Common use of CRS Compliance Clause in Contracts

CRS Compliance. 22.1 Client shall confirm that all the information and documents provided in connection with the Account Opening application are true, correct, complete, and not misleading. Client undertakes to notify Galaxy International Securities and/or Galaxy International Futures promptly and within 30 days of such change in writing with updated information and documents whenever there is any change in such information or documents. 22.2 Galaxy International Securities and/or Galaxy International Futures reserves the right to request and the Client has the obligation and agrees to provide to the Galaxy International Securities and/or Galaxy International Futures additional documentary evidence to validate the tax status for CRS purposes by Galaxy International Securities and/or Galaxy International Futures before account opening and during the course of relationship. 22.3 If Client fails to provide Galaxy International Securities and/or Galaxy International Futures with any information requested or to take action as is specified by Galaxy International Securities and/or Galaxy International Futures in the Agreement within the time period specified, Galaxy International Securities and/or Galaxy International Futures shall be entitled to reach whatever conclusions Galaxy International Securities and/or Galaxy International Futures considers to be appropriate and Galaxy International Securities and/or Galaxy International Futures reserves the right to close the Client’s Account or classify the Client’s Account as "undocumented accounts" and/or execute applicable reporting under CRS regulations. 22.4 Client hereby agrees that it is reasonable and appropriate for Galaxy International Securities and/or Galaxy International Futures or its subsidiaries/affiliates to collect, gather, store, use, process, disclose and report the client information. Client agree to the sharing of the client information, together with any other information collected by Galaxy International Securities and/or Galaxy International Futures in respect of this Account Application Form, with its subsidiaries/affiliates and also with the relevant government/tax authorities, service providers or counterparties, based on the relevant tax/legal requirements and subject to all applicable laws and regulations. The process together with the related data processes may involve a transfer of information outside the Hong Kong Special Administrative Region and may also involve the transfer of data through intermediaries, service providers, counterparties or government bodies/ authorities. If a payee or any third party information is involved in any of the transfer, Client agrees that Client has obtained all necessary consent from all such relevant parties in providing the above.