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Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
These General Terms and Conditions (hereinafter the “General
Terms and Conditions”) contain important provisions
governing Yuh bank accounts (each a “Yuh Account”). You
should carefully review this document and the documents it
refers to before opening a Yuh Account.
- BASIS OF BUSINESS RELATIONSHIP
1.1 When opening a Yuh Account, you are opening an account
with Swissquote Bank Ltd (the “Bank”, “us”, or “we”).
1.2 Your contractual relationship with us with respect to your
Yuh Account is referred to as the “Agreement”, and is
governed by the following terms:
- these General Terms and Conditions;
- the account opening documentation;
- the Yuh Account Privacy Policy;
- the terms and conditions applicable to certain services
offered by us in relation to Yuh Accounts (the “Special
Terms and Conditions”); - any document referred to in the above-mentioned
agreements and documents.
1.3 The Agreement applies to all Yuh Accounts you have
opened or will open with us. References to a “Yuh
Account” in these General Terms and Conditions must be
understood as references to any of your Yuh Accounts.
1.4 We may offer various services in relation to Yuh Accounts
(the “Services”). The provision of certain Services may
be governed by Special Terms and Conditions, where
applicable. We may, at our sole discretion, decide not to
provide certain Services to you (even if we offer them to
other clients), or limit the availability of certain Services
to you.
1.5 Yuh Accounts are only available for individuals. Legal
entities, partnerships, trusts and similar structures are not
eligible to open a Yuh Account.
1.6 Unless we indicate otherwise, we do not offer joint Yuh
Accounts. Further, as the holder of a Yuh Account, you may
not grant a power-of-attorney or similar access or right
over such account to any third party.
1.7 By opening a Yuh Account, you confirm that you took the
steps to request the opening of a Yuh Account out of your
own initiative. If (a) this is not the case and (b) you reside
outside of Switzerland, you must refrain from finalising the
account opening process.
- YUH APP AND YUH WEBSITE
2.1 To open and use your Yuh Account, you are required
to obtain and use at least one up-to-date version of the
mobile application made available for this purpose (the
“Yuh App”). The Yuh App is developed by Yuh Ltd and its
use is subject to Yuh Ltd’s terms and conditions.
2.2 The Yuh App may not be available for all types of devices,
and may not be compatible with older or newer versions of
certain operating systems.
2.3 Yuh Accounts are accessible via the Yuh App only. If the
Yuh App is unavailable or not functioning properly, you
may be unable to access and use your Yuh Account. We
do not warrant that you will be able to use the Yuh App at
any time, and exclude any liability in case of unavailability
or malfunctioning of the Yuh App.
2.4 We may also provide certain documents and information
on www.yuh.com (the “Yuh Website”).
2.5 Using the Yuh App and the Yuh Website requires a
stable Internet connection, which you are responsible
for securing. We exclude any liability in case of delays,
connection or data transfer issues affecting your ability
to use any Yuh App (including your ability to enter into
transactions through any Yuh App).
2.6 The Yuh App and the Yuh Website may not be accessible,
in full or in part, based on your place of residence or your
current location. We may also conduct maintenance tasks
that may temporarily affect your ability to access the Yuh
App and the Yuh Website. We do not undertake to make
the Yuh App or the Yuh Website available at any time. - LOG-IN AND SECURITY
3.1 Every Yuh Account is tied to a mobile phone number.
When you open a Yuh Account, the mobile phone number
to which your Yuh Account is tied will be the one you have
indicated in the account opening process. If you wish to
change the mobile phone number associated with your
Yuh Account, you must follow the procedure indicated in
the Yuh App.
3.2 To access your Yuh Account through the Yuh App, you are
required to use the sign-in procedure indicated in the Yuh
App, which may include the combination of a user name
and a passcode or password (together, the “Identification
GENERAL TERMS AND CONDITIONS FOR YUH ACCOUNTS
2
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
Codes”), fingerprint, facial recognition or other means of
identification.
3.3 You must keep your Identification Codes strictly
confidential, and change them immediately if you have
reasons to believe they are no longer confidential. You
acknowledge that the sign-in procedure may not prevent
your Yuh Account from being accessed by unauthorised
third parties and that the Yuh App may have vulnerabilities.
We exclude any liability in connection with unauthorised
access to your Yuh Account or vulnerability pertaining to
the sign-in procedure.
3.4 It is your responsibility to obtain, update as appropriate,
and take every measure to secure the mobile devices you
use to access the Yuh App. Using the Yuh App involves
certain risks. To mitigate these risks, you must install
updates to the Yuh App and to your operating system as
soon as possible. You must also ensure that you are not
using a public Wi-Fi to access the Yuh App, that you use
the “logout” function every time you stop using your Yuh
App, and generally take other precautions recommended
by Yuh Ltd, by your device manufacturer, operating system
provider or mobile phone operator to secure your mobile
devices. Modifying your devices’ hardware and operating
system, or “jailbreaking” those devices is at your own risk.
We exclude any liability in case any of the mobile devices
you use to access your Yuh Account are stolen, hacked or
accessed without your consent.
3.5 If your mobile device is stolen, or if you otherwise suspect
that the Yuh App or your Yuh Account is accessed without
your authorisation, you should contact us immediately and
request the blocking of the Yuh App or of the Yuh Account.
If we block the Yuh App or your Yuh Account, we may
request that you issue a written confirmation to unblock it.
3.6 We will consider that any person (a) using a Yuh App or the
Yuh Website accessed using your Identification Codes or
any other sign-in procedure as provided in the Yuh App,
or (b) that we otherwise identify as being you through
customary due diligence measures, is authorised to
perform any operation on your Yuh Account. We will not be
liable for any Damages (as defined below) suffered by you
as a result of any operations (such as payments) carried
out using your Identification Codes or by a person we
identified as being you through customary due diligence
measures, even in cases such operations were submitted
through fraudulent or illegal actions, or otherwise against
your wishes. - INFORMATION PROVIDED TO YOU
4.1 We are not making any representation as to the accuracy,
completeness, timeliness, relevance or reliability of the
information, opinions or analysis that are presented in the
Yuh App, on the Yuh Website (including charts), or that are
otherwise communicated to you by us. Any information
regarding the price or performance of assets may change
at any time, without prior notice.
4.2 We exclude any liability in case you suffer any Damage
resulting from the inaccuracy, incompleteness or delay
of any information presented in the Yuh App, on the Yuh
Website or otherwise communicated to you by us. We are
also not liable in case of Damage due to communication
issues or technical problems, whatever the cause. If
you encounter such communication issues or technical
problems, you should contact our Customer Care Center
via phone to enter into transactions. In these General
Terms and Conditions, a “Damage” means any loss,
lost profit, moral prejudice, liability, tax, cost or expense
(including lawyer’s and other professional’s fees), claim
or demand and any other negative consequence of any
nature whatsoever. - LIMITATIONS FOR PAYMENTS AND ASSETS
5.1 We are not obliged to execute orders or instructions you
send us (“Instructions”) and are also not obliged to give
any reason for refusing to execute any Instruction.
5.2 You are aware of the fact that payments in a foreign
currency are generally executed through a bank located
in a country issuing this currency. You are also aware of
the fact that certain countries and jurisdictions (such as the
United States of America, or the “USA”, and the European
Union) apply embargoes or similar measures towards
certain other countries. You must examine your payment
Instruction in the light of such embargoes or similar
measures and you must refrain from issuing such payment
Instruction, if the concerned payment may be blocked or
subject to any other similar measure issued by a bank,
authority or any other organisation or body. We are not
obliged to examine your payment Instruction in the light
of embargoes or similar measures and will not be liable for
any Damages you may suffer as a result of the application
of embargoes or similar measures.
5.3 You are advised that the specific characteristics of the
systems in place in each country may slow down or even
prevent the execution of payments or transfers.
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Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
5.4 We reserve the right to refuse to accept assets or incoming
payments, and generally reserve the right to reject any
Instruction that, in our opinion, may expose us to legal,
regulatory or reputational risks. In particular, we may
refuse to accept assets, process payments or to act on any
Instruction that we believe is not clearly permitted under
applicable laws, administrative guidance, our internal
procedures or similar requirement. In this context, we may
choose to delay the processing of any Instruction until we
are satisfied that uncertainties surrounding its admissibility
have been resolved. We exclude any liability for any
Damage you may suffer as a result of any refusal, delay or
restrictions imposed in accordance with this Section 5.4. - TRANSACTIONS IN FINANCIAL INSTRUMENTS
Risks
6.1 You accept and acknowledge that transactions in
financial instruments (“Transactions”) may be very
speculative and may involve significant financial risks
which may result in losses either in the amount of or in
excess of the amount you have deposited with us. For
a general description of certain risks relating to financial
instruments, we refer to the brochure titled “Risks Involved
in Trading Financial Instruments” issued by the Swiss
Bankers Association, which forms part of the Agreement
and is available at www.swissbanking.org. For a description
of risks that are specific to certain Services, we also refer
to the Special Terms and Conditions in relation thereto.
6.2 All Transactions are entered into at your own risk, and
you are solely responsible under all circumstances for the
Transactions and their results.
Investment decisions
6.3 Except as otherwise agreed, we do not provide any advice
of legal, tax or any other nature, nor any investment advice
or other recommendation to perform any Transaction or
other operation. Information, opinions or analysis presented
in the Yuh App, on the Yuh Website or that is otherwise
communicated to you by us does not constitute an offer
or solicitation of an offer, an advice, or a recommendation
to buy or sell any financial instruments (including collective
investment schemes, also referred to as “funds”), to enter
into any kind of transaction, nor to follow any trading or
investment strategy.
6.4 Unless we indicate otherwise, our obligations in relation
to Transactions are limited to execution-only services.
We will not perform any verification of suitability or
appropriateness as part of execution-only services
provided to you. This information is provided to you only
once in these General Terms and Conditions and will
not be repeated each time you enter into a Transaction.
Accordingly, any decision to enter into a Transaction
must be based on your own assessment of your personal
(in particular financial and tax) situation and investment
objectives, as well as upon your own interpretation of the
information to which you have access.
6.5 Before investing in a particular financial instrument, you
should carefully consider any prospectus, termsheet,
key investor information document and financial
reports published in respect of the relevant financial
instruments. If they are not displayed in the Yuh App or
on the Yuh Website and upon request, we will provide
you with electronic copies of such documents, provided
they have been produced and we have received them
beforehand.
6.6 You should enter into Transactions only if you possess
the necessary knowledge and experience to understand
such Transactions and the risks that they entail. It is your
responsibility to assess whether that is the case. Further,
when investing in financial instruments, you must take into
account that past performance is not a reliable indicator
of future performance. You should seek the advice of
an investment professional if you have any doubt as to
whether you should enter into a particular Transaction.
6.7 Financial instruments, in particular funds, that appear in
the Yuh App or on the Yuh Website may not be eligible
for sale in all jurisdictions or to certain categories of
investors. Further, you must not distribute, send or transfer
information relating to financial instruments displayed in
the Yuh App or on the Yuh Website in the USA and in any
other jurisdiction where doing so would be prohibited or
would require us to perform any action to comply with
local requirements (such as applying for a license or
register the relevant instruments with an authority or selfregulatory body).
Monitoring of open positions
6.8 You are solely responsible for the management and
monitoring of any position opened following a Transaction
(hereinafter an “Open Position”). You must constantly
monitor your Open Positions by consulting the Yuh App as
often as needed.
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Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
Order execution
6.9 Instructions sent to the Bank for the purchase or sale of
financial instruments are processed in accordance with our
Best Execution Policy for Yuh Accounts, which is available
in the Yuh App and/or on the Yuh Website. You must
carefully review this policy. By submitting an Instruction to
purchase or sell financial instruments, you will be deemed
to accept the Best Execution Policy for Yuh Accounts.
Corporate actions and voting rights
6.10 When you hold financial instruments, they may be subject
to what is commonly referred to as “corporate actions”.
Corporate actions are events that can bring a change to
the relevant financial instrument and include mergers, the
payment of dividends and coupons, splits and reverse
splits, change of ISINs and similar operations. We offer
limited support for corporate actions, and you should
carefully consider the limitations of the Bank’s services
with respect to corporate actions as set forth in this Section
6 before investing in financial instruments.
6.11 We will only inform you of a corporate action affecting
assets you hold if the only option to participate in the
corporate action is to make a cash payment. If a corporate
action does not require you to make a cash payment, or
offers you a choice between making a cash payment and
one or several other options, we are under no obligation
to inform you of its occurrence. Further, unless indicated
otherwise when informing you of corporate actions,
we are under no obligation to accept Instructions with
respect to such corporate actions.
6.12 In case a corporate action gives you a choice between
several options, we will – without consulting you – select
the option that does not require you to make a cash
payment or, if there are several such options, we will act
at our sole discretion with the purpose of protecting your
presumed interests (which may mean not participating in
the corporate action). By accepting these General Terms
and Conditions, you instruct us to act as provided in this
Section 6.12.
6.13 If you hold assets that carry voting rights, such as shares,
we will not register you as the registered holder of such
instruments or take any other action to allow you to
exercise your voting rights, and we are entitled to refuse to
execute any Instruction you may submit to this effect.
6.14 If you are entitled to distributions to which a withholding
tax or similar taxation applies, we will (unless otherwise
communicated by us) apply the default (highest) rate for
such tax to all extent permitted by law. We will therefore
not seek to determine if you would be eligible for a lower
rate, e.g. based on tax treaties, and will not apply any
lower withholding tax.
Market rules
6.15 Transactions may be subject to market rules set forth
in by-laws, rules, provisions, customs and practices of
an exchange, a market, a clearing house, a body or any
other organisation (including, if applicable, entities of
the group to which the Bank belongs) involved in the
execution, clearing, and/or settlement of said Transactions
and/or in the custody of financial instruments linked to
such Transactions. You acknowledge and accept that
such market rules may offer wide powers to the involved
organisations, in particular in exceptional circumstances
or undesirable situations. You further confirm to be aware
of the regulations, directives, terms of business, standard
practices, and other rules applicable to the trading of
financial instruments and agree to abide by those rules.
6.16 Should any such organisation take decisions or measures
which affect a Transaction or an Open Position, we will
be entitled to take any action (including liquidate any of
your Open Positions) which we, at our sole discretion,
consider appropriate to protect your and/or our interests.
You will be bound by any such action and we will not be
liable for any Damages suffered by you as a result thereof. - AVAILABLE CASH OR ASSETS
7.1 To enter into a Transaction or any other operation on a
Yuh Account, you must hold sufficient cash or other assets
on such Yuh Account to satisfy your obligations under the
relevant Transaction or operation.
7.2 If, for any reason, we allow you to enter into a Transaction
or operation and you do not hold sufficient cash or other
assets to satisfy your obligations, you undertake to deliver
any amounts or assets necessary to allow us to carry out
Transactions or other operations for your account and/or
cover any outstanding liability you may have.
7.3 If you have issued Instructions, the total amount of which
exceeds the credit balance available on your Yuh Account
or the credit facilities granted (if any) in respect of your Yuh
5
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
Account, we are entitled to decide, at our own discretion
and irrespective of the date or the time of receipt by the
Bank, which Instructions are to be executed in full or in
part. We may also decide to reject all relevant Instructions. - RIGHTS OF PLEDGE, RETENTION AND SET-OFF
8.1 In order to secure any present or future (including merely
hypothetical) claims we may have against you (including
but not limited to contractual, tort, unjust enrichment and
indemnification claims), regardless of whether such claims
are due, the currency in which they are denominated, and
regardless of whether they are unsecured or secured by
collateral, you hereby grant us rights of pledge, retention
and set-off over all monies and other assets credited on
your Yuh Account, including Open Positions, financial
instruments or other assets we hold for your account,
either directly or with third party custodians.
8.2 We are entitled to enforce our rights of pledge, retention
and set-off should you fail to perform any of your
obligations under the Agreement (including under any
Transaction or in respect of any operation relating to your
Yuh Account) when they become due, or if you become
insolvent or bankrupt. We are also entitled to enforce our
rights of pledge, retention and set-off if we hold a claim
against you in accordance with Section 20 below.
8.3 To enforce our right of pledge, we are entitled, at our sole
discretion, at any time and (where permitted) without
notifying you, to sell the assets credited on your Yuh
Account, or to make any other use of such assets we see
fit. We may sell your assets by way of private sale or in
accordance with debt enforcement proceedings provided
under applicable law.
8.4 We are entitled to enforce our right to set-off even if the
Bank’s and your claims are not identical.
8.5 The rights of set-off, pledge and retention in our favor will
in any circumstances take priority over any other rights,
liens or charges in favor of any other creditor.
8.6 If you hold several accounts with us, we are also entitled
to net off your accounts at any time, irrespective of their
type or the currency in which they are denominated and
the account from or in connection with which our claim
have arisen. We are entitled to perform this net off even
if the Bank’s and your claims are not identical, if the claim
to be netted constitutes the return of an object or security
deposited with the Bank or its custodians, or is subject to
objections or exceptions. We will notify you of any netting
carried out pursuant to this Section 8.
8.7 If the amounts payable are denominated in a currency
other than Swiss francs, we are entitled to convert such
amounts into Swiss francs at an exchange rate to be
determined by the Bank. - FURTHER RIGHTS IN CASE OF AN EVENT OF DEFAULT
9.1 Upon or following the occurrence of a Force Majeure
Event or an Event of Default (as defined below), we will
be entitled to take one or more of the following measures,
at our sole discretion and (to the extent permitted by
law) without prior notice:
a) liquidate any Open Position and sell any financial
instruments or other assets held on your Yuh Account,
in full or in part, immediately or within a specified period,
and set off the proceeds of such liquidation or sale (after
converting such proceeds into the currency of your Yuh
Account, if applicable) in accordance with Section 8;
b) secure our rights of pledge, retention and set-off by
blocking any monies or other assets deposited on your
Yuh Account;
c) cancel any or all outstanding Instructions;
d) suspend the fulfilment of the Bank’s own obligations;
and/or
e) take any other measures that we consider necessary for
our own protection.
9.2 Each of the following events constitutes an “Event of
Default”:
a) you fail to make any due payment to the Bank for whatever
reason, or fail to provide a guarantee of any kind by the
relevant due date;
b) you violate or fail to comply with any or all of the provisions
of the Agreement or any part thereof, any or all of the
provisions of any other applicable contract between you
and us, or the terms of a Transaction;
c) you fail to fulfil any obligation towards the Bank or commit
a breach of your representations, warranties, confirmations
or acknowledgements set forth in the Agreement;
6
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
d) you pass away, are declared missing or are otherwise
incapacitated;
e) debt enforcement proceedings (incl. foreclosure) are
commenced against you or you are unable or unwilling
to settle all or part of your debts or fulfil your financial
obligations;
f) you become insolvent or are subject to individual
bankruptcy or similar proceedings; and
g) you or we are required to liquidate an Open Position or
part of an Open Position by a trading venue, competent
authority or self-regulatory body.
9.3 The rights set forth in this Section 9 are in addition to other
rights we may have under the Agreement (including our
right of pledge, retention and set-off). - CURRENCY CONVERSION
10.1 Unless we allow you to opt out of this service or indicate
that this service will not apply to your Yuh Account,
we are entitled to automatically cover negative cash
positions by setting off the negative cash position in a
certain currency with funds you hold in another currency
(using the exchange rate we have determined). We may
specify additional terms and conditions for this service in
dedicated Special Terms and Conditions. - MONIES OR ASSETS CREDITED ERRONEOUSLY
11.1 If monies or other assets are credited on your Yuh Account
and if you know or should in good faith know that such
monies or assets were credited erroneously, or if you have
any doubt as to whether this credit was the result of an
error, you must notify us immediately of said credit entry.
You must further refrain from performing any further action
with respect to such monies or assets (including selling,
transferring or exercising rights attached to the assets)
without our prior consent. In addition, you are required to
return the relevant cash or other assets to the account we
may indicate.
11.2 We are authorised at any time to reverse any Transactions
and other operations (such as payments and transfers of
financial instruments) made or authorised by mistake or
due to a technical error. - DECLARATION OF NON-US OR US STATUS
12.1 The Bank has entered into a so-called Qualified
Intermediary Agreement and into a so-called Foreign
Financial Institution Agreement pursuant to the agreement
between Switzerland and the USA for cooperation to
facilitate the implementation of the “Foreign Account Tax
Compliance Act” (hereinafter, together with the Foreign
Financial Institution Agreement, the “FATCA Regulations”)
with the US tax authorities (hereinafter the “IRS”).
12.2 If you have confirmed in the account opening form
that you are a “non-US person”, i.e. that you are not a
US citizen (be it by single, dual or multiple nationalities)
and do not have a “resident alien” status (e.g. you are not
holding a “Green Card” and have not been a long-term
resident in the USA in the current year and the previous
two years), you further confirm that you are the beneficial
owner of the securities held and the income generated
therewith in accordance with US tax law. If there exists a
double taxation treaty between the USA and your country
of residence, you hereby ask for a reduction of the US
withholding tax on income of US origin, provided however
that we are entitled not to act on your request (see Section
6.14). We are entitled to ask for further information to
document your non-US status, including if we are aware of
indicia showing you may be a US person.
12.3 You must inform us immediately of any change to your
“non-US person” status. Should this happen, the FATCA
Regulations require that you provide us with a Form W-9
within 90 days and we may require that you provide a
separate banking secrecy waiver in a format acceptable
to us. If no Form W-9 is provided, you acknowledge that,
in accordance with the FATCA Regulations, we are entitled
to (a) report the details of your Yuh Account to the IRS in
an aggregated form, (b) deliver under a mutual assistance
procedure specific information concerning your Yuh
Account to the Swiss Federal Tax Administration (“SFTA”),
which may provide this information to the IRS under
the double taxation agreement, and (c) under certain
circumstances set forth in the FATCA Regulations, levy a
withholding tax of 30% on your income and earnings in
accordance with US tax law.
12.4 If you cease to be a “non-US person”, we may close your
Yuh Account or ask you to sell any US securities held on
your Yuh Account. Further, if no Form W-9 is provided
within 90 days from the moment you cease to be a “nonUS person”, we may deduct from the proceeds of the sale
of US securities a “Backup Withholding Tax” (to be paid to
the IRS) at the rate applicable at the time of the sale.
7
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
12.5 If you have confirmed in the account opening form that
you are a “US person”, you confirm that you are the
beneficial owner of the securities held and the income
generated therewith in accordance with US tax law. If
you are or become a US person, the FATCA Regulations
require that you provide us with a Form W-9 and we may
require that you provide a banking secrecy waiver in a
format acceptable to us.
12.6 By providing a Form W-9 to us, you accept that we may
provide, directly or indirectly, the IRS, our withholding
agents and custodians, or any related parties, with
confidential and personal information about yourself
and your Yuh Account, such as your identity, name
and address, its Tax Identification Number (“TIN”), the
account number, the account value and income and
gains as well as documents such as IRS forms. You hereby
irrevocably consent to such disclosure and fully release us
from our obligations of banking secrecy, confidentiality
and/or data protection under Swiss or any other applicable
law(s) which might otherwise preclude the disclosure of
such information. - RESIDENCE FOR TAX PURPOSES
13.1 On 21 July 2014, the Organisation for Economic Cooperation and Development (“OECD”) released a Standard
for Automatic Exchange of Financial Account Information
in Tax Matters (the “Standard”). The Standard and its
current and future related international and national laws
(together, the “AEOI Regulations”) call on governments
that have signed at least one automatic exchange of tax
information agreement (the “Reporting Jurisdictions”):
a) to obtain, from their financial institutions, detailed account
information; and
b) to have their respective competent authorities exchange
that information automatically with other Reporting
Jurisdictions on an annual basis, where both respective
jurisdictions have entered into a mutual agreement to
exchange such tax information.
13.2 Since Switzerland is a Reporting Jurisdiction, the Bank, as
a Swiss financial institution, is required to apply enhanced
due diligence procedures and may need to report some
financial account information to the Swiss competent
authority, namely the SFTA, in accordance with the AEOI
Regulations.
13.3 You understand that we may need to apply enhanced
due diligence procedures to record your residence for
tax purposes, including where you are not a resident for
tax purposes in a Reporting Jurisdiction. In the abovementioned context and, in particular, as part of the account
opening process, you:
a) confirm that the place of residence indicated in the account
opening documents is your residence(s) for tax purposes
(i.e. the jurisdiction(s) in which you are treated as being tax
resident, according to each such jurisdiction’s domestic
tax legislation);
b) confirm that all information provided as part of the account
opening process (in particular your tax identification
number or similar high integrity number used to
identify you for tax purposes under applicable laws) is
accurate; and
c) agree to provide any reasonable documentation or
explanations in order to support the above.
13.4 You understand that we may be required to report
certain information regarding yourself as well as certain
information regarding your Yuh Account (including, but not
limited to, balance, interests, dividends and sales proceeds
from financial assets) to the SFTA. You understand that
the SFTA may then pass on such information to the tax
authorities of each Reporting Jurisdiction for which you are
regarded, pursuant to the AEOI Regulations, as a resident
for tax purposes. By agreeing to these General Terms
and Conditions, you hereby acknowledge that such
information may be reported to the SFTA.
13.5 You acknowledge that your information may then be
used, by the competent authorities of these Reporting
Jurisdictions, for other purposes than those set forth by
the AEOI Regulations, pursuant to applicable law.
13.6 You must inform us immediately of any change to your
residence(s) for tax purposes, TIN(s) or of any other relevant
change in circumstances. In such event, you must provide
us, in due time, with any documentation or explanations
that we may reasonably expect or request in order to
comply with the AEOI Regulations. You understand that,
where the information provided to us is inaccurate or
incomplete, we may need to report you as being resident
for tax purposes in more than one Reporting Jurisdiction.
13.7 You understand that if you provide the Bank with incorrect
information, be it intentionally or negligently, you may
be subject to criminal and/or administrative proceedings
conducted by competent authorities.
8
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13.8 Without prejudice to the above, you may also qualify
as a US person. This Section must therefore be read in
conjunction with Section 12.
13.9 To comply with the above, you may need to refer to a tax
advisor and/or to publicly available sources. - COMMUNICATIONS AND INSTRUCTIONS
Notices from the Bank
14.1 All notices or communications (hereinafter the “Notices”)
from the Bank may be made by means of a message
accessible from the Yuh App. We are also entitled to
send you emails (which may contain statements, account
closure documents and other documents containing
personal and/or account data) to the email address you
have indicated in the account opening process or have
provided us with afterwards. You expressly agree to
receive correspondence in electronic format and waive
any right to receive correspondence from us in writing.
You are aware of, and accept, any consequences, losses
and risks that might result from the electronic transmission
of information. In particular, you acknowledge that we
cannot guarantee that information protected by the
banking secrecy will not be accessed by third parties when
communicated electronically.
14.2 Notwithstanding the above, we may, at our sole discretion,
contact you or issue any Notice in any manner other than
the channels you have selected for receiving Notices
(e.g. via letter, e-mail, telephone or Push Notification (as
defined below)). We will incur no liability for contacting you
in a manner other than the communication channel you
have previously selected.
14.3 You are responsible for regularly consulting the Yuh App to
take note of any Notices. Further, you must ensure that you
can be contacted by the Bank at all times through the Yuh
App, by telephone or e-mail.
14.4 All Notices sent to you are deemed to have been duly
issued and duly received (a) when sent to the e-mail
address you have most recently provided us with, (b) when
made available on the Yuh App or displayed in a Push
Notification, or (c) when communicated by telephone. If we
decide to send a Notice via letter, the letter will be deemed
to have been duly received one Business Day (as defined
below) after dispatch to a Swiss address, or four Business
Days after dispatch to a foreign address.
Instructions you send us
14.5 You may transmit Instructions by using the Yuh App or, if
you encounter difficulties with the Yuh App, by phone, by
calling our Customer Care Center as indicated in the Yuh
App or Yuh Website. We are under no obligation to accept
Instructions transmitted through any other media.
14.6 If you submit an Instruction by letter, we are entitled not
to accept it. If we decide to accept it nonetheless, we
will verify the signature on the letter by comparing said
signature against the specimen lodged at the Bank.
14.7 We are authorised, but not obliged to, carry out all
Instructions issued by telephone, e-mail, fax or any other
means of electronic communication, even where these
Instructions are not subsequently confirmed in the Yuh
App. However, we reserve the right to carry out such
Instructions only after we have obtained a confirmation
through the Yuh App or in writing with an original signature
or in such other form as we may request or after we have
taken any further measures to verify the authenticity of the
Instruction. We will not be liable for any Damages resulting
from any delay caused by such request for a confirmation
or such further measures. If we ask you to submit
documents to confirm an Instruction, you should clearly
label such documents as being provided to confirm your
original Instruction. If you do not label those documents
properly, we may treat them as a new Instruction and will
not be liable for executing this new Instruction in addition
to your original Instruction.
14.8 You acknowledge that we are under no obligation to allow
you to rescind, withdraw or amend a given Instruction,
even if it is not yet executed at the time you request to
rescind, withdraw or amend it. If we allow you to rescind,
withdraw or amend an Instruction which is in the process
of being executed, you are solely liable for any Damages
resulting therefrom.
14.9 All Instructions you submit to us and other communications
you have with us must be in one of the languages of the
Yuh App. We may refuse to accept Instructions submitted
in a different language.
Push notifications
14.10 If push notifications are activated on your mobile device,
the Yuh App may be capable of sending push notifications
9
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
regarding your Yuh Account (each a “Push Notification”).
The types of Push Notifications available, if any, are
indicated in the Yuh App, and may vary depending on
the version of the Yuh App, type of mobile device and
operating system version used. It is your responsibility to
activate Push Notifications.
14.11 Push Notifications may not function in relation to all
types of assets you hold. In addition, Instructions placed
before Push Notifications are activated may not trigger
a Push Notification. Correspondingly, if you disable
Push Notifications, Instructions submitted before the
deactivation may nonetheless trigger a Push Notification.
14.12 This Push Notifications service is provided “as is”, and
we do not make any representation as to the speed of
transmission or reliability of Push Notifications. You must
not rely solely on Push Notifications to monitor your Yuh
Account. Further, we do not accept any liability in case
of malfunctioning of the Push Notifications. We may also
cease to offer Push Notifications, or change the parameters
of Push Notifications, at any time and without prior Notice.
14.13 By activating or not deactivating Push Notifications, you
accept that Push Notifications may be visible even when
Yuh App is not running, or is running in the background,
and possibly even when your mobile device is locked. You
should not activate Push Notifications on mobile devices
that are not yours, as you may then be unable to deactivate
them remotely, without physically accessing the relevant
mobile device again.
Telephone
14.14 Any price we may give over the telephone prior to
execution of a Transaction is deemed to be indicative.
We do not warrant that a Transaction carried out over the
telephone will be carried out at the price displayed on the
Yuh App prior to execution of the Transaction.
14.15 We will not be liable for any Damages suffered by you
due to misunderstandings over the telephone caused by,
without limitation, poor or faulty connection, background
noise at your location, language used, etc.
Liability
14.16 You agree to bear all Damages resulting from the use of
any means of communication relied upon to communicate
with us, including as a result of delays, misunderstandings,
faulty transmissions or similar errors, data losses, technical
faults, overloads, (system) breakdowns or interruptions,
malfunctions, interferences, etc. - VERIFICATION OF CONFIRMATIONS AND
STATEMENTS
15.1 Unless otherwise agreed, the confirmations of Transactions
and other operations will only be made available in the
Yuh App.
15.2 You must immediately verify the contents of all statements,
confirmations, reports and other similar documents
(hereinafter the “Reports”) received from us or otherwise
made available in the Yuh App. Any complaint you wish to
make (e.g. concerning the execution or non-execution of
any Instruction, and any objections concerning a Report
or a Notice from the Bank) must be made by letter sent
to the Bank’s head office (chemin de la Crétaux 33, P.O.
Box 319, 1196 Gland, Switzerland) immediately upon
receiving the corresponding Report or Notice, but in
any event no later than 30 days after receipt. After this
period, the execution or non-execution or, as applicable,
the Report or Notice concerned will be deemed to have
been approved. You will bear the consequences of any
delay in making the complaint.
15.3 If you expected to receive a Report or a Notice by a certain
date but have not received it by then, you must notify us of
this without delay.
15.4 Express or tacit acknowledgement of a Report will be
deemed to constitute approval of all the items it includes
and of any reservation made by the Bank in the Report. - LOYALTY PROGRAM
16.1 We have set up a loyalty program for Yuh Accounts,
whereby if you perform certain actions, you may receive
digital tokens called “Swissqoins” on your Yuh Account,
free of charge. When you open a Yuh Account you agree
to receive Swissqoins.
16.2 Details of the loyalty program are available on the Yuh
Website. We expect to distribute Swissqoins in accordance
with the indicative rewards schedule available on the Yuh
Website.
10
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
16.3 The terms of the Swissqoins are disclosed in documents
available on the Yuh Website. When you open or use your
Yuh Account, you agree to be bound by these terms (and
any amendment thereto).
16.4 You are responsible for assessing the tax consequences of
holding Swissqoins on your Yuh Account and reporting your
holding of Swissqoins to tax authorities, as appropriate. - CONFIRMATIONS
17.1 You confirm to us that, and agree to the following for our
benefit:
a) you are the sole beneficial owner of the monies and other
assets deposited on your Yuh Account;
b) you are not legally incapacitated to act in respect of the
establishment of the business relationship with the Bank
or the conclusion of any and all Transactions or other
operations and you are not bound by any law or regulation
preventing you from entering into such a business
relationship, from accessing a Yuh App or the Yuh Website
or from entering into any Transaction or performing
any other operation on your Yuh Account or otherwise
involving the Bank;
c) the monies and other assets credited on the Yuh Account
are and will remain, subject to the provisions of the
Agreement, free of any charge, encumbrance, right of
retention, pledge, lien, constraint or other forms of security
in favor of third parties;
d) you have taken note of, and undertake to comply with,
all laws, market rules and regulations applicable to
you, notably as a result of your place of domicile and
nationality, including, without restriction, all regulations
and requirements in respect of foreign exchange controls;
e) you confirm that you comply with all applicable tax rules
and requirements of tax authorities of the country or
countries in which you assume fiscal responsibility;
f) you confirm that you are aware of the requirements
imposed by anti-money laundering legislation and
regulations and you understand that you are obliged to
cooperate fully with us to comply with such requirements;
and
g) the information that you have given to the Bank is complete,
accurate, up to date and not misleading.
17.2 You are deemed to make the above confirmations as of
the date of the opening of the Yuh Account and to repeat
such confirmations as of the date of any Transaction or
other operation (such as a payment) in relation to the Yuh
Account and as of any date on which the Agreement or
any part thereof is revised, updated or amended. - KNOW-YOUR-CUSTOMER
18.1 Upon our request, you undertake to provide us with any
and all information and documentation concerning yourself
we may require.
18.2 We may in particular request information and additional
details with respect to your economic background, that
of the assets credited or that of any credit or debit you
may wish to carry out on the Yuh Account, as well as with
respect to Transactions and any other operation performed
using your Yuh Account. If such information is not provided
or is, in our opinion, insufficient, we may, without prior
Notice, decline to execute your Instructions, postpone the
execution of such Instructions, block the monies and other
assets on the Yuh Account, notify the relevant authorities
and/or terminate our business relationship with you. We
will not incur any liability as a result of any action we take
in accordance with this Section 18.
18.3 You must immediately inform us in case of any change to
information relating to yourself which has been disclosed
to us (including with respect to your ability to submit
Instructions, your place of residence and tax status). You
should use the Yuh App or contact our Customer Care
Center (using the contact details available in the Yuh
App or on the Yuh Website) to communicate changes to
previously disclosed information. - LIABILITY
19.1 We will perform our contractual and legal obligations
towards you with the ordinary business diligence as
is required from any bank in Switzerland. We will only
be liable to you for direct losses caused by fraudulent
or grossly negligent breaches of our obligations under
applicable Swiss law or the Agreement.
We will, in particular, not be liable for:
a) Damages arising from the access to and use, or any
hindrance to the access and use, of the Yuh App or the
Yuh Website or, generally, of the Services;
11
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
b) Damages arising from our lawful actions pursuant to
legal requirements and/or the Agreement, including the
liquidation of Open Positions;
c) Damages arising from events as described in Section 14.16
or any malfunction of the Yuh App or Yuh Website; and
d) Damages brought about directly or indirectly by
extraordinary circumstances beyond our reasonable
control, which we may determine at our reasonable
discretion, and affecting all or part of our operations.
Such extraordinary circumstances may include (but
are not limited to) (i) technical difficulties (such as an
electrical power cut, failures or breakdowns of information
technology or communication channels and equipment),
(ii) unavailability and/or malfunctioning of the Yuh App or
Yuh Website and/or non- or malfunctioning of any other
software necessary to access the Yuh App or otherwise
use the Services for any reason whatsoever, (iii) declared
or imminent wars, terrorist attacks, revolutions, civil unrest,
hurricanes, earthquakes, floods and other natural disasters,
(iv) mandatory provisions, steps taken by authorities, riots,
strikes, lock-outs, boycotts, blockades and other significant
labour disputes, regardless of whether or not we are a party
to the conflict, (v) the suspension, cessation or closure of
any market, (vi) the imposition of limits or special or unusual
terms on the trading in any market, (vii) the occurrence
of a market disruption or of an exceptional movement in
any market or any financial instrument, (viii) any other act
or event that we consider a hindrance to the maintaining
of an orderly market, including the bankruptcy or default
of one of our counterparty or major business relationship,
and (ix) any situation that may be defined as “act of God”
(hereinafter collectively, “Force Majeure Events”).
19.2 We will under no circumstances be liable for indirect,
accumulated or subsequent Damages, nor will we incur
any liability whatsoever for Damages caused by your
failure to mitigate any Damages, in particular by failing to
take immediate measures to prevent potential Damages
or reduce existing Damages known or foreseeable or
that should have been known or foreseeable if you had
exercised due care and diligence. For instance, in the
event that the Yuh App you use is unavailable (e.g. due to
technical problems), you must use any available means of
sending Instructions (e.g. by telephone) or use the services
of another bank or broker (e.g. to cover Open Positions or
similar positions).
19.3 We may rely on third parties in the performance of our
Services, and in those circumstances we will select and
appoint third parties which have the ability, capacity and
are duly authorised to perform the functions and services
for which they are being appointed. However, in the event
of any Damages arising from an act or omission on the
part of any such third party, we will not incur any liability
if we have selected and appointed said third party with
due care. Upon your request, if and to the extent legally
possible, we may assign to you our rights against such
third party.
19.4 If we have failed to apply due business diligence, our
liability for any Damages you have suffered as a result
of Instructions which are not executed in time or are not
executed correctly will in any case be limited to losses
suffered directly by you in the context of the relevant
Transaction or operation, to the exclusion of any lost profit
or other types of indirect or ancillary damages. - INDEMNIFICATION
20.1 You hereby undertake to hold harmless, release,
guarantee and indemnify us, our affiliates, our and their
directors, corporate bodies, officers and employees (the
“Indemnified Persons”) against and from any Damages,
any other costs (including, without limitation, legal
expenses, travel expenses, costs for the services of a
debt collection company and internal handling costs, as
we may define at our reasonable discretion), and any
commitments (present, future, hypothetical, unexpected
or otherwise) that the Indemnified Persons may sustain or
incur as a result of, or in relation to, (i) your failure to fully
and timely perform your obligations under the Agreement
or any part thereof, (ii) your failure to comply with any laws
and regulations applicable to you, (iii) any measures we
have taken to safeguard our interests or otherwise to
enforce any of the provisions of the Agreement and any
other agreement between you and the Bank and any
Transaction hereunder, (iv) an Event of Default, (v) any
incorrect, incomplete and/or misleading confirmations
and information provided by you, in particular as regards
your fiscal situation, e.g. a status as a US person, and
similar information, (vi) a freezing order, an attachment,
a seizure or a similar proceeding, whether civil, criminal
or administrative, in relation to your Yuh Account, (vii) the
execution of any Instruction, or (viii) any event comparable
to (i)-(vii), in each case even in the absence of any fault,
negligence or wrongdoing attributable to you.
20.2 The indemnification set forth in this Section 20 will be in
addition to any other right, indemnity, claim or remedy
which may be available to us under the Agreement or
applicable law.
12
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN - FEES AND CHARGES
21.1 We are entitled to debit from any of your Yuh Accounts the
fees, commissions and costs of the Bank and/or Yuh Ltd
as stipulated in the current fee schedule appearing on the
Yuh Website and/or in the Yuh App, or as may be agreed
upon separately, in writing.
21.2 We reserve the right to amend our fees, commissions
and costs at any time, and you will be notified of such
amendments accordingly. Unless we indicate otherwise in
a Notice, such amendments will be deemed to have been
approved when you use the Yuh App after the amendments
have been published, or if you have not contested those
amendments in writing within 30 days of the date of the
Notice, whichever comes first.
21.3 For Services performed upon your Instruction or in your
presumed interests for which no indications are found
in the Yuh App or on the Yuh Website but which should,
based on general experience, normally be performed
against compensation, we may use our own discretion to
calculate and debit from your Yuh Accounts a reasonable
compensation. - INTEREST IN INSTRUMENTS, FINANCIAL BENEFITS
OF THE BANK
22.1 We, our affiliates, our and their employees or directors
may hold positions in financial instruments that may be
acquired through Yuh Accounts.
22.2 You acknowledge and accept that we may receive, directly
or indirectly, fees, commissions (e.g. sales, distribution,
trailing or acquisition commissions), retrocessions,
indemnities, discounts or other benefits (hereinafter the
“Financial Benefits”) from third parties (including entities
of the group to which the Bank belongs) in connection with
the Services provided to you. Financial Benefits can lead to
conflicts of interest. You acknowledge and accept that the
nature, amount and calculation of the Financial Benefits
may vary. Further information on such Financial Benefits
can be found in the information sheet which is published in
the web pages related to fees and commissions on the Yuh
Website. Upon request, we will provide you with further
information regarding the Financial Benefits received.
22.3 You waive any claim in respect of the Financial Benefits and
agree that we may retain them as additional compensation
for our Services or redistribute them to third parties as
we see fit. If a conflict of interest arises as a result of the
payment of Financial Benefits, we will take appropriate
measures to ensure that your interests are safeguarded. - PROCESSING OF CLIENT DATA
23.1 We collect and process certain data and personal
information regarding you, your Yuh Account and mobile
device(s) on which you have installed the Yuh App (“Client
Data”). The type of Client Data we process and how we
process such Client Data (in particular, how and when we
may disclose Client Data to third parties) is set out in the
Yuh Account Privacy Policy. Pursuant to the Yuh Account
Privacy Policy, we are entitled to process Client Data for
many different purposes, and may also transfer Client
Data to third party intermediaries and service providers
abroad, including in jurisdictions that do not offer a level
of protection of personal data not equivalent to that of
Switzerland. Under the terms of the Yuh Account Privacy
Policy, we may for example transfer Client Data to Yuh Ltd
for marketing purposes, or to services providers located
outside of Switzerland to process operations on your Yuh
Account. You should therefore carefully read our Yuh
Account Privacy Policy. - OUTSOURCING
24.1 For the purpose of outsourcing all or part of our activities,
we reserve the right to procure services from third parties,
including entities of the Bank’s group, in Switzerland or
abroad. Such outsourced activities remain under the
responsibility and supervision of the Bank to the extent
required by applicable laws and regulations.
24.2 Activities relating to Yuh Accounts which are currently
outsourced relate to debit or credit cards (an activity that
is outsourced outside of Switzerland). Relevant information
on the activities outsourced can be found in the dedicated
notice on the Yuh Website, as may be amended from time
to time without prior Notice. - ASSIGNMENT AND TRANSFER
25.1 We are entitled to assign and transfer or offer to assign
and transfer the Agreement or some of our claims
and obligations thereunder to any third party bank in
Switzerland and are allowed to give such third party bank
access to Client Data (including details of your banking
relationships with us) to the extent required. You release
us from any banking secrecy or confidentiality obligation
13
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
which may prevent us from performing any action
permitted under this Section 25. - ASSETS WITHOUT CONTACT
26.1 We will take all appropriate measures to prevent monies and
assets deposited with us from becoming without contact.
For your part, you must maintain regular contact with us and
in particular notify us without delay of any change in name,
address, domicile (including fiscal domicile), address for
correspondence, e-mail address, and telephone number
or any other element of your situation which may result in
contact between the Bank and yourself being interrupted,
and to take any steps necessary to allow contact to be reestablished in that event.
26.2 You authorise us to take all appropriate or necessary steps
to locate you if we are made aware that communications
addressed to you are not reaching you, or if we have no
contact with you within a specific period, which we will
stipulate at our sole discretion. If such investigation proves
unsuccessful and the assets are deemed to be without
contact within the meaning of any applicable laws, you
accept that we may notify third parties of the existence of
the relationship in accordance with any applicable laws.
We will debit from any of your Yuh Accounts the expenses
incurred for the above-mentioned investigation as well
as the handling and monitoring of your assets without
contact. The other fees and charges generally debited by
the Bank during the business relationship apply for as long
as the relationship exists.
26.3 We are authorised to take action that diverges from these
General Terms and Conditions if it is in your assumed
interest, which we will determine at our sole discretion. - MISCELLANEOUS
27.1 We reserve the right to amend the Agreement or any part
thereof at any time and will notify you accordingly if we do
so. Save if otherwise indicated in a Notice we send you,
such amendments will be deemed to have been approved
when you use the Yuh App after the amendments have
been published, or if you have not contested those
amendments in writing within 30 days of the date of the
Notice, whichever comes first.
27.2 Should any provision of the Agreement or any part
thereof be illegal, invalid or unenforceable in any
manner whatsoever pursuant to the legislation of any
given jurisdiction, this will not affect the legality, validity
or enforceability of the remaining provisions of the
Agreement and any part thereof, and we will endeavor to
reach an agreement with you and/or replace the illegal,
invalid or unenforceable provision by a legal, valid and
enforceable solution that comes as close as possible to
the purpose of the affected provision. If a provision of the
Agreement or any part thereof becomes illegal, invalid
or unenforceable because of a law, market rule or other
regulation enacted or adopted hereafter, the affected
provision will be deemed modified or superseded, as the
case may be, by the applicable provisions of such law,
market rule or regulation.
27.3 In the event that you pass away, we reserve the right to
make enquiries and request that the formalities, particularly
the certificate of inheritance and the death certificate, be
provided to us.
27.4 You may not assign any of your rights and obligations
pursuant to the Agreement (or any part thereof) or the
terms of any Transaction without our prior written consent.
27.5 Should we fail to enforce or exercise or experience a
delay in enforcing or exercising any of our rights under
the Agreement, such failure will not be construed as
constituting a waiver of such rights, nor will it compromise
any enforcement or exercise of such rights, whether now
or in the future.
27.6 Unless otherwise agreed, the Special Terms and Conditions
and any other special regulations or agreements take
precedence over these General Terms and Conditions.
Within any of the above-mentioned documents, a specific
regulation takes precedence over a general regulation
unless otherwise agreed.
27.7 The days on which the Bank offers its Services shall be
referred to as “Business Days”. Saturday, Sunday and
any public holiday at the seat of the Bank in Gland/VD in
Switzerland are not considered as Business Days.
27.8 Words denoting the singular include the plural and vice
versa and words denoting a given gender include any
other gender.
27.9 Any reference in the Agreement or any part thereof to
the Bank includes, where relevant, the Bank’s directors,
managers, officers, employees, successors, agents and
other representatives as well as the Bank’s affiliates and
their directors, managers, officers, employees, successors,
agents and other representatives.
14
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
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11.05.2021 | V1 | EN
27.10 Any reference in the Agreement or any part thereof to
a law, rule, or legal provision includes any subsequent
amendment made to it.
27.11 Translations of the Agreement or any part thereof may
be made available for your convenience. In the event of
any conflict and/or discrepancy the English version shall
prevail. - TERMINATION
In general
28.1 The business relationship between you and the Bank may
be terminated at any time by either party. To request the
termination of your relationship with us, you must use the
Yuh App. If you hold multiple Yuh Accounts, you or the
Bank may also close one but not all of your Yuh Accounts
without terminating the entire business relationship.
28.2 The closing of a Yuh Account may become effective several
weeks after you or the Bank have notified the other party
of the closing of the Yuh Account or of the termination of
the business relationship as a whole.
28.3 If a Yuh Account to be closed still contains Open Positions
at the time of the notification of the termination, you are
required to liquidate or transfer all your Open Positions
within ten Business Days. If you fail to do so, we are
entitled to liquidate all of your Open Positions, regardless
of the fact that such liquidation may result in a gain or a
loss. The Agreement will continue to bind both the Bank
and you in relation to the above-mentioned Transactions.
28.4 Upon termination of the business relationship, you must
provide us with valid Instructions for the transfer to another
account of all monies and other assets credited on your
Yuh Account. The other account to which you may transfer
your monies and other assets must be held with a financial
institution in a country that is a member of the OECD.
28.5 If you fail to provide valid Instructions within the deadline
we have set, we are entitled, at our sole discretion, to (i)
charge reasonable fees for the maintenance of the Yuh
Account, (ii) arrange for physical or electronic delivery of
your monies and other assets at your address and/or a safe
custody account you hold with another bank, and/or (iii) sell
any assets and deposit the proceeds (after conversion in
Swiss francs, if we deem it necessary or appropriate) plus
any credit balances at the place designated by competent
court or send the same to your last known address by
crossed cheque with debt-discharging effect. You shall
bear all respective costs for, and any other consequences
of, such a transfer of the assets.
28.6 Sections 8, 12, 13, 14, 19, 20 and 29 will remain in force
notwithstanding the termination of the Agreement or any
part thereof.
Termination and Events of Default
28.7 Unless we decide otherwise, if an Event of Default listed
under items e) or f) of Section 9.2 above occurs, the
Agreement will be deemed to have been terminated
immediately prior to the occurrence of said Event of
Default. Any obligation you or the Bank may have under the
Agreement which is due on or after the termination date
will be superseded by the obligation to pay a Liquidation
Amount (as defined below) in the currency chosen by
the Bank.
28.8 The “Liquidation Amount” will be calculated by the Bank
and will consist of:
a) the difference between the revenue that the Bank would
have realized and the expense that the Bank would have
incurred (replacement values) if the Bank had executed the
Replacement Transactions (as defined below) in the market
on the date of termination. A “Replacement Transaction”
shall be considered to be a Transaction whose financial
effects for the Bank would have been the same as those of
the liquidated Transaction,
plus
b) any amounts due to the Bank before the date of termination,
minus
c) any amounts already owed by the Bank before the date of
termination.
28.9 If the concerned amounts are denominated in a currency
other than the currency chosen by the Bank, we will
convert them into the chosen currency at an exchange rate
to be determined by the Bank.
28.10 Irrespective of any other guarantees specifically agreed
for this purpose, we are entitled to set-off the Liquidation
Amount in accordance with these General Terms and
Conditions.
15
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN - APPLICABLE LAW AND JURISDICTION
29.1 The Agreement and any part thereof is exclusively
governed by and construed in accordance with Swiss
substantive law.
29.2 The place of performance, the place of enforcement and
the exclusive place of jurisdiction for any dispute arising
from or in relation to the Agreement or any part thereof is
at the seat of the Bank in Gland, in Switzerland. However,
we reserve the right to bring such proceedings before
the competent courts having jurisdiction at your place
of residence or domicile, or before any other competent
court, in which case substantive Swiss law remains
exclusively applicable.
yuh
FRACTIONAL TRADING AGREEMENT FOR YUH ACCOUNTS
Introduction
As a holder of a Yuh bank account (« you”), Swissquote Bank Ltd (”we », « us » or the « Bank ») may agree to enter into transactions and hold certain financial instruments (« Eligible Instruments ») in a way that allows you to invest in fractions of such Eligible Instruments. To do so, we hold Eligible Instruments in a fiduciary capacity and grant you a fiduciary interest (an « Interest ») on the relevant Eligible Instruments under the terms and conditions of this Fractional Trading Agreement for Yuh Accounts (the « Agreement »).
In a number of ways, trading and holding Interests is different from trading the Eligible Instruments directly and is also subject to important limitations not encountered when trading Eligible Instruments. Before acquiring any Interest, you should carefully read this Agreement, the risk disclosure that relates to it, as well as our Best Execution Policy for Yuh Accounts.
Capitalized terms used in this Agreement and not otherwise defined shall have the meaning ascribed to them in the General Terms and Conditions for Yuh Accounts, which apply (along with other agreements you have entered into with us with respect to your Yuh Account) in addition to this Agreement. This Agreement prevails in the event of a discrepancy between this Agreement and any other agreement.
Scope of this Agreement
This Agreement applies to all financial instruments that may be bought or sold using the Yuh App, and such financial instruments therefore constitute Eligible Instruments. Notwithstanding the foregoing sentence, this Agreement does not apply to (a) digital assets that constitute financial instruments, if any, and (b) to other financial instruments that may be flagged as not available for fractional trading (or similar wording to this effect) on the Yuh App or on the Yuh Website.
Umess otherwise indicated, when you trade financial instruments on your Yuh Account, you will trade an Interest, even if you acquire or sell an Interest on a whole number of the relevant Eligible Instrument. In addition, any booking of Eligible Instruments on your Yuh Account will be a booking of Interests, even if the relevant booking refers to the Eligible Instruments. In other words, if you wish to trade one share through your Yuh Account, you will acquire an Interest on that share, under the terms and conditions of this Agreement. You will not be able to invest in Eligible Instruments other than under the framework of this Agreement.
We are entitled to define which financial instruments are Eligible Instruments and may decide at any time that certain instruments are no longer Eligible Instruments and, correspondingly, that we no longer accept to hold them for your account in accordance with this Agreement. If we take such a decision, we will ask you to dispose of your Interests in accordance with this Agreement. We may also (at our sole discretion) offer you to transfer full units of Eligible Instruments we previously held for your account, in accordance with Section 8 below or agree to hold Elig ible Instruments for your account under a different arrangement. We may set deadlines for you to take action in accordance with this Section 2.3. If you do not perform the relevant action within the prescribed deadline, we are entitled to cease holding the relevant Eligible Instruments for your account and may dispose of such Eligible
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Instruments as we deem fit, against payment of the Trade Price (as defined below) that prevails when we notify you that we cease holding the relevant Eligible Instruments for your account.
Your instructions
When you place a « buy » order for an Interest, you grant us the mandate to obtain (if we do not hold it already) and then hold, for your account, one or several Eligible Instruments designated in your order. When you place a « sell » order, you instruct us to cease holding the relevant Eligible Instruments for your account.
We may define a number of limits or parameters to the types or content of orders you may be allowed to submit. We may, for example, set a minimum or maximum amount to be invested and may decide to accept only market orders, to the exclusion of limit orders and other order types.
We reserve the right to reject any instruction you may submit to us, including requests for changes or cancellations of previously submitted instructions. We may in particular refuse to execute instructions if the amount you wish to invest or the Interest you wish to purchase is below or above certain thresholds we may define. We may also refuse to execute your instructions if, in our judgment, it is reasonable to do so or for our own protection. If we determine that any instructions are unclear or conflicting, we may choose not to act on them until we are satisfied that the ambiguity or conflict has been resolved. We may refuse to act on any instructions that we believe are contrary to or not clearly permitted by applicable laws, regulations or other relevant requirements. We are not obliged to disclose the reasons for which we refuse to process or cancel an instruction.
3.4 In addition, our services under this Agreement are provided to you on the condition that they will be used fairly. You are prohibited from using strategies that seek to exploit the particularities of our order execution process under this Agreement, including arbitrage strategies that rely on finding discrepancies between prices you obtain when trading Interests and those you may obtain from third party brokerage services. We are entitled to reject any instruction we consider to be in breach of this provision, and further remain entitled to any other remedy contemplated in this Agreement and other agreements you have entered into with us with respect to your Yuh Account.
Acquisition and disposal of Interests
If we have determined that your « buy » or « sell » order satisfies the terms and conditions of this Agreement and is otherwise in compliance with any other applicable agreement between you and us, we will accept it and then execute it by performing the following actions on your Yuh Account:
(if applicable) convert the amount you wish to invest into a number and/or percentage of Eligible Instruments, rounded down to four decimal places;
crediting / debiting an Interest corresponding to your investment; and
C. debiting / crediting an amount in cash corresponding to the aggregate Trade Price (as defined below).
As further described below, these steps may take time before they are completed and we do not guarantee that a particular order will be executed within a specific timeframe.
If you submit an order outside of the market hours for the relevant Eligible Instrument, we will accept it and
execute it (provided the order can be accepted and executed) when the relevant market opens again.
When executing a ”buy » order, we will determine if we already hold sufficient Eligible Instruments at the time of execution. If we do not hold sufficient Eligible Instruments, we will acquire them. When executing a ”sell” order, we will either sell the relevant Eligible Instruments or continue to hold them, either for other clients or for our own account.
Within one Trading Day from the moment your Yuh Account was credited and debited in accordance with Section 4.1, we will decide whether to acquire or sell Eligible Instruments (if applicable) and use our best efforts to enter into a binding agreement for the purchase or sale of the relevant Eligible Instruments (if we have decided to purchase or sell such Eligible Instruments). We will then use our best efforts to ensure that the transaction settles (the ”Settlement”). The Settlement typically occurs between one and three Trading Days after we have entered into a binding agreement for the purchase or sale of Eligible Instruments. Accordingly, unless we indicate otherwise, credits and debits of Interests and of cash amounts corresponding to (aggregate) Trade Prices are provisional until the actual Settlement and our obligations with respect to the relevant Interests or monies are conditional upon the Settlement having occurred. Upon request, we will let you know if such a transaction is taking place and if the Settlement has occurred. For the purposes of this Agreement, a ”Trading Day” is a day (a) other than a Saturday, a Sunday or a public holiday at our seat in Gland/VD in Switzerland, and (b) on which the main market for the Eligible Instruments is opened.
The price at which your order is executed (the ”Trade Price”) is based on the market price of one whole unit of the relevant Eligible Instrument at the time of execution, as determined in accordance with our Best Execution Policy for Yuh Accounts, which is available in the Yuh App and/or on the Yuh Website. The Trade Price is displayed in the confirmation message that appears in your Yuh App upon execution of your order. The Trade Price may be rounded down to the nearest cent.
When we execute an order in accordance with this Agreement, we set the Trade Price based on market and product data at the time of execution. For reasons detailed in our Best Execution Policy for Yuh Accounts, this has advantages for you. As set forth in this Section 4, at the time of execution of your order (i.e. when the confirmation message appears), we may however not hold the relevant Eligible Instruments, or not have sold such Eligible Instruments. We may therefore need to acquire or sell those Eligible Instruments on the market. As a result, we bear the risk that the price at which we acquire or sell Eligible Instruments will be less favourable than the Trade Price. To compensate for this risk, you allow us to keep any gain we make on the purchase or sale of Eligible Instruments. For example, if your order to purchase Interests representing 10 shares of ABC Ltd is executed at a Trade Price per share of USD 30 and we are able to acquire the relevant shares at USD 25 per share, we will keep the USD 5 gain per share we will have made on this transaction. We do not disclose gains or losses made when purchasing or selling Eligible Instruments.
We have set out further details regarding the way we process your orders and acquire or dispose of Eligible Instruments in accordance with this Agreement in our Best Execution Policy for Yuh Accounts, which is available in the Yuh App and/or on www.yuh.com (the ”Yuh Website”).
Custody
We keep Eligible Instruments on which you hold an Interest in our name but in a fiduciary capacity, for your account and in proportion of your Interest. We hold and administer Eligible Instruments with the same care we would apply to our own assets.
Where you hold an Interest for a portion of an Eligible Instrument, we may also hold the relevant Eligible Instrument for our own account and/or for the account of other clients.
5 3 We may keep Eligible Instruments in custody through sub-custodians. We select sub-custodians at our sole discretion. Unless otherwise indicated by us, you are not allowed to submit instructions regarding the choice of sub-custodians with which Eligible Instruments are to be kept in custody. The custody of the Eligible Instruments through sub-custodians is subject to the laws, customs, rules and conventions applicable to the sub-custodian, in particular in the jurisdiction of the sub-custodian.
We will not be liable for any damage directly or indirectly attributable to an action or omission of any sub-custodian, or for the insolvency/bankruptcy or similar event affecting any sub-custodian. In case we are unable or deem it difficult to retrieve Eligible Instruments deposited with a sub-custodian, we may assign to you any claims for the return of the Eligible Instruments or for the counter-value of the sale of such Eligible Instruments in another currency against the sub-custodian, to the extent such a claim exists and can be freely assigned to you.
Eligible Instruments may be held in collective safekeeping accounts or other forms of collective custody, in which case the assets of multiple persons or entities may be held together. You may contact us using the contact function of your Yuh App to discuss individual safekeeping accounts. Where we rely on a sub-custodian, we do not undertake to deposit Eligible Instruments in segregated accounts or to take any other measure to segregate Eligible Instruments from the assets of third parties. Eligible Instruments on which you hold an Interest may consequently be deposited on omnibus accounts, where (a) Eligible Instruments held for several of our clients will be commingled, and (b) assets of several clients of the sub-custodian will be commingled with those we hold through the relevant sub-custodian.
Voting rights and other rights attached to Eligible Instruments
Umess we indicate otherwise, as a holder of Interests, we will not register you as the registered holder of the Eligible Instruments nor take any action to allow you to exercise voting rights or similar rights that holder of Eligible Instruments may have. If we deem it necessary, desirable or practical, we may however take steps to register your holdings with the issuer of the Eligible Instruments. If we do so, you authorize us to make the relevant registration either in your name or in our name (in our capacity as fiduciary). You acknowledge that registration in our name may be disadvantageous for you, as it may prevent your investment from being considered separately from that of other investors we are acting for.
You agree that we will not take any action to enforce any right or claim we may have as holder of Eligible Instruments. We will for example not take part in class actions introduced in connection with Eligible Instruments and will not be bound by instructions you
may submit in this respect. If you hold an Interest representing one or several full units of an Eligible Instrument and we are entitled to a right or claim, we may (at our sole discretion) assign such claim to you, and you hereby agree to this assignment and undertake to perform any action needed to give effect to this assignment.
Corporate actions affecting the Eligible Instruments
Eligible Instruments may be subject to a number of corporate actions, including the payment of dividends and coupons, mergers, splits and reverse splits, as well as other similar operations. As you do not hold the Eligible Instruments directly, issuers of Eligible Instruments may consider that you do not have any direct claims against them in relation to corporate actions.
In accordance with Sections 6.10 to 6.14 of the General Terms and Conditions for Yuh Accounts, we provide limited support in relation to corporate actions. These limitations also apply in the context of this Agreement. You should carefully consider the limitations of our services as set forth in the General Terms and Conditions for Yuh Accounts and the additional limitations set forth in this Agreement. In particular, as a general rule, if the issuer of Eligible Instruments is subject to a corporate action, we will be entitled not to participate in the corporate action if it requires us to perform any action, even if this proves detrimental to you. We will also be entitled not to accept any instruction you may submit in respect of such a corporate action.
If we receive dividends or other cash distributions in connection with Eligible Instruments on which you hold Interests, we will pass on the cash amounts we receive in proportion of your Interests, provided however that:
we have no obligation to take any action to facilitate the receipt by us of dividends or other cash distributions, and we are in particular under no obligation to make any request to obtain payment when it would be due under the terms of the relevant Eligible Instruments;
to be entitled to receive such payments, you must hold the Interests at all times from the record date set for this purpose by the issuer of the Eligible Instruments for the cash distribution until the date on which we receive the cash distribution from the issuer;
C. we may convert any amount we receive into Swiss francs before passing it on;
d. we may round down to the nearest cent the amount to be paid to you;
e you are not entitled to any payment if the amount of such payment would be less than one cent of a Swiss franc (or equivalent); and
f. we may make deductions on any amount we receive or pay to you to account for taxes we may be required to withhold
Without limiting the generality of Section 7.2 and Section 7.3, if we receive any financial instrument or security further to any corporate action (each a « New Instrument”), e.g. shares of the absorbing company in the event of a merger involving the issuer of Eligible Instruments, we may, but are under no obligation to, create Interests on such New Instruments. If we decide to create Interests on New Instruments, we will credit one such Interest on your Yuh Account and this Interest (as well as our holding of the New Instruments) will be subject to this Agreement. If we decide not to create Interests on New Instruments, we will proceed in a
manner we deem appropriate in light of the circumstances and may, in particular:
use our best efforts to sell New Instruments and pass on the cash proceeds of such sale to you, in proportion of your Interest; and
credit full units of the New Instruments on your Yuh Account.
Notwithstanding the above, you acknowledge that we remain entitled not to accept the New Instrument for any reason whatsoever, i.e. that we may decline to receive them although we would be entitled to receive them. In such a case, you will not be able to derive any benefit from the New Instrument. Further, if the New Instruments are not admitted to trading on the same market as the Eligible Instruments, you hereby forfeit anyright to or benefit on the New Instruments and you instruct us to dispose of the New Instruments as we wish.
If we receive pre-emptive rights or similar rights to subscribe to new Eligible Instruments (« Rights”), we may treat such Rights as New Instruments in accordance with Section 7.4 (and may e.p. decide to sell such Rights, if we are able to, and pass on the cash proceeds of such sale). We are however also entitled not to treat those Rights as New Instruments, and will in such a case let the Rights lapse without exercising them and without consulting you in advance.
When processing corporate actions, we may decide to treat differently Interests representing only a fraction of an Eligible Instrument as opposed to those representing a full unit of relevant Eligible Instruments.
No transfers
Unless we indicate otherwise, the Interests cannot be transferred and can therefore be held only on the Yuh Account through which you acquired those Interests.
In particular, you are not entitled to withdraw or transfer your Interests to an account with a third party. If you hold Interests representing full units of Eligible Instruments, upon your request, we may nonetheless agree (but are not obliged to) terminate our relationship with you with respect to such Interests and transfer — at your costs and risks — the relevant Eligible Instruments to an account held with a third party financial institution. We may set forth conditions for this transfer, including that the account with a third party bank be held in your name and be located in a country that is a member of the Organisation for Economic Co- operation and Development (OECD). You will in no event be able to transfer Interests on less than a full unit of an Eligible Instrument to an account with a third party financial institution.
You are not entitled to obtain the printing and delivery of certificates representing Interests.
Compliance with law and market rules
You represent (and shall be deemed to repeat this representation each time you submit an instruction to us) that:
you are familiar with applicable laws, regulations and market rules that apply to Eligible Instruments, in particular rules that prohibit market abuses;
you are not violating any applicable law, regulation, agreement, intellectual property or other third party right, and are also not causing damages to a third party;
you are not acting in any manner that could interfere with, disrupt, negatively affect or inhibit the ability of our other clients to use their Yuh Accounts as intended, or that could damage, disable, overburden or impair the functioning of our systems;
you are not using any robot, spider, crawler, scraper or other automated means or interface not provided by us to submit orders to us or perform other actions, or to extract data; and
you are not using automated, algorithmic, or any other similar system to solicit prices, give orders or carry out transactions.
We may refuse to perform any action we would otherwise be required to perform under this Agreement if we have reasons to believe that you are in breach of any of the above representations.
Reporting and statements
You are solely responsible for assessing whether you have any reporting or disclosure obligation in connection with the Interests you hold. We will not monitor your Interests for possible reporting or disclosure duties and will not perform any reporting or disclosure on your behalf.
We are entitled to refuse any instruction from you if we believe that, by executing this instruction, we may have a reporting or disclosure obligation and complying with this reporting or disclosure obligation could be damageable or cause disadvantages to you or to us.
We will provide you with an annual statement of the Interests you hold, indicating their valuation.
Liability
You agree and undertake to indemnify and hold us harmless from and against any liability, damage, losses, costs or expenses (including reasonable attorneys’ fees) which may be incurred or suffered by us as a result of any action performed by us within the framework of this Agreement, in particular as a consequence of:
any action you have taken before the Settlement of a transaction on Eligible Instruments;
a breach of the representations set forth in Section 9;
your failure to satisfy any reporting or disclosure obligation; and
your negligence, fraud or willful misconduct.
Taxation
The tax treatment of Interests may be complex. We have not obtained rulings or confirmations from tax authorities regarding the way the Interests you hold will be taxed, and in particular to what extent you may be entitled to claim refunds for any withholding or similar tax. You are solely responsible for assessing the tax consequences of holding Interests.
We will not take any measure to claim refunds for taxes on your behalf and we are under no obligation to provide any support or guidance in this respect.
Fees
Our services to you under this Agreement are subject to fees as set forth in the fee schedule published on the Yuh Website.
We reserve the right to amend the fee schedule at any time.
Amendments and termination
Unless otherwise indicated in this Agreement, we may amend this Agreement in accordance with the General Terms and Conditions of your Yuh Account.
This Agreement may be terminated in accordance with Section 28 of the General Terms and Conditions for Yuh Accounts. Upon termination of this Agreement, you will be required to dispose of your Interests in accordance with this Agreement. We may also (at our sole discretion) offer you to transfer full units of Eligible Instruments we previously held for your account, in accordance with Section 8 above. We may set deadlines for you to take action in accordance with this Section 14.2. If you do not perform the relevant action within the prescribed dead line, we are entitled to cease holding the relevant Eligible Instruments for your account and may dispose of such Eligible Instruments as we deem fit, against payment of the Trade Price that prevails when we notify you that we cease holding the relevant Eligible Instruments for your account.
Applicable law and jurisdiction
This Agreement is exclusively governed by Swiss law. The place of performance and exclusive place of jurisdiction for any and all disputes in connection with this Agreement is Gland, Switzerland. However, we reserve the right to take legal action against you in the courts of competent jurisdiction of your place of residence or any other competent authority, Swiss law remaining exclusively applicable.
RISK DISCLOSURE
Trading and holding Interests may be subject to a number of risks, some of which are described below. You should carefully read and consider this risk disclosure before invest in Interests.
- We may make own account gains (or suffer losses) when buying or selling Eligible Instruments
When you trade Interests, we allow you to enter into transactions at the market price at the time of execution of your order. We may however not hold the relevant Eligible Instruments then. This means that we bear the risk that we will not be able to purchase or sell the relevant Eligible Instruments at the price your order was executed (i.e. at the Trade Price). When you enter into the Fractional Trading Agreement, you agree that, to compensate for this risk, when trading Eligible Instruments, we will retain any gain made (or loss suffered) compared to the Trade Price. We may make gains because we have delayed the purchase or sale of Eligible Instruments, or because we had acquired the relevant Eligible Instruments before the execution of your order, when it traded at a lower price.
This situation can be illustrated by the following examples (which are simplified and do not account for taxes and fees).
Unless otherwise agreed, you will also not be able to exercise any voting rights attached to Eligible Instruments — even if you hold Interests representing entire units of Eligible Instruments. As a result, you will be unable to have a say on the governance of issuers of Eligible Instruments.
The tax treatment of Interests may be uncertain and lack uniformity
We have not consulted nor requested a ruling from tax authorities regarding the Interests and have no obligation to do so. Tax authorities may not have an established practice in relation to fractional instruments, or consider that Interests should be treated differently from the Eligible Instruments they relate to. You are solely responsible for assessing the tax consequences of holding Interests. Further, we have not undertaken to provide you with any assistance in relation to tax matters.
On January 10, we acquire 100 shares of ABC Ltd at USD 10 per share and keep them for our own account since then. On February 15, you submit an order to acquire Interests over 10 shares of ABC Ltd, but by then ABC Ltd trades at USD 20 per share. The aggregate Trade Price is therefore USD 200. We make a gain of USD 100 on the execution of your order and retain this gain.
On August 3, you submit an order to acquire Interests over 5.2 shares of XYZ AG. The Trade Price is CHF 500 per share. We are able to supply an Interest of 0.2 shares of XYZ AG out of our inventory, because we hold a share of XYZ we had acquired for CHF 300. We therefore make a profit of CHF 40 on this portion of the transaction. However, we need to acquire the remaining 5 shares of XYZ AG on the market and are able to buy them for CHF 510 per share. We suffer from a loss of CHF 50 on this portion of the trade. Our CHF 40 profit partially offsets this loss. In total, we make a loss of CHF 10 to execute your order and we do not pass on this loss to you.
On September 1, you submit an order to acquire Interests over three shares of 123 SA. The Trade Price is CHF 15 per share and we credit the corresponding Interests on your Yuh Account at that price. We do not hold shares of 123 SA at the time of execution and acquire them on the market on September 2 for CHF 13.50 per share. We make a gain of 4.50 on the execution of your order and retain this gain.
- Limitations on corporate actions can significantly alter the performance of your investments
When you hold Interests, you agree that our obligations regarding corporate actions are very limited. In particular, you may not be able to benefit from distributions made in a form other than cash. This can significantly impair the performance of your investments, as companies may decide to distribute valuable assets to their shareholders.
1
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
SAFE CUSTODY REGULATIONS FOR YUH ACCOUNTS
- SCOPE OF APPLICATION
1.1. These Safe Custody Regulations (the “Regulations”) regulate the services provided by Swissquote Bank Ltd (the “Bank”
or “we”) in connection with securities and other assets accepted by us for safe custody (hereinafter the “Custody
Assets”) and credited on a Yuh bank account (each a “Yuh Account”), as set out in Part 1 of these Regulations. These
Regulations also contain important provisions regarding operations on Custody Assets, which are set out in Part 2 of
these Regulations.
1.2. Except if otherwise stated herein, the definitions set out in the General Terms and Conditions for Yuh Accounts (and
referred to as the “General Terms and Conditions”) shall apply for the purposes of these Regulations.
PART 1 – SAFE CUSTODY - CUSTODY ASSETS
2.1. Subject to the terms and conditions set forth in these Regulations, we may accept to keep in custody assets that can be
bought and sold through Yuh Accounts, which may include:
a) securities (in certificated or uncertificated (i.e. book-entry) form, or represented by digital tokens);
b) money market and financial instruments not issued in the form of securities;
c) precious metals;
d) options, futures and other uncertificated derivatives; and
e) documents of title.
2.2. We may refuse to keep assets in custody without giving any reason.
2.3. We may also decide at any time that we no longer accept to keep in custody certain Custody Assets. In such a
case, we are entitled to redeem or request that you redeem the relevant Custody Assets (to the extent they can be
redeemed), return the Custody Assets to you, or procure that the Custody Assets be held by us or a third party and be
put at your disposal without being credited on your Yuh Account. Should you fail to provide transfer Instructions for the
return of the Custody Assets, we are entitled to sell the relevant Custody Assets, or arrange for their physical delivery
to your address known to us.
2.4. The Bank shall be entitled to treat all accounts held with us as forming a single account for the purpose of these
Regulations.
2.5. We shall hold and administer the Custody Assets with the same care as we would apply to our own assets. - BOOKING OF CUSTODY ASSETS, SETTLEMENTS
3.1. We shall confirm receipt of the Custody Assets deposited by providing you with a statement of the assets which we have
received for safekeeping. Such custody receipts shall not constitute negotiable instruments, shall not be transferable
and may not be pledged or encumbered. In the case of Custody Assets purchased through us, the trade confirmation
shall be deemed to constitute a receipt.
2
Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN
3.2. We shall be entitled, but not obliged, to examine the authenticity of Custody Assets delivered by you or by third parties
for your account, as well as to verify if such Custody Assets are subject to blocking requests (e.g. due to applicable
sanctions or other restrictions) or freezing orders. We may entrust a third party in Switzerland or abroad with performing
such examinations and verifications, and you release us from any obligation of secrecy or confidentiality which might
otherwise preclude the disclosure of information to such third parties. We shall be entitled to invoice you the costs of
examinations and verifications described in this Section 3.2.
3.3. If we decide to conduct examinations and verifications regarding Custody Assets, we shall be entitled not to perform
the Administration Services (as defined in Section 6 below) or execute your Instructions until such examinations or
verifications have been completed.
3.4. Our obligations with respect to Transactions and other operations on your Yuh Account are conditional on the Bank
having received the relevant funds (monies) or assets, even if the credits or debits associated with such funds (monies)
or assets were already displayed in your Yuh Account prior to the actual settlement. We shall be authorised to cancel at
any time entries on your Yuh Account for which no settlement has occurred or has yet to occur.
3.5. We shall be authorised to reverse Transactions and other operations made or displayed on your Yuh Account by mistake
or without cause. You shall comply with instructions issued by us for the return of assets wrongly credited on your Yuh
Account. - TRANSFERS AND DELIVERY OF CUSTODY ASSETS
4.1. You may request the physical delivery or request that we otherwise dispose of the Custody Assets, subject to our
agreement to provide this service, as well as mandatory legal or regulatory provisions, orders from authorities, rights of
pledge or retention and other withholding rights or contractual and other obligations we may have, and notice periods
imposed to or by us. We shall deliver or make available the Custody Assets to you in a manner determined by us.
We shall be entitled, in particular, to (a) require that Custody Assets be transferred to an account held in your name
with a financial institution in a manner that allows the traceability of subsequent transfers, and to (b) prevent you
from obtaining physical delivery of the Custody Assets.
4.2. Provided that you have not issued specific Instructions in this respect, if we have agreed to deliver certain Custody
Assets to you and such Custody Assets require transportation, we may but shall not be obliged to insure the Custody
Assets at your expense. You acknowledge that we may provide information relating to you and the Custody Assets to all
third parties involved in the transportation (including insurance brokers and insurers) and release us from any obligation
of secrecy or confidentiality which might otherwise preclude the disclosure of such information to third parties.
4.3. You acknowledge and agree that, as long as a transfer of Custody Assets to another account has not been completed,
whether such other account is held with us (internal transfer) or with another financial institution (external transfer), the
relevant Custody Assets are not available for trading. This unavailability for trading shall generally start from the receipt
of the Instruction to transfer the Custody Assets by us and may last days or even weeks. When handling an Instruction
to transfer Custody Assets, we do not guarantee that the Instruction will be executed within a specific timeframe. You
are aware that transferring Custody Assets whose value may change within a short time presents significant risks.
4.4. If assets are credited to your Yuh Account and you know or should in good faith know that all or part of such assets
were credited erroneously, you shall notify us immediately of said credit entry and shall return the funds (monies) to
the account as specified by us. If assets are credited to your Yuh Account and if you should in good faith question
whether such assets were rightly credited to your Yuh Account, you shall notify us immediately of said credit entry and
refrain from performing any further action with respect to such assets (including selling, transferring or exercising rights
attached to the assets).
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11.05.2021 | V1 | EN - FORMS AND RISKS OF SAFE CUSTODY
5.1. Unless otherwise indicated by us, we may keep Custody Assets in collective safekeeping accounts, in which case
the assets of multiple persons or entities may be held together. Upon your request submitted in accordance with the
modalities set by us, we may agree to keep in segregated safekeeping accounts certain Custody Assets which would
otherwise be held in collective safekeeping accounts. Additional fees may apply for Custody Assets held in segregated
safekeeping accounts.
5.2. Custody Assets redeemable by drawings may also be held in collective custody. We shall distribute Custody Assets so
redeemed among our clients in a second drawing, using a method which guarantees to all clients the same chance of
being considered as in the first drawing.
5.3. We shall be entitled to deposit Custody Assets with third parties of our choice in Switzerland or abroad in our own
name but for your account and at your own risk and expenses. We shall not be liable for any loss directly or indirectly
attributable to an action or omission of or for the insolvency/bankruptcy or similar event affecting such third parties.
Custody Assets held abroad are subject to the laws, regulations and local practices of the place where they are held.
You shall bear all taxes and shall be subject to all the restrictions which apply as a result of the Custody Assets being
deposited with third parties in Switzerland or abroad. When using the services of third party custodians, we do not
undertake to deposit Custody Assets in segregated accounts, or to take any other measure to segregate the
Custody Assets from other assets, except if otherwise required by law. Your Custody Assets may consequently be
deposited in omnibus accounts, where (i) the Custody Assets of several clients of the Bank will be commingled, and (ii)
assets of several clients of a third party custodian will be commingled with the Custody Assets held by the Bank for the
account of its clients.
5.4. We shall be entitled not to execute your Instructions for Custody Assets to be held with a specific third party custodian.
If we accept such an Instruction, we shall assume no liability for the choice as well as for the actions and omissions of
the third party custodian.
5.5. You are aware of and accept the risks relating to the Custody Assets being held with third party custodians. You
acknowledge, in particular, that it may be difficult or impossible to allocate and/or return to you all or part of the Custody
Assets in the event of a custodian’s insolvency or similar event, and that this risk is higher if Custody Assets are held
in collective safekeeping accounts. Third party custodians may also assert rights of set-off or lien in connection with
the Custody Assets. In any event, we shall only transfer to you the rights relating to the Custody Assets that we receive
from third party custodians. If the applicable legislation renders it difficult or impossible for us to return Custody Assets
deposited with a third party custodian or to transfer the proceeds from the sale of such Custody Assets, we shall only be
obliged to assign to you a claim for the return of property or payment of the sums involved, provided that such a claim
exists and can be freely assigned to you.
5.6. Further important information on the forms and risks of safe custody may be provided in a dedicated note available on
the mobile application used to access and manage your Yuh Account (the “Yuh App”) or on www.yuh.com (the “Yuh
Website”), as may be amended from time to time without prior Notice to you. - ADMINISTRATION OF CUSTODY ASSETS
6.1. We shall, subject to Sections 6.10 to 6.14 of the General Terms and Conditions and unless otherwise commanded by the
circumstances and depending on the nature of the Custody Assets, perform customary services for the administration
of the Custody Assets (the “Administration Services”), which may include:
a) collecting dividends, interest, coupons and redeemable amounts as well as any other distributions and Custody
Assets due for payment;
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b) carrying out splits, reverse splits and other mandatory corporate actions (e.g. change of ISIN);
c) carrying out drawings, calls, conversions and subscriptions, and, generally, corporate actions
where the holders of Custody Assets are given a choice;
d) performing any residual payment in respect of securities which have not yet been fully paid in;
e) obtaining new coupon sheets and exchange interim certificates for definitive certificates; and
f) withholding relevant taxes and third party fees.
provided however that we (i) shall not be obliged to provide services requested by you, even if such services are
mentioned in this Section 6.1 or customary, and (ii) shall not be obliged to perform any Administration Services with
respect to Custody Assets, if such Custody Assets are traded predominantly abroad, are not listed on a stock exchange,
or are not traded on a regulated venue or market.
6.2. Pursuant to Sections 6.10 to 6.14 of the General Terms and Conditions, we provide limited support for corporate
actions, i.e. we perform limited Administration Services. We have, in particular, very limited obligations to inform
you of corporate actions even if we are aware of them. The General Terms and Conditions allow us to take decisions
on your behalf with respect to corporate actions without consulting you, and further allow us to decline to act
on Instructions you submit. You should carefully read our General Terms and Conditions before performing any
operation on Custody Assets.
6.3. You acknowledge and agree that certain events, including (without limitation) dividend payments, splits, reverse splits,
changes of place of listing or changes of ISIN, may lead us to temporarily block the Custody Assets impacted by such
events on your Yuh Account. Custody Assets we blocked cannot be traded, transferred or delivered. Depending on
your investment strategy, you shall inquire (e.g. via public sources) about upcoming corporate actions and adapt your
trading behaviour accordingly.
6.4. We shall use the customary sources of information available to us to perform the Administration Services. We shall be
entitled to rely on such sources of information without undertaking verifications or making enquiries.
6.5. We may publish policies or further other important information regarding how we provide Administration Services for
Yuh Accounts on the Yuh App or the Yuh Website. If we do so, such policies and other important information shall be
considered as part of these Regulations and we may amend such policies and important information from time to time
without prior Notice. - EXERCISE OF RIGHTS ATTACHED TO THE CUSTODY ASSETS
7.1. Except to the extent contemplated in these Regulations, we shall be under no obligation to perform any administrative
acts relating to the Custody Assets. In particular, we shall be under no obligation to take any measure to claim refunds
for taxes on your behalf. Further, in accordance with Sections 6.10 to 6.14 of the General Terms and Conditions, we shall
also be under no obligation to inform you of situations in which holders of Custody Assets are given the possibility to
exercise a right (such as a right offering, where holders of shares are given the possibility to exercise subscription rights)
and shall be entitled to discard Instructions you may submit to exercise rights relating to Custody Assets.
7.2. It shall be your sole responsibility to enforce any rights in connection with the Custody Assets in legal or insolvency
proceedings and to obtain the necessary information for doing so. Unless we indicated otherwise in writing, we shall
not represent you in judicial, administrative or arbitration proceedings, including class actions. We may, however, at our
sole discretion, transfer or assign to you all or part of the claims we may hold with respect to Custody Assets you held,
provided that such claims exist and are freely assignable to you. You irrevocably agree to take over such claims in your
own name. You acknowledge that, should we decide not to transfer or assign such claims, you may be prevented
from enforcing your rights.
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Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
Swissquote Bank Ltd | Chemin de la Crétaux 33 | CH – 1196 Gland | Customer Care: +41 44 825 87 89
11.05.2021 | V1 | EN - PAYMENTS AND DISTRIBUTIONS
8.1. All payments and distributions we received in your name in connection with the Administration Services shall be
credited to your Yuh Account in the currency of the relevant payment or distribution, after deduction of all brokerage
and professional fees, taxes and other charges and costs.
8.2. Should you receive payments or distributions in connection with Custody Assets in a currency in which you do not hold
a Yuh Account, we shall be entitled, at our own discretion, to convert (at a rate we reasonably determine) the amount
received into an amount in a currency that can be credited on your Yuh Account. - CANCELLATION AND CONVERSION OF CERTIFICATES
9.1. We shall be entitled to request from the relevant third parties (including issuers, transfer agents or custodians) that
securities taking the form of certificates be converted into book-entry securities (and that physical certificates be
destroyed or otherwise cancelled). We shall also be entitled to request from the relevant issuers that book-entry
securities be replaced by physical certificates, and to request the delivery of such certificates. - DISCLOSURE, REPORTING AND REGISTRATION
10.1. Laws, regulations and local practices that apply to Custody Assets or the markets on which such Custody Assets are
traded may require the disclosure of information allowing your identification and/or of other information relating to the
Custody Assets to brokers, custodians, issuers, market infrastructures such as clearing houses, central repositories,
stock exchanges and venues, authorities or any other person or entity, all of which may be located or operating outside
of Switzerland. We shall provide such information allowing your identification and the identification of the beneficial
owner without further notice to you if we deem it necessary to give effect to these Regulations (e.g. to collect
payments or cancel certificates), to comply with our legal or contractual obligations, or in order to comply with
requests from third parties we deem authorised to make such requests. You release us from any obligation of
secrecy or confidentiality which might otherwise preclude the disclosure of such information to third parties.
10.2. You shall be responsible for complying with your own disclosure and reporting obligations regarding the Custody Assets
to issuers, central repositories, stock exchanges and venues, authorities, and all other persons or entities, regardless
of whether the Custody Assets are registered in your name or held by us or by a third party in our own name but for
your account and at your sole risk. We shall not be obliged to inform or advise you about reporting obligations or to
perform them on your behalf. You shall indemnify and hold us harmless for any Damage suffered by us due to your noncompliance with your reporting obligations.
10.3. We shall be entitled not to perform the Administration Services or execute Instructions if we believe that the Custody
Assets for which we would be required to perform the Administration Services or execute Instructions can give rise to a
reporting obligation on our part, and we deem that complying with such reporting obligation could be damageable for
or cause disadvantages to you or us.
10.4. Upon your request and provided that we agree to offer such service, we may apply for the Custody Assets you hold
in registered form (e.g. registered shares, as opposed to bearer instruments) to be recorded in the relevant company
register (e.g. share register). Such Custody Assets shall normally be registered in your name. You accept that, in such
a case, your name and other data relating to you or the beneficial owner of the Custody Assets may be disclosed to
the relevant third parties and you release us from any obligation of secrecy or confidentiality which might otherwise
preclude the disclosure of such information to third parties. If registration in your name is not requested by you or is not
customary, not possible, or would cause expenses we deem excessive, we may, but shall not be obliged to, register the
Custody Assets as a nominee, i.e. in our own name or the name of a third party but for your account and at your own
risk, or cause a third party to register the Custody Assets as a nominee. You acknowledge that registration as a nominee
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may have disadvantages, including the inability to exercise rights relating to the Custody Assets on an individual basis
and the inability to benefit from the characteristics of the individual investment (e.g. with respect to the investment’s age
or “high water mark” calculations). - STATEMENTS OF CUSTODY ASSETS
11.1. We shall provide to you an annual statement of the Custody Assets indicating the valuation of the Custody Assets, as
the case may be against the payment of a fee. Unless otherwise agreed with you, we will usually provide such annual
statement to you at the beginning of the following calendar year. This statement may include assets other than those
covered by these Regulations. Additionally, you may, without any additional costs, access an overview of your Custody
Assets on your Yuh Account.
11.2. You may obtain information on the services we provide in relation to Custody Assets and on the evolution of the value
of Custody Assets over time on your Yuh Account.
11.3. Valuations of Custody Assets we provide shall be based on non-binding market values obtained from available sources
of information customary in the business. We shall be entitled to rely on such sources. - FEES AND FINANCIAL BENEFITS OF THE BANK
12.1. The fees charged for the safekeeping of and the Administration Services for Custody Assets shall be stipulated in the
fee schedule appearing on the Yuh App or the Yuh Website or agreed separately in writing. Any value added tax or
other taxes, charges and duties payable shall be charged in addition to the fees stipulated, as shall be the case for fees
for non-standard services which are not part of the Administration Services, in accordance with the relevant provision
of the General Terms and Conditions.
12.2. For Custody Assets traded on certain venues or markets, we shall be authorised to charge a flat fee, which may include
our own commission and fees, third party commissions and fees, stock exchange or venue fees, stamp tax and/or any
other fees.
12.3. You acknowledge and accept that we may receive Financial Benefits in connection with the Services provided to you
in relation to the Yuh Account, as further described in the General Terms and Conditions and in the information sheet
published on the Yuh App or Yuh Website.
PART 2 – OPERATIONS ON CUSTODY ASSETS - ROLE OF THE BANK
13.1. Unless otherwise stated by us, when executing Transactions, we shall act as riskless principal, i.e. in our own name but
for your account and at your sole risk in accordance with Articles 425 and seq. of the Swiss Code of Obligations.
13.2. We may decide to act as counterparty to you, provided that no conflict of interest arises which, in our opinion, could
prejudice your interests and within the limits imposed by the Swiss Code of Obligations and other applicable regulations.
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Yuh banking services are provided by Swissquote Bank Ltd, a bank regulated by the Swiss Financial Market Supervisory Authority (FINMA).
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11.05.2021 | V1 | EN - TREATMENT OF ORDERS AND TRANSACTIONS
14.1. We reserve the right to refuse the execution of orders and/or Transactions and the right to cancel or reverse orders
and/or Transactions, if we determine that such orders and/or Transactions are contrary to applicable law, regulatory
orders, official provisions, national or international sanctions or agreements (e.g. pledges), customs and practices of
the relevant exchange, market, clearing house, or of any other relevant body or organisation (including, if applicable,
entities of the group to which the Bank belongs). We also reserve the right to refuse the execution of orders and/or
Transactions if we deem it necessary or appropriate to safeguard our legitimate interests, or if we believe that such
orders and/or Transactions could cause disruption or send inappropriate signals to the relevant market.
14.2. We may also refuse to execute orders and/or Transactions and may cancel or reverse orders and/or Transactions, if
we have any doubts as to the power of disposal of the instructing party or if you have insufficient available balance on
your Yuh Account. Your “balance” refers, with respect to your Yuh Account, to the amounts that you may use for trading
activities, as determined by us using our own calculation methodology. We shall not be bound by the balance displayed
on your Yuh Account and may correct or amend your balance at any time.
14.3. We may set limits on the size of Transactions and orders, and may modify such limits at any time.
14.4. It shall be your duty to monitor your Yuh Account and to enquire as to whether your orders have been executed.
Orders that have not been executed are visible in your Yuh Account. We may also notify you in accordance with the
General Terms and Conditions. We shall assume no liability for failure to or delay in notifying you in accordance with this
Section 14.4. - CLIENT COMPLIANCE WITH LAW
15.1. You represent (and shall be deemed to repeat this representation each time you submit an Instruction to us) that, when
issuing Instructions or performing any other action with respect to the Custody Assets, you are not violating any (and
are solely responsible for complying with) applicable law, agreement, intellectual property or other third party right, and
are also not causing damages to a third party.
15.2. In particular, you represent that, when issuing Instructions or performing any other action with respect to Custody
Assets, you will not:
a) act in any manner that could interfere with, disrupt, negatively affect or inhibit the ability of our other clients to use
their accounts as intended, or that could damage, disable, overburden or impair the functioning of our systems;
b) use any robot, spider, crawler, scraper or other automated means or interface not provided by us to give Instructions
to us or perform other actions, or to extract data;
c) use automated, algorithmic, or any other similar system to solicit prices, give orders or carry out Transactions.
15.3. You shall hold harmless and indemnify us for any Damage suffered by us as a result of you breaching your duties under
this Section 15. - MARKET RULES
16.1. Without limiting the generality of Section 15, you confirm (and shall be deemed to repeat this confirmation each time
you submit an Instruction to us) that you are familiar and shall comply with applicable laws and regulations pertaining to
market conduct, in particular the rules prohibiting market manipulation and insider trading. You shall hold harmless and
indemnify us for any Damage suffered by us as a result of you breaching your duties under this Section 16.1.
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16.2. As part of our activities to prevent market abuses, we may, at our own discretion, cancel or delay one of your order,
in particular if we consider, acting reasonably, that such order may be potentially in breach of applicable laws and
regulations.
16.3. You acknowledge that stock exchanges, trading venues and counterparties may investigate Transactions at their sole
discretion and may reserve the right to declare an executed Transaction invalid based on their own rules, e.g. if a venue
considers that the trade is the result of an erroneous entry or was completed at an erroneous price. In such a situation,
the stock exchange may declare the Transaction null and void (a “Mistrade”). A Mistrade may be declared as such
several days after the execution of the Transaction. If, in the meantime, you have sold all or part of the Custody Assets
concerned by the Mistrade, you will have opened a short position and potentially also caused your Yuh Account to
display a negative balance. You shall immediately close short positions by acquiring the relevant assets, and cover any
negative balance. We shall be authorised to close short positions without further notice to you. Closing short positions
may involve acquiring assets at significantly less favourable terms than you initially contemplated. You shall monitor
your Yuh Account on an ongoing basis in order to take the necessary steps. You acknowledge and agree that we will
not place orders to offset Mistrades.
16.4. We may set other rules relating to trading in separate agreements or in dedicated notes on the Yuh App or Yuh Website
(which may be amended from time to time without prior notice to you). - WARRANT MANAGEMENT
17.1. If you hold derivative products which still have a value but are about to expire, we may sell the relevant derivative
products on the last trading day during which such products are tradable through your Yuh Account to prevent the
products from expiring worthless. If we make this service available, we shall indicate to which derivative products
it applies in the terms and conditions of this service (as made available on the Yuh App or the Yuh Website and as
amended from time to time and without prior notice to you). - MARGIN REQUIREMENTS
18.1. For certain Transactions, and unless provided otherwise in agreements relating to specific types of Transactions, we
may at our sole discretion set margin requirements that are for our sole benefit. As a general rule, margin shall take
the form of an amount which shall be blocked on your Yuh Account. As long as a margin is required, you shall not be
authorised to dispose of the funds constituting the margin. If you carry out a Transaction on a derivative instrument
that provides for the delivery of the underlying upon exercise or expiration of the instrument and you hold the relevant
underlying asset in sufficient quantities in your Yuh Account (hereinafter, the “Collateral”), we may block all or part of
the Collateral for the duration of the Transaction instead of applying a cash margin.
18.2. Unless we informed you otherwise, the margin requirements indicated in your Yuh Account apply. We set margin
requirements using our own margin calculation method. We are under no obligation to disclose our margin calculation
method. We shall not be bound by margin requirements imposed by exchanges and venues on which the Transaction
will take place and may set higher margin requirements.
18.3. We may modify margin requirements associated with a Transaction or with a new or existing position at any time
(including when your positions are open) and at our sole discretion, without us being required to state a reason. We shall
at all times satisfy the margin requirements set by us. You shall monitor your Yuh Account on an ongoing basis in order
to ensure that it always contains sufficient assets to satisfy margin requirements.
18.4. We may, but shall be under no obligation whatsoever to, notify you when the margin you provided is insufficient or is
likely to be insufficient in the near future (a “Margin Call”). To all extent permitted by law, you hereby waive any right
to a Margin Call.
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18.5. To make a Margin Call, we will contact you using one or more means of communication (as we see fit) for which you have
provided details (e.g. telephone, email, etc.) to notify you that additional margin is required. In accordance with Section
14.2 of the General Terms and Conditions, we may in such a case contact you in a manner other than the channels you
have selected. We may also display on your Yuh Account that your buying power is negative, which shall constitute
a Margin Call.
18.6. Should we decide to make a Margin Call, we may, at our sole discretion, set a time limit for providing additional margin.
You acknowledge that markets often witness rapid fluctuation of market prices, and that (i) the time limit may
therefore be limited, in certain cases, to a single day or even less (i.e. a few hours or even minutes), and (ii) we may
amend this time limit at any time, in particular in light of fluctuations of market prices.
18.7. In absence of any other information provided by us, you shall be required to provide sufficient margin so that your
buying power is no longer negative within the timeframe and in accordance with the modalities indicated on the
Yuh App or on the Yuh Website, as may be amended from time to time without prior Notice to you.
18.8. If we determine that you have not provided sufficient margin to satisfy margin requirements, we may decline to execute
or postpone the execution of your Instructions. In addition, if the margin requirements are not satisfied, we may, but
shall not be obliged to, close out all or some of your positions as we see fit, at the time of our choice and without further
notice. To the extent permitted by law, we may do so even if we have not made a Margin Call and/or set a time limit for
you to provide additional margin. We may also realise all Custody Assets held as Collateral in accordance with the
modalities set in Section 8 and 9 of the General Terms and Conditions.
18.9. We may close positions and we may realise Collateral even before the time limit for providing additional margin (if
any) has expired, if:
a) You have validly waived any applicable right to a Margin Call, or if
b) We deem it necessary or prudent (at our sole discretion) to close positions and realise the Collateral to prevent
such Collateral from losing significant value as a result of adverse market conditions generally, or of events
affecting the instruments constituting the Collateral specifically.
18.10. The margin requirements set by us are intended to protect us against losses resulting from your trading activities. The
margin requirements are not intended to protect you against losses. Actions performed by us in accordance with this
Section 18 may consequently generate losses in excess of those that you would have suffered if no margin requirements
had been set.
PART 3 – MISCELLANEOUS - LIABILITY
19.1. Unless otherwise provided in these Regulations, we shall be liable for Damages suffered by you in connection with the
services rendered pursuant to these Regulations (including, without limitation, the Administration Services) only if and
to the extent provided for in the General Terms and Conditions. - INFORMATION REQUIRED TO PERFORM THE SERVICES
20.1. You undertake to provide us with all information necessary for us to perform the services rendered pursuant to these
Regulations and acknowledge that we are under no obligation to provide such services (including executing orders) as
long as you fail to do so. You shall, in particular, obtain and provide to us all necessary identification numbers required
for us to be in a position to perform our reporting obligations, including Legal Entity Identifiers (LEIs).
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21.1. Any reference in these Regulations to communications from us that are “in writing” shall include communications sent
through the Yuh App (including by Push Notification) and by email. - INTERPRETATION
22.1. These Regulations represent Special Terms and Conditions and form an integral part of the Agreement. In the event of
contradiction between these Regulations and the General Terms and Conditions or any other contractual document,
these Regulations shall take precedence unless otherwise indicated by us in writing or agreed upon in writing. - AMENDMENTS
23.1. We reserve the right to amend these Regulations in accordance with the provisions of the General Terms and Conditions.