This Customer Agreement is made by Basel Financial Inc., a stock
corporation organized under the laws of Mauritius, having its registered
office in Mauritius, and all its Clients.
1. ACCOUNT AT BASEL FINANCIAL INC.
1.1 - In consideration of Basel Financial Inc. agreeing to open and
maintain one or more accounts of the Client and Basel Financial Inc.
agreeing to provide services to the Client with respect to OTC products
transactions, which may be purchased or sold by or through Basel
Financial Inc. for the Client’s account(s), the Client agrees to the
following:
2. ACCOUNT AT BASEL FINANCIAL INC.
2.1 Basel Financial Inc. retains the right, at its discretion and
without obligation, to demand from the Client additional funds as
margin, buffer or the like. Basel Financial Inc. reserves the right, at
its discretion and without obligation, to reduce or cancel any margin
facility made available to the Client or to refuse the increase of any
margin facility. The Client acknowledges that he cannot hold Basel
Financial Inc. responsible or liable for any resulting losses or
damages, if Basel Financial Inc. refrains from demanding additional
margin funds or if Basel Financial Inc. reduces or cancels any margin
facility or refuses the increase thereof.
2.2 The Client accepts to maintain the margins in his Account as
requested by Basel Financial Inc
2.3 The Client will make the deposit of additional funds as margin
within reasonable time upon Basel Financial Inc. request. Reasonable
time shall be receipt in the account within [one (1) day] upon Basel
Financial Inc. request subject to unusual circumstances or subject to a
shorter notice time given by and at the sole and absolute discretion of
Basel Financial Inc. Margin deposits shall be made by wire transfer of
disposable funds, unless Basel Financial Inc. expressively agreed to
another method.
2.4 Basel Financial Inc. has all rights to amend, change, delete, add,
and modify spreads, fees, daily commissions, Swap rates, leverage,
margin requirements, liquidation level (stop out level) for any offer/
accounts/ positions, at any time.
2.5 The Client acknowledges and accepts that, in the event that the
margin or premium requested by Basel Financial Inc. is not properly
maintained within the time frame given by Basel Financial Inc., Basel
Financial Inc. may, at its sole discretion
(1) stop and/or cancel any trade of the Client with immediate
effect;
(2) liquidate all open trade positions at a loss, to born by the
Client;
(3) hold the Client liable for any deficit in the Account;
(4) set off any assets in the Account against any amounts due to
Basel Financial Inc.;
(5) realize all pledged assets at private sales, without
restriction and without being bound to observe
the legal formalities required by the Mauritius federal law on
the recovery of debts and on
bankruptcy.
2.6 Any objections to a margin call must be made in writing and
submitted to Basel Financial Inc. immediately upon receipt of said
margin call and must reach Basel Financial Inc. not later than 2 (two)
days from the date on which the Client received notice of the margin
call.
2.7 In the absence of timely objection or dispute, the margin is
considered as acknowledged and approved by the Client.
3. LIQUIDATION OF ACCOUNTS AND PAYMENT OF
DEFICIT BALANCES
3.1 Basel Financial Inc. reserves the right to terminate the
relationship with the Client at any time and, in particular, Basel
Financial Inc. may, at its discretion, cancel trading orders, close open
positions and demand settlement of any open Account balance at a date
specified by Basel Financial Inc
3.2 To liquidate the Client’s long or short positions, Basel Financial
Inc. may, in its sole discretion, offset or initiate new long or short
positions in order to establish a spread, strangle or straddle to
improve protection or avoid reduction of existing positions in the
Client’s account. Basel Financial Inc. may bid and become a purchaser at
any such sale.
3.3 Upon any sale of the Client’s positions, Basel Financial Inc. shall
collect the proceeds for the account of the Client. The proceeds from
any such sale or action shall be applied firstly to the payment of all
legal and other costs and expenses incurred in connection with the sale
or action, and secondly to the payment of the Client’s liabilities with
Basel Financial Inc.. The remaining balance shall be paid out to the
Client.
4. RISK DISCLOSURE AND GENERAL TERMS AND
CONDITIONS
4.1 Client acknowledges and confirms that he has received, read and
understood the “Risk Disclosure on OTC FX transactions” as well as the
“Terms and Conditions” of Basel Financial Inc..
4.2 The Client warrants and represents, that he/she is willing and able
to assume the risks involved in OTC FX transactions, including but not
limited to financial losses in excess of his/her deposits and that such
losses will not change his living standard.
5. BASEL FINANCIAL INC. NOTICES
5.1 The Client acknowledges and consents to receive monthly account
statements, trade confirmations, and statements of close out of open
positions required (“Notices”) in electronic form through the Internet.
Basel Financial Inc. does not charge for this service, unless prior
written notice is given to the Client.
5.2 The Client reserves the right to revoke this consent at any time.
6. SECURITY IN FAVOUR OF BASEL FINANCIAL
INC., PLEDGE
Basel Financial Inc. shall have a pledgee’s lien on and the right to
set-off against all assets held for whatever purpose by Basel Financial
Inc. for the account of the Client. Such lien and right to set-off shall
secure all claims by Basel Financial Inc., of whatever nature,
irrespective of their due date and of the currency in which they are
labeled. Basel Financial Inc. is authorized to realize the pledged
assets at private sale, without restriction and without being bound to
observe the legal formalities required by the Mauritius federal law on
the recovery of debts and on bankruptcy if, in the opinion of Basel
Financial Inc. the sale is necessary to cover claims secured by the
pledge whether or not such claims are due and payable.
7. PRIVACY POLICY NOTIFICATION
7.1 The Client authorizes Basel Financial Inc. to gather information
about the Client, including but not limited to transactions with Basel
Financial Inc. and affiliated members of the Basel Financial Inc. Group,
data provided in the Customer Agreement, Account balances, payment
history, and Account activity or other information regarding
creditability of the Client.
7.2 Basel Financial Inc. maintains appropriate security safeguards and
procedures regarding client information, such as passwords and access
codes to prevent unauthorized access to the Client’s information,
special training of employees to protect Client’s information, review of
compliance with the Basel Financial Inc. privacy policy.
7.3 The Client acknowledges that Basel Financial Inc. may in accordance
with the anti money laundering regulation share information concerning
certain business relationships within the Basel Financial Inc. Group, if
it is essential to prevent and detect money laundering on a Group level.
7.4 The Client accepts that Client’s information will be disclosed to
such third parties, including but not limited to financial institutions
or financial service providers, and to the extent necessary, in order to
execute Client’s orders. The Client acknowledges that it might be
required by law to disclose to receiving financial institutions (i) the
Account holder’s name, (ii) the Account number and (iii) the Account
holder’s address. Basel Financial Inc. is authorized to disclose
information as may be required by law, rule or regulatory authority,
without prior notice to Client.
8. WARRANTIES OF THE CLIENT
8.1 The Client warrants and represents that the information
contained in this Customer Agreement, the Account Application, and any
other documents furnished to Basel Financial Inc. in connection with
Client’s Account is complete, true and correct.
8.2 The Client represents and warrants in particular that: (i) he is of
legal age, (ii) legally competent to execute this Customer Agreement,
(iii) no person other than Client has or will have an interest in
Client’s account(s).
8.3 Client hereby warrants that regardless of any subsequent
determination to the contrary, Client is suitable to trade OTC FX.
8.4 Further, the Client represents and warrants that he is not an
employee or associated person of a member firm of any exchange or of a
member firm of the Federal Reserve, NFA, or NASD, or any employee or
agent of any member of any bank, trust, or insurance company not
disclosed to Basel Financial Inc.. In the event that Client becomes an
employee or agent of any of the foregoing, the Client will promptly
notify Basel Financial Inc., in writing, of such employment
9. GOVERNING LAW AND JURISDICTION
9.1 This contract shall be governed by and construed in accordance
with the laws of Mauritius with exclusion of Mauritius international
private law and any international treaties.
9.2 Should any clause in this Customer Agreement be or become illegal,
invalid or unenforceable in any manner whatsoever, this shall not affect
the remaining provisions of this Customer Agreement.
9.3 Any litigation or administrative proceeding arising directly or
indirectly hereunder must be heard by the courts in Delémont. Basel
Financial Inc. shall have the right, at its discretion to enforce its
claims at the place of the client’s legal residence or in any other
Mauritius or foreign court or claims office having jurisdiction.
10. ASSIGNMENT
10.1 Basel Financial Inc. is entitled to assign this Customer
Agreement including all authorizations, to its successors and assigns,
whether by merger, consolidation or otherwise
