General Terms and Conditions
The General Terms and Conditions (GTC)
regulate
the
business
relationship(s)
between the Contracting Party and Marcuard
Cyprus Ltd (hereinafter MARCUARD CYPRUS
LTD). MARCUARD CYPRUS LTD is a Cyprus
regulated investment firm, authorized by the
Cyprus Securities and Exchange Commission
(CySEC – www.cysec.gov.cy ) under license
number 131/11 to provide investment
services
(Portfolio
Management
and
Investment Advice) and Ancillary Services
(Safekeeping and administration of financial
instruments for your account, including
custodianship and related services such as
cash/collateral management and Foreign
exchange
services
where
these
are
connected to the provision of investment
services) in full compliance with the
requirements of the Markets in Financial
Instruments Directive (MiFID), its applicable
Law of 2007 in Cyprus 2007 (the Law) and
the relevant Directives and Regulations.
In order to simplify the readability of these
GTC the masculine singular form in this
document refers to both genders and also
the plural form.
1. Verification of the Identity
MARCUARD CYPRUS LTD shall verify the
identity of the Contracting Party, the Settlor,
the Protector, the Beneficial Owner, the
Beneficiary and / or their attorneys or other
authorized signatories in line with local
specific Anti Money Laundering (AML)
regulation. MARCUARD CYPRUS LTD shall not
be liable for losses arising from failure to
detect inadequate proof of identity or
forgeries provided MARCUARD CYPRUS LTD
has exercised such care and due diligence.
2. Due Diligence and Liability
2.1 In performing its services MARCUARD
CYPRUS
LTD
shall
exercise
the
appropriate standard of care and due
diligence customary in the business.
MARCUARD CYPRUS LTD shall only be
liable for direct damages in case of gross
negligence. MARCUARD CYPRUS LTD shall
under no circumstances be liable for
consequential damages.
2.2 The Contracting Party agrees to provide
MARCUARD CYPRUS LTD with the
assistance necessary in case of claims are
made by MARCUARD CYPRUS LTD or
against MARCUARD CYPRUS LTD by a
third party, that are related to the
business relationship with the Contracting
Party.
2.3 MARCUARD CYPRUS LTD communicates
with the Contracting Party in the English
language and it is required that the
Contracting Party does so as well. Where
the
Contracting
Party
choose
to
communicate with MARCUARD CYPRUS
LTD in a language other than English, the
Contracting Party agree that, in the event
of dispute, the English language versions
of relevant Client Documents will prevail.
3. Power of Attorney
Arrangements between the Contracting Party
and MARCUARD CYPRUS LTD regarding the
signature authorities shall remain in force
until MARCUARD CYPRUS LTD receives
written cancellation, notwithstanding any
entry to the contrary in a commercial
MARCUARD CYPRUS LTD
Metis Tower, 3rd Floor | 363, 28th October Avenue | 3107 Limassol | Cyprus | Phone +357 25 81 48 70 | Fax +357 25 59 15 40 | www.marcuardheritage.com
Regulated by the Cyprus Securities and Exchange Commission under License No. 131/11
MCL_C-1002 / V 12.14
1|6
register in Switzerland (or abroad) or any
other publication.
4. Death or incapacity to act
4.1 The Contracting Party shall inform
MARCUARD CYPRUS LTD immediately if
his attorneys or other third parties
become incapable of acting on his behalf.
If he neglects to do so, then the
Contracting Party shall bear all losses
arising thereof.
4.2 In the event of the Contracting Party’s
death or incapacity to act, the contractual
agreement(s)
shall
remain
valid.
However, MARCUARD CYPRUS LTD shall
be entitled to suspend or refuse any
written or verbal instructions of third
parties (e.g. power of attorney holder) if
it becomes aware of the Contracting
Party’s death or incapacity to act.
4.3 MARCUARD CYPRUS LTD and heirs will
need to act according to the applicable
intestacy law.
5. Execution of orders
5.1 MARCUARD CYPRUS LTD executes orders
(e.g. payments, money transfers) from
the Contracting Party and / or his
attorneys bearing a valid and identifiable
signature within an appropriate period of
time if MARCUARD CYPRUS LTD is
authorized by the Contracting Party to do
so. However, the order can only get
executed during the operating hours of
the Contracting Party’s custodian bank.
5.2 Unless specifically agreed in writing,
MARCUARD CYPRUS LTD is not obliged to
execute orders placed by phone, fax or
other electronic means (e.g. e-mail).
MARCUARD CYPRUS LTD may refuse
orders which are not in line with
regulations or standard practices in place
at stock exchanges, other trading centers
or custodian banks.
5.3 In case of time critical orders which could
incur losses beyond simple losses of
interest and conversion rates, the
Contracting Party is obliged to notify
MARCUARD CYPRUS LTD in due time. If
the Contracting Party fails to do so,
MARCUARD CYPRUS LTD shall not be
liable for the losses occurred unless
MARCUARD
CYPRUS
LTD
has
not
exercised with diligence and care.
6. Responsibility
decisions
for
investment
6.1 In case MARCUARD CYPRUS LTD has not
been mandated by the Contracting Party
with discretionary asset management on
the basis of a written Discretionary Asset
Management
Agreement
(hereinafter
Agreement) the Contracting Party shall
be solely responsible for making any
investment decisions. The Contracting
Party acknowledges that MARCUARD
CYPRUS LTD shall not be liable in respect
of any investment decisions of this kind
made by the Contracting Party.
6.2 MARCUARD CYPRUS LTD only monitors
investments for the Contracting Party’s
suitability in case MARCUARD CYPRUS
LTD and the Contracting Party entered
into a valuable Agreement or MARCUARD
CYPRUS LTD is the duly appointed
Trustee and / or Corporate Director of the
Contracting Party.
MARCUARD CYPRUS LTD
Metis Tower, 3rd Floor | 363, 28th October Avenue | 3107 Limassol | Cyprus | Phone +357 25 81 48 70 | Fax +357 25 59 15 40 | www.marcuardheritage.com
Regulated by the Cyprus Securities and Exchange Commission under License No. 131/11
MCL_C-1002 / V 12.14
2|6
7. Communication
7.1 The communication channels between the
Contracting
Party
and
MARCUARD
CYPRUS LTD can be via telephone, mail,
e-mail or fax. Transfer orders (e.g.
payment execution) must be delivered in
writing
containing
the
empowered
person’s signature or the empowered
person can get identified via phone and
reconfirms the transfer order.
7.2 Communications
from
MARCUARD
CYPRUS LTD to the Contracting Party
shall be deemed to be received by the
Contracting Party if MARCUARD CYPRUS
LTD has sent it according to the latest
mailing instructions (if any) or to the
most
recent
address
details
of
Contracting Party on file.
8. Transmission errors
Provided MARCUARD CYPRUS LTD has
exercised such care and due diligence as
it is usual in the ordinary course of
business, any loss or damage resulting
from the use of a communication
channel, such as delay, loss, error,
misunderstanding etc. shall be borne by
the Contracting Party.
9. Reporting obligations
MARCUARD CYPRUS LTD will keep on file,
for all discretionary portfolio management
mandates, a record of the results of all
orders we have executed together will all
relevant details, including details of all
costs.
MARCUARD CYPRUS LTD is required to
provide the Contracting Party on a
regular basis with a periodic statement of
the portfolio management activities
carried out with all relevant details,
including the contents and valuation of
Client’s investments, total amount of fees
and charges and how the investments
have performed during the reporting
period.
10.Contracting
information
Party’s
duty
The Contracting Party is obliged to
immediately notify MARCUARD CYPRUS
LTD of any changes regarding the
Contracting
Party’s,
the
Beneficial
Owner’s,
the
Protector’s
or
the
Beneficiary’s personal (e.g. address
change, name, country of domicile,
nationality), financial (e.g. source of
funds), professional (e.g. change of
profession) and / or tax situation (e.g.
new tax domicile) or investment strategy
(hereinafter KYC-information).
11.Legal and Regulatory Obligations
It is the Contracting Party’s responsibility
to ensure compliance with all legal, tax
and regulatory obligations applicable to
him. In general MARCUARD CYPRUS LTD,
unless
contractually
agreed
and
confirmed otherwise, does not render any
legal and or tax advice to the Contracting
Party.
12.Operating hours
MARCUARD CYPRUS LTD provides its
services during the business week (CET,
excluding public holidays) from Monday
to Friday. In case of banking services the
MARCUARD CYPRUS LTD
Metis Tower, 3rd Floor | 363, 28th October Avenue | 3107 Limassol | Cyprus | Phone +357 25 81 48 70 | Fax +357 25 59 15 40 | www.marcuardheritage.com
Regulated by the Cyprus Securities and Exchange Commission under License No. 131/11
MCL_C-1002 / V 12.14
of
3|6
operating hours of
custodian bank applies.
the
respective
13.Disclosure of Contracting Party data
within Marcuard Group
The
Contracting
Party
authorizes
MARCUARD CYPRUS LTD to exchange,
process and store the Contracting Party’s
and/or Beneficial Owner’s / Beneficiary’s
personal, financial and or portfolio data
within Marcuard Group (MARCUARD
CYPRUS LTD sister companies) and/or
any of its subsidiaries and/or affiliates if it
is deemed necessary. Where such data is
shared, MARCUARD CYPRUS LTD shall
ensure that such data is kept in
confidentiality according the applicable
data protection law(s).
14.Restriction on
confidentiality
Contracting
Party
Due to national and international legal
and regulatory requirements MARCUARD
CYPRUS LTD may be obliged to disclose
the
Contracting
Party’s,
Beneficial
Owner’s
and
/
or
Beneficiary’s
information (e.g. last / first name,
company name, address, nationality,
date / place of birth, account/ tax
number etc.) to third parties (e.g. banks,
fund administrators, tax and other
authorities) by providing its services (e.g.
placing a transaction or investment order,
acting in its capacity as Trustee or
corporate director for and on behalf of
the Contracting Party. The Contracting
Party herewith authorizes MARCUARD
CYPRUS LTD to provide such information
if it is deemed necessary according to the
applicable laws and regulations.
15. Service fees
15.1 MARCUARD CYPRUS LTD charges fees
for its services according to its Fee
Schedule. MARCUARD CYPRUS LTD may
change its fees at any time in line with
the guidelines of SAAM. MARCUARD
CYPRUS LTD will inform the Contracting
Party of such changes in advance and in
writing. The changes shall be deemed to
have been approved by the Contracting
Party if no objection in writing is received
by MARCUARD CYPRUS LTD within 30
days of its notification.
15.2 Transaction fees, taxes, charges and
expenses are not included in the fee and
will be charged separately on the
Contracting Party’s account according to
the respective custodian bank’s fee
schedule.
15.3 Fees will either be invoiced to the
Contracting Party and to be paid within
30 days since its reception or MARCUARD
CYPRUS LTD debits the fees directly from
the Contracting Party’s account in case
the Contracting Party has granted a
respective
power
of
attorney
to
MARCUARD CYPRUS LTD for doing so.
16. Complaints
If the Contracting Party has a complaint
about MARCUARD CYPRUS LTD, the
Contracting Party should raise it in the
first instance with the MARCUARD
CYPRUS LTD employee acting for it. If the
Contracting Party is not satisfied with the
response of MARCUARD CYPRUS LTD’s
employee (or if the Contracting Party
prefers not to raise the matter with
MARCUARD CYPRUS LTD’s employee),
the Contracting Party may raise the
MARCUARD CYPRUS LTD
Metis Tower, 3rd Floor | 363, 28th October Avenue | 3107 Limassol | Cyprus | Phone +357 25 81 48 70 | Fax +357 25 59 15 40 | www.marcuardheritage.com
Regulated by the Cyprus Securities and Exchange Commission under License No. 131/11
MCL_C-1002 / V 12.14
4|6
matter with MARCUARD CYPRUS LTD
Compliance.
A
detailed
complaint
procedure is available on the Company’s
website.
MARCUARD CYPRUS LTD will aim to
resolve the Contracting Party’s complaint
as soon as possible after its receipt.
Where the Contracting Party feels that
MARCUARD CYPRUS LTD has not properly
addressed
the
Contracting
Party’s
concerns, the Contracting Party has the
right to refer the matter to MARCUARD
CYPRUS LTD’s Regulator following the
procedures under “Investors” section on
the
Regulator
web-site:
http://www.cysec.gov.cy/investors_en.as
px
17. Investor Compensation Fund
MARCUARD CYPRUS LTD participates in
the Investor Compensation Fund for
Clients of Investment Firms regulated in
the Republic of Cyprus. The Contracting
Party will be entitled to compensation
under the Investor Compensation Fund
where MARCUARD CYPRUS LTD is unable
to meet its duties and obligations arising
from the Contracting Party’s claim or in
other circumstances.
More information about MARCUARD
CYPRUS LTD’s investment compensation
fund can be found on the MARCUARD
CYPRUS LTD website.
18.Risks Disclosure
Before making any investment decision
the Contracting Party should be aware of
the risks involved in these investments.
The Contracting Party is urged to refer to
the Financial Instruments Description and
Principal
Risk
Disclosure
on
MARCUARD CYPRUS LTD website.
the
19.Duration
and
Termination
Business Relationship
of
19.1 A business relationship between the
Contracting
Party
and
MARCUARD
CYPRUS
LTD
is
established
once
MARCUARD CYPRUS LTD has received the
respective documents duly signed by the
Contracting Party, his complete KYCinformation,
valid
identification
documents and has approved the
Contracting Party as such. It is
MARCUARD CYPRUS LTD’s own discretion
to refuse to enter into a business
relationship with a Contracting Party
without stipulating any reason for doing
so.
19.2 The business relationship between the
Contracting Party and Marcuard CYPRUS
LTD is usually concluded for an indefinite
time and shall continue notwithstanding
the death, incapacity or bankruptcy of the
Contracting Party.
19.3 The Contracting Party and Marcuard
CYPRUS LTD may terminate the business
relationship at any time giving written
notice to the other party.
Such
termination shall not prevent completion
of any transaction which are in progress
at the time and the Contracting Party
agrees to support Marcuard CYPRUS LTD
to complete any such transactions.
19.4 In case of termination, Service Fees
shall be paid “pro rata temporis” until the
last transaction has been concluded.
MARCUARD CYPRUS LTD
Metis Tower, 3rd Floor | 363, 28th October Avenue | 3107 Limassol | Cyprus | Phone +357 25 81 48 70 | Fax +357 25 59 15 40 | www.marcuardheritage.com
Regulated by the Cyprus Securities and Exchange Commission under License No. 131/11
MCL_C-1002 / V 12.14
5|6
20.Amendments of these General Terms
and Conditions
MARCUARD CYPRUS LTD reserves the
right to amend these GTC from time to
time. The Contracting Party will be
advised
in
writing
about
such
amendments
in
advance.
The
amendments shall be deemed to have
been approved by the Contracting Party if
no objection in writing is received by
MARCUARD CYPRUS LTD within 30 days
of its notification.
21.Applicable
Jurisdiction
law
and
Place
of
All business relationships between the
Contracting
Party
and
MARCUARD
CYPRUS LTD shall be governed and
construed in accordance with Cyprus
law.
The place of performance of all
obligations and exclusive place of
jurisdiction for any disputes arising out
of or in connection with a business
relationship between the Contracting
Party and MARCUARD CYPRUS LTD shall
be Limassol, Cyprus.
MARCUARD CYPRUS LTD
Metis Tower, 3rd Floor | 363, 28th October Avenue | 3107 Limassol | Cyprus | Phone +357 25 81 48 70 | Fax +357 25 59 15 40 | www.marcuardheritage.com
Regulated by the Cyprus Securities and Exchange Commission under License No. 131/11
MCL_C-1002 / V 12.14
6|6