GTC

General terms and conditions of business

1. Purpose and scope

The following general terms and conditions (“GTC”) apply to the business relationship between the customer and the sample asset management company (hereinafter referred to as the “Company”), unless otherwise agreed. For better understanding, the Company does not use female-male forms.

2. Lack of ability to act

The customer is responsible for any damage that arises from the lack of legal capacity of the customer or of a third party authorized to represent him, unless this has been communicated to the company in writing and proven. The company is not obliged to carry out any investigations into the legal capacity of the customer or of a third party authorized to represent him.

3. Company announcements

The Company’s communications are deemed to have been sent correctly and validly if they have been sent or kept at the Customer’s disposal in accordance with the Customer’s last instructions – or in a manner deviating from them for the Customer’s protection. The date of dispatch shall be deemed to be the date of the copy or dispatch list in the Company’s possession.

4. Obtaining customer information and customer notifications

In order to provide its services, the company must obtain various information from the customer, for example on their knowledge and experience with financial instruments, their financial situation and investment objectives, Mi-FID requirements or the fulfillment of due diligence obligations. It is in the customer’s interest to provide this information to the company, as otherwise it will be impossible for the company to provide the service. It is also important that the information provided by the customer is not inaccurate. This is because the customer information is used to act in the best interests of the customer, i.e. to recommend to the customer a suitable asset management or suitable financial instruments. For this purpose, complete and truthful information from the customer is essential. If the Company needs to provide the Client with information (e.g. information on costs) or documents (e.g. PRIIP KID) before executing orders, requires further details or instructions and is unable to reach the Client, either because the Client does not want the Company to contact them or because they cannot be reached at short notice, the Company reserves the right, in case of doubt, not to execute the order in order to protect the Client. In these cases, the Company accepts no liability for orders not executed on time and for damages (in particular due to price losses or lost price gains). The Company is entitled to rely on the accuracy of the information obtained from the Customer unless it knows or should know that this information is obviously out of date, incorrect or incomplete. The customer undertakes to notify the company in writing if the information he has provided to the company, such as name, address, domicile, nationality, tax residence, etc., changes. As part of an ongoing business relationship, the customer is also obliged to update his information at regular intervals upon request from the company.

5. Transmission errors

Any damage resulting from the use of post, telephone, fax, email, other electronic or other means of transmission or transport – in particular due to loss, delay, misunderstanding, mutilation or duplicate copies – shall be borne by the customer, unless the company is grossly negligent.

6. Call recordings

The company has the right – and in some cases a legal obligation (for example, in the case of conversations about financial instruments) – to record telephone conversations. The company can store other electronic communications such as emails, faxes, etc. The recordings of conversations or stored communications can be used as evidence. They are stored in accordance with the legal basis.

7. Execution of orders

In the event of defective, particularly late, execution or non-execution of orders, the company’s liability is limited to the interest paid on time, unless it has been expressly and in writing informed of the risk of further damage in the individual case. In any case, the customer bears the risk of an unclearly formulated, incomplete or incorrect order. The company cannot be held liable for non-execution or delays in the execution of orders in connection with the fulfillment of legal obligations (in particular under the Due Diligence Act) or economic sanctions. Finally, the Company is not obliged to execute orders placed using electronic means unless a specific agreement has been made to that effect. In the case of orders for investments abroad or transactions involving financial instruments, Section 19 of the General Terms and Conditions (duty of confidentiality and release from confidentiality) must also be observed.

8. Complaints

Complaints by the customer regarding defective or delayed execution or non-execution of orders of any kind or complaints regarding the Company’s reports and accounting that the customer receives periodically, as well as other communications and actions of the Company, must be submitted upon receipt or immediately upon receipt of the relevant notification, but at the latest within the deadline set by the Company. If the company fails to provide a notification expected by the company, the complaint must be made at the time at which the notification should have been received by the customer in the normal postal process. If complaints are made later, the customer will bear the resulting damage. The Company’s reporting and accounting are deemed to be correct, with approval of all items presented therein, unless the Customer raises a written objection within one month.

9. Majority of customers

A contract with the company can be concluded jointly by several people. In such cases, the exercise of the rights arising from the contract is regulated by special agreements; without such an agreement, the customers can exercise their rights arising from the contract individually. All customers are jointly liable for any claims the company may have against one of the customers.

10. Fees and other charges

The company is entitled to charge asset management and investment advisory fees directly to the customer’s account if there is an existing power of attorney. The Company may also charge additional expenses for extraordinary efforts and costs (for example in connection with compliance investigations, administrative assistance, legal assistance, disclosure and other procedures and investigations).

11. Lack of news

The customer is required to take measures to avoid dormancy and to contact the company if he has any questions about dormancy. Dormant business relationships can be continued at the discretion of the company, whereby the company reserves the right to charge the customer’s account directly for its expenses and costs for investigations in the case of an existing power of attorney. Dormant business relationships can also be terminated without notice at the discretion of the company by sending the termination notice by post to the last address provided by the customer.

12. Granting of subsidies

The company reserves the right to grant third parties benefits for the acquisition of customers and/or the provision of services, provided that they improve the quality of the service. The basis for calculating such benefits is generally the asset management or investment advisory fees charged to the customer. The customer acknowledges and accepts that the company may be granted benefits by third parties in connection with the introduction of customers, the acquisition/distribution of collective investment schemes, structured products, certificates, notes, etc. (hereinafter referred to as “products”), usually in the form of portfolio payments. The amount of such benefits varies depending on the product and product provider. Portfolio payments are usually based on the volume of a product or product group. Their amount usually corresponds to a percentage of the management fees charged to the respective product, which are paid periodically during the holding period. In addition, sales commissions can be paid by securities issuers in the form of one-off payments, the amount of which corresponds to a percentage of the issue price. Unless otherwise agreed, the customer can request further details from the company about the agreements made with third parties regarding such benefits at any time before or after the service is provided (purchase of the product). Depending on the service selected, benefits are either avoided or prevented or reimbursed to the customer. Any insignificant non-cash benefits (e.g. market analyses, training courses for certain financial products, meals during training courses and similar) remain with the company, provided that these benefits contribute to improving the quality of the service for the customer. If the customer does not request any further details before the service is provided or if he receives the service after obtaining further details, he waives any possible claim to return within the meaning of Section 1009a ABGB.

13. Tax and general legal aspects

The customer is responsible for the proper taxation of his assets and the income generated from them in accordance with the provisions applicable at his tax domicile. He is responsible for compliance with the regulatory and legal provisions applicable to him (including tax laws) and he will comply with the relevant provisions at all times. The advice or information provided by the Company does not, subject to special provisions or agreements, relate to the tax consequences of investments for the customer or generally to his tax situation; in particular, the Company’s liability for tax consequences of recommended investments is excluded.

14. Data processing, outsourcing and data protection

As part of the processing and maintenance of the customer relationship, the processing and use of personal data, transaction data and other data relating to the customer’s business relationship (hereinafter referred to as “customer data”) by the company is necessary. Customer data includes all information related to the business relationship with the customer, in particular confidential information about the contractual partner, (possibly other) authorized representatives, beneficial owners and any other third parties. “Confidential information” includes, among other things, name/company, address, residence/registered office, date of birth/foundation, profession/purpose, contact details, account number, IBAN, BIC and other transaction data, account balances, portfolio data, information on loans and other financial services as well as the tax identification number and other information relevant to tax or due diligence law.

The company is entitled to outsource business areas (e.g. information technology, maintenance and operation of IT systems, printing and dispatch of documents, compliance function, risk management function, internal audit, due diligence officer, investigation officer) in whole or in part to selected contractual partners (hereinafter referred to as “outsourcing partners”) without the express written consent of the customer. The company can have individual services provided by selected contractual partners (hereinafter referred to as “service providers”). For this purpose, the company is entitled to disclose the customer data, outsourcing partners and service providers required for this purpose.

The customer also acknowledges and accepts that customer data may be disclosed within the company in connection with the administration and maintenance of the business relationship and may be processed by the company’s employees at home and abroad (particularly electronically). The disclosure of customer data to the respective outsourcing partners or service providers takes place in accordance with the legal, regulatory and data protection provisions. The company takes appropriate technical and organizational measures to ensure the confidentiality of the data.

15. Duty of confidentiality and release from confidentiality

Due to legal provisions on confidentiality, data protection and other professional secrets (hereinafter “confidentiality protection”), the members of the company’s bodies, employees and agents are obliged to keep confidential information that they have become aware of as a result of their business relationship with customers for an unlimited period of time. Information that is subject to confidentiality is hereinafter referred to as “customer data”. Customer data includes all information in connection with the business relationship with the customer, in particular confidential information about the contractual partner, (any other) authorized representatives, beneficial owners and any other third parties. Confidential information includes, among others, name/company, address, residence/registered office, date of birth/foundation, place of birth, nationality, profession/purpose, contact details, customer and account number, IBAN, BIC and other transaction data, account balances, securities account data, details of loans and other financial services as well as information relevant to tax or due diligence law. In order to provide its services and to protect its legitimate claims, it is necessary for the company to pass on customer data that is subject to confidentiality to third parties in Germany or abroad. The customer expressly releases the company from confidentiality with regard to customer data and authorizes the company to pass on customer data to third parties in Germany or abroad. The customer data can also be passed on in the form of documents that the company has received from the customer or third parties in connection with the business relationship or that it has created itself. The company can therefore pass on customer data in particular in the following cases:

The transfer of customer data to the Company is ordered by an authority or a court, based on law, supervisory law and/or international agreements.
Compliance with the domestic and foreign legal provisions applicable to the company requires disclosure (for example, reporting of transactions in accordance with MiFIR).
The company will respond to legal action that the customer threatens or initiates against the company (including as a third party) at home or abroad.
The Company will respond to any legal action brought against the Company by third parties on the basis that the Company has provided services to the Client.
The Company undertakes enforcement actions or takes other legal steps against the Customer.
The company will respond to allegations made by the customer against the company in public, to the media or to authorities at home or abroad.
The company’s service providers receive access to customer data within the framework of concluded contracts.
The company outsources individual business areas (e.g. printing and mailing of documents, compliance function, risk management function, internal audit, due diligence officer, investigation officer, marketing) in whole or in part. In order to fulfil statutory due diligence obligations, the company is also entitled in individual cases to commission third parties in Germany and abroad to carry out the necessary clarifications and to transmit the corresponding customer data.
In order to provide its services, the Company may be required to allow employees of the Company or agents who have committed themselves to strict confidentiality to access customer data from within or outside of the Company by means of remote access.
The product-specific documents of a securities account (e.g. securities or fund prospectus) provide for the transfer of customer data.
The company is obliged or authorized to pass on customer data in the context of trading or managing securities accounts by domestic and foreign legal provisions, or the passing on is necessary to carry out a trading transaction or administration. The latter may be the case, for example, if trading venues, collective deposit centers, third-party custodians, stock exchanges, brokers, banks, issuers, financial market supervisory authorities or other authorities, etc. are themselves obliged to demand that the company disclose customer data. The company can pass on customer data in individual cases upon request, but also on its own initiative (for example when completing the documents required for the trading transaction or administration). Requests can also be made after the conclusion of a trading transaction or administration, in particular for monitoring and investigation purposes. By placing an order to trade or manage financial instruments, the customer expressly authorizes the company to disclose his customer data if necessary. The customer acknowledges that the customer data will be processed by the company and third parties to fulfil the purpose and that after it has been passed on, it may no longer be protected by confidentiality. This applies in particular if the data is passed on abroad, and it is also not guaranteed that the level of protection abroad corresponds to that in Liechtenstein. Domestic and foreign laws and official orders may oblige third parties to disclose the customer data they have received, and the company no longer has any influence on any further use of the customer data. The company is not obliged to inform the customer if customer data has been passed on .

16. Termination

The company is entitled to terminate existing business relationships at any time at its own discretion and without giving reasons. Even if there is a period of notice or an agreed fixed date, the company is entitled to terminate the business relationship immediately if the customer is in default with a service, his financial situation has deteriorated significantly, compulsory enforcement is carried out against him or criminal proceedings are pending against him that endanger the reputation of the company.

17. Holidays

Liechtenstein public holidays and Saturdays are treated as Sundays in business transactions.

18. Language

The relevant language for the business relationship is German. In the case of foreign language texts, the German text serves as an aid to interpretation.

19. Place of performance

The registered office of the company is the place of performance for both parties’ obligations.

20. Severability clause

Should one or more provisions of the General Terms and Conditions become ineffective or invalid or should the General Terms and Conditions contain a gap, the validity of the remaining provisions shall remain unaffected. The invalid provisions shall be interpreted or replaced in a way that comes closest to the intended purpose.

21. Applicable law

The legal relationship between the customer and the company is subject to the law of the Principality of Liechtenstein.

22. Place of jurisdiction

The place of jurisdiction is Vaduz. The customer submits to the same place of jurisdiction for all proceedings. However, he can also be prosecuted at his place of residence or before any other competent court or any other competent authority.

23. Amendments

The company is authorized to change the above provisions at any time. They will be communicated to the customer in writing or in another suitable manner and will be deemed approved without objection within one month.

24. Validity

These Terms and Conditions come into effect on January 1, 2023.