftheJointClients’obligationsandliabilitiesundertheAgreementshallbejointandseveral.AnycommunicationtobegiventoJointClientsunderthisAgreement,includingbutnotlimitedtonoticesandorders,shallbedeemedtobedeliveredtoalloftheJointClientsifitisprovidedtoanyoneoftheJointClients.
(h) TheClientdeclaresthathe/shehasadequateinvestmentexperienceandtheabilitytowithstandrelevantfinancialriskstoconducttransactionsontheOTCmarket.
(i) TheClientdeclaresthathe/sheisnotcurrentlyemployedbyanyexchanges,anycompanieswhoseabsolutemajorityofcapitalisheldbyanyexchanges,anymembersofanyexchanges,anycompaniesregisteredwithanyexchanges,anybanks,trustinstitutionsorinsurancecompanies.IftheClientisemployedbyanyoftheabovecompanies,GPPMarketsshallbynomeansbeheldliableforthelossescausedtotheClient.
(j) TheClientrepresents,acknowledges,andagreesonacontinuingbasisthat:(i) nostepshavebeentakenorlegalproceedingsstartedorthreatened
againsttheClientfortheClient’sInsolvency;(ii) executingthisAgreementandgivingeffecttoitandeachtransaction
underittheClientwillnotinfringeanyprovisionofanydeedorotherdocumentoragreementtowhichtheClientisaparty;
(iii) exceptasotherwiseexpresslydisclosedinwritingtoGPPMarkets,theClientactsasprincipal(andnotasagentortrustee)inenteringintothisAgreementandeachtransactionunderitandnooneexcepttheClienthasaninterestintheClient’sAccount;
(iv) inthecaseofJointClients,thisAgreementwillbindeachandalloftheJointClientsseverallyandjointly;
(v) theClienthasgivencarefulconsiderationtoitsobjectives,financialsituationandneedsandhasformedtheopinionthatdealinginContractsissuitablefortheClient’spurposes;
(vi) theClienthasreadandunderstood:a. theClientAcknowledgementsintheApplicationFormandtheRisk
WarningStatementsetoutintheAppendix;b. anydocumentsgiventotheClientwhichexplainsthenatureof
Contracts;andc. detailsofthecontractspecificationsforContractsinwhichGPP
MarketswilldealontheClient’sbehalf,andhastakenanyindependentlegalandfinancialadvicetheClientconsidersnecessarypriortoenteringintothisAgreement;
(vii) theClientwillnotenterintoaContractasorbywayofgamingorwagering;and
(viii) noDefaultEventhasoccurredoriscontinuing.
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8.2 Appointment as agent and other agreement TheClientacknowledgesandagreesthat:(a) theClientappointsGPPMarketsastheClient’sagentforthepurposeof
dealinginContractsinaccordancewiththetermsofthisAgreement;(b) GPPMarketsmayincertaincircumstanceseitheractingforanotherclientor
onitsownaccounttaketheoppositepositiontotheClientinaContract,andtheClientacknowledgesGPPMarkets’righttodosoandtochargetheClientsuchamountsasarepermittedbythisAgreementasifGPPMarketshadnottakenthatoppositeposition;
(c) GPPMarketsmayatanytimeinitssolediscretionrefusetoenterinto,ortoclearandsettle(regardlessofwhetheranorderhasbeeninitiallyacceptedbyGPPMarkets),aContractormaylimittheContractsthatGPPMarketsentersintoorclearsandsettlesfortheClient,withoutanyobligationtoinformtheClientofGPPMarkets’reasonsfordoingso.GPPMarketswillinformtheClientofanyrefusalorlimitationatorbeforethetimeoftheClientplacingtheorderorassoonaspracticablethereafter.SuchrefusalwillbewithoutprejudicetoanyotherrightsandpowersunderthisAgreement;
(d) tradinginContractsmaycreateanobligationtomakeacashadjustment,inaccordancewiththetermsofaContract,andeachContractwillbeclosedoutwithoutaphysicalexchangeordeliveryoftheUnderlyingAsset;
(e) therearenoguaranteesofprofitorofavoidinglosseswhentradingContracts,andtheClientacknowledgesthathe/shehasnotreachedaunilateralagreement,includingbutnotlimitedtoanyagreementsguaranteeingtheprofitsorlimitedlossesfromhis/heraccountwithGPPMarketsoritsemployees,brokersoranythirdparty.
(f) theClientshallbeobligedtoimmediatelynotifyGPPMarketsinwritingofthedetailsofanyunilateralagreementsorguaranteesofferedbythepartiesmentionedabove;and
(g) theClientisawareoftherisksinherentintradingCFDsandFOREXandisfinanciallyabletobearsuchrisksandwithstandanylossesincurred.
8.3 Assessment of suitability Youconfirmthat,whereyouinstructustoenterintoanyContractsonyourbehalf,anassessmenthasbeenconductedofyoursuitabilitytoengageintradingintheparticulartypesofContractscontemplated,assetoutinthePDS.
8.4 Other Assurances and Guarantees TheClientassuresandguaranteesthat:(a) ThefundstobedepositedbytheClienttofundhis/heraccountbelongtothe
Clientandarefreeofanylien,charge,pledgeorotherencumbrance.(b) Thefundsarenotthedirectorindirectproceedsofanyillegalactoromission
orproductofanycriminalactivityandtheClientactsforhis/herselfandisnotarepresentativeortrusteeofathirdPerson.
(c) TheClientguaranteestheauthenticityandvalidityofanydocumentsenttoGPPMarketsduringtheaccountopeningprocessandthelifeofthetradingaccount.
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(d) TheClientacceptsthatthefundsshallbedepositedinhis/hertradingaccountonlyifGPPMarketsissatisfiedthatthesenderofthefundsistheclienthis/herself.IfGPPMarketsisnotsatisfiedastotheabove,thenGPPMarketshastherighttorejectthefundsandcanneitherguaranteethereceipt,northereturnofthirdpartypayments.
8.5 Financial Conditions TheClientrepresentsandwarrantsthathis/herfinancialconditionissound.BeforestartingtoconductOTCtransactions,theClientunderstandsandhasverycarefullyconsideredtherisksassociatedintradingintheOTCmarketandhe/sheisfinanciallyabletobearsuchrisksandwithstandanylossesincurred.
9. Client Money Unlessotherwiseindicated,GPPMarketswillpromptlydepositanyClientMoneyintooneormoresegregatedClientMoneyaccountsheldinaClientBankAccount,separatefromHouseMoneyandoperatedinaccordancewiththeGoverningLegislation.GPPMarketswilltreatClientMoneyasbelongingtotheClientanditwillnotbeavailabletosatisfyanyliabilityofGPPMarkets.GPPMarketsisnotobligatedtopayinteresttotheClientforthefundsdeposited.
9.1 Separation of Funds AllmoneyreceivedfromtheClientoraPersonauthorisedbytheClientisheldintrustinaseparateClientBankAccount.TheClientagreesandacknowledgesthat:(a) whileClientMoneyissegregatedfromHouseMoney,allClientfundsare
pooledtogethersoanindividualClientbalancemaynotbeprotectedifthereisadefaultintheoverallClientBankAccountbalance;
(b) subjecttoourcompliancewiththeGoverningLegislation,wemayholdClientMoneyinbankandbrokeraccountsinNewZealandaswellasothercountries(includingpursuanttoAuthorisedHedgingActivities);
(c) ClientMoneyheldoutsideofNewZealandmaybesubjecttothejurisdictionofthatterritoryandyourrightsmaydifferaccordingly(and,wherepaidpursuanttoAuthorisedHedgingActivities,itmaynolongerbeaffordedtheprotectionofbeingheldintrust);
(d) intheeventofinsolvencyoranyotherequivalentfailureofthatbankorbroker,yourmoneymaybehandleddifferentlyfromthetreatmentwhichwouldapplyifthemoneywereheldwithabankorbrokerinNewZealand;and
(e) subjecttotheGoverningLegislation,ifsuchaneventaroseGPPMarketsisnotresponsibleforthesolvency,actsoromissionsofanybankorotherthirdpartywithwhichClientMoneyisheld.
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9.2 Authorised Deductions TheClientagreesthatGPPMarketsisauthorisedto:(a) Withdraw,deductorapplyanyamountspayablebytheClienttoGPPMarkets
and/oranyassociateofGPPMarketsfromClientMoneysheldinanyClientBankAccountorinvestedbyGPPMarkets,including,withoutlimitation,makingapaymentfor,orinconnectionwith,themargining,adjustingorsettlingofdealingsonContractsenteredintobytheClient,orthepaymentoffinancecharges,commissions,fees,orinteresttoGPPMarketswithallsuchamountsbelongingtoGPPMarkets;
(b) UsethefundsintheClientBankAccounttomanageGPPMarkets’dealingswithcounterpartieswithrespecttoclientpositions(includingthroughAuthorisedHedgingActivities).Thesecounterpartyaccountswillalsobeaffordedthesamesegregationprotectionasmentionedabove;
(c) RetainallinterestearnedonClientMoneyheldinClientBankAccounts;and(d) WithdrawamountsfromtheClientBankAccountsotherwiseasprovidedin
theGoverningLegislation.
9.3 Debts IfyouholdmorethanoneAccountwithGPPMarkets,wemaytreatyouraccountsinaggregateforthepurposesofsatisfyingyourobligationstopayusanydebitbalance.Thismeansanycreditbalance,includingmoneydepositedasMarginononeaccountmaybeusedtodischargedebtsonanother.GPPMarketsdoesnotaggregateAccountsforthepurposeofcalculatingyourmarginlevelorstoplossbalance.
9.4 Reconciliations and shortfalls WewillcomplywithourobligationsinrespectofreconciliationsandourresponsibilitiesinrespectofanyshortfallintheClientBankAccountbalancesinaccordancewiththeGoverningLegislation.
9.5 Reporting WewillreporttoyouonClientMoneyheldpursuanttothisAgreementinaccordancewiththeGoverningLegislation.BysigningtheApplicationForm,youagreethatwemayprovideyouwithongoingConfirmationInformationthroughanelectronicfacility(includingthroughtheonlineplatform)and/orbyemail.
10. Margin
10.1 Requirement for margin TheClientacknowledgesandagreesthat:(a) theClientshallholdsufficientmarginonhis/heraccount,asadvisedbyGPP
MarketstotheClientfromtimetotime;(b) GPPMarketsmaychangeitsmarginrequirementsatanytime(includingto
alignwiththemarketconditions)initsabsolutediscretion,andmayamendorintroduceanyotherrequirementsforthepaymentofmoneyorprovisionofsecurityinthefuture;
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(c) theamountofthemarginmaybehigherorlowerthanthatrequiredbyotherinstitutionsinthesameindustry;
(d) althoughGPPMarketsisnotobligedtomakemargincalls,theClientmayreceiveamargincallfromGPPMarketstodepositadditionalfundsifthemarginintheClient’saccountconcernedistoolowand/orfallsbelowtheminimummarginrequirementssetbyGPPMarketsfromtimetotime;
(e) ifGPPMarketsmakesamargincall,theClientacknowledgesthatGPPMarketsmayrefuseanyrequesttoenterintoanyfurtherContracts(otherthantocloseoutanyexistingContracts)untilGPPMarketshasconfirmedreceiptoftheadditionalmargininclearedfunds;
(f) whilstholdinganopenpositioninContracts,theClientwillprovideGPPMarketswithcontactinformationwhichcanbeusedtocontacttheClientatalltimes;
(g) ifGPPMarketsrequiresadditionalmargin,theClientshallimmediatelymeetalltherequirementsinthenoticeofmargincallswiththedepositmethodrequiredbyGPPMarkets;
(h) GPPMarketshastherighttoliquidateanyorall-openpositionsinContractswhenevertheminimummarginrequirementisnotmaintainedandthismayresultintheClient’sContractsbeingclosedatalossforwhichtheClientwillbeliable;
(i) thetimebywhichtheClientmustpayanyamountcalledisoftheessence;(j) failurebyyoutopayanyamountcalledatthetimestipulatedbyuswillbea
DefaultEvent;(k) whereamargincallismadeonaContractandtheamountcalledhasnot
beenreceivedinclearedfunds,GPPMarketsmaypayintotheClientBankAccount(asanadvancebearinginterestanddueandowingbyyoutoussubjecttothetermsofthisAgreement):(ix) anamountofmoneynotlessthanthelesseroftheClient’sliability
underthemargincallandtheamountwhichGPPMarketswouldbeobligedtocallontheClientatthedatethemargincallwasmade;and
(x) anyamountarisingasaresultofdebitbalancesfromrealisedlossesorotherwise,
andGPPMarketsmaywithdrawthosesumsinaccordancewithGoverningLegislation;
(l) positionsinyourAccountmaybeclosedautomaticallyiftheequityinyourAccounthasbeenreducedduetheunrealisedlossesontheopenpositionsinyourAccount,andyoumaynotbegivenanywarningorreceiveanymargincallspriortotheposition(s)beingclosed;
(m) theClientwillonlybeentitledtoarefundofamargin(inpartorfull),oncetheClient’sobligationsunderthisAgreementaresatisfiedinfull(althoughGPPMarketsmay,initssolediscretion,allowtheClienttowithdrawfromtheClient’sAccountanyexcessmarginintheClient’sAccount);
(n) anydecisionbyGPPMarketsastotheamountandthetimeforpaymentofamargincallwillbefinalandbindingontheClient;
(o) theClient’sliabilityinrespectofmargincallsisnotlimitedtotheamount,ifany,depositedwithGPPMarkets;and
(p) GPPMarketsshallnotbeheldresponsibleforAccountlossesfromautomaticliquidationofopenpositioncausedbyinsufficientmargin.
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10.2 Use of margin and forced liquidation TheClientcannotusemargindepositedinresponsetoamargincalltoestablishnewpositions.TheClientagreestobearallthelosseswhicharisefromforcedliquidationduetonotfulfillingtherequirementforpayingadditionalmarginandwhichmayexceedtheClient’sinitialmargin,i.e.,allthecapitalintheaccount.GPPMarketsmay,atanytimeandinaccordancewiththeprovisionshereof,forcetheclosureofClientpositions;evenifGPPMarketsdoesnotexercisesuchright,itshallnotmeanGPPMarketswaivessuchright.
10.3 Ability to liquidate GPPMarketshastherighttoliquidateanyorall-openpositionswhenevertheminimummarginrequirementisnotmaintainedandthismayresultintheClient’sContractsbeingclosedatalossforwhichtheClientwillbeliable.GPPMarketsshallnotbeheldresponsibleforAccountlossesfromautomaticliquidationofopenpositioncausedbyinsufficientmargin.
10.4 Clearance of margin deposits TheClientacceptsthatthenewmargindepositsandadditionalmargindepositsshallbedepositedinhis/hertradingaccountafterthefundshavebeencleared,netofanytransferfeeorotherchargesincurredbyGPPMarkets.
11. Withdrawals from Client Account TheClientmaywithdraw,atanytime,anypartofthefundsequaltothefreemarginthatisavailableintherelevanttradingaccountprovidedthattherearefundsavailable.Suchrequestsnormallytakeuptothree(3)businessdaystobeprocessed,butcouldtakelonger.GPPMarketsreservestherighttorequestadditionalinformationand/ordocumentationtosatisfythatthewithdrawalrequestislegitimate,andtodelayprocessingarequestuntilthatinformationand/ordocumentationisreceivedtoitssatisfaction.Furthermore,GPPMarketsreservestherighttorejectsuchrequestifitreasonablybelievesthatthismaynotbelegitimate.
12. Amounts owed to GPP Markets
12.1 Payments of amounts owing Youmustpayallfees,Margins,spreads,interestandanyotheramountsdueunderthisAgreementondemandbyusinclearedfunds,andinsuchcurrencyaswemayrequireordetermine,orotherwiseasrequiredbythetermsofthisAgreement.
12.2 No set-off by Client etc AllpaymentsbytheClientunderthisAgreementaretobemadewithoutanyset-offbytheClient,counterclaimorconditionandwithoutanydeductionorwithholdingforanytaxoranyotherreasonunlessthedeductionorwithholdingisrequiredbyapplicablelaw.IftheClientisrequiredtomakeadeductionorwithholdinginrespectoftaxfromanypaymenttobemadeorifGPPMarketsisrequiredtopayanytaxinrespectofanypaymentmadeinrelationtothis
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AgreementattheClient’srequestthentheClientindemnifiesGPPMarketsagainstthattaxandagreetopaytoGPPMarketsanadditionalamounttoensureGPPMarketsreceivesanamount(afterpaymentofanysuchdeductions)thatisequaltothefullamountGPPMarketswouldhavereceivedhadadeductionorwithholdingorpaymentoftaxnotbeenmade.
12.3 Rollover interest (a) GPPMarketsisentitledtointerestpayabledailybytheClientinrespectofa
borrowingbytheClientofthecurrencytobereceivedbytheClientunderaContractuntilthedatethattheContractisclosedoutinaccordancewiththisAgreement,attheratesetbyusfromtimetotime.
(b) TheClientmaybeentitledtointerestpayabledailybyGPPMarketsinrespectofaborrowingbyGPPMarketsfromtheClientofthecurrencytobereceivedbytheClientunderaContractuntilthedatethattheContractisclosedoutinaccordancewiththisAgreement,attheratesetbyusfromtimetotime.
(c) InterestpaymentswillbesettledbyGPPMarketsoneachdaybydebitingorcreditingtheClient’sAccountwiththedailyinterestratedifferentialbetweentheamountofinterestpayablebytheClientundertheContractandtheamountofinterestpayablebyGPPMarketstotheClientundertheContract.
(d) IntheeventthatthereisinsufficientmarginintheClient’sAccounttomeettheamountofthedailyinterestratedifferential(ifany)payablebytheClientundertheContract,theClientacknowledgesthatanyamountdueunderthisclauseisadebtdueandowingbytheClienttoGPPMarketsinrespectofwhichdefaultinterestwillaccrueandbepayableinaccordancewithclause12.5.
(e) IndebitingorcreditinginteresttoyourAccount,wemaychargeorpayyouinterestataratedifferenttotheinterestratewhichwearechargedorpaidonequivalentborrowingsofforeigncurrencybyabankandmayretainthedifference.
12.4 Default interest TheClientagreestopaydefaultinterestandGPPMarketsisentitledtochargeagainsttheClient’sAccountinterest(beforeaswellasafterjudgment)onanyamountduetobepaidtoGPPMarketsbytheClientunderthisAgreement,fromthedatetheamountbecomesdueuntilthedatetheamounttogetherwithinterestunderthisclauseispaidinfull.DefaultinterestwillbecalculateddailyandcompoundedmonthlyatGPPMarkets’standardratesasnotifiedtotheClientbyGPPMarkets(includingbypublicationonGPPMarkets’website)fromtimetotime.
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12.5 Payment of other amounts TheClientagreestopaytoGPPMarkets:(a) commissions,brokerages,fees,taxes(bothdirectandindirect,otherthantax
onourincome)andchargesinconnectionwithContractsatsuchratesaswedeterminefromtimetotimeandnotifytoyouinwritingfromtimetotime;and
(b) allamountsincurredbyGPPMarketsasaresultoftheClient’sdefaultunderthetermsofthisAgreement(includingwithoutlimitingthegeneralityoftheforegoingalllegalcostsandexpensesonasolicitor/clientbasis).
13. Acknowledgment of use of E-mail Address GPPMarkets’primarymethodofcommunicatingwithclientsisviae-mail.ToholdanaccountwithGPPMarketsyoumusthaveavalide-mailaddress.Whenopeninganaccount,theClientshallprovideGPPMarketswithavalide-mailaddress.IfthereisanychangeintheClient’se-mailaddress,theClientshallnotifyGPPMarketsimmediately.
14. Liability and indemnities
14.1 GPP Markets’ duties GPPMarketsshall,atalltimes,concludeClient’stransactionsingoodfaith.Wewill,inexercisinganypowersorperforminganydutiesinrelationtotheservicesprovidedunderourDerivativesIssuerLicence,exercisethecare,diligence,andskillthataprudentlicenseeforthatservicewouldexerciseinthesamecircumstances.
14.2 GPP Markets’ ability to contract out Ifwecontractoutanyofourfunctionsinprovidingtheservice,wemusttakeallreasonablestepsto:(a) ensurethatthosefunctionsareperformedinthesamemanner,andare
subjecttothesamedutiesandrestrictions,asifwewereperformingthemdirectly;and
(b) monitortheperformanceofthosefunctions
14.3 Limitation of liability Otherwise,GPPMarketsbearsnoresponsibilityforanyactsoromissionsconcludedbyanaturalorlegalPersonthatprovidesGPPMarketswithinformationinrelationtotheexecutionoftheClient’stransactioninfinancialinstruments,unlesssuchactsoromissionsweretheresultofnegligenceorfraudonbehalfofGPPMarketsorGPPMarketsisrequiredtodosobylaworunderitsDerivativesIssuerLicense.GPPMarketsbearsnoresponsibilityforanylossofopportunitythatresultsinreductioninthevalueoftheClient’stransactionsinfinancialinstruments,regardlessofthecauseofsuchreduction,excepttotheextentthatreductionoccurredasadirectconsequenceofGPPMarkets´deliberateactionsoromissions.GPPMarketsbearsnoresponsibilityforanylossincurredasaresultoftheactsoromissionsoftheinstitutionoritsemployees,includingbutnotlimitedtoinstancesoffalseormisleadinginformation
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providedbytheClient.Inaddition,GPPMarketsshallnotbeheldliablefororrequiredtomakecompensationforthelossesarisingfrom:(a) theactions,errorsoromissionsoftheClientorauthorisedPersons;(b) anyforgedsignatureorforgeddocumentsorunauthorisedsignatureson
accountsordocumentsrelatedtothisAgreement;or(c) anydelayed,incorrectorincompleteinstructionsgivenbytheClient.
14.5 Indemnification TheClientshallindemnify,orindemnifyondemand,GPPMarketsforanylosses,costs,expensesordamagescauseddirectlyorindirectlyby:(d) theClient’sbreachoftheAgreement;(e) falseormisleadinginformationprovidedbytheClienttoGPPMarkets;and/
or(f) anyrepresentations,warranties,assurances,orundertakingsgivenpursuant
toclause8beingincorrect.
15. Default Events and termination
15.1 Default Events WhetherornotitiswithintheClient’scontrol,aDefaultEventwilloccurif:(a) theClientfailstopayamountspayabletoGPPMarketswhentheybecome
duepursuanttothetermsofthisAgreement;(b) theClientfailstoperformandcomplywithanyobligationunderorarising
pursuanttothisAgreementoranyContract,orpursuanttothesettlementofanyContract;
(c) anyrepresentationmadebyoronbehalfoftheClientisincorrectormisleadinginanymaterialwaywiththeresultthatlossordamageis,orislikelytobe,sufferedbyGPPMarkets;
(d) theClientbecomesInsolvent;(e) theClientbecomessubjecttoarecommendationbytheFinancialMarkets
AuthorityorReserveBankofNewZealandtotherelevantMinistersupportingtheappointmentofastatutorymanageroraredeclaredatriskpursuanttotheCorporations(InvestigationandManagement)Act1989;
(f) theClientimposesamoratoriumonpaymentstocreditors,stopspaymentofitsdebtsorceasesorthreatenstoceasecarryingonbusiness;
(g) anysecurityinterestbindingontheClientoritsassetsbecomesenforceableandtheholderofthesecurityinteresttakesstepstoenforceitssecurity;
(h) theClientdefaultsonanyofitsindebtedness;(i) theClient,beinganaturalPerson,diesorbecomeofunsoundmindorthe
Clientoritsestateisliabletobedealtwithinanywayunderthelawrelatingtomentalhealth;
(j) theClientoritsbusinessbecomesubjecttoanyinvestigationbyanyfinancialproductsexchangeorregulatoryauthorityinanypartoftheworld;
(k) anyguaranteeorothersecurityprovidedbytheClienttoGPPMarketsis,withouttheconsentofGPPMarkets,withdrawnorbecomesineffective;
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(l) intheabsenceoftheClientmakingalternativearrangementsacceptabletoGPPMarkets,theClientisnotcontactablebyGPPMarketswithinanyconsecutiveperiodof24hoursinorderforGPPMarketstoobtaininstructionsortogivetheClientnoticeofamargincall.
15.2 GPP Markets’ powers on Default Event occurring UponaDefaultEventoccurring(oratanytimeafterwards),GPPMarketsmay,withoutprejudicetoanyotherrightsitmayhaveandwithoutgivingpriornoticetotheClient,takeanyaction,orrefrainfromtakingaction,whichitconsidersreasonableinthecircumstancesinconnectionwithContracts.Withoutlimitingthegeneralityoftheforegoing,GPPMarketsmaydoanyoneormoreofthefollowing:(g) terminatethisAgreement;(h) closeoutalloranyContractswithGPPMarkets,orenterintooneormore
transactionstoeffectthecloseoutofoneormoreopenpositionsunderanyContracts,withoutfurthernoticetotheClient;
(i) treatalloranyContractsasbeingwrongfullydeterminedbytheClient,whereuponGPPMarketswillbeentitledtodebitfromyourAccountliquidateddamagesofanamountequaltoanyrealisedloss(andyouacknowledgethatsuchliquidateddamagesareagenuinepre-estimateofGPPMarkets’loss);
(j) satisfyanyobligationtheClientmayhavetoGPPMarketsoutofanyproperty,moneyorsecuritybelongingtotheClientinGPPMarkets’custodyorcontrolandforthatpurposetoenforceattheClient’sexpenseanyassetorsecurityheldbyGPPMarketsinsuchmannerasitseesfit;
(k) exerciseanyotherpowerorrightwhichGPPMarketsmayhaveunderthisAgreementorperformanyotherobligationsarisingunderthisAgreement,inanysuchcaseattheClient’sexpense;or
(l) takesuchotheractionasareasonablyprudentderivativesissuerwouldtakeinthecircumstancestoprotectthepersonalobligationincurredwhendealingontheClient’sbehalf,
andtheClientmustaccounttoGPPMarketsasifthoseactionsweretakenontheClient’sinstruction,and,withoutlimitation,theClientisliableforanydeficiencyandtheClientisentitledtoanysurpluswhichmayresult.
15.3 GPP Markets’ discretion Anysale,purchaseorotheractionauthorisedunderthisclausemaybemadeatGPPMarkets’absolutediscretionandinanymanner.Apriordemandorcall,orpriornoticeofthetimeorplaceofsaleofpurchaseorotheractionwillnotbeconsideredawaiverofGPPMarkets’righttosellorbuyortakeotheractionwithoutdemandornoticeashereinprovided.
15.4 Client’s continuing liability TheClientwillatalltimesbeliableforpaymentofanydebitbalanceowingintheClient’sAccount(s)andintheeventthattheproceedsofanyactiontakenbyGPPMarketsunderthisclauseorthisAgreementareinsufficientforthepaymentof
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alloftheClient’sliabilitiestoGPPMarkets,theClientwillpromptlypay,upondemand,thedeficit,togetherwithinterestthereonatGPPMarkets’standardrate(asnotifiedtotheClient)fromtimetotimeandallcostsofcollectionorenforcementorotheractiontakenbyGPPMarketshereunder(includingreasonablelegalfeesonasolicitorandownclientbasis)andallotheramountsduehereunder.
15.5 Value of terminated Contracts Ifanytransactionsareterminatedinaccordancewiththisclause,GPPMarketswilldetermine,ingoodfaithandbasedonmarketquotationsobtainedbyGPPMarkets,thevalueasattheterminationdateinNewZealanddollarsofthatterminatedtransaction.
15.6 GPP Markets may set off AfteraDefaultEventhasoccurred,GPPMarketsisareentitledtoset-offanyamountowedbyGPPMarketstotheClientunderthisAgreementagainstanyamountowedbytheClienttoGPPMarketsandindoingsomayinitsabsolutediscretioncombineorconsolidatethebalances(includingsettingoffdebitandcreditbalances)inalloranyoftheClient’saccountswithGPPMarkets,inanyorderandatanytimeGPPMarketsseesfitwithoutpriornoticetotheClient.Thisclausedoesnothaveanyeffectonanyotherrightsofset-offGPPMarketsmayhave.
15.7 Foreign currency values Whereaquotationoramounttobeset-offunderthisclauseisdenominatedinacurrencyotherthanNewZealanddollars,GPPMarketsmayconvertthatamountintoNewZealanddollarsusinganexchangerateselectedbyGPPMarketsingoodfaith.
15.8 Delay not to prejudice rights GPPMarketswillnotloseanyofitsrightsunderthisclause15byreasonofanydelay,andmayexerciseanysuchrightatanytimeandinanymanner.
16. Modifications to this Agreement
16.1 GPP Markets may amend Agreement TheClientagreesthatGPPMarketsmayfromtimetotimeandatitsdiscretionmodify,deleteorreplaceanytermsofthisAgreementorsupplementanynewterms.GPPMarketswillnotifytheClientofsuchmodificationsorchangesbypublishingthemonitswebsiteorviae-mail.EvenifGPPMarketsamendsanypartoftheAgreement,GPPMarketsandtheClientwillcontinuetobeboundbytheAgreement,includingbutnotlimitedtoanyamendmentsthathavebeenmade.
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16.2 No Waiver or Modification by Client AnytermshereofcannotbewaivedormodifiedbytheClienthim/herself,unlessthewaiverormodificationisinwritingandjointlysignedbytheClientandGPPMarkets.NocommunicationoractionofGPPMarketsshallbeinterpretedasGPPMarkets’waiverofitsrightsunderthisAgreement.
17. Recording of Telephone Calls ThecontentofanytelephonecallsbetweentheClientandGPPMarketsmayberecordedandsavedaselectronicrecord.Recordedconversationsmaybeusedassubstantiveevidencesofreceivedinstructionsorcommunications.TheClientagreesthatGPPMarketshastherighttousethetelephonerecords,asitdeemsnecessary,includingbutnotlimitedtoinstanceswhenadisputearisesbetweentheClientandGPPMarkets.TheClientunderstandsandagreesthatGPPMarketsregularlydeletessuchrecordedconversationsinaccordancewithitsestablishedbusinessproceduresandtheGoverningLegislation.AllinstructionsreceivedfromtheClient,duringatelephonecall,inrelationtotradingfinancialinstrumentsshallbeconclusiveandbinding.
18. Privacy and disclosures GPPMarketsmaintainssecuritypracticestoensuretheconfidentialityofpersonalClientinformationprovidedduringtheaccountopeningprocess.TheClientacknowledgesandagreesthat:(a) GPPMarketsmaydisclosetheinformationcollectedfromClientsto
companiesthatperformmarketingservicesonourbehalfortootherfinancialinstitutionswithwhichGPPMarketshasjointmarketingarrangementsoranyrelatedcorporatebodyofGPPMarkets,whethertheyarelocatedinNewZealandorinaforeignjurisdictionandanyemployees,agents,orotherserviceprovidersofGPPMarkets,includinganyentityinvolvedinanyrestructureortransferofGPPMarkets’business;and
(b) GPPMarketsmayuseClientinformationtofurtherprovidetheClientwithadditionalproductsorservices,conductmarketresearch,and/orcomplywithanyregulatoryorlegaldisclosurerequirements(includingtorelevantregulatorssuchastheFinancialMarketsAuthority).
19. Taxation
19.1 Overview WeprovidethefollowinginformationinrelationtoNewZealandtaxationimplications,whichmayariseforNewZealandtaxresidentfortradersinforeignexchangeandCFD’sundertheIncomeTaxAct2007(TaxAct).Theimplicationsofnon-residentclientsarenotconsidered.Thisisgeneralinformationandyoushouldsatisfyyourselfofanytaximplicationsandwerecommendyouseekyourowntaxationadvice.
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19.2 Gains and losses from Foreign exchange and CFD trading ThefinancialarrangementsruleswillgenerallyapplytoforeignexchangeandCFD’s.Thismeansthatanygainislikelytoconstituteassessableincomeandsubjecttotax.Thetreatmentoflosseswilldependonthenatureandindividualcircumstanceofthetaxpayer.Forexample,aNewZealandresidentcompanyisordinarilyallowedadeductionforexpensesincurredunderafinancialarrangement,howeverthereareexceptions.
19.3 Goods and Service Tax (GST) AtthedateofthisAgreementnoGSTisapplicabletoforeignexchangeandCFDtrading.However,shouldthischangeyouwillberesponsibleforpayinganytaxandGPPMarketsreservestherighttowithholdfundstopayanytaxesthatbecomedue.
19.4 Tax deductions GPPmarketsisentitledtodeductorwithholdfromanypaymentmadeunderthisagreementortocredittoanyaccountofaClientanytaxrequiredbylawtobedeductedorwithheldfromanysuchpayment.
19.5 FACTA TheUnitedStatesForeignAccountTaxComplianceAct(FACTA)wasenactedtoimprovecompliancewithUStaxlaw.UndersubsequentintergovernmentalagreementbetweentheUSandNewZealandfinancialinstitutionsarerequiredtocollectcertaininformationonUSpersonsincludingtheirsocialsecuritynumber.GPPMarketsthenforwardsthisinformationtotheIRDonanannualbasisandtheIRDthenforwardsthisinformationtotheIRSintheUnitedStates.
20. Term and termination
20.1 Commencement and term ThisAgreementshallcommenceonthedatethatGPPMarketsacceptstheClient’sApplicationinaccordancewithclause1.3andcontinueinforceuntil:(a) whenGPPMarketsreceivesawrittenore-mailnoticefromtheClientto
terminatetheAgreement;or(b) whenGPPMarketsprovidestheClientwithawrittenoremailnoticeto
terminatetheAgreementwitheffectfromadatespecifiedinthatnotice.
20.2 Termination TheClientandGPPMarketsmayterminatethisAgreementatanytime(includingwhereGPPMarketsconsiderstheClienttobeapoliticallyexposedperson(withinthemeaningoftheAnti-MoneyLaunderingandCounteringFinancingofTerrorismAct2009)ortheClientdoesnotprovideanyinformationreasonablyrequestedbyGPPMarketsfromtimetotime).UponterminationofthisAgreement,GPPMarketswillcloseoutallContracts.Ifanyillegalactivitiesarefoundintheaccountatanytime,theClientmustnotifyGPPMarketsimmediately.Aterminationshallbecomeeffectiveonthefirstsettlementtimeaftertheclosingonthesamedaywhenthenoticeissent,providedthatsuchnoticewillnotaffectanypreviouslysignedtransactionsandwillnotreleaseany
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partyfromanyobligationshereunderortheClient’sresponsibilitiesforanydebts.
21. General
21.1 Assignments of rights Oursuccessors(bymerger,consolidationorotherwise)andassigneeswillhavethebenefitofthisAgreement.WemayassigntoortakeanassignmentfromanypartyofthebenefitofthisAgreementoranyContractorthebalanceofyourAccount.YouacknowledgethatyoumaynotassignortransferalloranypartofyourrightsandbenefitunderthisAgreementoranyContractwithoutourpriorwrittenconsent.
21.2 Consumer Guarantees Act Ifyouareacquiringtheservicesprovidedbyusforthepurposesofabusiness,youagreethat,tothemaximumextentpermittedatlaw:(a) theconditions,warrantiesandguaranteesoftheConsumerGuaranteesAct
1993andanyrightsyoumayhavewhichareimpliedbycommonlaw,statuteorcustomwillnotapplytothisAgreement;
(b) youwillnotclaimanyoftheremediessetoutintheConsumerGuaranteesAct1993fromus.
21.3 Jurisdiction and governing language ThisAgreementshallbegovernedbyandconstruedinaccordancewiththelawsofNewZealand.IfthisAgreementisprovidedtoyouinanylanguageotherthanEnglish,thenpleasenotethatnon-EnglishdocumentisforyourinformationonlyandthatthegoverninglanguageofthisAgreementandofanydisputearisinghereunderisEnglish.
21.4 Severability ShouldanyclauseofthisAgreementbeorbecomeillegal,invalidorunenforceableinanymannerwhatsoever,thisshallnotaffecttheremainingprovisionsofthisAgreement.
22. Interpretation
22.1 Defined terms Unlessthecontextotherwiserequires,inthisAgreement:AccountmeansanaccountwithGPPMarketsestablishedpursuanttothisAgreement.AgreementmeanstheClientAgreement,comprisingthisagreement(includingtheAppendix),theApplicationForm,thePDS,andthedetailsofeachContractenteredintofromtimetotime,andanyotherwrittenagreementbetweenyouanduswhichweagreeformspartofthisAgreement,eachasamendedfromtimetotime.
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ApplicationFormmeanstheapplicationformprovidedbyGPPMarketsandsignedbytheClientapplyingtoenterintothisAgreement.AttorneymeansaPersonwhoisnottheClientbutwhohasbeenappointedbytheClientunderaPowerofAttorneyformtoactonyourbehalfonmattersinconnectionwithyourAccount.AuthorisedHedgingActivityhasthemeaninggiventothattermintheFMCR.CFDsmeanscontractsfordifference.Client,you,andyourmeanstheclientnamedintheApplicationFormandinwhosenametheAccountisheld,wherethereismorethanoneJointClient,meansalloranyofthemasthecontextrequires.ClientBankAccountmeansanaccountataspecifiedbank(asdefinedintheFMCR)thatisinthenameofGPPMarketsandthatisdesignatedasatrustaccount.ClientMoneymeansaClient’sderivativesinvestormoney(asdefinedintheFMCR).ConfirmationInformationmeansconfirmationinformationinrelationtoderivatives,withinthemeaningoftheFMCAandFMCR.ContractmeansaforeignexchangeorCFDderivative(asdefinedintheFMCA)contractenteredintobetweenGPPMarketsandtheClientpursuanttothetermsofthisAgreement.DefaultEventmeansanyeventdescribedinclause15.1.DerivativesIssuerLicencemeansalicencetoactasaderivativesissuerinrespectofaregulatedofferofderivatives(asdefinedintheFMCA)issuedunderPart6oftheFMCA.FMCAmeanstheFinancialMarketsConductAct2013.FMCRmeanstheFinancialMarketsConductRegulations2014.FOREXmeansspotforeignexchange.GoverningLegislationmeansalllawsandregulationsapplicabletoGPPMarketsasaderivativesissuer,includingtheFMCA,FMCR,andcompliancebyGPPMarketswithitsDerivativesIssuerLicence,attherelevantpointintime.GPPMarkets,we,our,orusmeansGPPMarketsLimited(companynumber5821427,FSPnumberFSP509766).
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HouseMoneymeansmoneyheldbyorforGPPMarketsonitsownaccount.Insolventmeansinsolvent(orunabletopayindebtednessasitfallsdue),bankrupt,inliquidation,receivershiporstatutorymanagement,underadministrationorreconstruction,struckofforremovedfromtheregisterundertheCompaniesAct1993,woundup,dissolved,subjecttoanyassignmentforthebenefitofcreditorsorsubjecttoanyarrangementorcompromisewithcreditors,oranyequivalentstatusorsubjecttoanyequivalentprocessinanyjurisdictionandinsolvencyhasthecorrespondingmeaning.JointClienthasthemeaninggiventothatterminclause8.1(g).OTCmeansover-the-counter.Over-the-counterderivativesarecontractsdirectlyenteredintobetweentwopartiesandwhicharenottradedonanyexchange.PDSmeanstheproductdisclosurestatementfortheContracts,asreplacedorsupplementedfromtimetotime.Personincludesanyindividual,firm,limitedpartnership,company,corporation,associationofpersons(corporateornot),trust,governmentagency(ineachcasewhetherornothavingseparatelegalpersonality).RiskWarningStatementmeanstheriskwarningssetoutintheAppendixtothisAgreement.UnderlyingAssetmeans,inrelationtoanyContract,theunderlyingcommodity,asset,orindexthatisthesubjectoftheContract.
22.2 Interpretation of provisions Unlessthecontextotherwiserequires,inthisAgreement:(a) ReferencestoaclauseistoaclauseofthisAgreement.(b) AllothertermsusedinthisAgreementwhicharedefinedinGoverning
LegislationhavethesamemeaningasinGoverningLegislation,andintheeventanytermhasmorethanonemeaninginGoverningLegislation,wewilldeterminewhichmeaningwillapplyintheparticularcircumstances.
(c) HeadingsareforconvenienceofreferenceonlyandwillnotaffecttheconstructionofthisAgreement.
(d) ReferencestoapartytothisAgreementoranyotheragreementortoanyPersoninthisAgreementincludeitssuccessorsandpermittedassigneesandtransferees.
(e) Referencestoanylegislationincludesaregulation,order-in-councilandotherinstrumentfromtimetotimeissuedormadeunder,thatlegislation,and,inthecaseoftheFMCA,toanyapplicableframeworkormethodologyissuedbytheFinancialMarketsAuthorityundertheFMCA.
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Appendix: Risk Warning Statement
1. General Risk Warning FinancialproductstradedintheOTCmarketarehighlyleveragedinvestmentproductsandareonlysuitableforinstitutionsorindividualswithhighlevelofinvestmentexperiencewhosefinancialconditionsenablethemtobearlossesthatmayexceedthevalueofmargindeposited.TheClientneedstounderstandthataFOREXandCFDmargintransactionisahigh-riskmargin-basedinvestmentinstrumentandisonlysuitableforprofessionalinvestorsandinstitutionswithahighlevelofinvestmentexperience.AnaccountopenedwithGPPMarketsallowstheClienttoconducttransactionswithahighleverageratio.Beforeopeninganaccountorconductingtransactions,theClientneedstoprudentlythinkabouthis/herrisktoleranceandunderstandthatthefundsinvestedintheOTCmarketsfaceahighdegreeofrisk.ThedisclaimerssetoutinthisAppendixcannotanddonotdiscloseorexplainalloftherisksandothersignificantaspectsinvolvedindealinginContractsofferedbyGPPMarkets.Thosedisclaimersaredesignedtoexplain,ingeneralterms,thenatureoftherisksparticulartodealinginOTCderivativesproductsandtohelpyoutomakeinvestmentdecisionsonaninformedbasis.
2. Disclaimers and warnings
2.1 Financial Risk FinancialproductstradedintheOTCmarketarehighlyleveragedproductsthatcarryahighdegreeoffinancialriskandmaynotbesuitableforallinvestors.Beforedecidingtoinvestintheseproductsyoushouldcarefullyconsideryourfinancialandinvestmentobjectivesaswellasyourlevelofinvestmentexperience.Thereisapossibilitythatyoucouldsustainalossofsomeorallofyourdepositedfundsandthereforeyoushouldnottradewithcapitalthatyoucannotaffordtolose.Youshouldbeawareofalltherisksrelatedtotradingonmarginandseekadvicefromanindependentfinancialadviser.
2.2 Liquidity and Volatility Risk SpotFOREXcontractsandCFDsarederivativesecurities,wheretheirpriceisderivedfromthepriceoftheUnderlyingAssetstowhichthecontractsrefer.Derivativesecurities/marketscanbehighlyvolatile.ThepricesofCFDsandtheUnderlyingAssetsmayfluctuaterapidlyandoverwiderangesandmayreflectunforeseeableeventsorchangesinconditions,noneofwhichcanbecontrolledbytheClientorGPPMarkets.Undercertainmarketconditionsitcanbeimpossibletoexecuteanytypeofordersatdeclaredprice.Therefore,stoplossorderscannotguaranteethelimitofloss.
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2.3 No returns guaranteed InenteringintothisAgreementyouneedtounderstandthatnofinancialreturnsareguaranteedwhentradingCFDsandspotFOREXcontracts.ByenteringintothisAgreement,eachClientisconfirmingthatitisawareoftherisksinherentintradingCFDsandspotFOREXcontractsandisfinanciallyabletobearsuchrisksandwithstandanylossesincurred.
2.4 Limits on Contracts TheClientunderstandsthatnophysicaldeliveryofaCFD´sUnderlyingAssetthathe/shetradedthroughhis/hertradingaccountshalloccur.TheClientacceptsthatGPPMarketsistheonlyexecutionvenueinwhichaClientcanopenandclosetradingpositions.
2.5 Systems failures OnlinetransactionsofOTCproductsinvolvehighrisks.TradingFOREXandCFDselectronicallymayfacerisksrelatedtoelectronictradingsystems,includinghardwareorsoftwarefailures,malfunction,disruptionofanytransmission,communicationsystem,andcomputersortradingsoftware,whetherbelongingtoGPPMarketsortheClient.SystemfailuresmaycausedifficultyinexecutingClientordersasinstructedortheimpossibilityofexecutingtheorders.Althoughonlinetransactions,usingelectronictradingsystems,aremoreconvenientfortheClientoraremoreefficient,theydonotreducetherisksassociatedwithelectronictradingsystems.
2.6 No Advice GPPMarketsdoesnotprovidepersonalisedfinancialadvice.GPPMarketsmayprovidegeneralmarketcommentaryandotherinformationabouttradingandmarketsonspotforeignexchangeandCFDderivativesproductstradedintheOTCmarket;however,itdoesnottakeintoaconsiderationtheClient’spersonalfinancialobjectives,situation,orneeds.ClientshouldseekindependentprofessionaladvicetoascertainwhetheropeninganaccountwithGPPMarketsisappropriate.Exceptasrequiredbylaw(includingtheconditionsofGPPMarkets’DerivativesIssuerLicence),GPPMarketsneithercollects,nortakeintoconsiderationinformationabouttheClient’sfinancialcircumstancesunlesstheyarerelevanttodealwithGPPMarkets.AnyinformationrequestedbytheClientaboutGPPMarkets’productsandthemarketsgenerally,ordiscussionswithaGPPMarketsemployees,shouldonlybeconsideredastheprovisionofinformationandshouldnotbeconsideredfinancialadvice.TheClientshouldreadandconsiderthePDSandconsiderseekingprofessionalfinancialadvicebeforemakinganydecisionsaboutGPPMarkets’productsorservices.AsanypersonswhoarenotGPPMarkets’employees(thirdparties)canprovidetheClientwithanyinformationorsuggestionsonconductingtransactionsandGPPMarketscannotcontrolorguaranteetheaccuracyandcompletenessofsuchinformationorsuggestions,GPPMarketswillnotbeheldliableforanylosses,costs,expensesordamagescausedbytheClient’suseofsuchinformationorsuggestions.
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2.7 Provision of information GPPMarkets,fromtimetotimeandasoftenasitdeemsappropriate,mayissuematerialwhichcontainsinformationincludingbutnotlimitedtotheconditionsofthefinancialmarkets,postedthroughitswebsiteandothermedia.Itshouldbenotedthatthematerialisconsideredtobemarketingcommunicationonlyanddoesnotcontain,andshouldnotbeconstruedascontaining,financialadviceoraninvestmentrecommendationor,anofferoforsolicitationforanytransactioninfinancialinstruments.GPPMarketsmakesnorepresentationandassumesnoliabilityastotheaccuracyorcompletenessoftheinformationprovided,noranylossarisingfromanyinvestmentbasedonarecommendation,forecastorotherinformationsuppliedbyanyemployeeofGPPMarkets,athirdpartyorotherwise.
2.8 Charges PriortotradingContractstheClientneedstoconsideranyapplicablechargessuchasspreads,commissionsandrelevantfees.TheClientissolelyresponsibleforrequiringclarificationsinrelationtotheabove,ifnecessary.TheClientshouldnotethatanyapplicablechargesshallbedeductedfromhis/hertradingaccount.