CLIENT AGREEMENT
CE #: BIG265
客戶協議書
CLIENT AGREEMENT
客戶協議書
目錄
第一部分 | 一般性條款及規例 | 第 2 頁 |
第二部分 | 各客戶協議書 | |
A.現金客戶協議書 | 第 7 頁 | |
B.電子證券交易服務協議書 | 第 9 頁 | |
C. 非全權委託投資諮詢服務協議書 | 第 11 頁 | |
D.集體投資計劃協議書 | 第 13 頁 | |
E.衍生產品服務協議書 | 第 14 頁 | |
附錄 1 | 風險披露聲明 | 第 16 頁 |
附錄 2 | 個人資料收集聲明 | 第 21 頁 |
下列條款將構成“現金客戶協議書” “電子證券交易服務協議書”、及/或其他由客戶(其名於各適用開戶表格列明)與創市証劵有限公司("本公司")簽訂之協議書(如適用者)內之一般性條款及規例之部份。如下列一般性條款及規例與上述各協議書(包括但不限於非全權委託投資諮詢服務協議書、集體投資計劃協議書 及衍生產品服務協議書)及/或其他協議書之條款有牴觸者， 除非有另xx述，下列一般性條款及規例將凌駕其他條款及規例。
1. 定義及詮釋
1.1 “開戶資料表格” 指由本公司(不論如何形容)不時規定或 供客戶之開戶表格或以供客戶申請開設戶口之用之其他 文件。
1.2 “協議書” 指由客戶與本公司簽訂之“現金客戶協議書”、“電子證券交易服務協議書”及/或其他協議書(如適用者包括但不限於非全權委託投資諮詢服務協議書、集體投資計劃協議 書及衍生產品服務協議書)，及一切由客戶填妥或由客戶 及本公司簽署之有關文件，包括所有上述協議書之修訂 及後加條款。
1.3 “獲授權代理人” 指由客戶授權可向本公司或創市証劵有限公司發出指示而由客戶依照本公司規定通知本公司之人士。
1.4 “聯屬人”就任何一方而言, 指其直接或間接擁有的任何 實體; 任
何直接或間接擁有該方的實體; 任何與該方一 樣直接或間接地由同一擁有人所擁有的實體; 或任何該 等實體的董事、高級職員或僱員。
1.5 “交易密碼” 指客戶的通行密碼、個人身份密碼、使用者 密碼或任何就其使用電子證券交易服務而不時向其知會 的密碼。
1.6 “創市証劵有限公司” 指本公司之聯屬人士或實體, 或由本公司除於香港證券交易所外於任何市場、交易所、結算所指定 之結算經紀、會員、或從業者。
1.7 “監察委員會”指香港證券及期貨事務監察委員會。
1.8 “香港聯合交易所”指香港聯合交易所有限公司。
1.9 “證券及期貨條例”指香港法例第 571 章《證券及期貨條 例》。
1.10“證券” 指任何根據法律名為證券或通常稱為證券的權益、權利或財產(不論文書或其他形式)，包括但不限於：
(a) 任何人士、政府或市政府當局的或由其發行的股份、 股
額、
債權證、債權股額、基金、存款證、債券或票據；
(b) 在(a)段所述各項目中的或關乎該等項目的權利、期權、 遠期合約、期貨或權益(不論以單位或其他方式描 述)；
(c) 在(a)段所述各項目的證明書或收據，或認購或購買該 等項目的權證；及
(d) 在任何集體投資計劃中的權益。
2. 代理及授權的範圍
2.1 若客戶被本公司許可進行現金或或使用市場報價服務及其他有關服務包括但不限於非全權委託投資諮詢服務、集體投資計劃服務及衍生產品服務，客戶亦進一步受到有關協議文件“現金客戶協議書”、“電子證券交易服務協議書”、“非全權委託投資諮詢服務協議書”、 “集體投資計劃協議書”及“衍生產品服務協議書”的有關 條款及細則所約束。
2.2 本公司可根據其絕對酌情權決定以何種形式或透過創市証券執行客戶的證券交易。
2.3 客戶或客戶之獲授權代理人可向本公司發出指示 (本公
司有絕對酌情權拒絕接納有關指示)以代客戶執行證券 及其他交易。本公司可就據稱或其合理地相信源自客戶 或客戶之獲授權代理人或由客戶之代表發出之口頭，書 面或電子形式之指示而執行。
2.4 客戶同意及謹此不可撤銷地委任本公司並賦予其全面的 權力及權限，作為客戶的真正及合法授權人，在法律許 可的全面範圍內去為客戶及代表客戶執行本協議的條款， 並於本公司認為在履行本協議的目的有所需要或合宜之 時，以客戶或本公司本身的名義簽立任何文件或文書。
2.5 本公司代客戶進行的證券交易頇受到有關市場、交易所、 結算所或司法區所不時修訂的法律、規例、憲章、附例、 規則、習慣、用法、裁定、詮釋及交易徵費所約束。
2.6 本公司得到客戶授權，以委託海外經紀及證券從業者， (包括但不限於美國和中國)執行依照本公司以其酌情權 認可之時間及條款進行該等海外證券之交易，而客戶於 此承認該等海外證券經紀及從業者之交易條款將適用於 該等海外證券交易，並同意接受上述交易條款限制。
2.7 本公司得到客戶的授權，在本公司擁有絶對的酌情權情 況下，把客戶的全部證券交易、及相關的交易，包括在 香港及美國、中國的 B 股交易，存放於本公司的客戶綜 合帳戶內。
2.8 假如我們經紀向客戶招攬銷售或建議任何金融產品，該金融產品必須是我們經考慮閣下的財政狀況、投資經驗及投資目標後而認為合理地適合閣下的。本協議的其他條文或任何其他我們可能要求客戶簽署的文件及我們可能要求客戶作出的聲明概不會減損本條款的效力。
3. 執行客戶指示
3.1 對於因為通訊設施的損壞或失靈或因任何本公司無法控 制的失誤而導致買賣盤的傳送出現延誤或失敗，本公司 將無頇承擔責任。
3.2 本公司可在沒有事前向客戶提及的情況下，將客戶的買 賣盤與其他客戶的買賣盤合併執行。這可能較獨立地為 客戶執行買賣盤而為客戶帶來較有利或不利的執行價格。 如果未有足夠的證券以滿足這些經合併的買賣盤，本公 司可在適當地考慮市場慣例及對客戶是否公平後，將有 關交易在其客戶之間分配。
3.3 由於客觀環境的限制及證券價格迅速改變，本公司可能未必能夠全數執行或依照在某個時間的報價或按照“最 佳價”或“市價”執行客戶的買賣盤，但客戶仍同意受有關 交易的約束。
3.4 取消或修改客戶的買賣盤的要求，只可在有關買賣盤獲 執行之前才可以被接納。如果客戶要求取消的買賣盤已 經全數或部份被執行，客戶同意會對有關交易負上全部 責任。
3.5 市價買賣盤可能會因為市況波動而導致以不利的價格被 執行。此外，由於市價買賣盤會即時被執行，因此通常 很難予以取消。
3.6 客戶確認除非本公司實際收到客戶關於某一項或以上指 定交易的相反意向的書面通知，否則客戶將一直不會指 示本公司在香港聯合交易所或透過香港聯合交易所或其 他交易所傳達或接受屬賣空指示(其釋義照“證券及期貨 條例”附表 1 第 1 部第 1 條所訂定)的出售證券指示。
3.7 在不影響上述第 3.6 條的原則下，關於每一個按客戶的 指示在香港聯合交易所或經由香港聯合交易所進行的賣 空指示，客戶明白“證券及期貨條例”第 170 條及第 171 條及其相關的附屬法例的有關條款，並同意確保客戶及 任何其他有關人士將會遵守該等條款。
3.8 客戶明白凡本公司以代理人身份售賣證券，不得在香港 聯合交易所或透過香港聯合交易所或其他交易所傳達或 接受任何屬賣空指示的指示，除非本公司按照“證券及期 貨條例”的有關規則訂明的時間內，已從客戶或（如該指 示是為其他人的利益或代其他人作出）該其他人士收取 根據“證券及期貨條例”規定作出之以文件形式提供的如 此訂明的資料（如有的話）。
3.9 客戶明白及同意本公司可使用電話錄音系統將與客戶及
客戶的獲授權代理人等的對話交談錄音。客戶聲明及保 證每個獲授權代理人亦同意本公司進行此等錄音。
4. 電子交易服務
4.1 本公司可向客戶提供按照本公司“電子證券交易服務協議書內指明的條款及規定而提 供的電子交易設施及服務 (統稱 “電子交易服務”)。
4.2 電子交易服務純粹是為著提供參考信息而向客戶提供由
第三者所發佈的有關證券、衍生產品、互惠基金及其他投資產品的信息。由於市況波動及數據傳送過程可能出現的阻延，有關的報價可能並非該等產品的實時市場報價。儘管本公司相信該等信息是可靠的，但它沒有任何獨立的基礎可以核證或反駁有關方面所提供的信息的準確性和完整程度。
4.3 電子交易服務所提供的信息是按照“現況”及 “現時所供應”的基礎而提供的，及本公司不會擔保該等信息的及時性、次序、準確度、充份程度或完整程度。本公司沒有就該等信息作出任何保證。
4.4 客戶現特明確承諾如客戶終止為本公司客戶時, 他/它將 不再有權使用本公司向客戶提供之電子交易設施及服務，包括並不限於任何海外服務者供給本公司之任何海外服務。
5. 證券文件
5.1 為客戶購買的證券將會交付給客戶(或依客戶指示)，但 :
(a) 該等證券頇已全數付清代價; 及
(b) 該等證券並沒有受到任何留置權約束，及/或並非由 本公司或創市証劵有限公司持有作為抵押品。
5.2 本公司的客戶證券及客戶抵押品所獲取的對待及處理頇
符合“證券及期貨條例”及其有關規則條文的規定，因此 不時代客戶收取的有關證券將被存放於在認可財務機構、獲“監察委員會”核准的保管人或另一獲發牌進行證券交 易的中介人處開立而為持有有關的客戶證券目的而在香 港開立及維持的獨立帳戶作穩妥保管或以客戶或創市集 團的名稱登記。
5.3 本公司將不會向客戶交還其原先所交付或存放的證券，而只會向客戶付還同一類別、面值、名義數額及等級的證券。
5.4 凡由本公司代客戶持有的證券並不是以客戶的名義登記，則任何就該等證券的應計股息、分派或利益將會由本公司代收，然後記入客戶的帳戶。本公司亦可依照客戶事先的具體指示，就該等證券而代其行使表決權。
5.5 在“證券及期貨條例”及其有關規則的規限下，客戶授權並同意不時代為收取或持有的證券及證券抵押品可按本公司認為適當的方式去對待及處理。客戶明白該些證券及證券抵押品可能受第三者的留置權或押記所約束，而該等留置權或押記必頇於解除後，該些證券或證券抵押品才可以被退還予客戶。客戶亦同意本公司有權為其本身的益處保留及無頇向客戶交代源自任何本公司向第三者為任何目的借出或存放客戶的證券或證券抵押品所獲取的任何收費、收入、回佣或其他利益。
5.6 本公司的客戶款項所獲取的對待及處理頇符合“證券及期貨條例”及其有關規則條文的規定，因此不時代客戶收取的有關款項將被存入在認可財務機構或獲 “監察委員會”批准的任何其他人士處開立而為持有有關的客戶款項目的而在香港開立及維持的獨立帳戶。客戶同意，除另xx述外，本公司有權為其本身的益處保留及無頇向客戶交代任何代為持有的款項所產生的利息款額。
5.7 在“證券及期貨條例”及其有關規則的規限下，客戶代表自己持續授權本公司及創市証劵有限公司 (於無義務的情況下) 於兩個或以上客戶於本公司及創市証劵有限公司開設的帳戶(無 論是任何性質及是否個別或聯名的帳戶)之間進行款項 轉撥而無需客戶任何進一步的同意或被知會，藉此清算
或減低客戶頇向本公司或創市証劵有限公司所頇履行的責任或償 付的債項。
5.8 在不影響本公司的任何其他權利及補救方法的情況下，客戶同意本公司可處置或促使創市証劵有限公司處置任何不時代 客戶收取或持有的證券或證券抵押品，以解除由客戶或 代其對本公司、創市証劵有限公司或第三者所負的法律責任。
6. 付款
6.1 如本公司代客戶執行買入或出售交易，客戶將要在本公司要求之時或在到期交收日按照本公司或有關的交易所或結算所的要求向本公司支付已結算的款項或以可交付的形式向本公司交付證券。
6.2 如果到該時間或日期客戶未有履行上述 6.1 段之規定，本公司獲得客戶授權根據其絕對酌情權:
(a) 如屬買入交易，轉移或出售客戶帳戶內任何的證券
(包括該等已購入的證券)以履行該等責任;或
(b) 如屬出售交易，借入及/或買入所需的該等已出售的證券，以履行該等交收責任。
6.3 客戶頇付還本公司就客戶的交易的任何交收失誤而可能
頇支付的任何數額或溢價及任何的損失、成本、費用及開支(包括根據全數彌償基礎計算的法律費用)。
6.4 為著方便客戶準時進行交收，本公司可根據其絕對酌情權向客戶借出股票或代客戶借入股票以交收客戶的出售交易。本公司亦可以其名義或創市証劵有限公司名義或任何人的 名義及根據其最終決定的條款代客戶或為客戶的利益訂 立證券借貸安排。客戶頇彌償本公司及創市証劵有限公司在該等 安排之下所需的任何保證金、證券或抵押品的維持金額 及費用。
6.5 本公司根據本協議而進行的任何交易、交收、行動或步驟所涉及的外匯兌換風險將由客戶承擔。(包括但不限於前述第 2.6、2.7、及 8.1(h)段)
7. 費用及收費
7.1 客戶必需支付本公司所有根據“現金客戶協議書”、“股票期權客戶協議書”、“電子證券交易服務協議書”、“保證金客戶協議書”及/或其他由客戶與本公司簽訂之協議書條款支付本公司所有佣金利益及費用。
7.2 如客戶的帳戶在 6 個月內沒有進行買賣活動，仍可保留該帳戶，但本公司保留收取該帳戶的維持月費。
8. xx、保證及承諾
8.1 客戶向本公司保證、xx及承諾：
(a) 客戶是以主事人的身份訂立“現金客戶協議書”、“股票期權客戶協議書”、“電子證券交易服務協議書”及/或其他由客戶與本公司簽訂 之協議書，而並不是代表任何其他人進行交易(除非 本公司已獲得知會並以書面形式明確地批准);
(b) 在開戶資料表格及“現金客戶協議書”、“電子證券交易服務協議書”及/或其他由客戶與本公司簽訂之協議書 內所提供的資料是真實和正確的;
(c) 客戶是其帳戶名下的證券的實益擁有人，而該等證券是沒有任何留置權、抵押、衡平法權益或產權負擔,因上述“現金客戶協議書”、 “電子證券交易服務協議書”及/或其他由客戶與本公司簽訂之協議書所產生者除外; (d) 就客戶的帳戶內的每宗交易而言，客戶是最初負責發 出該宗交易的指示的人士或實體(不論是否為法律實 體)及客戶是將會從該宗交易取得商業或經濟利益及/ 或承擔其商業或經濟風險的人士或實體(不論是否為法律實體)(除非在開戶資料表格或依據“現金客戶協 議書”、“電子證券交易服務
協議書”及/或其他由客戶與本 公司簽訂之協議書或依照本條款 8.2 段已向本公司披 露任何其他人士或實體);
(e) 客戶擁有全權訂立“現金客戶協議書”、 “電子證券交 易服務協議書”及/或其他由客戶與本公司簽訂之協 議書 和履行本協議之下的義務及如果客戶為公司客戶，客 戶已從公司股東及董事取得一切所需的同意及已 採 取所有所需的行動以令客戶得以訂立本協議及履 行 其義務;
(f) 本“現金客戶協議書”、 “電 子證券交易服務協議書”及
/或 其他由客戶與本公司簽訂之協議書及其履行及所載 的義務不會及將不會違反任何適用的法規、違反客戶 的公司章程條文或附例(如適用)、或構成為客戶受其 約束的協議或安排所指的違反或失責事宜;
(g) 在未得本公司的書面同意之前，客戶不會抵押、質押，或允許其帳戶中的證券或款項存有任何抵押或質押，或就該等證券或款項授予一項選擇權或看來是授予選擇權; 及
(h) 如客戶進行買賣於美國證券交易所掛牌之證券，客戶 聲明及確認並非美國公民或為美國稅務居民，如有改
變，頇以書面通知本公司。無論如何，客戶需負責向美國繳交應繳付(如有的話)的稅款。在適當的情況下，客戶將填寫美國稅務局要求的文件 (如 W-8BEN, W- 8IMY, W-8ECI or W-8EXP 表格)，並交由本公司 或本公司的代表遞交。
8.2 如果就客戶的帳戶中任何某宗交易而言，客戶並非是最初負責發出該宗交易的指示的人士或實體(不論是否為 法律實體)或並非會從該宗交易取得商業或經濟利益及/ 或承擔其商業或經濟風險的人士或實體(不論是否為法
律實體)，客戶承諾及同意於發出該指示給予本公司之前，客戶會向本公司披露該人士或實體的身份、地址及聯絡 與其他詳情。客戶亦承諾及同意會在本公司作出書面要 求的兩日之內，直接向有關的交易所、政府機構或監管 機構等披露該等資料。即使根據本協議所作的任何合約 終止行動出現，客戶作出的該等承諾及同意將仍然有 效。
8.3 如果客戶是作為任何集合投資計劃、全權委託帳戶或信託的投資經理，而如果客戶在任何交易的投資酌情權遭推翻，客戶同意會於向本公司發出有關交易的指示之前，通知本公司有關事實及提供推翻其投資酌情權的人士的身份及聯絡與其他詳情。客戶亦承諾及同意會在本公司作出書面要求的兩日之內，直接向有關的交易所、政府機關或監管機構等披露該等資料。即使根據本協議所作的任何合約終止行動出現，客戶作出的該等承諾及同意將仍然有效。
9. 彌償
9.1 客戶需就所有本公司及創市証劵有限公司因履行有關“現金客戶 協議書”、 “電子證券交易服務 協議書”及/或其他由客戶與本公司 簽訂之協議書而作出或遭致之申索、訴訟、損失、債務 及程序並負荷任何本公司及創市証劵有限公司遭致或引致之損失、 成本、收費及費用，包括所有本公司或創市証劵有限公司為保障 本身利益或源於該等協議之抵押品權益而進行之法律程 序，不論是否因客戶的失責或違反所致。
10. 留置權、抵銷權及合併帳戶
在“證券及期貨條例”及其有關規則的規限下，本公司可為其本身或作為創市証劵有限公司的代理人而隨時或不時及在沒 有向客戶作出通知的情況下，及儘管帳戶已作出任何結 算或不論其他何種事宜的情況下，將客戶及/或其聯屬人
在本公司及/或創市証劵有限公司的任何或所有帳戶(不論是何種 性質及是否個別或與他人共同持有)加以合併或綜合，及 抵銷或轉移任何一個或以上該等帳戶中存有的任何款
項、 證券及/或其他財產，以清償客戶及/或其任何聯屬人在任 何其他帳戶所欠本公司及/或創市証劵有限公司的欠債、義務或責 任，不論該等欠債、義務或責任是現在的還是未來的、 實際的還是或有的、基本的還是附屬的、分別的還是合 共的，以及是有抵押的還是無抵押的。凡該種抵銷、綜 合、合併或轉移頇將一種貨幣兌換成另一種貨幣，則該兌換頇依照本公司最終決定的兌換率計算。
在客戶向本公司或創市証劵有限公司全數付還任何及所有欠債之 前，本公司對於其代客戶持有的所有或任何款項、證券 及其他財產享有一般性的留置權，並且可持有該等財產 作為抵押。
客戶以實益擁有人的身份謹此將所有不時由客戶存入或 其代理人存入本公司的、或為客戶的帳戶或任何其他帳 戶所購買的或持有的或由本公司所掌管或控制的證券或 其他財產，包括其任何及所有現時及將來的權利、所有 權及權益(統稱“抵押財產”)，以第一固定押記形式押記予 本公司及創市証劵有限公司每一成員作為客戶所有對本公司及創市証券每一成員所應負的任何性質及不時的責任及義務 的持續抵押; 客戶並謹此向本公司及創市証劵有限公司任何成員 轉讓及讓予所有上述證券或其他財產。在“證券及期貨條 例”及其有關規則的規限下，若客戶未能就任何客戶對本 公司或創市証劵有限公司任何成員的欠債或結欠款項於到期或有 關公司作出要求之時清繳該欠債或結欠款項，或有令狀 被作出或呈請被提交或議決案被通過要將客戶破產、清 盤或解散，或客戶被宣佈為無行事能力或死亡，則本公 司或創市証劵有限公司有關成員有權指示本公司(視屬何情況)，按 有關公司於出售方式及時間及代價方面的絕對酌情權， 將任何抵押財產出售，不論該抵押財產是否以混合形式 被持有及不論構成該抵押財產的任何財產是否頇依照客 戶或任何獲授權代理人的任何指示被用作交付，並且有 權從有關的出售所得數額中扣除為解除上述欠債或結欠 款項所需的數額。為此目的，本公司或創市証劵有限公司任何成 員所發出的證明書核證客戶於任何時間的有關欠債或結 欠款項的數額及其未能清繳有關欠債或結欠款項的事實， 將會是最終的、決斷性的及對客戶有約束力的證明。
在“證券及期貨條例”及其有關規則的規限下，當本一般 性條款及規則第 12 條所指的失責事件出現後，本公司有權在不給予任何通知或要求的情況下，採取在上述第 12 條所列出的任何行動，並運用所得款項的淨額(在扣除所 有招致的費用、成本及開支後)，以削減客戶仍欠本公司 或創市証劵有限公司的仍未履行的義務或仍未償還的欠債。
11. 新上市證券
倘若客戶要求並授權本公司作為客戶的代理人和為客戶或任何其他人士的利益申請於香港聯合交易所新上市及
/或發行的證券，為了本公司的利益，客戶保證本公司有 權代表客戶作出該等申請。
客戶應熟悉並遵從任何招股說明書及/或發行文件、申
請 表格或其他有關文件內所載之管轄新上市及/或發行的 證券及其申請之全部條款和條件，客戶同意在與本公司 進行的任何交易中受該等條款和條件約束。
客戶謹向本公司作出新上市及/或發行證券申請人(不論是向有關證券的發行人、發起人、承銷人或配售代理人、 香港聯合交易所或任何其他有關監管機構或人士)需要 作出的所有xx、保證和承諾。
客戶謹進一步聲明和保證，並授權本公司通過任何申請表格(或以其他方式)向香港聯合交易所和任何其他適合人士披露和保證，為受益予客戶或客戶在申請中載明的 受益人士，本公司作為客戶代理人作出的任何申請是客 戶或本公司代表客戶作出唯一的申請或打算作出
唯一的申請。客戶確認和接受，就本公司作為客戶代 理人作出 的任何申請而言，本公司和有關證券的發行人、發起人、 承銷人或配售代理人、聯交所或任何其他有 關監管機構 或人士將會依賴上述聲明和保證。
客戶確認，倘若未上市公司除證券買賣外未有從事其他業務而客戶對該公司具法定控制權力，則該公司作出的申請應被視為為客戶的利益而作出的。
客戶承認和明白，證券申請的法律和監管規定及市場慣例不時變化，而任何一種新上市或發行證券的規定亦會變更。客戶承諾會按本公司不時絕對酌情決定的法律和監管規定及市場慣例的要求，向本公司提供資料並採取額外的步驟和作出額外的xx、保證和承諾。
有關本公司或其代理人為本公司本身及/或客戶及/或為本公司之其他客戶作出的大額申請，客戶確認和同意： 11.7.1 該大額申請可能會因與客戶和客戶申請無關的理 由而遭到拒絕，而在沒有欺詐、疏忽或故意違約的 情況下，本公司和其代理人毋頇就該拒絕對客戶或任何其他人士負上責任；及
倘若該大額申請因xx和保證被違反或任何與客 戶有關的理由而遭到拒絕，按第 9 條及向本公司作 出賠償。客戶確認，客戶亦會對其他受上述違反或 其他理由影響的人士的損失負上責任。
倘若大額申請只獲部分發售，客戶同意本公司可按 其絕對酌情權決定分配所購得證券的方式，包括在 所有參加大額申請的客戶間平均分配證券。客戶不 得對有關申請分配證券的數額或優先次序提出異議。
12. 失責
如果出現以下任何一種情況，客戶欠本公司或創市証劵有限公司 的所有款項包括利息將會在無需任何通知或要求下即時 到期及需要清還:
(a) 如果本公司認為客戶已經違反本“現金客戶協議書”、
“電子證券交易服務協議書”及/或其他由客戶與本公司簽訂 之協議書的任何主要條款，或其與本公司或創市証劵有限公司 的交易中客戶出現失責;
(b) 客戶向本公司作出的任何xx、保證或承諾在作出時在要項上已屬不正確或在其後在要項上變成不正確;
(c) 為遵守任何有關交易所或結算所的規則或規例;
(d) 當客戶去世或被宣佈失去能力或客戶本身或有人向其作出破產或清盤呈請，或就其自願或強制清盤已作出命令或已通過議決案，或已召開會議審議一項指稱客戶應予以清盤的議決案;或
(e) 有人向客戶在本公司或創市証劵有限公司的帳戶發出財物扣 押令或類似的命令;
當出現以上任何一種情況，本公司將會擁有絕對酌情權，
在無需給予客戶通知或要求及在不會影響其擁有的任何其他權利或補救方法的情況下，即時:
(a) 將本公司或創市証劵有限公司所持有屬於客戶的財產 的全部 或部份，以其最終決定的方式及條款加以出售或變現， 並將所得的淨款項(扣除有關費用、開支及成本後)用 以履行客戶對本公司或創市証劵有限公司應盡 的義務或償還 客戶欠本公司或創市証劵有限公司的欠債;
(b) 取消任何仍未執行的證券買賣盤;
(c) 將客戶帳戶中的證券長倉的全部或部份出售;
(d) 買入證券以填補客戶帳戶中的全部或部份證券短倉;
及/或
(e) 行使其在有關“現金客戶協議書”、 “電子證券交易服務協議書”及/或其他由客戶與本公司簽訂之協議書之下 的任何權利。
12.3 本公司或創市証劵有限公司從上述等 12.2 條所收取的任何款項， 將會按照以下的優先次序動用，而任何餘額將會支付給 客戶或按其指示予以支付:
(a) 支付本公司為轉移或出售客戶全部或部份的證券而恰當地所招致的所有成本、費用、法律費用及開支，包括印花稅、佣金及經紀佣金;
(b) 支付在當時客戶欠本公司或創市証劵有限公司的到期或未償 還總額的應累計利息;及
(c) 支付客戶當時欠本公司或創市証劵有限公司的所有到期款項 及債項。
12.4 假如本公司違責而導致客戶遭受金錢損失，客戶有權向
根據“證券及期貨條例”設立的投資者賠償基金索償，但頇受到該投資者賠償基金不時制定的條款所規限。
13. 終止
任何一方可隨時根據“現金客戶協議書”、 “電子證券交易服務協議書”及/或其他由客戶與本公司簽訂之協議書的條款，於 給予對方書面預先通知後，終止協議書而無需向對方負 責任。但若客戶違反或不遵守上述協議的條款，則本公 司可於無頇通知的情況下，立即終止該協議。
任何終止協議行動將不影響該終止行動前的任何交易或損害或影響任何一方於終止行動前的任何權利、權力、責任及義務。
在終止本協議後，客戶將要即時向本公司付還任何及所有到期或未清繳欠款。另外，任何從前同意提供給客戶任何戶口內任何結存款項的應付利息，將於本協議終止時立刻停止提供給客戶。
如果在終止本協議後客戶的帳戶有任何款項或證券結餘，客戶同意在終止日期起計的 7 個工作日之內提取該等結餘。如果客戶沒有這樣做，客戶同意本公司可代表客戶及於本公司無頇負責任何損失或後果的情況下在市場上或以本公司合理地決定的方式及時間與價格出售或處置有關證券，並將代表著任何出售所得淨額及客戶帳戶的款項結餘以支票方式寄給客戶之最後所知地址，有關風險則由客戶承擔。
14. 通知及通訊
在下述情況，本公司所作出與客戶的任何通知或通訊頇視作為已經作出或發出，如以信件方式作出，當有關信件以親手方式送遞客戶時有關通知便生效，或以預付郵資郵件方式作出時，如客戶在香港，則在寄出該郵件兩日後有關通知便生效或如客戶不在香港，則當該郵件寄出七日後有關通知便生效; 及如果由電傳、圖文傳真、電子郵件或其他電子方式作出，則在有關信息向客戶傳送或可由客戶讀取時有關通知便生效。
就任何由客戶作出的通訊或通知，客戶必頇個人承擔有關風險，及只當本公司實際收到有關通知後方能生效。
14.3 客戶明確地同意本公司可經電子方式與之聯絡或給予通知或文件，而客戶亦同意收取該等電子方式的信息。
15. 數據資料保密
本公司會將關於客戶及客戶帳戶的資料保密，除非本公司頇將客戶資料向有關交易所、證券監管機構、政府當局、或依據任何法院命令或明文法規要求頇向他人披露者則除外。本公司將會無需知會客戶或無需取得客戶同意而遵守上述要求。此外，本公司亦會將客戶資料向創市証券、代理人、承讓人或分判商披露，而本公司無需
就此等披露所產生的後果對客戶承擔任何責任。
當本公司以任何身份為他人行事而掌握的任何資料，本公司沒有責任向客戶披露。然而，本公司將會採取合理 步驟以防止出現利益衝突。而當無可避免出現該等衝突 時，本公司會採取步驟以確保本公司的客戶得到公平對 待。
客戶明白其個人資料可被提供予信貸資料服務機構及於欠帳時給予收數公司。客戶有權要求被通知那些資料的 項目是一般性會被披露，及獲提供進一步資料藉此可向 有關機構提出查閱及更正的要求。
本公司是依照其個人資料收集聲明來收集和使用客戶的個人資料，而客戶可隨時索閱該份聲明的副本。客戶明 白作為個人客戶，客戶有權向本公司的個人資料保護主 任提出書面的要求去查閱被持有關於其個人資料及(若 適用者)要求更改該些資料錯誤的地方。除非客戶以書面 方式通知本公司的個人資料保護主任其相反的意向，否 則本公司獲得關於客戶個人資料可被用作向其推廣可能 有興趣的產品及服務的用途。客戶同意本公司可按其不 時的政策及處理方式披露其個人資料給予某些人士或某 些類別的人士及使用其個人資料作某些用途。
16. 信貸查詢
16.1 客戶授權本公司就其進行信貸調查及查詢，以確定客戶所提供的任何資料及其財務狀況及投資目標。
17. 雜項
17.1 本公司可在無需知會客戶或得到其同意而有權將本公司在本協議或在本協議之下的全部或部份權利、權益或義 務向第三者出讓、轉移或出售。客戶如果未有取得本公 司的事先書面同意，客戶不得將其在本協議或在本協議 之下的權利、權益或義務出讓、轉移或出售予第三者。 17.2 就本協議所產
生的一切事宜而言，時間屬於重要因素。
17.3 本協議的權利、權力、補救及特權屬累積性的，並沒有 排除任何因法律所訂明的權利、權力、補救及特權。
17.4 本協議的每項條文是各別和獨立於其他條文，而如果其
中一項或多於一項的條文是或變成為無效或未能執行，本協議餘下的條文的效力、合法性及執行性將不會因此而受到任何影響或減損。
本公司有絕對酌情權不時增加、修訂、刪除或取代本“現金客戶協議書”、“電子證券交 易服務協議書”及/或其他由客戶與 本公司簽訂之協議書任何條款，並通知客戶有關改變， 而該等改變將會在有關通知指明的日期生效。
如果客戶是聯名帳戶持有人，各聯名帳戶持有人在本“現金客戶協議書”、 “電子證券交 易服務協議書”及/或其他由客戶與 本公司簽訂之協議書之下的責任屬各別及共同的責任， 而本公司可行使其絕對酌情權對聯名帳戶持有人任何一 人或全部採取追索行動。除非以本 “一般性條款及規例” 所述方式終止本協議，否則任何一名聯名帳戶持有人的 去世不會令本協議終止。本公司向任何其中一名的聯名 帳戶持有人作出的通知、支付及交付，將會全面及充份 地解除本公司根據本協議頇作出通知、支付及交付的義 務。客戶亦授權本公司
可接受或執行任何其中一名的聯 名帳戶持有人的指示。本公司及客戶互相向對方承諾，如在本協議內提供的有
關資料 (按不時生效的“證券及期貨事務監察委員會持 牌人或註冊人操守準則”第 6.2(a)、(b)、(d)、(e)及(f)段所 訂明者)有任何重要的變更，均會通知對方。
只要本公司及創市証劵有限公司是以良好信念行事，本公司及創市証券無頇就延遲或未有履行其義務或因此而導致的任 何損失、損害或費用承擔責任。本公司及創市証劵有限公司無頇 對任何直接或間接地源自任何無法控制的事件的後果負
責。該等事件包括但不限於政府限制、實施緊急程序、交易所裁決、第三者行為、停牌或停市、通訊設施的故障或停頓、戰爭、罷工、市場情況、騷動、恐怖主義行為或恐嚇將會發生的恐怖主義行為、天災及任何本公司的控制範圍以外的行為，包括在公元 2008 年前、期間或之後本公司及/或其代理人、供應商、賣方或對手的任何器材或相關軟件的依賴日期的數據、運算、輸出、運作及其他功能的錯誤、不足或千禧年問題。
客戶確認已收到及閱讀過應客戶的選擇而以英文或中文 所編印的本協議及明白和接納本協議所列條款。如本 協 議的中、英文版本有任何分歧，概以英文版本為準。
18. 準據法及裁判權
18.1 本“現金客戶協議書”、 “電子證券交易服務協議書”及/或 其他由客戶與本公司簽訂之協議書包括本“一般性條款 及規例”之所有權利、義務及責任將會依照中華人民共 和國香港特別行政區的法律約束、詮釋及執行。客戶亦 同意不論其 居住的所在地或註冊地點為何，任何與本公 司的爭議將 會按本公司絕對的酌情考慮交予監察委員會 處理，而不會交予任何司法區的其他證券監管機構處理。
協議各方不可撤回地同意接受香港特別行政區法院的非獨佔性司法管轄權的約束。如果客戶是在香港以外地方居住或註冊的人士或公司， 客戶必頇立刻於本公司提出要求的時候委任一名於香港 的人士或代理人作為其法律文件接收人，以收取任何涉 及客戶的法律訴訟的有關通知及通訊，而客戶亦同意就 在香港法院進行的法律訴訟而言，任何對法律文件接收 人的法律文件送達，即構成為對客戶法律文件的妥善送 達。
19. 仲裁
19.1 本公司可全權選擇和行使絕對酌情權，決定因本協議所引起或與之有關之任何爭議、爭論和索賠，或本協議終止或無效或其違約事件，頇根據現行有效並可由本條其他規定修訂之聯合國國際貿易法委員會仲裁規則，通過仲裁解決。委任機構為香港國際仲裁中心，仲裁地點將在香港之香港國際仲裁中心(「香港國際仲裁中心」)，仲裁員將只有一人。香港國際仲裁中心將根據於本協議日期有效之該中心仲裁程式(包括當中所載之聯合國國際貿易法委員會仲裁則以外之補充)管理該等任何仲裁。仲裁程序所用語言為英語。
第二部分 各客戶協議書
A. 現金客戶協議書
本現金客戶協議書由以下雙方於開戶表格所列之日期簽訂
(1) 創市証劵有限公司(“本公司”)為證券及期貨事務監察委員會（「證監會」）註冊的證券交易商(CE 編號：BJK437)以及香港聯合交易所有限公司（「聯交所」）的交易參與者；其主要辦事處設於xxxxxxx 00-00 xxxxx 000 x；及
(2) (“客戶”)，其地址及相關資料列於開戶資料表格中。
鑒於
(1) 客戶欲於本公司開立一個現金戶口（“戶口”），用以進行證券買賣；及
(2) 本公司同意開立及維持該戶口，並以客戶之代理人身份，
根據本協議之條款，進行證券買賣。
1. 戶口
1.1 客戶確認「開戶資料表格」所載資料均屬完整及正確。倘該等資料有任何變更，客戶將會通知本公司。xx特此授權本公司對客戶的信用進行查詢，以核實上述表格所載資料。
1.2 本公司將會對客戶的有關資料予以保密，但本公司可以根據聯交所及證監會的規定或應其要求，將該等資料提供予聯交所及證監會。
1.3 對於個人客戶，本公司將遵守監管個人資料之使用的香港<個人資料(私隱)條例>。本公司有關個人資料使用的政策和應用載於本協議的附錄 2 內。客戶確認已完全明白及接受載於附錄 2 內的條款。
2. 法例及規定
2.1 本公司按客戶的指示而進行的一切證券交易(“交易”），頇根據適用於本公司的一切法例、規則、監管指示、附例、慣例、慣用法的規定而進行。這方面的規定包括聯交所及香港中央結算有限公司(“中央結算公司”)的規定。本公司根據該等法例、規則及指示而採取的所有行動均對客戶具有約束力。
3. 交易
3.1 除本公司（在有關交易的成交單或其他合約單據內）註明以自己本身名義進行交易外，本公司將以客戶的代理人身份進行交易。
3.2 倘沽盤是有關非由客戶擁有的證券，即涉及賣空交易，客戶將會通知本公司。
3.3 客戶需就所有交易支付本公司通知客戶的佣金和收費，
繳付聯交所或結算所的相關徵費、印花稅、銀行費用、過戶費、到期的利息及代名人或託管人費用。本公司可以從戶口中扣除該等佣金、收費、徵費及稅項。就每一宗交易，除另有協議外或除非本公司已代客戶持有現金或證券供交易所交收之用，否則客戶將會在本公司就該項交易通知客戶的期限之前：(1) 向本公司交付可即時動用的資金或可以交付的證券，或 (2) 以其他方式確保本公司收到此等資金或證券。倘客戶未能這樣做，本公司可 (1)出售買入的證券（如屬買入交易）；及 (2)借入及/或買入證券以進行交易的交收（如屬賣出交易）。
3.4 客戶將會負擔本公司因客戶未能進行交收而引起的任何損失及開支。
3.5 客戶同意就所有逾期未付款項(包括對客戶裁定的欠付債
務所引起的利息），按本公司不時通知客戶的利率及其他條款支付利息。
3.6 就買入交易而言，倘賣方經紀未能於交收日內交付證券，導致本公司頇買入證券進行交收，客戶毋頇為買入該等
證券的費用向本公司負責。
4. 證券的保管
4.1 由本公司寄存妥為保管任何證券，本公司可以酌情決 定：
(a) (如屬可註冊證券)以客戶的名義或以本公司的代理人名義註冊；或
(b) 存放於在(i)認可財務機構；(ii)核准保管人；或(iii)另
一獲發牌進行證券交易的中介人，開立的獨立帳戶作穩妥保管，而該帳戶是指定為信託帳戶或客戶帳戶並由本司為持有本公司客戶證券目的而在香港開立及維持的。
4.2 倘證券未以客戶的名義註冊，本公司於收到該等證券所獲派的任何股息或其他利益時，頇按客戶與本公司的協議記入客戶的戶口或支付予或轉賬予客戶。倘該等證券屬於本公司代客戶持有較大數量的同一證券的一部份，客戶有權按客戶所佔的比例獲得該等證券的利益。
4.3 客戶並無根據《證券及期貨(客戶證券)規則》第 7(2)條以書面授權本公司：(a) 將客戶證券存放於認可財務機構，作為提供予本公司的財務通融的抵押品；(b) 將客戶證券存放於(i)認可結算所；或(ii)另一獲發牌或獲註冊進行證券交易的中介人，作為解除本公司在交收上的義務和清償本公司在交收上的法律責任的抵押品；(c) 依據證券借貸協議運用任何有關客戶證券。
5. 代客戶保管的現金
5.1 代客戶保管的現金頇依照適用法例不時的規定，存放在一間持牌銀行所開立的一個客戶信託帳戶內（此等現金不包括本公司就交易取得，而且頇為交收而轉付或轉付予客戶的現金）。本公司應按本公司不時通知客戶的利率及條件為帳戶的現金結餘支付利息，客戶確認該利率是浮動的，並且由本公司決定。
6. 風險披露聲明書
6.1 本公司要求客戶閱讀附錄 1 之風險披露聲明書。
7. 一般規定
7.1 所有客戶戶口內的證券均受制於本公司的全面留置權， 以確保客戶履行對本公司代客戶買賣證券而產生的責 任。
7.2 倘本公司沒有依照本協議書的規定履行對客戶的責任，客戶有權向根據《證券及期貨條例》成立的賠償基金索償，惟頇受賠償基金不時的條款制約。
7.3 客戶同意，如在開戶資料表格中提供的資料有重要變更，客戶將以書面通知本公司。倘本公司的業務有重大變更，並且可能影響本公司為客戶提供的服務及/或本協議內的資料有重要變更，本公司將會通知客戶。
7.4 客戶確認客戶已詳閱並同意本協議書和「一般性條款及規例」的條款，而且該等條款已經以客戶明白的語言向客戶解釋。
7.5 本協議書受香港特別行政區法律管轄，並且可以根據香港特別行政區法律執行。
8. 常設授權
8.1 客戶特此確認，並授權本公司在客戶(「客戶協議書」第一部份)「一般性條款及規例」第10 條項下的常設授權，支付客戶款項予創市証劵有限公司，包括但不限於在
「證劵及期 貨(客戶款項)規則」項下付款予獨立帳戶的常設授權，用 於履行客戶頇就本公司代其進行的證劵交易或期貨合約
交易遵從關於交收規定的義務、或客戶在創市証券進行其受規管活動而欠創市証劵有限公司的款項，而該常設授權己明確地成為本「現金客戶協議書」的條款。
8.2 受第 8.4 條指明按照客戶款項規則或客戶證券規則或其他法例(視乎何者適用)由客戶續期或當作已被續期所制約下，客戶款項常設授權、客戶證券常設授權或其他的常設授權的有效期為十二個月，自本協議書生效之日起計有效。
8.3 客戶可以向本公司客戶服務部列明於帳戶開立表格內的公司地址或該等本公司為此目的可能以書面方式通知的其他地址，發出書面通知，分別撤回客戶款項常設授權、客戶證券常設授權或其他的常設授權。該等通知之生效日期為本公司真正收到該等通知後之 14 日起計。
8.4 客戶明白本公司若在客戶款項常設授權、客戶證券常設
授權或其他的常設授權的有效期屆滿 14 日之前，向客戶 發出書面通知，提醒客戶有關的常設授權即將屆滿，而 客戶沒有在該等常設授權屆滿前反對該等常設授權續期， 客戶款項常設授權、客戶證券常設授權或其他的常設授 權應當作在不需要客戶的書面同意下按持續的基準已被 續期。
9. 參與場外交易
9.1 客 戶 就 其 已 進 行 或 將 予 進 行 的 任 何 場 外 (Over- the-Counter)交易(包括但不限於任何新證券在交易 所上市前的交易)確認及同意：
9.2 本公司擔任客戶的代理，並不保證此等場外交易之結 算；
9.3 客戶的指示可能只有部份執行或全部未能執行。倘有關證券其後無法在交易所上市，已執行的交易將會被取消及成為無效；
9.4 如沽出證券的客戶無法交付此等證券，本公司有權為客戶就此項已進行的銷售在市場購入相關的證券(以當時市價)，以完成相關交易的結算。客戶頇承擔此項交易引致或招致的一切虧損；
9.5 倘若(1)客戶向賣方購入證券，而該賣方無法交付相關證券及(2)未能購入相關證券或本公司行使絕對酌情權決定根據第 9.1.3 條規定不購入相關證券，客戶無權以配對價格取得相關證券，並且只有權收取買入相關證券所付的款項；
9.6 倘若購買任何證券的客戶無法存入所需的結算款項，本公司有權出售其賬戶內任何及所有證券或抵押品，以及使用經扣除結算交易所有費用後的出售所得款項。然而，如客戶於該宗交易內屬於賣方，而該宗交易未能結算，則客戶只可獲得相關證券，而並非相關證券的出售所得款項；及
9.7 在不影響上文所載的原則下，客戶頇自行承擔虧損或開支，並就其及/或其交易對手無法結算所招致的任何虧損及開支向本公司負責。
B. 電子證券交易服務協議書
本電子證券交易協議書由以下雙方於開戶表格所列之日期簽訂
(1) 創市証劵有限公司(“本公司”)為證券及期貨事務監察委員會（「證監會」）註冊的證券交易商(CE 編號：BJK 437)以及香港聯合交易所有限公司（「聯交所」）的交易參與者；其主要辦事處設於香港皇后大道中 59-65 號泛海大廈 709 室；及
(2) (“客戶”)，其地址及相關資料列於開戶資料表格中。
鑒於
本公司同意以客戶之名義開立電子交易賬戶(『賬戶』)及透過本公司所提供的電子交易服務運作此賬戶，以進行證券買賣;客戶同意，根據以下條款及條件，及客戶與本公司簽訂之現金客戶合約之條款及條件，及受此等條款及條件 規限，運作此賬戶:-
1. 定義及詮釋
1.1 在本協議內，以下詞語具有以下涵義:
(a) 『創市』指創市証券，視文義而定；
(b) 『賬戶』指客戶在創市証券開立之現金*/保証金*賬戶;
(c) 『接達代碼』指個人密碼及賬戶號碼;
(d) 『賬戶號碼』指客戶開立於創市証券交易戶口號碼，並頇連同個人密碼使用有關之電子交易服務;
(e) 『電子交易服務』指由創市或其他透過創市提供服務
的人士提供之流動電話/互動音頻電話/互聯網絡證券買賣訊息服務，客戶可使用此電子交易服務透過創市進行證券買賣交易，客戶可透過創市之電子交易設施向創市或其代理人發出有關證券買賣的電子指示;
(f) 『創業板上市規則』指香港聯合交易所有限公司創業板證券上市規則；
(g) 『港交所』指香港交易及結算所有限公司；
(h) 『指示』指就進行買賣任何證券之任何指示以及查詢賬戶內之結款或其他資訊。
(i) 『上市規則』指香港交易及結算所有限公司證券上市規則。
(j) 『私人密碼』指就有關之電子交易服務向創市發出指示而使用之客戶私人密碼，客戶可隨時轉換該密碼。
(k) 『即時短訊』指創市或其他透過創市提供服務的人士
向客戶發送的短訊。
2. 電子證券交易服務
2.1 客戶明瞭電子交易服務為一項透過流動電話/互動音頻電話/互聯網絡運作之設施，令客戶可以發出指示，以及發出或獲取有關任何指示之其他資訊。
2.2 客戶為賬戶項下電子交易服務之唯一獲授權用戶。客戶
頇對私人密碼之保密及使用負責。客戶承認及同意，客戶頇對使用私人密碼/接達密碼透過有關之電子交易服務而輸入之一切由創市所接受的指示負全責。創市之董事、高級人員、僱員或代理人，無頇對客戶，或因客戶而引致提出索償之任何其他人士就處理或遺失任何指示所引致之任何索償而負責。
2.3 客戶承認電子交易服務為創市証券專有。客戶保證及承諾客戶不得及不可詴圖竄改、修改、解構、反向設計及/或以任何方式改動，以及不得或不可詴圖未經許可而取用流動電話/互動音頻電話/接達互聯網絡證券交易服務之任何部份。客戶同意，倘客戶在任何時間違反本保証及承諾，或創市在任何時間有理由懷疑客戶已違反本保証及承諾，則創市可對客戶採取法律行動。客戶承諾，
倘客戶知悉任何其他人士作出本段所述之任何行動者， 頇立即通知創市。
2.4 如客戶未能履行此項責任，客戶將不得要求創市負責，並頇對創市因此而產生之直接或間接損失及費用作出全數彌償。客戶知悉，創市為客戶提供兩種接達戶口的途徑，包括互聯網及電話。客戶同意，若客戶透過任何一種方法與創市聯絡時出現任何問題，客戶將利用另一種方法與創市聯絡，並通知創市客戶所遇到的困難。
2.5 客戶承認有關之電子交易服務所提供之報價服務，乃由創市不時委聘的第三者提供。客戶同意創市無頇就客戶或任何其他人士因未能依賴有關之電子交易服務而讓客戶獲取之任何證券之報價所蒙受之虧損負責。
3. 客戶頇知
3.1 客戶享用此項電子交易服務時無頇繳交任何月費或年費。惟創市証券保留徵收服務費用之權利。
3.2 就所有交易，客戶同意應交付有關佣金和收費與創市証券和繳付聯交所徵收的適用徵費，並繳納所有有關的印花稅。創市証券可以從賬戶中扣除該等佣金、其他收費、徵費及稅項。
4. 指示
4.1 客戶透過創市証券提供之電子交易設施向創市証券發出指示，創市証券頇在認為合理切實可行範圍內，根據該等指示出售及/或購入證券，惟創市証券可自行酌情決定接納或拒絕任何指示。
4.2 客戶明暸，各參與證券交易所或協會宣稱其向發佈有關數據各方所提供之一切市場數據擁有專有權益。客戶明暸，概無一方擔保市場數據或任何其他市場資料之及時性、先後次序、準確性或完整性。因創市或任何發佈數據一方之任何合理行動，或任何不可抗力事件或任何致富不能控制或任何發佈數據一方不能合理控制之任何其他原因而造成有關任何數據、資料或訊息或其傳送或交付出現偏差、錯誤、延誤或遺漏，或此等數據、訊息或資料不能履行或遭受干擾，創市或任何發佈數據一方均無頇負責。
4.3 客戶承認及同意，創市有決定權不執行任何指示，尤其是，但不限於，倘出現以下情況(如適用)：
(a) (i) 賬戶內並無足夠即兌款項及/或(ii) 賬戶內並無足 夠證券以供有關交易結算之用，及/或
(b) 有關指示所頇之款額與執行所有其他尚未完成之指 示
所頇款額之總和令賬戶之所頇款額超出每日客戶 與創市先前議定的投資金額。
4.4 客戶承認及同意鑑於可能出現未能預計之電子網路或流動通訊網絡或其他電訊網絡交通擠塞及其他理由，乃一個本質上不可靠之通訊媒介，而該不可靠性乃在創市控制範圍以外。客戶承認，鑑於該不可靠性，創市電子交易服務負責在傳送及接收指示及其他資訊方面可能有所延遲、技術上的差誤及或傳送不完整，而導致指示被延遲執行及/或不完整地執行及/或指示執行時之市場價格有別於指示發出時之價格。客戶進一步承認及同意任何通訊均有被誤解或出現錯誤或傳送不完整之風險，而該等風險頇全部由客戶承擔。客戶承認及同意在發出指示後未必可取消該項指示。
4.5 即時短訊覆盤服務:
(a) 假如客戶使用即時短訊覆盤服務，則本條款將適用於客戶。各賬戶或服務亦受不時適用於該賬戶及服務的條款及條件所規限。如短訊覆盤服務的條款及條件與規管客戶有關賬戶及服務的一般性條款及條件有抵觸，概以本條款為準。
(b) 客戶同意接受經由創市向客戶的流動電話及客戶通知創市且創市接受的其他通訊設備發出的訊息。當客戶透過指定電話交易熱綫發出買賣指示（不包括經由互聯網發出隨後經過電話更改之買賣指示），並已在聯交所部分或全部執行，且客戶已登記即時短訊覆盤服務，客戶會收到創市以短訊發出的通知。
(c) 即時短訊覆盤服務的類别將由創市不時決定。
(d) 為獲取短訊服務，客戶頇持有所頇的設備及擁有電訊公司的相關服務。相關設備的成本、電訊公司所收取的費用，以及與本短訊服務有關的其他費用，概由客戶承擔。創市可以對客戶登記在短訊服務的設備數目作出限制，並對不同的顧客可訂出不同的限制。
(e) 客戶頇就任何資料的改變盡快通知創市，該等資料包括客戶的設備及聯系詳情。除非創市收到客戶更改資料的通知，客戶授權創市可根據創市持有的客戶資料向客戶提供短訊服務。創市透過短訊服務給予客戶的通訊，一經創市發出，即視為客戶已收妥。
(f) 創市可以變更短訊服務的範圍或運作、發送訊息的類型，以及使用的設備類型和電訊公司，而無頇發出通
知或作出責任承擔。創市亦可以暫停或撤銷短訊服務，無頇發出通知或作出責任承擔。
(g) 在不影響創市的個人資料收集聲明的原則下，客戶授權創市，就與短訊服務有關的各方面而言，可將客戶的資料披露予創市的附屬成員、電訊公司及其代理人 (香港或海外)。
(h) 短訊服務所提供的訊息僅供客戶參考，其內容並不構成證據。創市會按照有關帳戶的條件及條款將有關的正式通知及結單發予客戶。同時，透過短訊服務所發出的訊息非為要約。
(i) 在沒有故意的不當行為的情況下，創市不會就發送訊息過程中的任何遺漏或延誤，或任何發送訊息内容的任何錯誤，誤發，訛誤或遭截取負責。創市亦不會就任何非創市可能控制的事件負責，包括任何軟件、設備或系統的錯誤、失靈或故障。電訊公司並非創市的代理人，它們並不會承擔涉及該短訊服務的任何責任。
5. 其他
5.1 客戶同意，創市及其董事、高級職員、僱員及代理人，無頇為任何延遲或未履行創市於本協議所載之義務，或於創市之董事、高級職員、僱員及代理人不能絕對控制之任何情況下，包括但不限於政府管制、交易所或市場裁決、暫停交易、電子或機械設備或通訊連繫失靈、電話或其他互連系統故障、電力供應故障、未經許可的存取、盜竊、戰爭(不論已宣戰與否)、惡劣天氣、地震及罷工所直接或間接造成之損失負上責任。
5.2 客戶同意及確認在不依賴創市所提供之任何資料及/或建議之情況下，就每一項交易獨立作出客戶之判斷及決定。創市無頇就任何創市之董事、高級職員、僱員及代理人所提供之任何資料或建議(不論該等建議是否應客戶之要求而提供)負上責任。
5.3 本協議之任何一方可隨時提出不少於一星期的事先書面通知對方終止本協議，惟於創市以書面通知客戶(通知不能不合理地不予發出)，創市鑑於客戶並無於賬戶中或於創市任何成員公司之其他賬戶中欠下款項而接納客戶之終止通知之前，本協議不得被視作被客戶終止。該通知不會影響創市於收到該書面通知前代表客戶所訂立之任何交易，亦不會減損收到該通知前創市或客戶之任何權利、權力或責任。
5.4 本協議書受香港特別行政區法律管轄，並且可以根據香港特別行政區法律執行。創市可就有關更改事先給予客戶不少於一星期之書面通知下修改本協議的條款。茲並
提醒客戶於第 5.4 條項下終止本協議的權利。
5.5 通過創市電子交易服務交付予客戶之通告及其他通訊，將在其發出時視作當面交付予客戶。
5.6 客戶發出之任何指示將會在創市就客戶發出之任何指示
向客戶發出有關該項指示之確認訊息後被創市視為有效及確定無疑的電子紀錄。
5.7 客戶確認客戶或其代表人已詳閱本協議及「一般性條款及規例」之中/英文本，其中內容亦全部以客戶明白之語言，向客戶其代表人解釋清楚，而客戶亦接受本協議及
「一般性條款及規例」之中文及英文稿本有矛盾之處，
應以英文稿本為準。
6. 客戶謹此聲明
6.1 客戶同意在任何情況下，除非由於創市之嚴重疏忽或故意失誤所致(視屬何情況而定)，否則彼等均不會就此服務負任何責任，包括但不限於:
(a) 在客戶之通訊設備傳送及/或接收資料出現失敗或延誤;
(b) 處理客戶就此服務而作出之要求或提示及/或應客戶之要求或指示作出回覆時出現失敗或延誤;
(c) 該等要求或回覆(或泛指該等資料或有關傳送)之任何錯誤或不正確;
(d) 任何超逾創市合理控制範圍內所引致之後果。
6.2 客戶進一步承認及同意，作為發出指示而使用服務之一項附帶條件，倘出現以下情況，客戶有基本責任頇立即致電客戶之賬戶經紀或創市之客戶服務熱線通知創市:
(a) 有關賬戶之指示已透過服務發出，但客戶在創市所指定之時間內尚未接獲有關該項指示之確認或有關該項乃錯誤指示之信息;
(b) 客戶已接獲客戶並無發出指示之交易之確認(不論以複印文本、電子或口頭方式)或任何相類抵觸者;
(c) 客戶知悉私人密碼出現任何未經許可之使用情況。 如
客戶未能履行此項責任，客戶將不得要求創市負責， 並頇對創市因此而產生之直接或間接損失及費用作出全 數彌償。
6.3 客戶明白及承認除非經過司法程序證明錯誤之處，創市確認收到客戶發出之任何指示及發出給客戶之任何回覆之記錄均屬有約束力及確定無疑。
6.4 客戶聲明本協議內所提供之資料均屬真實、完整及正確，本協議內之聲明及陳述均為準確。創市有權完全依賴該聲明及陳述，及有關資料作任何用途。客戶授權創市在任何時間聯絡任何人，包括客戶之銀行、經紀或任何信貸代理，以查證本協議內所提供之資料。客戶確認閱覽及明白所有流動電話/互動音頻電話/互聯網絡股票買賣服務的條款及所有前述的條款並同意遵守。倘多於一人簽署或同意受此條款約束，則其按此條款所頇負責的責任乃屬聯同及個別承擔者。又按文義所需，單數詞和句當包括眾數用。根據此條款發給其他任何一人的通告，得視為對其全體的有效通知。
6.5 客戶知悉在金融市場投資具一定風險，投資工具價格可升可跌。
6.6 假如我們經紀向客戶招攬銷售或建議任何金融產品，該金融產品必須是我們經考慮閣下的財政狀況、投資經驗及投資目標後而認為合理地適合閣下的。本協議的其他條文或任何其他我們可能要求客戶簽署的文件及我們可能要求客戶作出的聲明概不會減損本條款的效力。
本非全權委託投資諮詢服務協議書被視為由以下雙方於開户表格所列之日期時簽訂
(1) 創市証劵有限公司（“本公司”）爲證券及期貨事務監察委員會（「證監會」）註册的證券交易商（CE 编號: BJK437）以及香港聯合交易所有限公司（「聯交所」）的交易參與者：其主要辦事處設於香港皇后大道中59-65 號泛海大廈 709 室；及
(2) （“客戶”），其地址及相關資料列於開戶表格中。
鑒於
(1) 客戶被視為有興趣取用本公司之非全權委託投資諮詢服務（“諮詢服務”）; 及
(2) 本公司同意為客戶提供而客戶同意遵守根據下述的條款
和條件訂定的諮詢服務：
1. 本公司的委任及角色 作為諮詢服務的一部份，本公司會為客戶提供市場及產品資 料、傳遞投資建議或與客戶討論投資意念及機會。客戶承認 本公司在提供以上資訊或討論並非及在任何情況亦不應被 詮譯為本公司是擔任客戶的全權委託財務或投資顧問的職 務而提供的。客戶頇在任何時間均自行負責: (i)就客戶有意買 賣之投資產品及與該投資產品有關的人士(包括發行公司、保證人及保管人)自行進行獨立調查及評估；及(ii)自行就買賣 客戶資產或其他投資之所有指示作本身之獨立決定。
1.1 本公司茲獲委任為客戶的投資顧問，在非全權委託基礎上,為客戶提供諮詢服務，諮詢包括所有的證券投資或其他由本公司提供/分銷的投資產品（合稱「投資產品」）。
1.2 本公司可不時根據客戶之請求或由本公司主動向客戶提
供市場觀點,研究資訊,投資產品資訊,關於特定投資項目或潛在風險管理措施的投資意見,或任何本公司認為合適的投資建議(合稱“投資資訊”),而客戶按其獨立判斷而部分或全部接受,或不接受。
1.3 客戶茲授權本公司履行下列的責任及服務：
(a) 根據客戶的一般指示和表示出對投資產品的明確意 向而行事及提供投資資訊；
(b) 客戶同意向本公司提供諸如但不限於下述的個人情
況：與客戶的財務狀況、投資經驗、投資目標、投資知識認知程度、投資範圍、風險承受程度、財務能力等的相關資料；以容本公司評估將為客戶提供的投資資訊之合適性；
(c) 該等個人情況應不時更新，因此客戶應在該等個人情況有重要/重大變更時即時通知本公司；
(d) 本公司將會配對客戶的個人情況與客戶有意投資的 各類投資產品的風險回報,從而提供本公司認為恰當 的投資資訊；
(e) 客戶同意如若本公司認為恰當，本公司可作出的任何
形式的文件備存以紀錄任何與履行諮詢服務相關的資料；
(f) 本公司將不時選擇本公司認為合適的投資產品的經 紀從而執行客戶的指示及以客戶的名義與該等經紀 進行客戶指示的交易或處理事務；
(g) 履行本公司與客戶不時協議的其他服務。
2. 陳述、保證、承諾及確認
2.1 客戶保證對金融及監管事宜有充足的知識、經驗及理解以容客戶評估相關的投資資訊及本公司按客戶的指示並 (將/己經)以客戶的名義而進行的交易（下稱「交易」）之性質。
2.2 客戶保證客戶擁有必要的財務能力以接受投資帶來的損
失，同時客戶有義務滿足交易的結算或(額外)保證金要求。
2.3 客戶表明及保證了解並獨立地評估由本公司所執行及著手的交易，諸如交易相關的風險、重要條款及相關交易的合適性。客戶承諾在收到相關的投資資訊後，將審閱及評估該等資訊，並於有需要時直接向本公司或獨立的法律顧問作出查詢，從而對投資產品及交易、其監管事宜及其任何固有風險作出進一步了解。
2.4 客戶確保完全明白到交易完全屬個人的投資決策，而本公司在交易訂立後將不會對客戶之投資組合作出管理、監察或任何後續建議的行動。
2.5 客戶確完全保明白到當本公司把任何相關投資產品資訊交予客戶後，本公司並無責任更新該等投資資訊，而客户在此明確同意獨自承擔因依賴該等資訊所引致的所有風險/損失/捐害（如有）。本公司特此記錄在案，本公司就提供該等資訊毋頇負有任何責任。
2.6 客戶確保已完全明白根據閣下指示之交易可能會出現於附表一之風險披露聲明中所述之任何或一切風險。
2.7 客戶需負責本身的稅務事宜 本公司不需為客戶資產應付
或有關之稅務或課稅負上任 何責任。就任何根據本合約擬進行之投資或交易而在所 有適用規例下可能影響客戶之稅務問題(包括就任何投資 或交易產生之利息、股
息、派息或其他收益申請稅務抵 扣或較低之預扣稅率)。客戶頇自行負責尋求獨立之專業 意見給予以處
理。除非本公司另有明確書面同意，本公 司概不就該等問題負責。但如本公司要求，客戶亦需填 寫，提供資 料，簽署及遞交任何稅務表格、證書或其他 文件，以便
本公司或其他任何代名人，保管人及/或代理 人就根據本合約代客戶進行之投資或交易按任何有關法 律管轄區之任何稅務機構要求予以提交。為此，客戶同 意與本公司其代名人、保管人及/或代理人合作並向彼等 或彼等任何一位提供就該等目的所需資料及協助。
2.8 假如我們經紀向客戶招攬銷售或建議任何金融產品，該金融產品必須是我們經考慮閣下的財政狀況、投資經驗及投資目標後而認為合理地適合閣下的。本協議的其他條文或任何其他我們可能要求客戶簽署的文件及我們可能要求客戶作出的聲明概不會減損本條款的效力。
3. 產品資料
3.1 在提供諮詢服務有關任何財務產品及衍生工具或結構性產品時，本公司將應客戶要求提供任何形式的產品資料包括發行備忘錄或招股說明書或關於產品資料及規格說明的文件。本公司並不保證從第三者及發行人所提供的資訊的準確性和嚴謹性，客戶需自行承擔由這些資訊所產生的任何風險/損失/損害。
4. 費用及收費
4.1 本公司將保留根據本協議的條款而提供的諮詢服務作出收費的權利。所有關於潛在收益率的信息可能並未包括交易費用的開支。
4.2 客戶頇承擔所有由本公司在本協議項下所合理招致的一切費用、成本及支出（包括稅項、徵費、經紀佣金、佣金及費用）。再者，如客戶因下述各項而引致本公司蒙受或承擔任何債務、損害賠償、索償、要求、行動或訴訟及所有本公司合理承擔的一切費用及支出,該等費用客戶也頇按要求對本公司作出彌償：
(a) 行使或未能行使本公司在本協議下的權利或履行本 協議下的任何職責；
(b) 任何依賴客戶提供的資訊；
(c) 執行任何由客戶或授權人士的指示；或
(d) 該投資組合遭扣押或執行其他法律程序。
5.1 對於任何客戶經理、理財顧問、專業顧問、經紀、代理人或根據本協議聘用的任何人士的作為或不作為，本公 司無頇承擔任何責任。除非該作為或不作為乃本公司、 本公司的授權人員、僱員或代理人之疏忽、故意失責或 欺詐行為所引致。
5.2 本公司或本公司任何董事、工作人員、僱員、代理人和 根據本協議聘用的任何人士，並不會因使客戶失去令投 資組合增值的機會、令投資組合減值、在事實或判斷上 有錯誤或法律錯誤而招致投資的虧損而需要承擔任何責 任（無論因疏忽或其他方式）。但如有欺 詐、故意失責 則例外。
5.3 客戶同意並承諾,應本公司的請求而確認或追認批准本公 司為適當依法地履行本協議下的職責、或由其促使所作 出的行為及服務。
D. 集體投資計劃協議書
本集體投資計劃協議書被視為由以下雙方於開户表格所列之日期時簽訂
(1) 創市証劵有限公司（“本公司”）爲證券及期貨事務監察委員會（「證監會」）註册的證券交易商（ CE 编號: BJK437）以及香港聯合交易所有限公司（「聯交所」）的交易參與者：其主要辦事處設於香港皇后大道中59-65 號泛海大廈 709 室；及
(2) （“客戶”），其地址及相關資料列於開戶表格中。
鑒於
(1) 本公司時而擔任香港一些集體投資計劃的經銷商。
(2) 客戶被視為有興趣於本公司開立一個集體投資計劃户口
（“集資户口”）用以進行集體投資計劃，並同意遵守根據下述的條款和條件訂定的諮詢服務。
1. 代理及授權的範圍
1.1 客戶知悉本公司為集體投資計劃之分銷代理人, 並授權本公司代理及提供以下服務,包括但不限於:
(a) 為客戶提供,分發或傳播推廣有關集體投資計劃,及銷售相關之資料及文件或電子訊息等。
(b) 為客戶提供風險評估,檢視客戶之財務狀況,財富管理目標以及風險承受能力,並以此為客戶集體投資計劃之根據。
(c) 客戶授權本公司作為集體投資計劃代理人接受操作
該計劃之有關指令, 包括但不限於代其認購相關之計劃、執行買賣指令、計劃之贖回、處理計劃相關款項或收取有關其他開支, 並代為發送/收取相關文件或款項予發行商或保管人。
1.2 客戶保證對於其集體投資計劃之認購/相關買賣以及所有相關決定/指示,自行尋求獨立法律顧問之意見。
1.3 客戶確認及知悉本公司並無對任何單位/集體投資計劃的實際/將來表現作出任何擔保及/或陳述。
1.4 假如我們經紀向客戶招攬銷售或建議任何金融產品，該金融產品必須是我們經考慮閣下的財政狀況、投資經驗及投資目標後而認為合理地適合閣下的。本協議的其他條文或任何其他我們可能要求客戶簽署的文件及我們可能要求客戶作出的聲明概不會減損本條款的效力。
2. 集體投資計劃指示
2.1 客戶同意就買賣交易提供清晰明確之書面指示或透過電話或透過本公司認可的其他方式(如網上形式申請等)予本公司執行。
2.2 客戶同意本公司保留於任何時候更新/終止有關買賣指示形式之最終決定權。
2.3 客戶同意就買賣交易填妥有關買賣指示表格,提供足夠款
項以及有關之補充文件或資料, 本公司保留接納該指示與否之有關決定權。
2.4 客戶允諾提供予本公司有關文件之所有資料皆完整無誤,本公司並不會檢查或確認該等資料. 客戶同意本公司保留於收到有關指示後執行與否之權利, 此外,客戶確認知悉並同意本公司在無條件的情况下，保留不接納或延遲執行該指示之絕對權利,並無頇為其決定予以解釋。客戶同意因本條或其他情況引起之遺漏/錯誤引致的所有結果
/損害/損失/成本/開支等等（如有）,皆由客戶負擔, 本公司並不承擔任何因此而引致的任何責任。
2.5 客戶同意於相關集體投資計劃交回已正確填妥之贖回指示表格, 或根據客戶以電話作出的指示,本公司可代表客戶填寫及簽署申請表格及其他必頇文件，並知悉本公司會按有關指示內容通知發行商,並根據其計劃所屬之私募發行備忘錄中詳細條款,經托管人支付本公司計算後之相關贖回款項. 客戶同意承擔贖回手續中產生之任何費用
(如有) 並從該贖回款項中扣除。
3. 佣金及非金錢利益
3.1 客戶同意作為本公司提供之集體投資計劃之代理及分銷服務之報酬,本公司可以從相關集體投資計劃得到物品及服務，包括但不限于：研究及顧問服務，經濟及市場分析，投資組合分析，包括估值及衡量業績表現的分析，數據及報價服務，與上述物品及服務有關的電腦硬件及軟件，結算及代管服務，以及與投資有關的刊物。
3.2 客戶在此聲明同意本公司收取及保留與客戶的集體投資計劃交易有關的現金或金錢性質的回佣。客戶在此聲明已獲悉及同意就回佣及其大概價值本公司已於向客戶發出之結單作出披露。
E. 衍生產品服務協議書
本衍生產品服務協議書被視為由以下雙方於開戶表格所列之日期時簽訂
(1) 創市証劵有限公司（“本公司”）爲證券及期貨事務監察委員會（「證監會」）註册的證券交易商（CE 编號： BJK437）以及香港聯合交易所有限公司（「聯交所」）的交易參與者：其主要辦事處設於香港皇后大道中 59-65 號泛海大廈 709 室；及
(2) （“客戶”），其地址及相關資料列於開戶表格中。
鑒於
(1) 本公司時而擔任香港一些衍生產品的經銷商；及
(2) 客戶被視為有興趣於本公司開立一個衍生產品戶口
（“衍生產品戶口”）作投資衍生產品用途，並同意根據下述條款處理衍生產品之交易。
1. 定義及詮釋
1.1 “協議”的定義及詮釋，是根據「客戶協議書」中「第一部份：一般性條款及規例」內所載之定義及詮釋。
1.2 “衍生產品”指場外交易金融合約，其價值反映貨幣、
利率、證券、債券、貨幣市場工具、金屬及其他商品、金融工具、參考指數或任何其他基準的回報或收益，包括但不限於認股權證、期權、高息票據或其他可換股證券。
1.3 “衍生產品戶口”指客戶在本公司開立處理有關本協議之衍生產品之帳戶。
1.4 “衍生產品交易”指有關購買、投資、認購各類由本公
司提供的衍生產品的任何協議，或出售、交換或以其他方式處置各類給本公司的衍生產品，以及與本公司進行有關各類衍生產品的綜合交易。
1.5 “風險披露聲明”指「客戶協議書」中附錄 1 所載之的風險披露聲明。
1.6 “證券”的定義及詮釋，是根據「客戶協議書」中「第
一部份：一般性條款及規例」內所載之定義及詮釋，並包括本協議的“衍生產品”及其他本公司接受之產品。
1.7 “證券帳戶”指客戶在本公司開立的任何和所有帳戶，包括根據任何“證券”處理“股票”之現金帳戶或托管帳戶。
1.8 “交收日”指以現金或相關資產交收的日期。
1.9 “單位”指根據“協議”的任何基金、投資基金、共同 基金、或其他集體投資計劃項下的任何類別股份或單 位。
2. 衍生產品交易
2.1 客戶同意本公司根據本協議所載章則及條款執行客戶與本公司的衍生產品交易。
2.2 本公司可應客戶請求，向客戶提供報表或摘要，載明有關衍生產品的規格、 性質及其他細節 (“衍生產品摘要”)。
2.3 客戶向本公司承諾及保證，在進行任何衍生產品交易前，
客戶將細讀有關的衍生產品摘要(如有向客戶提供) 及明白相關的風險披露聲明，同時充份明瞭該衍生產品的規格、性質及其他有關細節和涉及的風險。
2.4 客戶明瞭及確認，衍生產品交易可規定於交收日以現金或相關資產交收。
2.5 客戶明確地同意、批准、及確認本公司可就衍生產品交易而得到收取財務收益、或其他利益。
2.6 假如我們經紀向客戶招攬銷售或建議任何金融產品，該金融產品必須是我們經考慮閣下的財政狀況、投資經驗及投資目標後而認為合理地適合閣下的。本協議的其他條文或任何其他我們可能要求客戶簽署的文件及我們可能要求客戶作出的聲明概不會減損本條款的效力。
3. 交易指示
3.1 本公司一經接獲客戶執行衍生產品交易的指示，而客戶 必 頇在執行該項交易時支付款項，則本公司有權在證券帳戶 的貸方結存中，耳記或保留一筆完全相等於該項衍 生產 品交易金額的款項，或一筆本公司有不受約束的絕 對酌 情權認為適當百份率的款項，但如證券帳戶的可用 資金 不足以支付交易價值，則本公司有權不受理或執行 有關 指示。客戶又同意在客戶發出指示執行該衍生產品 交易 時，頇確保證券帳戶中有足夠的可用資金支付交易 價值。縱使上文另有規定，本公司有不受約束的絕對酌 情權而 無頇再行通知客戶，即可執行客戶的指示以執行 該項衍 生產品交易，即使在客戶發出指示時，客戶證券 帳戶中 的可用資金不足以支付交易價值，在此情況下， 客戶在 發出有關指示後應盡快將足夠的可用資金存入證 券帳戶 以支付交易價值。
3.2 本公司一經接獲客戶執行衍生產品交易的指示，除非本
公司(有不受約束的絕對酌情權)另外訂明或接受者，如本公司執行有關衍生產品交易的指示，現頇或將頇(不論是基於送達通知，滿足任何條件等)於有關交收日，以現金就衍生產品交易進行交收，則只有當證券帳戶中的可用資金足以全數應付交收責任，本公司方接受指示執行有關衍生產品交易。在有關衍生產品交易的責任仍然存續期內(或本公司酌情決定的其他期限)，本公司有權自證券帳戶的貸方結存中，耳記或保留該等數額(或本公司酌情決定的較低數額)。客戶又同意在發出指示執行任何衍生產品交易時，頇確保證券帳戶有足夠資金，可供衍生產品交易交收之用。縱使上文另有規定，本公司有不受約束的絕對酌情權而毋頇再行通知客戶，即使於客戶發出指示之時，客戶的證券帳戶中沒有足夠的可用資金供衍生產品交易的交收，在此情況下，客戶發出有關指示後，應盡快存放足夠的可用資金入證券帳戶內，以供衍生產品交易交收之用。
3.3 如所執行的衍生產品交易涉及相關資產，而本公司現頇或將頇(不論是基於送達通知，滿足任何條件等)於有關交收日，以實物形式交付指定數量的資產，則除本公司(有不受約束的絕對酌情權)另有訂明或接受者外，本公司頇在下列情況下方接受指示：
(a) 於收到客戶的指示時，該等資產已貸記入客戶的證券帳戶內；或
(b) 在本公司執行有關衍生產品交易前，客戶或客戶的授權人士/授權代表已將指定數量的資產，存入或安排存入或轉給本公司。
在有關衍生產品交易的交收責任仍然存續期間(或本公司
酌情決定的其他期限)，本公司有權將客戶證券帳戶中的或另外交付本公司的特定數量資產，指定作交收用途，在此期間客戶不得出售、轉讓、轉移、變賣或以其他方處置任何該等資產。客戶又同意在發出執行該衍生產品交易的指示時，頇確保證券帳戶中有足夠數量的資產以供衍生產品交易交收之用。
3.4 不論客戶有否遵從第 3.3 條規定，本公司在收到有關指示時，有權自證券帳戶的貸方結存中，耳記或保留一筆不少於該特定數量資產 100%全值(由本公司全權酌情估計)或任何百份率的款項，直至 (a)特定數量的資產已根據第
3.3 條存入或轉入本公司及指定作交收用途；或 (b)本公司或本公司代理人實際收至確認該有關指示未能執行。
3.5 在不影響上述規定下，本公司有不受約束的絕對酌情權隨時不接受客戶就任何衍生產品交易的指令或指示而無頇申述任何理由。
4. 交易確認
4.1 客戶根據本協議通過本公司訂立的每項衍生產品交易，將獲本公司於下一(1)個營業日發給一份書面交易確認書
作記錄。該確認書載有足夠的詳細資料，以確定有關的衍生產品交易(“交易確認書”)。交易確認書將構成本協 議就有關衍生產品交易的補充及組成部份。就特定的衍 生產品交易，如有關交易確認書的規定，與本協議的規 定有抵觸，以有關交易確認書的規定為準。
4.2 客戶承諾小心審閱所有交易確認書，在收到交易確認書的下一(1)個營業日內副署該交易確認書副本並將之送還本公司以確認其準確性。
4.3 如客戶質疑任何交易確認書的準確性或發現任何錯誤，
頇在收到或視為收到該交易確認書三(3)個營業日內(或本公司在有關交易確認書中指定的其他期限)，以書面形式向本公司提出異議，並一併提交一切有關證據。
4.4 如在第 4.3 條所載期限內，本公司未有收到客戶任何確認或異議，客戶將視為確認及接受該交易確認書的準確性，縱使該交易確認書有任何不符、遺漏或偏差，不論是因任何人士偽冒、欺詐、未獲授權、疏忽等引致。
5. 衍生產品交易的交收及到期或贖回
5.1 本第 5 條款只適用於客戶委派及授權本公司以代理人身份執行衍生產品交易，但本公司有不受約束的絕對酌情權隨時拒絕為客戶的代理人而無頇申述任何理由。
5.2 就任何會到期的衍生產品交易，除非於交收日就衍生產品交易採取適當的贖回行動，否則以下規定應告適用：
(a) 客戶有全責了解客戶在衍生產品交易中的權利及交 易條款，以及就衍生產品交易的贖回採取適當行動。
(b) 如客戶未有在交收日前至少三(3)個營業日發指示給 本公司： (1)如衍生產品交易的贖回並非強制性的，
則視客戶已不可撤銷地放棄與衍生產品交易的贖回有關的一切權利及應佔權益； (2)如衍生產品交易的贖回是強制性的，本公司可全權酌情轉讓或出售證券帳戶中任何證券，以履行客戶的交收責任。如本公司因出售證券或因與此直接或間接有關的事情，或因客戶未有履行交收責任，以致招致、蒙受或承受任何損失、損害、利息、行動、要求、申索、法律程序等及所有本公司合理招致的一切費用及支出，客戶頇按要求對本公司作出全數彌償。
(c) 如客戶在交收日至少三(3)個營業日前，通知本公司就衍生產品交易的贖回採取適當行動，本公司無責任執行指示，除非及直至本公司在客戶發出指示時，收到足夠的即時可用資金，否則上文 (b)款規定應告適用，猶如客戶未有及時發指示給本公司。
5.3 如衍生產品交易規定以現金或相關資產進行交收，則於交收日進行交收時，客戶承諾：
(a) 如該衍生產品交易規定在交收日以現金進行交收，客
戶頇在交收日前，向本公司提供足夠的可用資金，令本公司得以完全履行交收責任。如交收日已屆，但客戶未有履行交收責任，本公司獲授權轉讓或出售證券帳戶中任何證券，以履行客戶的交收責任。如本公司因出售證券或因與此直接或間接有關的事情，或因客戶未有履行交收責任，以致招致、蒙受或承受任何損失、損害、利息、行動、要求、申索、法律程序等及所有本公司合理招致的一切費用及支出，客戶頇按要求對本公司作出全數彌償；及/或
(b) 如該衍生產品交易規定以交付相關資產的形式進行交收，客戶頇在交收日前，向本公司交付指定數量的資產或以其他方式進行交收。如客戶未有在交收日或之前履行交收責任，本公司獲授權代客戶買入必需的資產以履行客戶的交收責任。如本公司因買入證券及因與此直接或間接有關的事情，或因客戶未有履行交收責任，以致招致、蒙受或承受任何損失、損害、利息、行動、要求、申索、法律程序等及所有本公司合理招致的一切費用及支出，客戶頇按要求對本公司作出全數彌價。本公司茲獲授權自客戶交付本公司的資產組合中，撥用、提取及/或應用
有關數量的適當資產，以就衍生產品交易進行交收。
5.4 在不影響上文規定下，本公司無責任不時通知客戶交收日將屆，或代客戶採取任何行動，除非本公司在有關確認書中另有協議或另外與客戶備有書面協議。如本公司同意不時通知客戶任何交收日，或代客戶就任何衍生產品交易採取任何行動，可實施本公司認為適當的章則及條款。
5.5 於交收日，本公司有權自證券帳戶支取衍生產品交易整筆應付款項(包括但不只限於買入價、一切費用、佣金、印花稅、稅項、徵費及其他所有合理招致的支出)。
5.6 衍生產品交易在扣除一切經紀佣金、佣金、印花稅、費
用及其他合理招致的支出後的所得淨款項，應首先用於償還(不論全部或部份)在本協議結算下而欠本公司的一切債項(倘有)，餘款(倘有)則存入證券帳戶。
6. 交易所報價的衍生產品
6.1 在不影響上述規定下，如任何衍生產品在香港聯合交易所或其他交易所報價，則客戶與本公司的法律關係、授權和一切交易，將按「客戶協議」項下的非衍生產品有關的協議規定進行。
7. 確認
7.1 客戶同意，不論客戶的證券帳戶有多少可用資金，客戶仍頇對本公司根據客戶的指示執行的任何衍生產品交易所產生的一切交收及其他責任負責。此外，客戶同意如本公司認為或懷疑客戶現在或，可能不能或不願意履行客戶對衍生產品交易的交收或其他責任，本公司有不受約束的絕對酌情權，隨時結清本公司就本協議執行的任何或一切衍生產品交易合約，在聯交所或其他有關交易所買入相關資產以平掉淡倉，或在聯交所或其他有關交易所賣出衍生產品以平掉好倉，或就有關衍生產品交易採取本公司全權酌情認為適當的其他行動。
7.2 客戶同意及向本公司確認：
(a) 本公司無頇對由第三者(包括任何衍生產品發行商或衍生產品交易對手)提供或發放予客戶的任何資料是否準確或正確負責，不論該等資料見於有關衍生產品摘要或別處；及
(b) 客戶並非依賴本公司的任何通訊(書面或口頭)作為投資意見或建議，以訂立通訊中所預期的交易；客戶明白衍生產品摘要及關於任何衍生產品的資料及解釋，不應視為投資意見或建議以執行有關的衍生產品交易。
8. 其他
8.1 本協議同用中英文書寫，如中文本與英文本有所出入， 以英文為準。
附錄 1 風險披露聲明
證券交易的風險
證券價格有時可能會非常波動。證券價格可升可跌，甚至變成毫無價值。買賣證券未必一定能夠賺取利潤、反而可能會招致損失。
買賣創業板股份的風險 創業板股份涉及很高的投資風險。尤其是該等公司可在無需 具備盈利往績及無需預測未來盈利的情況下在創業板上市。 創業板股份可能非常波動及流通性很低。你只應在審慎及仔 細考慮後，才作出有關的投資決定。創業板市場的較高風險 性質及其他特點，意味著這個市場較適合專業及其他熟悉投 資技巧的投資者。 現時有關創業板股份的資料只可以在香港聯合交易所有限公 司所操作的互聯網網站上找到。創業板上市公司一般毋頇在 憲報指定的報章刊登付費公告。 假如你對本風險披露聲明的內容或創業板市場的性質及在創 業板買賣的股份所涉風險有不明白之處，應尋求獨立的專業 意見。
人民幣計價證券交易的風險 人民幣證券受匯率波動影響，而匯率波動可能產生機會或風 險。閣下如將人民幣兌換為港幣或其他外幣時，可能受人民 幣匯率波動影響而招致損失。目前人民幣並非完全可自由兌 換，而通過銀行進行人民幣兌換亦受每日限額限制及不時適 用的其他限制。閣下務頇留意不時適用的有關兌換的限制及 其變動。如閣下需兌換人民幣金額超過每日限額，頇預留時 間以備兌換。任何與人民幣証券交易有關的人民幣兌換將由 本公司以主事人的身份按市場當時通行匯率而決定之匯率進 行。
投資海外發行人證券的風險 由於海外發行人是受其所屬司法權區的不同法例約束，如閣 下投資於海外發行人於香港上市的證券，所衍生的稅務責任 或可能因稅制不同而與投資於香港發行人的證券有所不同(如 交易稅、資本收益稅及股息稅等)。閣下應按自身情況，就購 買、持有、處置或買賣海外發行人證券的適用稅務責任諮詢 其稅務顧問，以遵守適用的法律及法規。
行使及買賣供股權益的風險 若投資者要行使及買賣供股權 益，應留意有關的期限及其他 時間表。未被行使的供股權益在到期時將沒有任何價值。但 若投資者決定不行使供股權益並在市場上轉讓這項權利，應 留意認購期內設有指定的買賣期，在此之後供股權益將會變 得毫無價值。若投資者決定放棄供股權益，其持股比例將會 因公司增發新股而被攤薄。
買賣交易所買賣基金的風險
1. 市場風險 交易所買賣基金主要為追蹤某些指數、行業/領域又或資產 組別(如股票、債券或商品)的表現。交易所買賣基金經理 可用不同策略達至目標，但通常也不能在跌市中酌情採取 防守策略。投資者必頇要有因為相關指數/資產的波動而蒙受損失的準備。
2. 追蹤誤差 這是指交易所買賣基金的表現與相關指數/資產 的表現脫 節，原因可以來自交易所買賣基金的交易費及其他費用、 相關指數/資產改變組合、交易所買賣基金經理的複製策略等等因素。（常見的複製策略包括完全複製/選具代表性樣
本以及綜合複製，詳見下文。）
3. 以折讓或溢價交易 交易所買賣基金的價格可能會高於或低於其資產淨值，當 中主要是供求因素的問題，在市場大幅波動兼變化不定期 間尤其多見，專門追蹤一些對直接投資設限的市場/行業的 交易所買賣基金亦可能會有此情
況。
4. 外匯風險 若投資者所買賣結構性產品的相關資產並非以港幣為單 位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資 產的價值造成負面影響，連帶影響結構性產品的價格。
5. 流通量風險 證券莊家是負責提供流通量、方便買賣交易所買賣基金的 交易所參與者。儘管交易所買賣基金多有一個或以上的證 券莊家，但若有證券莊家失責或停止履行職 責，投資者或 就不能進行買賣。
6. 交易所買賣基金的不同複製策略涉及對手風險
(a) 完全複製及選具代表性樣本策略 採用完全複製策略的交易所買賣基金，通常是按基準 的相同比重投資於所有的成份股/資產。採取選具代表 性樣本策略的，則只投資於其中部分(而不是全部)的相 關成份股/資產。直接投資相關資產而不經第三者所發 行合成複製工具的交易所買賣基金，其交易對手風險 通常不是太大問
題。
(b) 綜合複製策略 採用綜合複製策略的交易所買賣基金，主要透過掉期 或其他衍生工具去追蹤基準的表現。現時，採取綜合 複製策略的交易所買賣基金可再分為兩種：
i. 以掉期合約構成
總回報掉期(total return swaps)讓交易所買賣基金經理可以複製基金基準的表現而不用購買其相關資產。以掉期合約構成的交易所買賣基金需承受源自掉期交易商的交易對手風險。若掉期交易商失責或不能履行其合約承諾，基金或要蒙受損失。
ii. 以衍生工具構成 交易所買賣基金經理也可以用其他衍生工具，綜合 複製相關基準的經濟利益。有關衍生工具可由一個 或多個發行商發行。以衍生工具構成的交易所買賣 基金需承受源自發行商的交易對手風險。若發行商 失責或不能履行其合約承諾，基金或要蒙受損失。
7. 交易所買賣基金即使取得抵押品，也需依靠抵押品提供者履行責任。此外，申索抵押品的權利一旦行使，抵押品的市值可以遠低於當初所得之數，令交易所買賣基金損失嚴重。
集體投資計劃的風險
集體投資計劃可廣泛地（最多 100%）投資於金融衍生工具，定息證券及/或結構性產品（包括但不限於信用違約掉期、次等投資級別債務、按揭抵押證券及其他資產抵押證券），並涉及不同的風險（包括但不限於交易對手風險、流通性風險、信用風險及市場風險）。集體投資計劃可能使用衍生工具的交易策略可能招致損失的部份原因包括但不限於：市場狀況動盪、衍生工具與取決其價格的證券走勢關連性不完美、市場缺乏流動性，以及交易對手方的違責風險。
結構性產品交易的風險 遵照香港聯合交易所有限公司證券 (上市規則)規定的詳情， 在聯交所上市的衍生權證(「權 證」)、牛熊證(「牛熊證」)及
其他結構性產品(權證、牛熊證及其他結構性產品)統稱「結構性產品」。
結構性產品之發行人有時可能是唯一在有關股票交易所提供買賣報價的一方。結構性產品的價格可急升，亦可急跌，而投資者可能會蒙受其全部投資的損失。
結構性產品頇承擔多項風險，包括但不限於以下所列：
1. 發行商失責風險 倘若結構性產品發行商破產而未能履行其對所發行證券 的責任，投資者只被視為無抵押債權人，對發行商任何資 產均無優先索償權。因此，投資者頇特別留意結構性產品 發行商的財力及信用。
2. 非抵押產品風險 非抵押結構性產品並沒有資產擔保。倘若發行商破產，投 資者可以損失其全數投資。要確定產品是否非抵押，投資 者頇細閱上市文件。
3. 槓桿風險 結構性產品如衍生權證及牛熊證均是槓桿產品，其價值可 按相對相關資產的槓桿比率而快速改變。投資者頇留意， 結構性產品的價值可以跌至零，屆時當初投資的資金將會 盡失。
4. 有效期的考慮 結構性產品設有到期日，到期後的產品即一文不值。投資 者頇留意產品的到期時間，確保所選產品尚餘的有效期能 配合其交易策略。於到期時，若現金結算款為零或負數， 投資者將損失其投資價值。
5. 特殊價格移動 結構性產品的價格或會因為外來因素(如市場供求)而有別 於其理論價，因此實際成交價可以高過亦可以低過理論 價。
6. 外匯風險 若投資者所買賣結構性產品的相關資產並非以港幣為單 位，其尚要面對外匯風險。貨幣兌換率的波動可對相關資 產的價值造成負面影響，連帶影響結構性產品的價格。
7. 流通量風險 聯交所規定所有結構性產品發行商要為每一隻個別產品 委任一名流通量提供者。流通量提供者的職責在為產品提 供兩邊開盤方便買賣。若有流通量提供者失責或停止履行 職責，有關產品的投資者或就不能進行買賣，直至有新的 流通量提供者委任出來止。
故此，投資者應確保了解結構性產品的性質，及在投資結構性產品前仔細研究基本上市文件及任何發行結構性產品的有關補充上市文件內所列的風險因素，及在投資結構性產品前，
（如需要）尋求專業意見。 投資者需要清楚了解有關產品在市況極度惡劣或面臨破產的 情況下，構成一般無抵押合約的責任。
買賣牛熊證的額外風險
1. 強制收回風險 投資者買賣牛熊證，頇留意牛熊證可以即日
「取消」或強 制收回的特色。若牛熊證的相關資產值等同上市文件所述 的強制收回價/水平，牛熊證即停止買
賣。屆時，投資者只能收回已停止買賣的牛熊證由產品發行商按上市文件所 述計算出來的剩餘價值 (注意：剩餘價值可以是零)。
2. 融資成本 牛熊證的發行價已包括融資成本。融資成本會隨牛熊證接 近到期日而逐漸減少。牛熊證的年期愈長，總融資成本愈 高。若一天牛熊證被收回，投資者即損失牛熊證整個有效 期的融資成本。融資成本的計算程式載於牛熊證的上市文
件。
買賣衍生權證的額外風險
1. 時間損耗風險 假若其他情況不變，衍生權證愈接近到期日，價值會愈低， 因此不能視為長線投資。
2. 波幅風險 衍生權證的價格可隨相關資產價格的引申波幅而升跌，投 資者頇注意相關資產的波幅。
場外交易的風險
1. 你必頇了解場外 (「Over-the-Counter」) 交易的性質、交 易設施及你可承擔的風險程度，才可進行交易。如有疑問你應尋求獨立的專業意見。
2. 進行場外交易頇承擔風險，包括交易對手風險、證券最終未能在交易所上市的風險、流通性較低及波幅較高。相關交易並不保證能夠結算，你頇承擔你及/或你的交易對手無法結算所招致的任何虧損或開支。
3. 在場外交易的證券價格，可能與其在交易所上市後於正規市場時間內的開市或交易價格出現重大差距。場外交易市場顯示的證券價格可能無法反映相同證券於其他同時運作的自動化交易系統交易的價格。
4. 場外交易市場不受交易所監管，亦不獲投資者賠償基金保障。直至相關交易於該證券上市後正式記錄於交易所的交易系統，方受到有關監管及保障。
投資美國交易所上市或場外交易證券或美國衍生工具的風險閣下在投資任何受美國法律規管市場的證券或證券相類的工具前，應先瞭解適用於該等交易的美國規例。美國法律通常適用於美國市場交易，無論客戶所屬的國家法律是否亦同時適用。
有眾多（但此非指全部）股票，債券及期權均在美國證券交易所掛牌及交易。納斯達克以往是交易商之間的場外交易市場，現亦已成為一家美國交易所。就在交易所上市的股票，債券及期權而言，每家交易所會發有補充美國證券交易委員會規例的規例，以保障在該交易所進行買賣證券的個人及機構。
交易商可以繼續利用交易所掛牌或非交易所掛牌的工具進行場外交易。就未有在交易所掛牌的證券，其交易可以透過在場外電子交易板或載有代理（非真正的）交易商報價之交易商之間的粉紅價單進行。這些交易設施是在納斯達克以外設置。
證券期權受美國證券交易委員會及該期權掛牌的證券交易所之規例管轄。期貨合約或商品例如小麥或黃金的期權受美國商品期貨交易委員會之規例管轄。商業期權例如房地產期權則不受美國證券交易委員會或美國商品期貨交易委員會之規則限制。
無論閣下意欲投資在美國交易所掛牌的證券、場外交易證券或衍生工具（如期權或期貨），客戶應瞭解監管擬進行交易之市場的有關規例。投資於沒有頇在交易所掛牌要求的衍生工具會傾向使風險增加及衍生工具市場的性質傾向使風險進一步增加。
場外電子交易板的莊家不能使用電子媒介與其他交易商溝通以執行交易。他們必頇以手動方式與市場溝通，即使用標準電話線與其他交易商溝通以執行交易，此舉可能會引致延遲與市場溝通。若在同時交易量增加，可引致場外電子交易板的證券價格波幅擴大及遲誤延長執行時間。客戶在市場落盤
時應加倍審慎，並完全了解有關外電子交易板交易的風險。
市場數據如報價，交易量及市場大小可能或未必與納斯達克或掛牌證券預期般一樣保持現況更新。
因參與場外證券市場的莊家數目可能較少，該證券的流通量可能大幅較在市場掛牌證券的流通量低。因此，閣下的指示可能只獲部分執行，甚至全部不獲執行。此外，市場落盤所收到的價格可能與輸入買賣盤時的報價有明顯的不同。當某一證券的股份交易減少，可引致賣出/買入價的差距增加及造成價格波動。在某些情況下，未必能在合理時間內為場外證券平倉。
場外交易證券的發行商並無責任向投資者提供資訊、與證券交易委員會維持登記或向投資者提供定期報告。
在香港聯合交易所有限公司買賣納斯達克－美國證券交易所證券的風險
按照納斯達克－美國證券交易所詴驗計劃(“詴驗計劃”)掛牌買賣的證券是為熟悉投資技巧的投資者而設的。你在買賣該項詴驗計劃的證券之前，應先諮詢有關持牌人或註冊人的意見和熟悉該項詴驗計劃。你應知悉，按照該項詴驗計劃掛牌買賣的證券並非以香港聯合交易所有限公司的主板或創業板作第一或第二上市的證券類別加以監管。
在香港以外地方收取或持有的客戶資產的風險 持牌人或註冊人在香港以外地方收取或持有的客戶資產，是 受到有關海外司法管轄區的適用法律及規例所監管的。這些 法律及規例與《證券及期貨條例》(第 571 章)及根據該條例制 訂的規則可能有所不同。因此，有關客戶資產將可能不會享 有賦予在香港收取或持有的客戶資產的相同保障。
買賣外國證券包括中國 B 股的風險
你必頇先瞭解外國證券買賣的性質以及將面臨的風險，然後方可進行外國證券的買賣。特別是，儘管創市証劵有限公司是聯交所的交易所參與者，外國證券的買賣並不受聯交所所管轄，並且不會受到投資者賠償基金所保障。你應根據本身的投資經驗、風險承受能力以及其他相關條件，小心衡量自己是否適合參與該等買賣及徵求獨立專業意見(如有疑問)。
由於證券市場時有波動，購入及沽出股票期權頇承擔高風 險。對期權持有人的警告
有些期權在到期日方可行使〈歐式期權的行使〉，其他期
權可於到期前的任何時間行使〈美式期權的行使〉。有些期權在行使時頇以正股交收，而其他期權在行使時則頇支付現金。期權乃損耗性資產，期權持有人可能會損失該期
權的全部期權金。你作為期權持有人，如欲賺取利潤，必頇行使期權或在市場將期權長倉平倉。在某些情況下，因市場流通量不足，買賣期權會出現困難。你必頇明白在未獲你的指示前，你的經紀並無責任行使有價值的期權，亦無責任將期權的到期日預先通知你。
對期權沽出人的警告
作為期權沽出人，你隨時可能要繳付額外的按金。期權沽出人與期權持有人不同，正股價的起跌可令沽出人蒙受無限損失，而期權金乃沽出人的唯一回報。此外，美式認購
〈認沽〉期權的沽出人可能需要在到期前的任何時候交收 正股或支付現金代價，該價格為行使價乘以正股數目的積， 你必頇明白上述責任可能與沽出期權所收到的期權金的 價值完全不成比例，而有關的通知期亦可能甚短。
買賣交易所交易票據(“ETN”)的風險
ETN 是一種由承銷銀行發行的無擔保、非次級債務證券，旨 在為投資者提供各個市場基準的回報。ETN 的回報通常與一 個市場基準或策略的表現掛鈎，並扣除適用的費用。與其他 債務證券類似，ETN 有到期日，且僅以發行人信用作為支持。
投資者可以透過交易所買賣 ETN 或於預定到期日收取現金付 款， 或視乎基準指數的表現有機會直接向發行人提早贖回 ETN(頇扣除適用的費用)。然而，投資者於贖回時可能受 ETN 的提早贖回條件限制，例如最少贖回數量。
投資者並無保證將於到期日或發行人提早回購時可收回投資本金或任何投資回報。對於 ETN，正面表現的月份或無法抵銷其中某些極不利之月度表現。ETN 發行人有權隨時按回購價值贖回ETN。若於任何時候ETN 的回購價值為零，投資者的投資則變得毫無價值。ETN 可能流通性不足，投資者並無保證可隨時按其意願，以目標價格買賣。
儘管 ETF 與 ETN 均有追蹤基準指數的特性，但ETN 屬於債務證 券，並不實際擁有其追蹤的任何資產，擁有的僅是發行人向投資者分配理論上存在的基準指數所反映的回報之承諾。 ETN 對投資組合的多元化程度有限，投資者頇受集中於特定 指數及指數成份的集中性風險。鑒於 ETN 屬無抵押品的債務 工具，若 ETN 發行商發生違約或破產，最大潛在損失可能是 投資額的百分之一百及無法獲得任何利潤。
即使受追蹤的相關指數沒有變化，發行人信用評級降級亦會導致 ETN 的價值下跌。因此，買賣 ETN 的投資者直接面臨發 行人的信用風險，且在發行人宣佈破產的情況下僅擁有無擔 保的破產索償權。本金金額頇扣除定期繳納的投資者費用或 任何適用的費用，該等費用會對回報產生不利影響。你應注 意 ETN 的相關資產可能以 ETN 本身以外的貨幣計值的匯率風 險。匯率變動可為你的投資帶來不利影響。
個別 ETN 可能會採用槓桿，而 ETN 的價值會因應其對於相關資產的槓桿比率而迅速變化。你應注意ETN的價值可能會跌 至零，你可能損失所有的投資本金。
股票掛鈎票據的風險
股票掛鈎票據是由票據/存款與期權結合而成，其回報是基於相關資產的價格表現而釐定。其最大回報通常受限於一個預先訂定的金額。如相關資產的價格走勢與客戶的預期出現重大程度的相反，閣下可能損失全部投資本金。大部份的股票掛鈎票據並非低風險產品。閣下需承受發行商的信貸風險，而其回報主要視乎相關資產價格的未來走勢。股票掛鈎票據是涉及衍生工具的結構性產品。其最大回報是有上限的，但其潛在損失可能很重大。閣下在決定投資前閱讀所有有關銷
售文件，以了解股票掛鈎票據的特性及風險，均為猶其重要。
提供代存郵件或將郵件轉交第三方的授權書的風險 假如你向持牌人或註冊人提供授權書，允許他代存郵件或將 郵件轉交予第三方，那麼你便頇盡速親身收取所有關於你帳 戶的成交單據及結單，並加以詳細閱讀，以確保可及時偵察 到任何差異或錯誤。
使用電子交易服務的風險
1. 如果你透過電子服務進行買賣，你便頇承受該電子服務系統帶來的風險，包括有關系統硬體和軟件可能會失靈的風險。系統失靈可能會導致你的買賣盤不能根據指示執行，甚或完全不獲執行；
2. 由於未可預計的交通擠塞和其他原因，電子服務可能並不可靠的，及存在通過電子服務進行的交易在傳輸和接收你的指示或其他資訊過程中可能會被耽誤、延遲執行你的指示或有關指示以有別於你發出指示時的市價執行、指示在傳輸時被中斷或停頓等風險。在通訊過程中也存在誤解或錯誤的風險，以及在發出了指示後，通常也不一定可以取消。由於此類中斷、耽誤或被第三方進入而使客戶遭受的任何損失，本公司概不承擔責任。如果你不準備接受此類中斷或耽誤引致的風險，你不應透過電子服務來作出任何指示；及
3. 通過電子服務向你提供的市場數據和其他資訊可能是本公司從第三者獲得的。雖然本公司相信這些數據和資訊是可靠的，但本公司或該等第三者都不會保證這些數據和資訊的準確性、完整性和即時性。
股票掛鈎投資（息股證/高息票據）的風險
1. 股票市場風險 股票掛鈎投資產品（下稱「股票掛鈎產品」）
（含息股證及 高息票據）是由票據/存款與期權結合而
成，其回報是基於相關資產的價格表現而釐定。你需留意股票市場和相關證 券價格的波動；及股息和公司行動帶來的影響。
2. 交易對手風險 大部份的股票掛鈎產品並非低風險產品。你需承受發行商 的信貸風險，而股票掛鈎產品的回報主要視乎相關資產價 格的未來走勢。你或許損失部份或全部投資本金，又可能 會接收相關證券或部份的投資本金作為回報。
3. 利潤及虧損 股票掛鈎產品是涉及金融衍生工具的結構性產品。其最大 回報是具上限的，但其潛在損失可能很重大。當相關資產 價格走向與你的預期相違，你或許損失部份或全部投資本 金。
4. 價格調整 你需注意股票掛鈎產品的價格和回報在到期日時可能受 到任何除息、定價或公司行動所影響並有所調
整。
5. 流動性風險 你需明白股票掛鈎產品的買賣或並不活躍於二手市場，並 存有流動性風險。即使該二手市場存在, 其價格或可能低 於發行或購買時之價格。
6. 潛在收益率受交易費用開支影響 一般而言，股票掛鈎產品所提供的利息會高於定期存款及 債券，其投資回報亦受限於潛在收益。你應留意股票掛鈎 產品的買賣和交收都有相應交易收費。詳情請參閱收費表 或直接咨詢你的經紀。所有關於潛在收益率的信息可能並
未參考交易費用開支。
7. 附加產品特性和交易政策 你應需注意及閱讀有意投資的股票掛鈎產品的所有銷售 文件，以了解股票掛鈎產品的附加產品特性及風險（如 有）。 交易守則可能明定以特定的方式結算股票掛鈎產品，例如 以現金交付或實物交割。附加產品特性可能包括但不限於 提前贖回、執行特點、日計應得利息。相關政策和產品特性可能以不同方式影響股票掛鈎產品的投資回報。 猶為重要的是，你應在決定投資前閱讀所有相關銷售文件， 以充分了解股票掛鈎產品的政 策、產品特性和特定風險。
債券交易的風險
1. 違約風險 違約風險指債券發行商未能按合約繳付利息或本金予債券持有人。投資者頇特別留意債券發行商的信貸評
級。評 級較低的債券發行商或更有可能違約，而相關投資者可能 會損失大部份或全部本金。
2. 利率風險 這是投資債券的主要風險。固定利率債券的價格會在利率 下降時上升。在購買債券後，債券的價格會因應利率的上 升而下降。
3. 外滙風險 投資者若投資以外幣計價的債券需面對外匯風險。外幣兌 換率的波動或對基礎資產的價值及相關投資的價格造成 負面影響。
4. 流動性風險 倘若頇於債券到期前出售該債券，你頇明白該債券的買賣 或並不活躍於二手市場。債券發行商若違約或終止履行責 任，客戶作爲投資者可能無法買或賣相關債券。
5. 股票風險 如債券屬可換股債券，可能存在股票風險，並對價格及投 資回報造成負面影響。
附錄 2 個人資料收集聲明
本聲明是根據香港《個人資料（私隱）條例》（「條例」）之要求而提供予本公司的個人客戶。本聲明中所提及的術語與客戶協議中的術語具有相同的含義。
1. 披露義務
1.1 除特別聲明外，客戶必頇按客戶資料聲明上的要求，將個人資料提供予創市証劵有限公司。假如客戶不提供此等資料，本公司將沒有足夠資料來為客戶開設及管理帳戶。
2. 個人資料之使用
2.1 使用者
有關客戶的所有個人資料（不論是由客戶所提供，還是由其他人士所提供；及不論這些資料是在客戶收到客戶協議之前，還是之後）將可被任何下列之公司或人士使用（各為一「使用者」）：
(a) 創市証劵有限公司及/或創市証劵有限公司之 任何控股/子公司（”本公司”）；
(b) 本公司的任何董事、高級職員、僱員或代理人；
(c) 執行客戶指示及/或從事本公司業務而由本公司授權的任何人士（例如律師、顧問、代名人、託管人等）；
(d) 本公司持有與客戶相關的任何權利和義務的任何實 際或建議的承讓人；
(e) 任何政府機構、監管機構或其他團體或機構（不論是法例或是任何集團成員適用的規例所要求）；及
(f) 任何本公司之合作夥伴或有聯繋實體，包括（但不限
於）提供投資產品或服務之銀行，金融機構，中介人，保險經紀等。
2.2 目的
客戶的所有個人資料可被任何使用者用於下列目的：
(a) 執行新的或現有顧客的查核及信用調查程序，以及協助其他金融機構從事此類工作；
(b) 持續帳目管理，包括收取欠款，強制執行擔保、抵押或其他權利和利益；
(c) 設計或推廣予客戶新產品及服務，包括但不限於本公司的產品及/或服務，或由本公司授權或有關聯的中介人或發行商提供的產品及/或服務；
(d) 將此等資料轉移到香港以外的任何地方；
(e) 為了下列目的而進行客戶個人資料的比較（不論收集此等資料的目的及來源，及不論此等資料是向使用者或任何其他人士所收集的）：（A）信用調查；（B）資料核實；及/或（C）編製或核實資料，以便採取使用者或任何其他人士認為合適的行動（包括可能與客戶或任何其他人的權利、義務或權益有關的行動）；
(f) 用於與客戶有關的任何其他協議和服務之條款所規 定之目的；
(g) 有關遵守任何法律、規例、法院判決或其他任何監管機構之判決的任何目的；
(h) 任何有關於執行客戶指示或與本公司業務或交易有 關連的目的。
2.3 使用資料作直接促銷 本公司擬使用及/或轉送客戶的資料給本公司的任何聯繫 公司作直接促銷，而本公司頇為此目的取得客戶同意(其 包括客戶不反對之表示)。因此，務請閣下注意：
(a) 本公司不時持有的閣下的姓名、聯絡詳情、產品及服務投資組合信息、交易模式及行為、財務背景及統計資料可由本公司用於直接促銷；
(b) 以下服務、產品及標的類別可作推廣：
(c) 證券、商品、投資、保險及相關服務和產品；
(d) 有關上文第 2.3(b)(i)款所述促銷標的類別的獎賞、年資獎勵或優惠計劃；及
(e) 為慈善及/或非牟利目的而作出之捐款及資助；
(f) 若客戶不願意本公司使用及/或轉送個人資料作直接促銷，客戶可行使其不同意此安排的權利。
3. 查閱和修正的權利
3.1 根據條例之規定，客戶有權查閱和修正客戶的個人資料。一般來說（除某些豁免外）客戶有以下的權利：
(a) 詢問創市証劵有限公司是否持有與客戶有關的個人 資料；
(b) 在合理的時間內，客戶可查閱其個人資料；本公司將
以合理的方式及清楚易明的格式回覆客戶，但頇收取合理費用；
(c) 要求修正客戶的個人資料；及
(d) 如客戶要求查閱或修正個人資料被拒絕，客戶有權要求說明被拒絕的理由及反對任何該等拒絕。
4. 聯絡人
4.1 如客戶要求查閱和/或修正與客戶有關的個人資料，客戶可向本公司的資料保護專員遞交其申請。
TABLE OF CONTENTS
Part 1 | GENERAL TERMS AND CONDITIONS | Page 32 |
Part 2 | RESPECTIVE CLIENT AGREEMENT | |
A. CASH CLIENT AGREEMENT | Page 41 | |
B. ELECTRONIC STOCK TRADING SERVICES AGREEMENT | Page 44 | |
C. NON-DISCRETIONARY INVESTMENT ADVISORY SERVICE AGREEMENT | Page 48 | |
D. COLLECTIVE INVESTMENT SCHEME AGREEMENT | Page 50 | |
E. DERIVATIVE PRODUCTS SERVICE AGREEMENT | Page 51 | |
Appendix 1 | RISK DISCLOSURE STATEMENTS | Page 55 |
Appendix 2 | PERSONAL INFORMATION COLLECTION STATEMENT | Page 62 |
Part 1: GENERAL TERMS AND CONDITIONS
The provisions hereof shall be incorporated into and form part of the general terms and conditions of the Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement, and/or other contracts (wherever applicableincluding but not limited to the Non-Discretionary Investment Advisory Service Agreement, the Collective Investment Scheme Agreement, the Derivative Products Service Agreement) made between the Client(s) (named in corresponding account opening form(s)) and VMI Securities Limited (the “Company”). Where there are any inconsistencies which may arise between the General Terms and Conditions hereof and any of the said agreements, the General Terms and Conditions hereof shall prevail unless otherwise expressly provided.
1. Definitions and Interpretation
“Account Opening Form” means the account opening form or other document (however described) prescribed by the Company from time to time and provided by or on behalf of the Client to the Company in respect of the Client’s application to open one or more accounts with the Company.
“Agreement” means the Cash ClientAgreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts (wherever applicableincluding but not limited to the Non-Discretionary Investment Advisory Service Agreement, the Collective Investment Scheme Agreement, the Derivative Products Service Agreement) signed by the Client and the Company, and all other documents completed or executed by the Client in relation thereto, including all amendments and subsequent addenda to the said agreements if any.
“Authorized Person(s)” means the person(s) authorized by the Client to give instructions to the Company and/or the VMI Securities Limited.
“Affiliate” means, in relation to a party, an individual, corporation, partnership or any other form of entity directly or indirectly controlling, controlled by or under common control with such party or any of such entities’ directors, officers or employees.
“Access Codes” means the Client’s Password, PIN, User ID or such codes as may be notified to the Client in respect of the Client’s access to the Electronic Trading Services. “VMI Securities Limited” means the Affiliates of the Company, the clearing brokers, members or participants appointed by the Company in any clearing house or
exchange other than the Hong Kong Stock Exchange. “Commission” means the Hong Kong Securities and
Futures Commission.
“Hong Kong Stock Exchange” means The Stock Exchange of Hong Kong Limited.
“SFO” means the Securities and Futures Ordinance Cap.571, Laws of Hong Kong.
“Securities” means any interests, rights or property
(whether in the form of an instrument or otherwise) commonly known as securities or regarded as securities pursuant to the law including, without limitation: -
(a) shares, stocks, debentures, loan stocks, funds, certificates of deposit, bonds or notes of, or issued by, any person, government or municipal government authority;
(b) rights, options, forward contracts, futures or interests (whether described as units or otherwise) in or in respect of any securities in (a) above;
(c) certificates or receipts for, or warrants to subscribe for or purchase, any securities in (a) above; and
(d) interests in any collective scheme.
2. Instructions and Authorization
If the Client is allowed by the Company to engage in cash, margin or stock options trading orto use the market data service and other related servicesincluding the non- discretionary investment advisory service, the services related to the collective investment scheme and the derivative products, or any other services provided by the Company and the VMI Securities Limited, the Client shall be furthersubject to the terms and conditions set out in the relevant agreements with the Company including but not limited to the Cash Client Agreement, the Electronic Stock Trading Services Agreement and the Margin Client Agreement and/or other contracts wherever applicable including but not limited to the Non- Discretionary Investment Advisory Service Agreement, the Collective Investment Scheme Agreement, the Derivative Products Service Agreement.
The Company may implement the Client’s securitiestransactionsin such manner and throughany member of the VMI Securities Limited.
The Client or his/its Authorized Person(s) may give to the Company instructions (which the Company may in its absolute discretion reject) to effect securities trading and othertransactions on behalf of the Client. The instructions may be given orally, in writingor electronically which purport, or which the Company reasonably believes, tocome from the Client or his/its Authorized Person(s) or to have been given onhis/its behalf.
The Client agrees to and hereby irrevocably appoints the Company with full power andauthority as his/its true and lawful attorney, to the fullest extent permittedby law, to act for and on the Client’s behalf for the purpose of carrying out theprovisions of the Agreement and taking any action and executing anydocument or instrument in the Client’s name or in its own name which the Companymay deem necessary or desirable to accomplish the purposes of the Agreement.
Securities transactions effected by the Company on the Client’s behalf are subject to thelaws, regulations, and constitution, by-laws, rules, customs, and transaction levies of the relevant market, exchange,clearing house or jurisdiction as amended from time to time.
2.6 | The Company is hereby authorized to instruct overseas | uponthe Client’s instruction, the Client understands the | |
brokers and dealers (including but not limited to the | relevant provisions of sections 170and 171 of the SFO | ||
United States of America, and the People’s Republic of | and its related subsidiary legislation and agrees to ensure | ||
China) to execute transactions in overseas securities in | compliance with the same by him/it and any other | ||
such terms and at such times as in its discretion deems | relevant persons. | ||
fit and the Client hereby acknowledges that the terms of | 3.8 | The Client understands that where the Company is | |
business of such overseas brokers and dealers shall | selling as agent, the Company shall not convey oraccept | ||
apply to such transactions and the Client agrees to be | an order to sell securities which is a short selling order | ||
bound by such terms. | at or throughthe Hong Kong Stock Exchange or any | ||
2.7 | The Company is hereby authorized to include subject to | other exchange unless it has received from the Client, or | |
the absolute discretion of the Company all the securities | anyother person for whose benefit or on whose behalf | ||
and related transactions of the Client traded in Hong | the order is made,certain required assurance and the | ||
Kong and in the United States of America and/or the B | Company shall be obliged to collect from the Client,or | ||
Shares in the People’s Republic of China in one | such other person, such information (if any), in the form | ||
consolidated account in the name of the Client with the | of a documentand within such time, as is prescribed by | ||
Company. | relevant rules made under theSFO. | ||
2.8 | If the Company solicit the sale of or recommend any | 3.9 | The Client understands and agrees that the Company |
financial products to Client, the financial product must be | may use a telephone recording system to record | ||
reasonably suitable for Client having regard to your financial | conversations with the Client and/or his/its Authorized | ||
situation, investment experience and investment objectives. | Persons. The Clientacknowledges and warrants that | ||
No other provision of this agreement or any other documents | each Authorized Person also consents tosuch recording. | ||
The Company may ask Client to sign and no statement the | 4. | Electronic Trading Services | |
Company may ask the Client to make derogates from this | 4.1 | The Company may provide the Client with electronic | |
clause. | trading facilities and services ("Electronic Trading | ||
3. | Execution of Client’s Orders | Services") upon the terms and conditions stipulated at | |
3.1 | The Company shall not be liable for any delay or failure | the Electronic Stock Trading Service Agreement and the | |
in the transmission of ordersdue to breakdown or | Stock Options Client Agreement. | ||
collapse of communication facilities or for any | 4.2 | The Electronic Trading Services may provide, for | |
otherdelay or failure beyond its control. | informational purposes only, data about securities, | ||
3.2 | The Company may, without prior reference to the Client, | derivatives, mutual funds or other investment products | |
combine for execution his/itsorders with the orders of | published by third parties. Owing to market volatility | ||
other clients. This may result in a more favorableor less | and possible delay in the data-transmission process, the | ||
favorable price being obtained for the Client than | data may not be realtime market quotes for the relevant | ||
executing his/its ordersseparately. Where there are | products. Whilst such data are believed to be reliable, | ||
insufficient securities to satisfy orders socombined, the | the Company has no independent basis to verify or | ||
transactions will be allocated between clients with | contradict the accuracy or completeness of the | ||
dueregard to market practice and fairness to clients. | information provided. | ||
3.3 | If the Company is not able to execute the Client’s orders | 4.3 | The information provided under the Electronic Trading |
in full or at the pricesquoted at any specific time or "at | Services is providedon an "as is", "as available" basis | ||
best" or "at market" by reason of physical restraints and | and the timeliness, sequence, accuracy, adequacy or | ||
rapid changes of securities prices, the Client agrees tobe | completeness of such information is not in any way | ||
bound by such executions. | guaranteed. The Company does not give any | ||
3.4 | Request to cancel or amend the Client’s orders is only | warranties with respectto such information. | |
possible before the ordersare executed. In the case of | 4.4 | The Client hereby expressly agrees that if the Client | |
full or partial execution of the Client’s cancelledorders, | ceases to be a client of the Company, he/it shall have no | ||
the Client agrees to accept full responsibility for the | right to gain access to, nor to continue to use, the | ||
transactions. | Electronic Trading Services, including but not limited to | ||
3.5 | Market orders may result in unfavorable executions | the network services if any provided to the Company by | |
owing to volatilemarket conditions. Moreover, | other service providers for overseas markets. | ||
cancellation of market orders is rarelypossible as they | 5. | Securities Documents | |
are subject to immediate execution. | 5.1 | Securities purchased for the Client will be delivered to | |
3.6 | The Client confirms that until such time as the | theClient (or as the Client may direct)provided that: | |
Company receives written notice from the Clientto the | (a) such securities are fully paid; and | ||
contrary in respect of one or more specific transactions, | (b) such securities are not subject to any lien, and/or are | ||
the Client willnot give the Company any order to sell | not held as collateral by the Company or the VMIS | ||
securities which is a short selling order (asdefined in | |||
section 1 of Part 1 of Schedule 1 to the SFO) to be | 5.2 | The securities and collateral of Client retained by the | |
executed ator through the Hong Kong Stock Exchange | Company shall be treated and dealt within compliance | ||
or any other exchange. | with the provisions of the SFO and relevant rules | ||
3.7 | Without prejudice to Clause 3.6 above, in respect of | ||
each short sellingorder to be transacted at or through the | |||
Hong Kong Stock Exchange or any other exchange |
madethereunder and relevant securities from time to time received on the Client’sbehalf will be deposited in safe custody in a segregated accountmaintained in Hong Kong for the purpose of holding such securities withan authorized financial institution, a custodian approved by the Commission or anotherintermediary licensed for dealing in securities , or registered in the Client’snameor the VMI Securities Limited.
The Company will not return to the Client the securities originally delivered or depositedbut will return securities of the same class, denominations and nominalamount and ranking to the Client.
Where the Client’s securities held by the Company are not registered in his/its name , anydividends, distributions or benefits which accrue in respect of suchsecurities will be received by the Company and credited into the Client’s account. Voting rights may be exercised on the Client’s behalf with respect to such securitiesupon the Client’s prior specific instructions.
Subject to the provisions of the SFO and relevant rules made thereunder , the Client authorizes and agrees that securities and securities collateral from timeto time received or held on his/its behalf may be treated and dealt with insuch manner as the Company may deem fit. The Client understands that such securitiesand securities collateral may be subject to a lien or charge in favour ofthird parties and return of such securities or securities collateral to the Clientmay be subject to satisfaction of such lien or charge. The Client also agrees that the Company shall be entitled to retain for its own benefit and not be accountableto the Client for any fees, income, rebates or other benefits resulting from anylending or deposit of his/its securities or securities collateral to or with anythird party for any purpose by the Company.
Client money shall be treated and dealt with by the Company in compliance withthe provisions of the SFO and relevant rules made thereunder and relevantclient money from time to time received on the Client’s behalf will be paid intoa segregated account for client money maintained in Hong Kong with anauthorized financial institution or any other person approved by theCommission. The Client agrees that unless otherwise expressly provided, the Company shall be entitled to retain for its ownbenefit and not be accountable to the Client for any amounts of interest derivedfrom the holding of client money on his/its behalf.
Subject to the provisions of the SFO and relevant rules made thereunder,the Company and the VMI Securities Limited shall have the Client’s standing authorization given on behalfof the Client and his/its Affiliates to (without being obliged so to do) effectfund transfers between any two or more of the Client’s and his/its Affiliates'accounts maintained with the Company orthe VMI Securities Limited (of whatever nature andwhether individually or jointly with others) for the purpose of dischargingor reducing the Client’s or any of the Client’s Affiliates' obligations or indebtednesstowards the Company or the VMI Securities Limited and without further
consent from or any noticeto the Client or his/its Affiliates.
Without prejudice to any other rights and remedies available to the Company, the Clientagrees that the Company may dispose or initiate a disposal by the VMI Securities Limited of any of the securities or securities collateral from time to timereceived or held on the Client’s behalf in settlement of any liability owed by the Clientor on his/its behalf to the Company, the VMI Securities Limited or a third person.
6. Payment
The Client shall on demand, or by the due settlement date as required by the Company (or the relevant exchange or clearing house) make payment of cleared fundsor delivery of securities in deliverable form to the Company. If the Client fails to comply with the requirements under subparagraph 6.1 above, the Company is authorized by the Client, in its absolute discretion :-
(a) in the case of a purchase transaction, to transfer or sell any securitiesin the Client’s account (including the purchased securities) to satisfy his/itsobligations; or
(b) in the case of a sale transaction, to borrow and/or purchase such soldsecurities as are necessary to satisfy the Client’s settlementobligations.
The Client shall reimburse the Company all losses, costs, fees and expenses (including legalexpenses on a full indemnity basis) in connection with any settlementfailure of the Client’s trades.
Subject to the absolute discretion of the Company, and to facilitate due settlement by the Client, the Company may lendsecurities to the Client or borrow securities for the Client to settle his/its sale trades.The Company may also enter into securities loans arrangements on the Client’s behalf orfor the Client’s benefit, whether in the name of the Company, the VMI Securities Limited or otherwise, upon such terms as the Company conclusively decides. The Client shall indemnify the Company andthe VMI Securities Limited for any margins, guarantees, securities or collateralmaintenance and expenses as may be required under the securitiesborrowing and lending arrangements.
The Client shall bear all currency exchange risks in respect of any transactions, settlementactions or steps taken by the Company (including but not limited to the transactions under clauses 2.6, 2.7 and 8.1(h) hereof).
7. Commission and Charges
The Client shall pay to the Company all commissions interests and other expenses pursuant to the terms of the Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts (wherever applicable).
If the Client has no trading activity for six months or more, the Company reserves the right to charge a
monthly maintenance fee.
8. Representations, Warranties andUndertakings
The Client warrants, represents and undertakes to the Company that:-
(a) the Client enters into the Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts(wherever applicable) as principal and is not trading onbehalf of any other person (except where notified to and expresslyapproved by the Company in writing);
(b) the information provided in the Cash Client Agreement, the Stock Options Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts(wherever applicable) and the relevant Account Opening Form is true andcorrect;
(c) the Client is the beneficial owner of the securities under his/its account freefrom any lien, charge, equity or encumbrance save as created by orunder the Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts (wherever applicable);
(d) the Client is the person or entity (legal or otherwise) ultimately responsiblefor originating the instruction in relation to each transaction in his/itsaccount and the person or entity (legal or otherwise) that stands togain the commercial or economic benefit of each transaction in his/itsaccount and/or bear its commercial or economic risk (except whereany other person or entity has been disclosed to the Company in the Cash Client Agreement, the Electronic Stock Trading Services Agreement , the Margin Client Agreement and/or other contracts (wherever applicable), the Account Opening Information Form, or other notices to the Company pursuant to Clause 8.2hereof);
(e) the Client has full power and authority to enter into and perform his/itsobligations under the Cash Client Agreement, the Stock Options Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts (wherever applicable) and if the Client is a corporate client,the Client has obtained all necessary consents from shareholders anddirectors and has taken all necessary actions to enable the Client to enterinto the Agreement and perform his/its obligations under the Agreement;
(f) the Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts(wherever applicable) and their performance and the obligations containedthereto do not and will not contravene any applicable lawand regulations, contravene any
provisions of the Client’s memorandum andarticles of association or by-laws (where applicable), or constitute abreach or default under any agreement or arrangement by which the Client is bound;
(g) the Client will not charge, pledge or allow to subsist any charge or pledgeover his/its securities or monies in his/its account or grant or purport togrant an option over any securities or monies in his/its account withoutthe prior written consent of the Company; and
(h) where the Client trades in the securities listed at the American stock exchange, the Client hereby declares confirms that he/it is not a citizen or a tax resident of the United States of America, and will inform the Company in writing of any change of such status in the future. In any event, the Client shall be liable for the tax payable to the United States of America if any. The Client shall complete, wherever applicable, the relevant forms or certificates (such as the Form W- 8BEN, W-8IMY, W-8ECI or W-8EXP) for submission to the United States of America by the Company or its agent.
If, in relation to any particular transaction in the Client’s account, the Client is notthe person or entity (legalor otherwise) ultimately responsible fororiginating the instruction or the person or entity (legal or otherwise)that stands to gain its commercial or economic benefit and/or bear itscommercial or economic risk, the Client undertakes and agrees to provideinformation on the identity, address and contact and other details of suchperson or entity to the Company before giving the instruction to the Company. The Client alsoundertakes and agrees to provide such information direct to the relevantexchange, government agencies or regulators within two days of the Company'swritten request and such undertaking and agreement will survive anytermination of the Agreement.
Where the Client is acting as an investment manager of any collectiveinvestment schemes, discretionary accounts or trusts, if there are anytransactions in which his/its investment discretion is overridden, the Client agreesthat he/it will advise the Company of such fact and provide information on theidentity and contact and other details of the person overriding suchinvestment discretion before giving the instruction to the Company. The Client alsoundertakes and agrees that he/it will disclose such information to therelevant exchange, government agencies or regulators direct within twodays of the Company's written request and such undertaking and agreement willsurvive any termination of the Agreement.
9. Indemnity
The Client shall indemnify and hold the Company and the VMI Securities Limited harmless from and against all claims,actions, loss, liabilities and proceedings
againstthe Company or the VMI Securities Limited and bear any losses, costs, charges orexpenses (including legal fees) which the Company or the VMI Securities Limited may sufferor incur in connection with their carrying out of the instructions, obligations or services,or exercise of rights, powers or discretion under the Cash Client Agreement, the Electronic Stock Trading Services Agreement,the Margin Client Agreement and/or other contracts (wherever applicable), includingany action taken by the Company or any of the VMI Securities Limited to protect or enforce itsrights, or its security interest under the said agreements, whether or not as aresult of any default or breach by the Client.
10. Set-off, Lien and Combination of Accounts
The Company shall be entitled and authorized to, subject to the provisions of the SFO and relevant rules made thereunderfor itself or as agent for the VMI Securities Limited,at any time or from time to time and without notice to the Client,notwithstanding any settlement of account or other matter whatsoever,combine or consolidate any or all of the Client’s accounts and/or his/its Affiliates'accounts (of whatever nature and whether held individually or jointly withothers) maintained with the Company and the VMI Securities Limited and set-off or transfer anymoney, securities or otherproperty standing to the credit of any one ormore of such accounts in or towards satisfaction of the indebtedness,obligations or liabilities of the Client and/or any of his/its Affiliates towards the Companyand/or the VMI Securities Limited on any other accounts in Hong Kong or overseas whether suchindebtedness, obligations or liabilities be present or future, actual orcontingent, primary or collateral, several or joint and secured orunsecured. Where such set-off, consolidation, combination or transferrequires the conversion of one currency into another, such conversionshall be calculated at the rate of exchange conclusively determined bythe Company to be applicable.
Subject to a general lien in its favor the Company may hold assecurity and all or anyof the Client’s money, securities and other property held by the Company until the Client hasfully paid any and all amounts owed to the Company or the VMI Securities Limited.
The Client as beneficial owner hereby charges in favour of the Company and each member of the VMI Securities Limitedby way of first fixed charge all securities or other property from time totime deposited by the Client or on his/its behalf with the Company or purchased for orotherwise being held in or by or under the order or control of the Company or the VMI Securities Limited for theAccount or any other account whatsoever, including any and all rights,title and interest, present and future, therein (collectively called "Charged Property") as continuing security for all of the Client’s liabilities and obligationsdue, owing or incurred towards the Company and each member of the VMI Securities Limited of whatever natureand from time to time and the Client hereby
assigns and releases to the Company and eachmember of the VMI Securities Limited all such securities or other property as aforesaid. Subjectto the provisions of the SFO and relevant rules made thereunder, in theevent of the Client’s failure to pay any indebtedness or outstanding amountdue, owing or incurred to the Company or any member of the VMI Securities Limited when due or on demand bythe relevant company or entity, or an order is made or petition presented orresolution passed for the bankruptcy, winding up or dissolution of the Client,or the Client is declared incompetent or in the event of Client’s death, the Company shall be entitled to sell or, asthe case may be, the relevant member of the VMI Securities Limited shall be entitled to direct the Company tosell, at the absolute discretion of the said company or entity both as to mannerand time of sale and consideration, any of the Charged Property whetheror not held in mutuum and whether or not the delivery of any propertycomprised in the Charged Property shall have been required pursuant toany instruction from the Client or any Authorized Person and to deduct fromthe sale proceeds such amount as is necessary to discharge theindebtedness or outstanding amount and pay the same to the said company. For this purpose, a confirmation issued by the Company or any member of the VMI Securities Limitedcertifying the amount of indebtedness or outstanding amount due to itby the Client at any time and that the Client has failed to pay the same to it shall befinal, conclusive and binding on the Client.
Subject to the provisions of the SFO and relevant rules made thereunder,upon an event of default set out in Clause 12 of the General Terms and Conditions hereof, the Companyshall have the right, without any notice or demand, to take any of theactions set out in the said Clause 12 and apply the net proceeds (afterdeduction of all fees, costs and expenses incurred) in reduction of the Client’soutstanding obligations or indebtedness to the Company or the VMI Securities Limited.
11. New Listingof Securities
In the event that the Client requests and authorizes the Company to apply for securities in respect of a new listing and/or issue of securities on the Hong Kong Stock Exchange as his agent and for his benefit or for the benefit of any other person, the Client hereby warrants to and for the Company's benefit that the Company have authority to make such application on the Client's behalf. The Client shall familiarise himself and comply with all the terms and conditions governing the securities of the new listing and/or issue and the application for such new securities set out in any prospectus and/or offering document and the application form or any other relevant document in respect of such new listing and/or issue and the Client agrees to be bound by such terms and conditions in any such transaction the Client may have
with the Company.
The Client hereby gives to the Company all the
representations, warranties and undertakings which an applicant for securities in a new listing and/or issue is required to give (whether to the issuer, sponsors, underwriters or placing agents of the relevant securities, the Hong Kong Stock Exchange or any other relevant regulator or person).
The Client hereby further declares and warrants, and authorizes the Company to disclose and warrant to Hong Kong Stock Exchange on any application form (or otherwise) and to any other person as appropriate, that any such application made by the Company as his agent is the only application made, and the only application intended to be made, by the Client or on the Client's behalf, to benefit the Client or the person for whose benefit the Client is applying. The Client acknowledges and accepts that the aforesaid declaration and warranty will be relied upon by the Company and by the issuer, sponsors, underwriters or placing agents of the relevant securities, SEHK or any other relevant regulator or person in respect of any application made by the Company as the Client's agent.
The Client acknowledges that any application made by an unlisted company which does not carry on any business other than dealing in securities and in respect of which the Client exercises statutory control shall be deemed to be an application made for the benefit of the Client.
The Client recognises and understands that the legal, regulatory requirements and market practice in respect of applications for securities may vary from time to time as may the requirements of any particular new listing or issue of securities. The Client undertakes to provide to the Company such information and take such additional steps and make such additional representations, warranties and undertakings as may be required in accordance with such legal, regulatory requirements and market practice as the Company may in the Company's absolute discretion determine from time to time.
In relation to a bulk application to be made by the Company or the Company's agent on the Company's own account and/or on behalf of the Client and/or the Company's other clients, the Client acknowledges and agrees:
that such bulk application may be rejected for reasons which are unrelated to the Client and the Client's application and neither the Company nor the Company's agent shall, in the absence of fraud, negligence or willful default, be liable to the Client or any other person in consequence of such rejection; and
to indemnify the Company in accordance with Clause 9 and Clause 16 if such bulk application is rejected either in circumstances where the representations and warranties have been breached or otherwise because of factors relating to the Client. The Client acknowledges that the Client may also be liable in damages to other persons affected by such breach or other
factors.
in the event that the bulk application is only partially filled, the Client agrees that the Company is entitled to distribute the Securities allotted in its absolute discretion, including distributing the Securities equally between all clients under the bulk application and the Client shall not have any claim to the Securities or claim of priority to another Client in relation to the application.
In the event that the Company agrees to grant credit facilities to the Client at the Client’s request for the Client’s application (the “Application”) for new listing and/or issue of Securities on the Hong Kong Stock Exchange for the benefit of the Client or any other person, the Client hereby agrees that the terms and conditions of the Margin Client Agreement set out in Part 2 shall apply to such credit facilities and the Securities allocated, purchased or transferred pursuant to the Application.
12. Default
Upon the default of the Client, all amounts owing by the Client to the Company or the VMI Securities Limited together with interestwill become immediately due and payable without any notice or demand. The following events are deemed to be an event of default:-
(a) if, in the Company's opinion, the Client has breached any material term of the Cash Client Agreement, the Stock Options Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts(wherever applicable) or defaulted in respect of any transaction with or throughthe Company or the VMI Securities Limited;
(b) if any representation, warranty or undertaking to the Company was when givenor hereafter becomes incorrect in any material respect;
(c) failure by the Client to comply with any rules or regulations of any relevant exchangeor clearing house;
(d) in the event of the Client’s death or being declared incompetent or a petitionin bankruptcy is filed by or against the Client or an order is made orresolution passed for the Client’s voluntary or compulsory winding up or ameeting is convened to consider a resolution that it should be sowound up; or
(e) any warranty or order of attachment or distress or equivalent order isissued against any of the Client’s accounts with the Company or the VMI Securities Limited.
Upon the occurrence of any of such events, the Company shall be entitled in itsabsolute discretion, without notice or demand and without prejudice toany other rights or remedies available to the Company, forthwith to:-
(a) sell or realize all or any part of the Client’s property held by the Company or the VMI Securities Limited in such manner and upon such terms as the Company may
conclusively decideand satisfy the Client’s obligations and indebtedness towards the Company or the VMI Securities Limited out of the net proceeds (with fees, expenses and costsdeducted) thereof;
(b) cancel any open orders for the purchase or sale of securities;
(c) sell any or all securities long in the Client’s account;
(d) buy any or all securities which may be short in the Client’s account; and/or
(e) exercise any of its rights under the Cash Client Agreement, the Stock Options Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts (wherever applicable).
Any monies so received by the Company or the VMI Securities Limited under subparagraph 12.2 shall be applied in the following order ofpriority and any residue shall be paid to the Client or to his/its order:-
(a) payment of all costs, charges, legal fees and expenses including stampduty, commission and brokerage properly incurred by the Company intransferring and selling all or any of the Client’s securities;
(b) payment of interest accrued on the aggregate outstanding amountdue or owing to the Company or the VMI Securities Limited for the time being; and
(c) payment of all money and liabilities due or owing by the Client to the Company or the VMI Securities Limited.
In the event of a default committed by the Company resulting in the Client sufferingpecuniary loss, the Client shall have a right to claim under the Compensation Fund established under the SFO, subject to the terms ofthe Investor Compensation Fund from time to time.
13. Termination
Either party shall have the right to terminate the Agreement forthwith without liability to the other party, by giving prior written notice to the other on the terms and conditions set out in the Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement,and/or other contracts (wherever applicable). The Companymay terminate the Agreement forthwith at any time without notice tothe Client if the Client breaches or fails to comply with any provision of the Agreement.
The termination of the Agreement shall not affect any transaction entered into, or prejudiceor affect any rights, powers, duties and obligations of either party which have accruedprior to such termination.
Upon termination of the Agreement, the Client shall immediately pay to the Companyany and all amounts due or owing to it,and any interest which may accrue and payable to the Client under the Agreement on any credit amount held underhis/its account shall thereupon cease to bepayable to the Client.
If there are any cash or securities balances in the Client’s account upon terminationof the Agreement, the Client agrees to withdraw such balances within 7 working daysfrom the date of such termination. If the Client does not do so, the Client agrees that the Companymay on his/its behalf and without any responsibility for any loss orconsequence on its part sell or dispose of the Client’s securities in the market orin such manner and at such time and price as the Company may reasonablydetermine and send to the Client at his/its sole risk its cheque representing anynet sale proceeds and credit balances in the Client’s account to his/its last knownaddress.
14. Notices and Communication
Any notice or communication given by the Company to the Client shall be deemed madeor given, if made by letter, upon delivery to the Client by hand or if sent by prepaidmail, within two days if the Client is in Hong Kong or within seven days ifthe Client is outside Hong Kong; andif made by telex, facsimile, electronic mail or other electronic means,upon transmission of the message to or accessible by the Client.
Any notice or communication made or given by the Client will be sent at the Client’sown risk and will be effective only upon actual receipt by the Company.
The Client expressly consents to the Company sending any notice, document orcommunication to the Client by electronic means and to his/its receiving thesame in electronic form.
15. Data information Confidentiality
The Company will keep information relating to the Client and his/its account confidential,save where it is required to disclose his/its details to the relevantexchanges, securities regulators, government agencies, or to any personspursuant to any court orders or statutory provisions. Such requests will be complied with without notice to or consent from the Client. Moreover, the Company mayalso disclose the Client’s information to the VMI Securities Limited, agents, assignees orsubcontractors and the Company will not be liable to the Client for any consequencesarising out of such disclosures.
The Company will not be under any duty to disclose to the Client any information whichmay come to its notice in the course of acting in any capacity forany other persons. However, the Company agrees to take reasonable steps to avoidconflicts of interest and where such conflicts cannot be avoided, steps will be taken by the Company to ensure that its clients are treated fairly.
The Client understands that his/its personal information may be supplied to creditreference agencies and in the event of default, debt collection agencies.The Client shall be entitled, upon request, to be informed which items ofinformation are routinely so disclosed, and be provided with furtherinformation to enable the making of an access and correction request tothe relevant credit
reference agencies or debt collection agencies, as thecase may be.
The Client’s private information is collected and used by the Company according to its privacy policy. The Client understands that as an individual client he/itis entitled, by written request to the Company, to have accessto the personal information held about him/it and, if applicable, to correctany inaccuracies in that information. Unless the Client sends a written requestto the contrary to the Company, the informationabout the Client may be used for the purposes of marketing products andservices which may be of interest to the Client. The Client agrees that the Company may disclosethe Client’s personal information to such persons or classes of persons and usethe Client’s personal information for such purposes as may be set out in the Company'spolicies and practices relating to personal data from time to time.
16. Credit Enquires
The Client authorizes the Company to conduct a credit inquiry or check on the Client for thepurpose of ascertaining any information provided by the Client and his/itsfinancial situation and investment objectives.
17. Miscellaneous
The Company shall have the right to assign, transfer or otherwise dispose of all orany of its rights, interests or obligations in or under the Agreement toany third party as it thinks fit and without having to notify the Client or obtainhis/its consent. The Client shall not assign, transfer or dispose of his/its rights, interests or obligations in or under the Agreement to any third partywithout the prior written consent of the Company.
Time shall be of the essence in relation to all matters arising under the Agreement.
The rights, powers, remedies and privileges in the Agreement arecumulative and not exclusive of any rights, powers, remedies andprivileges provided by law.
Each of the provisions in the Agreement is several and distinct from the others and if any one or more of such provisions is or becomes invalid or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
The Company may from time to time in its absolute discretion add, amend, delete or substitute any of the terms of the Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts (wherever applicable) by giving the Client notice of such changes which will become effective from the date specified in such notice.
If the Client is a joint account holder, his/its obligations and liabilities under the Agreement shall be joint and several and the Company may in its absolute discretion take recourse against any one or all of the joint account holders. Unless terminated in accordance with the
General Terms and Conditions hereof, the death of one joint holder does not operate to terminate the Agreement. Any notice, payment or delivery by the Company to either or any one of the joint account holders shall be a full and sufficient discharge of its obligations to notify, pay or deliver under the Agreement. The Company is also authorized by the Client to accept or carry out instructions from either or any one of the joint account holders.
The Company and the Client each undertakes to notify the other in the event of any material change to the relevant information (as specified in paragraphs 6.2(a), (b), (d), (e) and (f) of the Code of Conduct for Persons Licensed by or Registered with the Securities and Futures Commission in force from time to time provided in the Agreement.
Neither the Company nor the VMI Securities Limited shall be liable for any delay or failure to perform their obligations or any losses, damages or costs resulting therefrom so long as they have acted in good faith. Moreover, the Company and the VMI Securities Limited shall not be held responsible for any consequences resulting whether directly or indirectly from any uncontrollable events including without limitation government restrictions, imposition of emergency procedures, exchange ruling, third party conduct, suspension of trading, breakdown or collapse of communication facilities, war, strike, market conditions, civil disorder, acts or threatened acts of terrorism, natural disasters, or any other circumstances beyond its control whatsoever, including any errors, deficiencies or millennium problems associated with date-dependent data, computations, output, operations and other functions of any equipment and related software of the Company and/or its agents, suppliers, vendors or counterparts prior to, during or after the year 2008.
The Client confirms that he/it has received and read the Agreement in a language of his/its choice (English or Chinese) and that he/it understands and accepts the terms set out in the Agreement. In the event of discrepancy between the Chinese text and the English text of the Agreement, the English version shall prevail.
18. Law and Jurisdiction
The Cash Client Agreement, the Electronic Stock Trading Services Agreement, the Margin Client Agreement and/or other contracts (wherever applicable) including the General Terms and Conditions hereofshall be governed by, construed and enforced in accordance with thelaws of Hong Kong Special Administrative Region of the People's Republicof China. The Client also agrees that irrespective of his country of domicile, anydispute with the Company may at its absolute discretion be referred to theCommission, and not other securities regulators in any jurisdiction.
The parties irrevocably agree to submit to the non-exclusive jurisdiction of thecourts of the Hong
Kong Special Administrative Region.
If the Client is an individual or a company domiciled outside Hong Kong, the Clientshall, immediately upon demand by the Company, appoint a person or agent inHong Kong to be his/its process agent to receive all notices andcommunications relating to any legal proceedings involving the Client, and the Clientagrees that any service of any legal process on the process agent shallconstitute sufficient service on him/it for the purpose of legal proceedingsin the Hong Kong courts.
19. Arbitration
At the sole option of the Company and in its absolute discretion, any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be settled by arbitration in accordance with the UNCITRAL Arbitration Rules as at present in force and as may be amended by the rest of this clause. The appointing authority shall be Hong Kong International Arbitration Centre. The place of arbitration shall be in Hong Kong at Hong Kong International Arbitration Centre (HKIAC). There shall be only one arbitrator. Any such arbitration shall be administered by HKIAC in accordance with HKIAC Procedures for Arbitration in force at the date of this Agreement including such additions to the UNCITRAL Arbitration Rules as are therein contained. The language to be used in the arbitral proceedings shall be English.
Part 2: RESPECTIVE CLIENT AGREEMENTS
A. CASH CLIENT AGREEMENT
THIS CASH CLIENT AGREEMENT is made on the date stated in the Account Opening Information Form,
BETWEEN：
(1) VMI Securities Limited (the “Company”) who registered with the Securities and Futures Commission (“SFC”) as Securities Dealer (CE NO.: BJK437) and an Exchange Participant of The Stock Exchange of Hong Kong Limited (the “Exchange”), whose principal office is located at UNIT 709, 7TH FLOOR, ASIA STANDARD TOWER, 59-65 QUEEN’S ROAD CENTRAL,
CENTRAL, HONG KONG; and
(2) (the “Client”), whose address and details are set out in the Account Opening Information Form.
Whereas
(1) The Client is desirous of opening a Cash Account (the “Account”) with the Company for the purpose of trading in securities,; and
(2) The Company agrees that to open and maintain such Cash Account and act as an agent for the Client in the purchases and sales of securities subject to the terms and conditions of this Agreement.
1. The Account
The Client confirms that the information provided in the Account Opening Information Form is complete and accurate. The Client will inform the Company of any changes to that information. The Company is authorised to conduct credit enquiries on the Client to verify the information provided.
The Company will keep information relating to the Account confidential, but may provide any such information to the Exchange and the SFC to comply with their requirements or requests for information.
Where the Client is an individual, the Company is subject to the Hong Kong Personal Data (Privacy) Ordinance which regulates the use of personal data concerning individuals. The Company’s policies and practices relating to personal data are set out in Appendix 2 to this Agreement and the Client acknowledges that it fully understands and accepts the provisions in Appendix 2.
2. Laws and Rules
All transactions in securities which the Company effect on the client’s instructions (“Transactions”) shall be effected in accordance with all laws, rules, regulatory directions, by-laws, customs and usage applying to the Company. This includes the rules of the Exchange and of the Hong Kong Securities Clearing Company Limited (the “Clearing House”). All actions taken by the Company in accordance with such laws, rules and directions shall be binding on the client.
3. Transactions
The Company will act as the Client’s agent in effecting Transactions unless the Company indicates (in the contract note for the relevant Transaction or otherwise) that the Company is acting as principal.
The Client will notify the Company when a sale order relates to securities which the Client does not own i.e. involves short selling.
On all Transactions, the Client shall pay the Company commissions and charges, as notified to the Client, as well as all applicable levies imposed by the Exchange, or clearing houses, stamp duties, bank charges, transfer fees, interest and nominee or custodian expenses, immediately when due. The Company may deduct such commissions, charges, levies and duties from the Account.
Unless otherwise agreed, in respect of each Transaction, unless The Company is already holding cash or securities on the Client’s behalf to settle the Transaction, the Client will (1) pay the Company cleared funds or deliver to the Company securities in deliverable form or
(2) otherwise ensure that the Company has received such funds or securities. By such time as the Company has notified the Client in relation to that Transaction. If the Client fails to do so, the Company may (1) in the case of a purchase Transaction, sell the purchase securities and
(2) in the case of a sale Transaction, borrow and/or purchase securities in order to settle the Transaction.
The Client will be responsible to the Company for any losses and expenses resulting from the Client settlement failures.
The Client agrees to pay interest on all overdue balances (including interest arising after a judgment debt is obtained against the Client) at such rates and on such other terms as the Company has notified the Client from time to time.
In the case of purchase Transaction, if the selling broker fails to deliver on the settlement date and the Company has to purchase securities to settle the Transaction, The Client shall not be responsible to the Company for the costs of such purchase.
4. Safekeeping of Securities
Any securities which are held by the Company for safekeeping may, at the Company’s discretion:
(a) (in the case of registrable securities) be registered in the Client name or in the name of the Company nominee; or
(b) be deposited in safe custody in a segregated account which is designated as a trust account or client account and established and maintained in Hong Kong by the Company for the purpose of holding client securities of the Company with (i) an authorised financial institution; (ii) an approved
custodian; or (iii) another intermediary licensed for dealing in securities.
Where securities are not registered in the Client’s name, any dividends or other benefits arising in respect of such securities shall, when received by the Company, be credited to the Client’s Account or paid or transferred to the Client, as agreed with the Company. Where the securities form part of a larger holding of identical securities held for the Company’s clients, the Client shall be entitled to the same share of the benefits arising on the holding as the Client’s share of the total holding.
The Company does not have the Client written authority under section 7(2) of the Securities and Futures (Client Securities) Rules to:- (a) deposit any of the client securities with an authorised financial institution as collateral for financial accommodation provided to the Company; (b) deposit any of the client securities with (i)a recognized clearing house; or (ii) another intermediary licensed or registered for dealing in securities, as collateral for the discharge and satisfaction of the Company’s settlement obligations and liabilities;
(c) apply any of the client securities pursuant to a securities borrowing and lending agreement;
5. Cash Held for the Client
Any cash held for the Client, other than cash received by the Company in respect of Transactions and which is on- paid for settlement purposes or to the Client, shall be credited to a client trust account maintained with a licensed bank as required by applicable laws from time to time. The Company shall pay interest on the credit balance in the Account at such rate and under such conditions as the Company notifies the Client from time to time. The Client acknowledges and agrees that interest rates are subject to fluctuation and are determined by the Company.
6. Risk Disclosure Statement
The Company refers the Client to the Risk Disclosure Statements in Appendix 1.
7. General
All securities held for the Client’s Account shall be subject to a general lien in the Company’s favour, for the performance of the Client’s obligations to the Company arising in respect to dealing in securities for the Client.
If the Company fails to meet the Company’s obligations to the Client pursuant to this Agreement, the Client shall have a right to claim under the Compensation Fund established under the Securities and Futures Ordinance, subject to the terms of the Compensation Fund from time to time.
The Client agrees to notify the Company in writing of any material changes in the information supplied in the Account Opening Information Form. The Company will notify the Client in writing of any material changes in the information contained in this Agreement and/or
material changes in respect of the Company’s business which may affect the services that the Company provides to the Client.
The Client confirms that the Client has read and agreed to the terms of this Agreement and the General Terms & Conditions, which have been explained to the Client in language that the Client understands.
This Agreement is governed by, and may be enforced in accordance with, the laws of the Special Administrative Region of Hong Kong.
8. Standing Authority
The Client hereby expressly confirms and authorizes the standing authority granted by the Client to the Company under Clause 10 of the General Terms and Conditions (at Part 1 of the Client Agreement hereof) to pay out money of the Client to the VMI Securities Limited including but not limited to the standing authority to the Company to pay to a segregated account under the Securities and Futures (Client Money) Rules the money to meet the Client’s obligations to meet settlement or margin requirements in respect of dealing in securities or futures contract carried out by the Company on behalf of the Client, or to meet payments due by the Client to the VMI Securities Limited incurred in the course of carrying out the regulated activity under the Client Money Rules, which has been expressly incorporated into this Cash Client Agreement.
Each of the Client Money Standing Authority, Client Securities Standing Authority or any other standing authorities shall be valid for a term of 12 months from the effective date of this Cash Client Agreement subject to renewal by the Client or deemed renewal under the Client Money Rules or Client Securities Rules or any other statutory provisions (as the case may be) referred to in Clause 8.4.
Each of the Client Money Standing Authority, the Client Securities Standing Authority or any other standing authorities may be revoked by giving to the Company written notice addressed to the Customer Service Department at the Company’s address specified in the Account Opening Form or such other address which the Company may notify the Client in writing for this purpose. Such notice shall take effect upon the expiry of 14 days from the date of the Company’s actual receipt of such notice.
The Client understands that each of the Client Money Standing Authority, the Client Securities Standing Authority or any other standing authorities shall be deemed to be renewed on a continuing basis without the Client’s written consent if the Company issues to the Client a written notice of renewal at least 14 days prior to the expiry date of the relevant authority, and the Client does not object to such deemed renewal before such expiry date.
9. Over-the-Counter Transactions
Inrelation to any Over-the-Counter ("OTC")
transactions, including without limitation trading of any New Securities before their listing on the Exchange, entered or to be entered into by the Client, the Client acknowledges and agrees that:
the Company is acting as agent for the Client and does not guarantee the settlement of such OTC transactions;
the Client's orders may be partially executed or not executed at all. Trades executed will be cancelled and void if the relevant security subsequently fails to list on the Exchange;
in the event that the Client in selling any Securities fails to deliver such Securities, the Company is entitled to purchase in the market the relevant Securities required for delivery in respect of such sale effected for the Client in order to complete the settlement of the relevant transaction. The Client shall bear all losses arising out of or in connection with such transaction;
in the event that (1) the Client buys Securities from a seller and such seller fails to deliver the relevant Securities and (2) the purchase of the relevant Securities cannot be effected or the Company in its absolute discretion determines not to purchase the relevant Securities pursuant to clause 9.1.3, the Client will not be entitled to obtain the relevant Securities at the matched price and shall only be entitled to receive the money paid for the purchase of the relevant Securities;
in the event that the Client in buying any Securities fails to deposit the necessary settlement amount, the Company is entitled to sell any and all Securities or collateral held in its Account and use the sale proceeds after deducting all costs in settlement of the transaction. However, if the Client is the seller under such transaction and such transaction cannot be settled, the Client shall only be entitled to the relevant Securities but not the sale proceeds of the relevant Securities; and
without prejudice to the above, the Client shall bear its own losses or expenses and shall be responsible to the Company for any losses and expenses resulting from its and/or its counterparty's settlement failures.
B. ELECTRONIC STOCK TRADING SERVICEAGREEMENT
THIS ELECTRONIC STOCK TRADING SERVICES
AGREEMENT is made on the date stated in the Account Opening Information Form, BETWEEN：
(1) VMI Securities Limited (the “Company”) who registered with the Securities and Futures Commission (“SFC”) as Securities Dealer (CE NO.: BJK437) and an Exchange Participant of The Stock Exchange of Hong Kong Limited (the “Exchange”), whose principal office is located at UNIT 709, 7TH FLOOR, ASIA STANDARD TOWER, 59-65 QUEEN’S ROAD CENTRAL,
CENTRAL, HONG KONG, and
(2) (the “Client”), whose address and details are set out in the Account Opening Information Form.
Whereas
In consideration of the Company’s agreeing to open an electronic trading account (the "Accounts") and operating the Account through the electronic trading services provided by the Company, in the Client’s name(s) or on Client’s behalf for the purpose of and in connection with the sale and purchase of securities, Client agrees that the Account shall be operated in accordance with and subject to the following terms and conditions and to the terms and conditions of the Cash*/ Margin*Client Agreement signed between the Company and the Client.
1. Definitions and Interpretation
In this Agreement, the following terms shall bear the following meanings:
(a) “VMIS” means VMI Securities Limited, as the context so requires;
(b) “Account” means Client’s securities trading account maintained with VMIS ;
(c) “Access Code” means together the PIN and the Login in Account No;
(d) “Account No” means the account number of the securities trading account opened with VMIS , used in conjunction with the PIN to gain access to the VMIS Services;
(e) “Electronic Trading Services” means the Mobile Phone / Touch Tone / Internet stock trading service and facility provided by VMIS or other service providers through VMIS under this Agreement which enables Client to trade securities through VMIS and give electronic instructions to purchase, sell and otherwise deal with securities through Client’s securities trading account maintained with VMIS and/or its nominees or agents;
(f) “GEM Listing Rules” means the Rules Governing the Listing of Securities on the Growth Enterprise Market of the Stock Exchange;
(g) “Hong Kong Exchange and Clearing Limited” means The Stock Exchange of Hong Kong Limited;
(h) “Instruction” means any instruction for the buying or selling of or otherwise dealing in any Securities and any instruction to check the portfolio and fund
position in the Account;
(i) “Listing Rules” means the Rules Governing the Listing of Securities on the Stock Exchange;
(j) “Password” means Client’s personal identification number, which may be changed by Client at any time, used when instructing VMIS in the electronic trading services;
(k) “SMS” means Short Messaging Service messages that are sent to Client by VMIS or other service providers through VMIS .
2. Electronic Trading Services
Client understands that the Electronic Trading Services is a facility operated through mobile phone, touch tone phone or internet, which enables Client to send instructions, and send or receive other information relating to any instructions.
Client shall be the only authorised user of the electronic trading services under the Account. Client shall be responsible for the confidentiality, use and application of the Password / Access Code. Client acknowledges and agrees that Client shall be solely responsible for all Instructions entered through the electronic trading services using the Password as received by VMIS and neither VMIS nor VMIS’s directors, officers, employees or agents shall have owe any liability to Client, or to any other person whose claim may arise through Client for any claims with respect to the handling or loss of any Instruction.
Client acknowledges that the electronic trading service is proprietary to VMIS . Client warrants and undertakes that Client shall not, and/or shall not attempt to, tamper with, modify, decompile, reverse, engineer or otherwise alter in any way, and shall not, and/or shall not attempt to gain unauthorised access to, any part of the electronic trading services. Client acknowledges that VMIS may take legal action against Client, if Client at any time breaches this warranty and undertaking or if VMIS at any time has reason to suspect that Client has breached the same. Client undertakes to notify VMIS immediately if Client becomes aware that any of the actions described above in this paragraph is being perpetrated by any other person.
In any event, VMIS shall not be liable for Client’s failure in observing the aforesaid obligations and Client shall fully indemnify VMIS in respect of any direct or indirect loss or cost of whatsoever nature that VMIS may suffer or incur as a result thereof. Client acknowledges that VMIS offers Client two ways of accessing the Account, through the electronic trading services and by telephone. Client agrees that, should Client experience any problems in reaching VMIS through either method, Client will use the alternative method to communicate with VMIS and inform VMIS of the difficulty Client is experiencing.
Client acknowledges that the real-time quote service and the message alert service (to receive message alert when the share prices of such securities as specified by Client reach a preset target price) that may be available through the VMIS Services is provided by a third party appointed by the VMIS from time to time. Client agrees that VMIS shall not be responsible for any losses Client or any other person may suffer for the failure of sending out the message alert and/or as a result of relying on any real time quote on prices of securities which may be available to Client through the VMIS Services.
3. Important Notice to Client
There is no subscription fee/charge (neither monthly nor annually) for using this electronic trading service. However, VMIS reserves the right to impose subscription fee/charge.
On all transactions, Client agrees to and will pay VMIS commissions notified to Client, as well as applicable levies imposed by the Stock Exchange, and all applicable stamp duties incurred. VMIS may deduct such commissions, other charges, levies and duties from the Account.
4. Instruction
Client shall submit Client’s instructions to VMIS through the electronic trading service provided by VMIS . VMIS shall so far as it considers reasonably practicable sell and/or purchase Securities in accordance with those instructions as received, provided always that VMIS shall have an absolute discretion to accept or reject any Instructions.
Client understands that each participating securities exchange or association asserts a proprietary interest in all of the market data it furnishes to the parties who disseminate such data. Client also understands that no party guarantees the timeliness, sequence, accuracy or completeness of market data or any other market data or any other market information. Neither VMIS nor any disseminating party shall be liable in any way for any loss or damage arising from or caused by any inaccuracy, error or delay in or omission from any such data, information or message, or the transmission or delivery of the same, non-performance or interruption of any such data, message or information due to any reasonable act of VMIS or any disseminating party, or the any force majeure event, or any other cause beyond VMIS ’s control or the reasonable control of any disseminating party.
Client acknowledges and agrees that VMIS shall have full discretion not to execute any Instruction, in particular, but not limit to, if (as applicable):
(a) (i) there are insufficient cleared funds in the Account(s); and/or (ii) there are insufficient Securities in the Account(s) for settlement of the relevant Instruction; and/or
(b) the funds required for the relevant Instruction when
aggregated with the funds required for the execution of all other outstanding Instructions render the Account(s) to exceed the day trade limit as agreed between VMIS and Client.
Client acknowledges and agrees that the Electronic Trading Services may be open to unpredictable transmission congestion and other reasons, an inherently unreliable medium of communication and that such unreliability is beyond VMIS ’s control. Client acknowledges that, as a result of such unreliability, there may be delays, technical errors and failure and/or incompleteness in the transmission and receipt of Instructions and other information and that this may result in delays, and/or incompleteness in the execution of Instructions and/or the execution of Instructions at prices different from those prevailing at the time the Instructions were given. Client further acknowledges and agrees that there are risks of misunderstanding or errors or incompleteness in any communication and that such risks shall be absolutely borne by Client. Client acknowledges and agrees that it may not usually be possible to cancel an Instruction after it has been given.
SMS Order Confirmation Service
(a) This Condition shall apply to Client if Client uses SMS Order Confirmation Service. Each account or service is also subject to general terms and conditions which apply from time to time to such account and service. The terms under this Condition shall prevail, if they conflict with the general terms and conditions governing Client’s relevant account and service.
(b) Client agrees to accept information sent by VMIS to Client’s mobile phone and other telecommunications equipment that Client notified and accepted by VMIS . If Client places his order via telephonetrading hotlines designated by VMIS (not including order initiated through Internet and modified via phone hotlines), and has registered to receive SMS order confirmation, Client will receive notification from VMIS by SMS when an order has been partially or fully executed on the Exchange.
(c) The type of order confirmation to be sent though SMS will be determined by VMIS from time to time.
(d) Client will obtain and maintain equipment of the type, and a connection with a telecommunications company for the purposes of the SMS. Client is responsible for the cost of Client’s equipment and the charges of Client’s telecommunications company and any other charges in connection with the SMS. We may restrict the number of equipment that Client registers for the SMS. Different restrictions may apply to different customers.
(e) Client will promptly notify VMIS of any change of Client’s information on our record including any change of Client’s equipment or contact details.
Client authorizes VMIS to provide the SMS according to the information Client provided to VMIS , until we have received Client’s notice of a change. Telecommunications to Client through the SMS will be regarded as having been received by Client when dispatched by VMIS .
(f) We may vary the scope or operation of the SMS, the types of information to be sent, and the types of equipment and telecommunications companies to be used, without notice or liability. We may suspend or withdraw the SMS without notice or liability.
(g) Without prejudice to VMIS ’s Personal Information Collection Statement, Client authorizes VMIS to disclose Client’s information to our affiliates, the telecommunications companies and their agents (in or outside Hong Kong) for all purposes connected with the SMS.
(h) Information provided through the SMS is for Client’s reference only, and not evidence of its contents. Formal advices and statements will be sent to Client in accordance with the terms and conditions for the relevant account or service. Meanwhile, information sent through the SMS is not an offer.
(i) In the absence of willful misconduct, VMIS is not responsible for any failure or delay in sending any information to Client, or for any error, misdirection, corruption or interception of any information sent through the SMS. VMIS is not responsible for any event beyond our control including any error, malfunctioning or failure of any software, equipment or system. Telecommunications companies are not our agent. They do not accept any responsibility in relation to the SMS.
5. Others
Client agrees that VMIS and its directors, officers, employees and agents shall not be liable for any delay or failure to perform any of VMIS’s obligations hereunder or for any losses caused directly or indirectly by any condition or circumstances over which VMIS , its directors, officers, employees or agents do not have absolute control, including but not limited to government restriction, exchange or market rulings, suspension of trading, failure of electronic or mechanical equipment or communication lines, telephone or other interconnect problems, power supply problem, unauthorised access, theft, war (whether declared or not), severe weather, earthquakes and strikes.
Client agrees and acknowledges that Client shall, independently and without reliance on any information and/or advice as provided by VMIS, make Client’s own judgments and decisions with respect to each transaction. VMIS shall be under no liability whatsoever in respect of any information or suggestion rendered by any of its directors, officers, employees or agents irrespective of whether or not such suggestion
was given at Client’s request.
This Agreement may be terminated at any time by not less than one week’s prior written notice given by either party to this Agreement provided that this Agreement shall not be deemed to be terminated by Client until VMIS has advised Client in writing (which notice may not be unreasonably withheld) that VMIS accepts Client’s termination notice on the basis that Client does not have any outstanding balances in the Account or the other accounts with any member of the VMI Securities Limited. Such notice shall not affect any Transaction entered into by VMIS on Client’s behalf prior to VMIS ’s receipt of such written notice and shall be without prejudice to any of the rights, powers or duties of VMIS or Client’s prior to such receipt.
This Agreement is governed by , and may be enforced in accordance with the laws of the Special Administrative Region of Hong Kong. VMIS may amend the terms of this Agreement by giving Client not less than one week prior notice of the change in writing. Client is hereby reminded of Client’s right to terminate this Agreement under clause 5.4.
Notices and other communications delivered to Client through the VMIS electronic trading services shall be deemed to have been personally delivered to Client when it is sent.
Instructions sent by Client will be treated as a valid and final electronic record by VMIS upon VMIS has sent an acknowledgement of receipt of the Instruction to Client. Client confirms that Client or Client’s representative has read the English or Chinese version of this Agreement and the General Terms & Conditions and that the contents of this Agreement and the General Terms & Conditions have been fully explained to Client or Client’s representative in a language which Client or Client’s representative understand(s), and that Client accepts each of the terms and conditions of this Agreement and the General Terms & Conditions. In the event of any conflict between any provisions of the English version and the Chinese version of the Agreement, the English version prevails.
6. Client Declares
Client agrees that VMIS shall not have any liability or responsibility of whatsoever nature in respect of the electronic trading services under any circumstances, unless the aforesaid is directly caused by the gross negligence or willful default of VMIS, as the case may be, including but without limitation,
(a) any failure or delay in transmission of information to and/or from Client’s telecommunication equipment;
(b) any failure or delay in the processing of Client’s requests or instructions and/or the returning of the responses to Client’s requests or instructions executed using the electronic trading services;
(c) any error or inaccuracy in such requests, responses,
or generally such information or the transmission thereof;
(d) any consequences arising from any cause beyond the reasonable control of VMIS.
Client hereby declares and confirms that Client understands and agrees that, in addition to the terms and conditions applicable to and governing the use of the Electronic Trading Services, it is Client’s primary responsibility to immediately contact VMIS through Client’s respective account executive or the hotline of the electronic services by telephone in the event that,
(a) Client does not receive any response of whatsoever nature to any request or Instruction that Client has executed on any one or more of Client’s account(s) maintained with the same using the Electronic Trading Services within the designated time (as shall be specified by VMIS from time to time) of the execution of such requests or instructions to confirm the status of the related transactions; or
(b) Client has received a confirmation (no matter by means of hard copies, electronic means or verbal confirmation) relating to any instructions or request not given by Client; or such confirmation being inconsistent with the instructions and/or request given by Client; or
(c) Client becomes aware that the Password has been used by any person except the Client.
In any event, VMIS shall not be liable for Client’s failure in observing the aforesaid obligations and Client shall fully indemnify VMIS in respect of any direct or indirect loss or cost of whatsoever nature that VMIS may suffer or incur as a result thereof.
Client understands and acknowledges that VMIS ’s records on requests and instructions actually received and responses actually sent by the same shall be binding, final and conclusive unless and until the contrary is judicially established.
Client hereby declares and represents that the information and representation provided and/or made by Client in this Agreement is true, complete and correct, and that VMIS is entitled to reply fully on such information and representations for all purposes, unless VMIS receives notice in writing of any change. VMIS is authorized at any time to contact anyone, including Client’s banks, brokers or any credit agency, for purposes of verifying the information provided in this Agreement. Where Client comprises more than one person, the agreement and liabilities of such persons therein contained or implied are joint and several and, as the content may require, words and phrases herein denoting the singular include the plural. Any notice hereunder to any one such person shall be deemed effective notice to all such persons.
Client understands that there is inherent risk in investing in the financial market; the price of investment instrument may experience upward or downward movements.
If VMIS solicit the sale of or recommend any financial products to Client, the financial product must be reasonably suitable for client having regard to client's financial situation, investment experience and investment objectives. No other provision of this agreement or any other documents we may ask the Client to sign and no statement VMIS may ask the Client to make derogates from this clause.
C. NON-DISCRETIONARY INVESTMENT ADVISORY SERVICE AGREEMENT
THIS NON-DISCRETIONARY INVESTMENT
ADVISORY SERVICE AGREEMENT is deemed to be made on the date stated in the Account Opening Information Form, BETWEEN:
(1) VMI Securities Limited (the “Company”) who is registered with the Securities and Futures Commission (“SFC”) as a Securities Dealer (CE NO.: BJK 437) and an Exchange Participant of The Stock Exchange of Hong Kong Limited (the “Exchange”), and whose principal office is located at UNIT 709, 7TH FLOOR, ASIA STANDARD TOWER, 59-65 QUEEN’S ROAD CENTRAL, CENTRAL, HONG KONG; and
(2) (the “Client”), whose address and details are set out in the Account Opening Information Form.
Whereas
(1) The Client is deemed to be interested in Non- discretionary Investment Advisory Service (“Advisory Services”) provided by the Company; and
(2) The Company agrees to provide and the Client agrees to obtain the Advisory Services on the terms and conditions stated herein after.
NOW THE PARTIES AGREED AS FOLLOWS:
1. Appointment and Role of the Company
As part of the Advisory Services, the Company will provide the Client with market and product information, and may communicate recommendations or discuss investment ideas and opportunities with the Client. The Client acknowledges the Company in so doing is not assuming the role of the Client’s discretionary financial or investment adviser and shall not in any case be construed as acting as such. The Client has been and will at all times continue to be solely responsible for (i) making the Client’s own independent investigation and appraisal of the investment product which the Client intends to deal with and the relevant parties involved (including the issuer, guarantor and custodian); and
(ii) making the Client’s own independent decision in respect of any dealing in Client’s assets or other investment.
The Company is hereby appointed by the Client as the investment adviser, on the basis of non-discretionary in nature, to provide Advisory Services to the Client, in relation to all investment in securities or other investment/financial products provided/distributed by the Company (collectively “Investment Products”).
The Company may from time to time, at the request of the Client or at the Company’s own initiative, provide the Client with market outlook, research information, Investment Products information, investment advice in relation to specific investment opportunities or potential risk management tactics, or investment recommendations of any kind that the Company may think fit for the Client (collectively “Investment Information”), which the Client may, in exercising his or her or its own independent judgment, accept or disregard, in whole or in part.
The Client hereby authorizes the Company to fulfill and perform and provided the following services:
(a) To act in accordance with the instruction of the Client and to provide Investment Information to the Client, in relation to the Client’s express intention for investment in the Investment Products.
(b) The Client agrees to provide the Company with such information about the Client’s personal circumstances, including but not limited to the Client’s financial situation, investment experience, investment objectives, investment knowledge level, investment horizon, risk tolerance level and financial capacity, etc., for the assessment of suitability of Investment Information to be given to the Client.
(c) Such personal circumstances are to be updated from time to time, and the Client shall notify the Company immediately if there are any substantial changes in personal circumstances.
(d) The Company shall, after matching the Client’s personal circumstances against risk return profile of various Investment Products which the Client intends to invest, provides Investment Information to the Client as the Company may think fit.
(e) The Client agrees that the Company shall make any form of documentation as it may think fit, to record any information arising in the course of performing the Advisory Services under the terms hereof.
(f) The Company shall select such brokers of the Investment Products from time to time that the Company may think fit to execute the Client’s orders and to deal with such brokers in accordance with the Client’s instructions on behalf of the Client.
(g) To perform all other services agreed by the Client and the Company from time to time.
2. Representations,Warranties, Undertakings and Acknowledgements
The Client warrants having sufficient knowledge, experience and understanding of financial and regulatory matters which enable the Client to evaluate the relevant investment information, nature of investment decisions/transactions instructed by the Client, to be entered/entered into and to be carried out/carried out by the Company on Client’s behalf (collectively the “Transactions”).
The Client warrants having the requisite financial capacity for absorption of loss of investment and the Client’s obligations to meet settlement or (additional) margin requirements, in respect of the Transactions.
The Client represents and warrants having the capability to understand, independently assess the Transactions, in relation to aspects such as the associated risks, material terms and conditions as well as suitability of such Transactions. The Client undertakes that after the
Investment Information has been given to the Client, the Client will examine and evaluate such information as well as make any further enquiries if necessary for the Client’s understanding, either directing to the Company or to an independent legal adviser to explain such information in relation to the Investment Products or the Transactions, the regulatory context of such products, and any other inherent risks.
The Client warrants full understanding that the entering into the Transactions is solely the own investment decision of the Client, and the Company shall not manage, monitor, or advise any further with respect to the Client’s investment portfolio after such Transactions have been entered into.
The Client warrants full understanding that the Company is under no obligation to update any Investment Information which the Company has provided and given to the Client, and the Client expressly agrees to bear solely on its/his/her own all the risk/loss/damage if any arising from reliance on such information, and for record purposes, the Company shall not be held liable whatsoever for provision of such information to the Client.
The Client warrants full understanding that the Transactions entered into upon its/his/her instructions shall be subjected to all of the risks stated in risk disclosure statements in Appendix 1.
Customer responsible for its own tax matters. The Company shall not be liable for any taxes or duties payable on or in respect of the Client’s Assets. It is the Client’s responsibility to seek independent professional advice to handle any tax issues (including application for tax credits or a reduced rate of tax to be withheld or withheld on interest, dividend or any other distribution or proceeds from any investment or transaction) which may affect the Client under all Applicable Regulations in connection with any investment or transaction contemplated under this Agreement and, in the absence of express written agreement by the Company, the Company assumes no responsibility in this regard. Notwithstanding the above, the Client shall, at the request of the Company complete, provide information, sign and file any tax forms, certificates or documents which the Company or any of its nominees, custodians and/or agents is required by any tax authority of any applicable jurisdiction to submit in respect of the Client in connection with any investment or transaction made on behalf of the Client pursuant to this Agreement. The Client agrees to cooperate with the Company, its nominees, custodians and / or agents and provide the necessary information and assistance to them or any of them for such purposes.
If VMIS solicit the sale of or recommend any financial products to Client, the financial product must be reasonably suitable for client having regard to client's financial situation, investment experience and investment objectives. No other provision of this agreement or any other documents we may ask the Client to sign and no statement VMIS may ask the Client to make derogates from this clause.
3. Product Information
In the course of the Advisory Services in relation to derivatives or structured products and all other financial
products, the Company may upon request provide the Client with any product information which may come in any form including but not limited to product offering memorandum/prospectus or documents containing product specification and information. The Company does not undertake or warrant the accuracy or preciseness of the said information, be it obtained from any third party or originated from the issuers. Any risk/loss/damage arising out of or due to reliance on such information shall be borne solely by the Client.
4. Fees & Charges
The Company shall reserve its right to levy fee(s) and charge(s) on the provision for Advisory Services in accordance with the terms and conditions hereof. All information regarding potential return may not have taken fees and charges into consideration.
The Company shall be liable to pay all costs and expenses (including but not limited to taxes, duties, levies, brokerage, commissions and fees) reasonably incurred by the Company in the course of exercising or fulfilling the rights and duties of the Company under this Agreement. The Client shall also indemnify and shall hold the Company harmless against all liabilities, losses, claims, demands, actions or proceedings which may reasonably arise from or be incurred by the Company as a result of:
(a) the exercise of or any failure to exercise any of the Company’s rights or duties under this Agreement;
(b) any reliance on information provided by the Client;
(c) executing any instruction given or purportedly given by person who is authorized to act on behalf of the Client; or
(d) any attachment or other legal proceedings which may be levied against the portfolio.
5. Disclaimer
The Company shall not be liable or responsible for any act or omission of any account executives, wealth management consultants, professional advisors, brokers or agents or of any party contracted for the purposes hereof, unless the act or omission is due to fraud or willful default of the Company or its authorized officers, employees or agents.
Neither the Company or any of its directors, officers, employees or agents or persons contracted for the purposes hereof, shall have any liability whatsoever (whether in negligence or otherwise) for any loss, loss of opportunity whereby the total asset/investment portfolio value would have been increased, any decrease in value of such portfolio due to a mistake in fact/judgment/at law or for any loss arising out of any investments or for any act or omission in the execution of services provided by the Company, except for fraud or willful default.
The Client agrees and undertakes to confirm or ratify any actions or things done legally or caused to be done in appropriate performance/provision of services by the Company upon request.
D. COLLECTIVE INVESTMENT SCHEME AGREEMENT
THIS COLLECTIVE INVESTMENT SCHEME
AGREEMENT is deemed to be made on the date stated in the Account Opening Information Form, BETWEEN:
(1) VMI Securities Limited (the “Company”) who is registered with the Securities and Futures Commission (“SFC”) as a Securities Dealer (CE NO.: BJK 437) and an Exchange Participant of the The Stock Exchange of Hong Kong Limited (the “Exchange”), and whose principal office is located at UNIT 709, 7TH FLOOR, ASIA STANDARD TOWER, 59-65 QUEEN’S ROAD CENTRAL, CENTRAL, HONG KONG; and
(2) (the “Client”), whose address and details are set out in the Account Opening Information Form.
Whereas
(1) The Company has been acting, from time to time, as the distributor of some collective investment schemes in Hong Kong.
(2) The Client is deemed to be interested in opening a collective investment scheme account (“CIS Account”) with the Company for the purpose of trading in the collective investment scheme, and agrees to obtain the service provided therefor by the Company on the terms and conditions stated herein after.
1. Authorization and Scope
The Client authorizes the Company to provide the following services, including but not limited to:
(a) To provide, distribute and disseminate any promotional and sales information documents in relation to collective investment scheme, in any form the Company see fit.
(b) To provide the Client with risk profiling and evaluation, to understand the financial rudiments and asset management objectives, and the risk tolerance level of the Client, which serve as the basis of the Client’s collective investment scheme.
(c) The Client authorizes the Company, as the distributor of the collective investment scheme, to operate and act upon Client’s instructions under such scheme, including but not limited to the subscription of relevant schemes, switching/disposal of units, the redemption of the scheme, the processing and collection of the fees and monies of related scheme, and the sending and receiving of any relevant documents/fees/monies to and from the issuer or custodian.
The Client warrants that they will seek independent legal advice in respect of any collective investment scheme subscription/relevant transaction or other relevant decisions.
The Client warrants and understands that the Company has not made any representation or guarantee as to the actual/future performance of any of the collective investment schemes/units.
If the Company solicit the sale of or recommend any financial products to Client, the financial product must be reasonably suitable for client having regard to client's financial situation, investment experience and investment objectives. No other provision of this agreement or any other documents the Company may ask the Client to sign and no statement the Company may ask the Client to make derogates from this clause.
2. Instructions
The Client warrants to provide precise and succinct written order in respect of collective investment schemes, or
through phone or any other stipulated means recognized by the Company (e.g. online application form).
The Client agrees that the Company will reserve the final right as to the appropriate and acceptable means/ modification/termination of order placing methods.
The Client agrees to provide the necessary and related order placing forms/information, sufficient funds, and any other related supplementary documents, and the Company reserves the right as to the acceptance of such orders.
The Client undertakes that any information provided to the Company is intact, accurate and precise; the Company will not verify or confirm the authenticity of the information so provided. The Client agrees that the Company shall reserve the right to decide whether to act upon instructions given to the Company, and the Client consents that the Company shall preserve on an unconditional basis the absolute right to reject or delay acting upon such instructions given by the Client without the obligation to provide any explanation. The Client agrees that any resulting/causal damage/loss/cost/expense arising out of this term or omission/mistake due to other circumstances shall be borne by the Client, and the Company disclaims all liabilities if any arising therefrom.
The Client agrees to properly sign and fill in the redemption instruction form and deliver in accepted means to the Company, or the Ccompany may complete and sign the instruction form for and on behalf of the Client in accordance with instructions given by telephone, and the Company shall deal with the relevant issuer and give instructions accordingly, after which custodians shall pay the Company the relevant redemption monies after calculation according to the scheme’s offering memorandum’s detailed terms and conditions. The Client agrees to bear and pay any fees/expenses incurred in the course of the redemption process.
3. Rebates and soft dollars
The Client agrees and consents that as the return for the Company’s role as distributor of the collective investment scheme, the Company may receive goods and services from relevant collective investment scheme which may include (non-exhaustive list): research and advisory services, economic and market analysis, portfolio analysis including valuation and performance measurement, data and quotation services; computer hardware and software incidental to the above goods and services; clearing and custodian services and investment related publications.
The Client expressly agrees and consents that the Company may also receive/retain cash or money rebates/brokerage commission in relation to client transactions of related collective investment schemes. The Client hereby declares and confirms that he/she/it has notice and agrees that the approximate values of such transaction, brokerage commission and rebates have been or will be disclosed in the statements sent or to be sent by the Company to the Client.
THIS DERIVATIVE PRODUCTS SERVICE AGREEMENT
is deemed to be made on the date stated in the Account Opening Information Form, BETWEEN:
(1) VMI Securities Limited (the “Company”), a company registered with the Securities and Futures Commission (“SFC”) as a Securities Dealer (CE NO.: BJK 437) and an Exchange Participant of The Stock Exchange of Hong Kong Limited (the “Exchange”), and whose principal office is located at UNIT 709, 7TH FLOOR, ASIA STANDARD TOWER, 59-65 QUEEN’S ROAD CENTRAL, CENTRAL, HONG KONG; and
(2) (the “Client”), whose address and details are set out in the Account Opening Information Form.
Whereas
(1) The Company has been trading, from time to time, some derivative products in Hong Kong.
(2) The Client is deemed to be interested in opening a derivative trading account with the Company (“Derivative Trading Account”) for the purpose of trading the derivative products, and agrees to do the trading of derivative products with the Company on the terms and conditions stated hereinafter.
1. Definition and Interpretation
In this Agreement,
“Agreement” has the same meaning as defined at Part 1 : General Terms and Conditions.
“Derivative Product” means an over-the-counter financial contract whose value is designed to track the return on or is derived from currencies, interest rates, securities, bonds, money market instruments, metals and other commodities, financial instruments, reference indices or any other benchmark and includes, without limitation, warrants, options, equity-linked notes or other convertible securities.
“Derivative Trading Account” means the account or accounts maintained by the Client with the Company for the Derivative Transactions in accordance with this Derivative Products Service Agreement.
“Derivative Transaction” means any agreement to purchase, invest in, or subscribe to any Derivative Products offered by the Company; or to sell, exchange or otherwise dispose of any kind of Derivative Products to the Company, and generally dealing in any and all kinds of Derivative Products between the Client and the Company. “Risk Disclosures Statements” means the risk disclosure
statements set out in Appendix 1.
“Securities” has the same meaning as defined at Part 1 : General Terms and Conditions, and shall include, where the context permits, the Derivative Products and any other products acceptable to the Company.
“Securities Account” means the account or accounts maintained by the Client with the Company including the cash account and the custodian account from time to time for dealing with the Securities of the Client in accordance with any Agreement.
“Settlement Date” means the date for settlement in cash
or delivery of the underlying asset of a Derivative Transaction.
“Units” means shares or units of any class in any unit trust, investment fund or mutual fund or other collective investment scheme in respect of which the Company may from time to time agree to provide services to the Client under the Agreement.
2. Derivative Transactions
The Client agrees to enter into Derivative Transactions with the Company upon the terms and conditions contained herein.
The Company may and, if so requested by the Client, will provide the Client a statement or summary setting out the specifications, the features and other details relating to the relevant Derivative Product (the "Derivative Product Summary").
The Client hereby covenants with the Company and undertakes that before entering into any Derivative Transaction with the Company pursuant to this Derivative Products Service Agreement, the Client will read and understand the Risk Disclosures Statements in relation to Derivative Products, and will also read the relevant Derivative Product Summary (if made available to the Client), and will fully understand the specifications, features and other relevant details of the Derivative Products as well as the risks involved.
The Client understands and acknowledges that Derivative Transactions may provide for settlement in cash or delivery of the underlying asset upon settlement on the Settlement Date.
The Client hereby expressly agrees, consents, and acknowledges that pursuant to the Derivative Transactions entered into by the Client with the Company, the Company may get financial gains or other benefits, which the Client expressly agrees that the Company may receive or retain.
If the Company solicit the sale of or recommend any financial products to Client, the financial product must be reasonably suitable for client having regard to Client's financial situation, investment experience and investment objectives. No other provision of this agreement or any other documents the Company may ask the Client to sign and no statement the Company may ask the Client to make derogates from this clause.
3. Transaction Instructions
As soon as the Company receives an instruction from the Client to enter into a Derivative Transaction which requires the Client to make a payment at the time of entering into the Derivative Transaction, the Company shall be entitled to earmark or hold a sum against the credit balance in the Securities Account equal to one hundred percent of the transaction value of the Derivative Transaction or in such lesser percentage as the Company in its absolute and unfettered discretion thinks necessary PROVIDED ALWAYS THAT if the available funds in the Securities Account are not sufficient to meet the transaction value, the Company shall be entitled not to entertain, carry out, effect or implement the instructions concerned. The Client further agrees to ensure that, at the time of giving instruction to the Company to enter into such Derivative Transaction, there shall be sufficient cleared funds in the Securities Account for payment of such transaction value. Notwithstanding the foregoing, the Company may in its absolute and unfettered discretion proceed to carry out, effect or implement the Client’s instructions
for entering into the Derivative Transaction without further notice to the Client even though at the time the Client giving the instructions, the Client does not have sufficient cleared funds in the Securities Account for payment of the transaction value, in which case, the Client shall place sufficient cleared funds into the Securities Account as soon as possible after giving of the relevant instructions to the Company, for the purpose of payment of the transaction value.
As soon as the Company receives an instruction from the Client to enter into Derivative Transactions in respect of which the Client is or may be (whether pursuant to the service of a notice, the satisfaction of any condition(s) or otherwise) obliged to settle the Derivative Transactions in cash on the relevant Settlement Date, the Company shall, unless otherwise provided or accepted by the Company (in its absolute and unfettered discretion), be entitled to reject the instruction unless the available funds in the Securities Account are sufficient to meet in full the settlement liabilities. The Company shall be entitled to earmark or hold such sum (or any lesser sum as the Company may in its discretion determine) against the credit balance in the Securities Account for the period of subsistence of the delivery obligation under the relevant Derivative Transaction (or such other period as the Company may in its discretion determine). The Client further agrees to ensure that, at the time of giving the instructions for entering into any Derivative Transaction, there shall be sufficient funds in the Securities Account for settlement of the Derivative Transaction. Notwithstanding the foregoing, the Company may in its absolute and unfettered discretion proceed to carry out, effect or implement the Client’s instructions without further notice to the Client even though at the time of the Client giving the instructions, the Client does not have sufficient cleared funds in the Securities Account for settlement of the Derivative Transaction, in which case, the Client shall place sufficient cleared funds into the Securities Account as soon as possible after giving of the relevant instructions to the Company, for the purpose of settlement of the Derivative Transaction.
Instructions for entering into Derivative Transactions in respect of certain underlying asset(s) under which the Client is or may be (whether pursuant to the service of a notice, the satisfaction of any condition(s) or otherwise) obliged to physically deliver a specified quantity of such asset(s) on the relevant Settlement Date will, unless otherwise provided or accepted by the Company (in its absolute unfettered discretion thinks fit), only be accepted if:
(a) such asset(s) is already standing to the credit of the Securities Account of the Client at the time of receipt of the relevant instructions; or
(b) the Client or the Client’s Authorized Person(s)/Representative(s) have deposited or arranged for the specified quantity of such asset(s) to be deposited with or transferred to the Company before the Company enters into the relevant Derivative Transaction.
The Company shall be entitled to earmark the specified quantity of such asset(s) standing to the credit of the Securities Account of the Client or otherwise deposited
with the Company for the period of subsistence of the delivery obligation under the relevant Derivative Transaction (or such other period as the Company may in its discretion determine) during which the Client will not be permitted to sell, assign, transfer, dispose or otherwise deal with any such asset(s). The Client further agrees to ensure that, at the time of giving the instructions to enter into such Derivative Transaction, there shall be sufficient quantity of such asset(s) in the Securities Account for settlement of the Derivative Transaction.
Whether or not the Client has complied with the provisions of Clause 3.3, the Company shall upon receipt of the instruction concerned be entitled to earmark or hold a sum against the credit balance in the Securities Account not less than 100%, or any percentage of the value of the specified quantity of such asset(s) (as estimated by the Company in its absolute discretion) as may be agreed between the Company and the Client, until (a) the specified quantity of such asset(s) have been deposited or transferred to the Company and earmarked pursuant to Clause 3.3; or (b) the actual notice issued by the Company to the Client that the instructions cannot be effected.
Without prejudice to the foregoing, the Company shall have the absolute and unfettered right and discretion at any time not to enter into any Derivative Transactions with the Client without assigning any reason for so doing.
4. Trade Confirmation
The Company shall issue a written trade confirmation for each Derivative Transaction entered into by the Client and the Company as a record of the terms of the Derivative Transaction before the close of the following business day. The confirmation shall contain sufficient details for identifying the relevant Derivative Transaction (the "Trade Confirmation"). The Trade Confirmation constitutes a supplement to and forms an integral part of this Derivative Products Service Agreement in respect of the relevant Derivative Transaction. In respect of a particular Derivative Transaction, in the event of any inconsistency between the provisions of the relevant Trade Confirmation and this Derivative Products Service Agreement, the provisions of the relevant Trade Confirmation shall prevail.
The Client undertakes to carefully examine all Trade Confirmations and to acknowledge the correctness of such Trade Confirmations by countersigning the duplicate copies thereof and return them to the Company before close of the next business day after receipt of such Trade Confirmations.
If the Client disputes the correctness of any Trade Confirmation or if there is any error, the Client shall submit the objection in writing to the Company together with all relevant evidence within three (3) business days from the Client’s receipt or deemed receipt of such Trade Confirmation (or within such other period as may be specified by the Company in the relevant Trade Confirmation).
If the Company does not receive any acknowledgement or objection from the Client within the time limit
referred to in Clause 4.3, the Client is deemed to have acknowledged and accepted the correctness of such Trade Confirmation and shall thereafter be estopped from denying the correctness of such Trade Confirmation or any part thereof. The Company shall be free from all claims in connection with any Derivative Transaction to which such Trade Confirmation relates, notwithstanding any discrepancies, omissions or inaccuracies in such Trade Confirmation whether as a result of forgery, fraud, lack of authority, negligence or otherwise by any person whatsoever.
5. Settlement and Expiration or Rememption of Derivative Transactions
This Clause 5 shall be applicable only when the Client expressly appoints and authorizes the Company to be the agent on behalf of the Client to handle or otherwise to deal with the Derivative Products PROVIDED ALWAYS THAT the Company shall in its absolute and unfettered discussion have the right to refuse the appointment.
With respect to Derivative Transactions that may expire unless appropriate action in connection with the redemption of the Derivative Transactions is taken on the Settlement Date, the following provisions shall apply:
(a) It is the sole responsibility of the Client to be familiarized with the rights and terms of all Derivative Transactions and for taking appropriate action in connection with the redemption of the Derivative Transactions.
(b) If the Client fails to instruct the Company at least three (3) business days before the Settlement Date:
(1) where the redemption of the Derivative Transactions is not obligatory, it shall be conclusively deemed that the Client has irrevocably renounced all the rights and entitlements regarding the redemption of such Derivative Transactions and the Company is entitled to deal with such Derivative Transactions in the Company's own right;
(2) where the redemption of the Derivative Transactions is obligatory, the Company is entitled at its absolute discretion to transfer or sell any Securities in the Securities Account to satisfy settlement obligations of the Client’s. The Client shall fully indemnify the Company on demand against all losses, damages, interest, actions, demands, claims, proceedings whatsoever which the Company may incur, suffer or sustain and all costs and expenses reasonably issued by the Company as a result of effecting such a sale and matters directly or indirectly relating thereto or otherwise to the default of the performance of the settlement obligations.
(c) If the Client instructs the Company at least three (3) business days before the Settlement Date to take appropriate action for the redemption of the Derivative Transactions, the Company is not obliged to do so unless and until sufficient immediate available funds have been received by the Company at the time of the Client giving the instruction and in default thereof, the provisions of sub-clause (b) above shall apply as if the Client has
failed to instruct the Company in time.
With respect to Derivative Transactions that provide for settlement in cash or delivery of the underlying asset upon settlement on the Settlement Day, the Client undertakes that:
(a) where the Derivative Transaction provides for settlement in cash on the Settlement Date, the Client shall make available to the Company sufficient cleared funds to enable the Client to fully satisfy the settlement obligations in respect of such Derivative Transaction before the Settlement Date. If the Client fails to fulfill the settlement obligations by the Settlement Date, the Company is authorized to transfer or sell any Securities in the Securities Account to satisfy the settlement obligations. The Client shall fully indemnify the Company on demand against all losses, damages, interest, actions, demands, claims, proceedings whatsoever which the Company may incur, suffer or sustain and all costs and expenses reasonably incurred by the Company as a result of effecting such a sale and matters directly or indirectly relating thereto or otherwise to the default of the Client in performance of the settlement obligations; and/or
(b) where the Derivative Transaction provides for settlement by way of delivery of the underlying asset, the Client shall deliver the specified quantity of such asset(s) to the Company or otherwise settle such trade before the Settlement Date. If the Client fails to fulfill the settlement obligations by the Settlement Date, the Company is authorized to execute on behalf of the Client the purchase of such asset(s) as are necessary to satisfy the settlement obligations. The Client shall fully indemnify the Company on demand against all losses, damages, interest, actions, demands, claims, proceedings whatsoever which the Company may incur, suffer or sustain and all costs and expenses reasonably incurred by the Company as a result of effecting such a purchase and matters directly or indirectly relating thereto or otherwise to the default of the Client in performance of the settlement obligations. The Company is also authorized to appropriate, withdraw and/or apply the relevant quantity of the appropriate asset(s) from the pool of asset(s) which the Client has deposited with the Company so as to enable the Company to settle the Derivative Transaction.
Without prejudice to the foregoing, unless the Company agrees in the relevant Trade Confirmation or otherwise in writing to the Client, the Company is not obliged to notify the Client of any upcoming Settlement Dates from time to time or to take any action on behalf of the Client. The Company may impose such terms and conditions as it may deem appropriate for agreeing to notify the Client of any Settlement Dates from time to time or to take any action on behalf of the Client in connection with any Derivative Transactions.
On the Settlement Date, the Company shall be entitled to debit the entire amount payable for the Derivative Transaction (including but not limited to the purchase price, all fees, commissions, stamp duty, tax or levy incurred and all other expenses reasonably incurred)
from the Securities Account.
The net proceeds of the Derivative Transaction after deducting all brokerage, commission, stamp duty and fees incurred and all other expenses reasonably incurred shall first be applied towards payment and discharge (whether in full or partially) of all indebtedness (if any) due and owing to the Company under this Derivative Products Service Agreement and the surplus (if any) shall be credited into the Securities Account.
6. Listed Derivative Products
Without prejudice to the foregoing, where the trading price of a Derivative Product is listed in The Stock Exchange of Hong Kong Limited (“HKSE”) or any relevant Exchange, the provisions governing the relationship between the Company and the Client over transactions of the Securities other than Derivative Products under the Agreement shallprevail.
7. Acknowledgements
The Client agrees that the Client is and remains responsible for all settlement and all other obligations arising in connection with any Derivative Transaction entered into pursuant to the Client’s instructions, regardless of the amount of cleared funds in the Securities Account. In addition, the Client agrees that the Company shall have the absolute and unfettered right and discretion at any time to close out any or all contracts relating to the Derivative Transactions effected by the Company pursuant to this Derivative Products Service Agreement, cover any short position of the Client through the purchase of the underlying assets on HKSE or other relevant Exchanges or liquidate any of the Client’s long position through the sale of the Derivative Product on HKSE or other relevant Exchanges, or take any other action as the Company in its absolute discretion considers appropriate in relation to the relevant Derivative Transaction(s) if the Company believes or suspects that the Client is or may be unable or unwilling to comply with any of the settlement or other obligations in respect of the Derivative Transaction(s).
The Client agrees and confirms with the Company that:
(a) the Company cannot and does not assume any liability for the accuracy or correctness of any information, whether in the relevant Derivative Product Summary or otherwise, obtained or originated from third parties (including the issuer of any Derivative Product or counterparty to any Derivative Transaction) which may be provided to the Client; and
(b) the Client are not relying on any communication (whether written or oral) of the Company as investment advice or as a recommendation to enter into the transactions contemplated therein, it being understood that the Derivative Product Summary and any information and explanations relating to any Derivative Product shall not be considered an investment advice or a recommendation to enter into the relevant Derivative Transaction.
Appendix 1 RISK DISCLOSURE STATEMENTS
RISK OF SECURITIES TRADING
The prices of securities fluctuate, sometimes dramatically. The price of a security may move up or down, and may become valueless. It is as likely that losses will be incurred rather than profit made as a result of buying and selling securities.
RISK OF TRADING GROWTH ENTERPRISE MARKET STOCKS
Growth Enterprise Market (GEM) stocks involve a high investment risk. In particular, companies may list on GEM with neither a track record of profitability nor any obligation to forecast future profitability. GEM stocks may be very volatile and illiquid. You should make the decision to invest only after due and careful consideration. The greater risk profile and other characteristics of GEM mean that it is a market more suited to professional and other sophisticated investors. Current information on GEM stocks may only be found on the internet website operated by The Stock Exchange of Hong Kong Limited. GEM Companies are usually not required to issue paid announcements in gazetted newspapers.
You should seek independent professional advice if you are uncertain of or have not understood any aspect of this risk disclosure statement or the nature and risks involved in trading of GEM stocks.
RISK OF TRADING SECURITIES DENOMINATED IN RENMINBI (RMB)
RMB securities are subject to exchange rate fluctuations that may provide both opportunities and risks. The fluctuation in the exchange rate of RMB may result in losses in the event that you convert RMB into Hong Kong dollars (“HKD”) or other foreign currencies. RMB is not fully and freely convertible and conversion of RMB through banks is subject to a daily limit and other limitations as applicable from time to time. You should take note of the limitations and changes thereof as applicable from time to time and allow sufficient time for exchange of RMB from/to another currency if the RMB amount exceeds the daily limit. Any RMB conversion in relation to a RMB securities transaction will be based on an exchange rate determined by the Company as a principal according to the prevailing exchange rate.
RISK OF TRADING OVERSEAS ISSUERS’ SECURITIES
Overseas issuer is subject to a different set of governing laws. The tax consequences derived from trading in overseas issuers’ securities which are listed in Hong Kong might vary from that of Hong Kong issuers’ securities owing to the differences in the tax regime (e.g. transactions tax, dividends tax, capital gains tax, etc.). You should consult your own tax advisors as to the applicable tax consequences of purchasing, holding,
disposing of or dealing in overseas issuers’ securities based on your particular circumstances in order to comply with
applicable laws and regulations.
RISK OF EXERCISING AND TRADING RIGHTS ISSUE
For exercising and trading of the rights issue, investors have to pay attention to the deadline and other timelines. Rights issues that are not exercised will have no value upon expiry. If investors decide not to exercise the rights and sell the rights in the market, the rights must be sold during the specified trading period within the subscription period, after which they will become worthless. If investors pass up the rights, the shareholding in the expanded capital of the company will be diluted.
RISK OF TRADING EXCHANGE TRADED FUNDS (ETFs)
1. Market risk
ETFs are typically designed to track the performance of certain indices, market sectors, or groups of assets such as stocks, bonds, or commodities. ETF managers may use different strategies to achieve this goal, but in general they do not have the discretion to take defensive positions in declining markets. Investors must be prepared to bear the risk of loss and volatility associated with the underlying index/assets.
2. Tracking errors
Tracking errors refer to the disparity in performance between an ETF and its underlying index/assets. Tracking errors can arise due to factors such as the impact of transaction fees and expenses incurred to the ETF, changes in composition of the underlying index/assets, and the ETF manager’s replication strategy. (The common replication strategies include full replication/representative sampling and synthetic replication which are discussed in more detail below.)
3. Trading at discount or premium
An ETF may be traded at a discount or premium to its Net Asset Value (NAV). This price discrepancy is caused by supply and demand factors, and may be particularly likely to emerge during periods of high market volatility and uncertainty. This phenomenon may also be observed for ETFs tracking specific markets or sectors that are subject to direct investment restrictions.
4. Foreign exchange risk
Investors trading ETFs with underlying assets not denominated in Hong Kong dollars are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETF price.
5. Liquidity risk
Securities Market Makers (SMMs) are Exchange Participants that provide liquidity to facilitate trading in ETFs. Although most ETFs are supported by one or more SMMs, there is no assurance that active trading
will be maintained. In the event that the SMMs default or cease to fulfill their role, investors may not be able to buy or sell the product.
6. Counterparty risk involved in ETFs with different replication strategies
(a) Full replication and representative sampling strategies
An ETF using a full replication strategy generally aims to invest in all constituent stocks/assets in the same weightings as its benchmark. ETFs adopting a representative sampling strategy will invest in some, but not all of the relevant constituent stocks/assets. For ETFs that invest directly in the underlying assets rather than through synthetic instruments issuedby third parties, counterparty risk tends to be less of concern.
(b) Synthetic replication strategies
ETFs utilising a synthetic replicationstrategy use swaps or other derivative instruments to gain exposure to a benchmark. Currently, syntheticreplication ETFs can be further categorized into two forms:
i. Swap-based ETFs
Total return swaps allow ETF managers to replicate the benchmark performance of ETFs without purchasingthe underlying assets. Swap- based ETFs are exposed tocounterparty risk of the swap dealersand may suffer losses if such dealersdefault or fail to honor their contractual commitments.
ii. Derivative embedded ETFs
ETF managers may also use otherderivative instruments to synthetically replicate the economic benefit of therelevant benchmark. The derivativeinstruments may be issued by one or multiple issuers.Derivative embedded ETFs are subject tocounterparty risk of the derivativeinstruments’ issuers and may suffer losses if such issuers default or fail to honourtheir contractual commitments.
Even where collateral is obtained by an ETF, it is subject to the collateral provider fulfilling its obligations. There is a further risk that when the right against the collateral is exercised, the market value of the collateral could be substantially less than the amount secured resulting in significant loss to the ETF.
RISK OF COLLECTIVE INVESTMENT SCHEMES
Collective Investment Scheme may invest extensively (up to 100%) in financial derivative instruments, fixed income securities and/or structured products (including, but not limited to credit default swaps, sub-investment grade debt, mortgage- backed securities and other asset-backed securities) and be subject to various risks (including but not limited to counterparty risk, liquidity risk, credit risk and market risk). Collective Investment Scheme may uses trading strategies that use financial derivative instruments which may be unsuccessful due to a number of reasons; including, but not
limited to volatile market conditions, imperfect correlation between the movements in securities on which derivatives are based, lack of liquidity within markets and counterparty default risk.
RISK OF TRADING STRUCTURED PRODUCTS
Compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited(the listing rules) and the propose of giving information with regard to us and derivative warrants(warrants), callable contracts(contracts) and other structured products(the warrants, contracts and such other structured products are collectively structured products) to be listed on the stock exchange.
The issuer of the structured products may sometimes be the only person quoting prices on the relevant exchange. The prices of the structured products may fall in value as rapidly as they may rise and investors may sustain a total loss of your investment.
Structured products are subject to a number of risks which may include but not limited to the following:
1. Issuer default risk
In the event that a structured product issuer becomes insolvent and defaults on their listedsecurities, investors willbe considered asunsecured creditors and will have nopreferential claims to any assets held by theissuer. Investors should therefore pay closeattention to the financial strength and creditworthiness of structured product issuers.
2. Uncollateralised product risk
Uncollateralised structured products are not asset backed. In the event of issuerbankruptcy, investors can lose their entireinvestment. Investors should read the listingdocumentstodetermineif a product isuncollateralised.
3. Gearing risk
Structured products such as derivative warrants andcallable bull/bear contracts(CBBCs) are leveraged and can change invalue rapidly according to the gearing ratiorelative to the underlying assets. Investorsshould be aware that the value of astructured product may fall to zero resulting ina total loss of the initial investment.
4. Expiry considerations
Structured products have an expiry date afterwhichtheissuemaybecomeworthless.Investors should be aware of the expiry timehorizon and choose a product with anappropriate lifespan for their trading strategy.At expiry, if the cash settlement amount is zeroor negative, investors will lose the value of your investment.
5. Extraordinary price movements
The price of a structured product may notmatch its theoretical price due to outside influences such as market supply anddemand factors. As a result, actual tradedprices can be higher or lower than the theoretical price.
6. Foreign exchange risk
Investors trading structured products withunderlying assetsnotdenominated in HongKongdollarsare alsoexposed to exchange rate risk. Currency rate fluctuations canadversely affect the underlying asset value, also affecting the structured product price.
7. Liquidity risk
TheExchangerequires all structured productissuers toappointaliquidityproviderforeachindividual issue. The role of liquidity providers is to provide two way quotes to facilitate trading of their products. In the event that a liquidity provider defaults or ceases to fulfill its role, investors may not be able to buy or sellthe product until a new liquidity provider has
been assigned.
Investors should therefore ensure that they understand the nature of the structured products and carefully study the risk factors set out in this base listing document and the relevant supplemental listing document in respect of any issue of structured products before they invest in any structured products and, where necessary, seek professional advice, before they invest in the structured products.
Investors need to understand better how products will operate in extreme market conditions or in the face of bankruptcy, structured products constitutes general unsecured contractual obligations.
ADDITIONAL RISKS OF TRADING CALLABLE BULL/BEAR CONTRACTS (CBBCs)
1. Mandatory call risk
Investors trading CBBCs should be aware oftheir intraday “knockout” or mandatory call feature. A CBBC will cease trading when the underlying asset value equals the mandatory call price/level as stated in the listingdocuments. Investorswill onlybeentitled totheresidualvalue of the terminated CBBC ascalculated by the product issuer inaccordancewiththelistingdocuments.Investors should also note that the residual value can be zero.
2. Funding costs
The issue price of a CBBC includes fundingcosts. Funding costs are gradually reduced over time as the CBBC moves towards expiry. The longer the duration of the CBBC, thehigher the total funding costs. In the eventthat a CBBC is called, investors will lose thefunding costs for the entire lifespan of theCBBC. The formula for calculating the fundingcosts are stated in the listing documents.
ADDITIONAL RISKS OF TRADING DERIVATIVE WARRANTS
1. Time decay risk
All things being equal, the value of a derivative warrant will decay over time as it approaches its expiry date. Derivative warrants should therefore not be viewed as long term investments.
2. Volatility risk
Prices of derivative warrants can increase or decrease in line with the implied volatility ofunderlying asset
price. Investors should beaware of the underlying asset volatility.
RISK OF OVER-THE-COUNTER TRANSACTION
1. You should only undertake Over-The-Counter ("OTC") trading if you understand the nature of such trading and such trading facilities and the extent of your exposure to risks. If in doubt, you should seek independent professional advice.
2. OTC transactions are subject to risk, including counterparty risk, risk that the particular securities fails to subsequently be listed on the Exchange, lower liquidity and higher volatility. Settlement of the relevant transactions is not guaranteed and you will be responsible for any losses or expenses resulting from your and/or your counterparty's settlement failures.
3. The prices of Securities traded on OTC market may differ significantly from their opening or traded prices transacted during the regular market hours upon the listing of the Securities on the Exchange. The prices displayed on the OTC market may not reflect the prices in other concurrently operating automated trading systems dealing in the same Securities.
4. In particular, the OTC market is not regulated by the Exchange and the relevant transaction will not be covered by the Investor Compensation Fund until it is properly recorded on the trading system of the Exchange upon the listing of the Securities on the Exchange.
RISK OF TRADING US EXCHANGE-LISTEDOROVER-THE-COUNTER(OTC) SECURITIES OR DERIVATIVES
You should understand the US rules applicable to trades in security or security-like instrument in markets governed by US law before undertaking any such trading. US law could apply to trading in US markets irrespective of the law applicable in your home jurisdiction.
Many (but by no means all) stocks, bonds and options are listed and traded on US stock exchanges. NASDAQ, which used to be an OTC market among dealers, has now also become a US exchange. For exchange-listed stocks, bonds and options, each exchange promulgates rules that supplement the rules of the US Securities & Exchange Commission (“SEC”) for the protection of individuals and institutions trading in the securities listed on the exchange.
OTC trading among dealers can continue in exchange-listed instruments and in instruments that are not exchange-listed at all. For securities that are not listed on any exchange, trading can continue through the OTC bulletin board or through the inter-dealer “pink sheets” that carry representative (not actual) dealer quotes. These facilities are outside of NASDAQ.
Options on securities are subject to SEC rules and the rules of any securities exchange on which the options are listed. Options on futures contracts on commodities like wheat or gold are governed by rules of the US Commodity Futures Trading Commission (“CFTC”). There are also commercial
options, like options on real estate, that are governed neither by SEC nor CFTC rules.
Whether you are intending to trade in US exchange-listed securities, OTC securities or derivatives, you should understand the particular rules that govern the market in which you are intending trade. An investment in any of these instruments tends to increase the risk and the nature of markets in derivatives tends to increase the risk even further.
Market makers of OTC bulletin board are unable to use electronic means to interact with other dealers to execute trades. They must manually interact with the market, i.e. use standard phone lines to communicate with other dealers to execute trades. This may cause delays in the time it takes to interact with the market place. This, if coupled with increase in trade volume, may lead to wide price fluctuation in OTC bulletin board securities as well as lengthy delays in execution time. You should exercise extreme caution when placing market orders and fully understand the risks associated with trading in OTC bulletin board.
Market data such as quotes, volume and market size may or may not be as up-to-date as expected with NASDAQ or listed securities.
As there may be far fewer market makers participating in OTC securities markets, the liquidity in that security may be significantly less than those in listed markets. As such, you may receive a partial execution or the order may not be executed at all. Additionally, the price received on a market order may be significantly different from the price quoted at the time of order entry. When fewer shares of a given security are being traded, larger spreads between bid and ask prices and volatile swings in price may result. In some cases, the liquidation of a position in an OTC security may not be possible within a reasonable period of time.
Issuers of OTC securities have no duty to provide any information to investors, maintain registration with the SEC or provide regular reports to investors.
RISK OF TRADING NASDAQ-AMEX SECURITIES AT THE STOCK EXCHANGE OF HONG KONG LIMITED
The securities under the Nasdaq-Amex Pilot Program (“PP”) are aimed at sophisticated investors. You should consult the licensed or registered person and become familiarised with the PP before trading in the PP securities. You should be aware that the PP securities are not regulated as a primary or secondary listing on the Main Board or the Growth Enterprise Market of The Stock Exchange of Hong Kong Limited.
RISKS OF CLIENT ASSETS RECEIVED OR HELD OUTSIDE HONG KONG
Client assets received or held by the licensed or registered person outside Hong Kong are subject to the applicable laws and regulations of the relevant overseas jurisdiction which may be different from the Securities and Futures Ordinance (Cap.571) and the rules made thereunder. Consequently, such client assets may not enjoy the same protection as that
conferred on client assets received or held in Hong Kong.
RISK OF TRADING OF FOREIGN SECURITIES, INCLUDING B SHARES LISTED IN THE PEOPLE’S REPUBLIC OF CHINA
You should only undertake trading of foreign securities if you understand the nature of foreign securities trading and the extent of your exposure to risks. In particular, foreign securities trading is not regulated by the SEHK and will not be covered by the Investor Compensation Fund despite the fact that VMI Securities Limited is an exchange participant of the SEHK. You should carefully consider whether such trading is appropriate for you in light of your experience, risk profile and other relevant circumstances and seek independent professional advice if you are in doubt.
RISK OF TRADING FUTURES AND OPTIONS
The risk of loss in trading futures contracts or options is substantial. In some circumstances, you may sustain losses in excess of your initial margin funds. Placing contingent orders, such as "stop-loss" or "stop-limit" orders, will not necessarily avoid loss. Market conditions may make it impossible to execute such orders. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, your position may be liquidated. You will remain liable for any resulting deficit in your account. You should therefore study and understand futures contracts and options before you trade and carefully consider whether such trading is suitable in the light of your own financial position and investment objectives. If you trade options you should inform yourself of exercise and expiration procedures and your rights and obligations upon exercise or expiry.
Due to the volatile nature of securities markets, the purchase and writing of options over securities involves a high degree of risk.
WARNING TO OPTION HOLDERS
Some options may only be exercised on an expiry day (European-style exercise) and other options may be exercised at any time before expiration (American-style exercise). Upon exercise, some options require delivery and receipt of the underlying security and that other options require a cash payment. An option is a wasting asset and there is a possibility that as an option holder, you may suffer the loss of the total premium paid for the option. As an option holder, in order to realise a profit it will be necessary to either exercise the option or close the long option position in the market. Under some circumstances it may be difficult to trade the option due to lack of liquidity in the market. You must understand that your broker has no obligation either to exercise a valuable option in the absence of your instruction or to give you prior notice of the expiration date of the option.
WARNING TO OPTION WRITERS
As a writer of an option, you may be required to pay additional margin at any time. As an option writer, unlike an option holder, you may be liable for unlimited losses based on the rise or fall of the price of the underlying security and your gains are limited to the option premium. Additionally, writers
of American-style call (put) options may be required at any time before expiry to deliver (pay for) the underlying securities to the full value of the strike price multiplied by the number of underlying securities. You must understand that this obligation may be wholly disproportionate to the value of premium received at the time the options were written and may be required at short notice.
RISK OF TRADING EXCHANGE TRADED NOTES (ETNs)
ETN is a type of unsecured, unsubordinated debt security
issued by an underwriting bank, designed to provide investors access to the returns of various market benchmarks. The returns of ETNs are usually linked to the performance of a market benchmark or strategy, minus applicable fees. Similar to other debt securities, ETNs have a maturity date and are backed only by the credit of the issuer.
You can buy and sell the ETNs on the exchange or receive a cash payment at the scheduled maturity or may early redeem the ETNs directly with the issuer based on the performance of the underlying index less applicable fees, with redemption restrictions, such as the minimum number of ETNs for early redemption, may apply.
There is no guarantee that investors will receive at maturity or upon an earlier repurchase, investors’ initial investment back or any return on that investment. Significant adverse monthly performances for investors’ ETNs may not be offset by any beneficial monthly performances. The issuer of ETNs may have the right to redeem the ETNs at the repurchase value at any time. If at any time the repurchase value of the ETNs is zero, investors’ investment will expire worthless. ETNs may not be liquid and there is no guarantee that you will be able to liquidate your position whenever you wish.
Although both ETFs and ETNs are linked to the return of a benchmark index, ETNs as debt securities do not actually own any assets they are tracking, but just a promise from the issuer to pay investors the theoretical allocation of the return reflected in the benchmark index. It provides limited portfolio diversification with concentrated exposure to a specific index and the index components. In the event that the ETN issuer defaults, the potential maximum loss could be 100% of the investment amount and no return may be received, given ETN is considered as an unsecured debt instrument.
The value of the ETN may drop despite no change in the underlying index, instead due to a downgrade in the issuer’s credit rating. Therefore, by buying ETNs, investors get direct exposure to the credit risk of the issuer and would only have an unsecured bankruptcy claim if the issuer declares bankruptcy. The principal amount is subject to the periodic application of investor fee or any applicable fees that can adversely affect returns. Where you trade ETNs with underlying assets not denominated in local currencies are also exposed to exchange rate risk. Currency rate fluctuations can adversely affect the underlying asset value, also affecting the ETN price.
Investors may have leveraged exposure to the underlying index, depending on the product feature. The value of ETNs can change rapidly according to the gearing ratio relative to the underlying assets. You should be aware that the value of an ETN may fall to zero resulting in a total loss of the initial investment.
RISK OF TRADING EQUITY-LINKED NOTES (ELNs)
ELNs combine notes/deposits with options and its return component is based on the performance of the underlying asset. The maximum return is usually limited to a predetermined amount of cash. You may stand to lose all his investment capital if the price of the underlying asset moves substantially against his view. Most ELNs are not low risk products. You will be taking on the credit risk of the issuer and his investment return depends primarily on the future price movement of the underlying asset(s). ELNs are structured products involving derivatives. Their maximum return is capped but the potential loss can be significant. It is important that you read all the relevant offer documents to fully understand the features and risks of ELNs before deciding to invest.
RISK OF MARGIN TRADING
The risk of loss in financing a transaction by deposit of collateral is significant. You may sustain losses in excess of your cash and any other assets deposited as collateral with the licensed or registered person. Market conditions may make it impossible to execute contingent orders, such as "stop-loss" or "stop-limit" orders. You may be called upon at short notice to make additional margin deposits or interest payments. If the required margin deposits or interest payments are not made within the prescribed time, your collateral may be liquidated without your consent. Moreover, you will remain liable for any resulting deficit in your account and interest charged on your account. You should therefore carefully consider whether such a financing arrangement is suitable in light of your own financial position and investment objectives.
RISK OF PROVIDING AN AUTHORITY TO REPLEDGE YOUR SECURITIES COLLATERAL ETC.
There is risk if you provide the licensed or registered person with an authority that allows it to apply your securities or securities collateral pursuant to a securities borrowing and lending agreement, repledge your securities collateral for financial accommodation or deposit your securities collateral as collateral for the discharge and satisfaction of its settlement obligations and liabilities. If your securities or securities collateral are received or held by the licensed or registered person in Hong Kong, the above arrangement is allowed only if you consent in writing. Moreover, unless you are a professional investor, your authority must specify the period for which it is current and be limited to not more than 12 months. If you are a professional investor, these restrictions do not apply. Additionally, your authority may be deemed to be renewed (i.e. without your written consent) if the licensed or registered person issues you a reminder at least 14 days
prior to the expiry of the authority, and you do not object to such deemed renewal before the expiry date of your then existing authority.
You are not required by any law to sign these authorities. But an authority may be required by licensed or registered persons, for example, to facilitate margin lending to you or to allow your securities or securities collateral to be lent to or deposited as collateral with third parties. The licensed or registered person should explain to you the purposes for which one of these authorities is to be used.
If you sign one of these authorities and your securities or securities collateral are lent to or deposited with third parties, those third parties will have a lien or charge on your securities or securities collateral. Although the licensed or registered person is responsible to you for securities or securities collateral lent or deposited under your authority, a default by it could result in the loss of your securities or securities collateral. A cash account not involving securities borrowing and lending is available from most licensed or registered persons. If you do not require margin facilities or do not wish your securities or securities collateral to be lent or pledged, do not sign the above authorities and ask to open this type of cash account.
RISK OF STOCK BORROWING AND SHORT SELLING
The Client must notify the Company when a sale order relates
to securities which the Client does not own i.e. where it involves short selling (including where the Client has borrowed stock for the purposes of the sale). The Client acknowledges and agrees that no short selling orders will be accepted by the Company unless the Client provides the Company with such confirmation, documentary evidence and assurance as the Company in the Company’s opinion considers necessary to show that the Client has a presently exercisable and unconditional right to vest such securities in the purchaser before placing any short selling order.
When stock borrowing is confirmed by the Company, no matter you sell the stock on or after that day, the borrowing transaction is regarded to be valid. During the loan period, if the borrowed stock issues dividends, the Company deducts the dividends from your stock short selling account on the closing day of the book since the dividend belongs to the stock owner. There is no time limit for borrowing stock. But the Company reserves the rights to ask the borrower to return the stock borrowed after specified period. Provided that the stock borrowing agreement is properly filled and stock short selling account is opened, both cash and margin account holders can use the service of stock borrowing and short selling. All stock borrowers are required to register personal information in IRD. The risk of loss in Stock Borrowing and Short Selling is substantial. In some circumstances, you may sustain losses in excess of your initial margin funds. You may be called upon at short notice to deposit additional margin funds. If the required funds are not provided within the prescribed time, you need buy back part of or all securities you short sold. You will remain liable for any resulting deficit in your account. You should therefore carefully consider whether Stock
Borrowing and Short Selling is suitable in the light of your own financial position and investment objectives before you trade.
RISK OF PROVIDING AN AUTHORITY TO HOLD MAIL OR TO DIRECT MAIL TO THIRD PARTIES
If you provide the licensed or registered person with an authority to hold mail or to direct mail to third parties, it is important for you to promptly collect in person all contract notes and statements of your account and review them in detail to ensure that any anomalies or mistakes can be detected in a timely fashion.
RISK OF USING THE ELECTRONIC TRADING SERVICES
(a) If you undertake Transactions via Electronic Services, you will be exposed to risks associated with the Electronic Services system including the failure of hardware and software, and the result of any system failure may be that your order is either not executed according to your Instructions or is not executed at all;
(b) Due to unpredictable traffic congestion and other reasons, Electronic Services may not be reliable and Transactions conducted via Electronic Services may be subject to delays in transmission and receipt of your Instructions or other Information, delays in execution or execution of your Instructions at prices different from those prevailing at the time your
Instructions were given, transmission interruption or blackout. There are risks of misunderstanding or errors in communication, and that there is also usually not possible to cancel an Instruction after it has been given. The Company accepts no responsibility for any loss which may be incurred by the Client as a result of such interruptions or delays or access by third parties. You should not place any Instruction with us via Electronic Services if you are not prepared to accept the risk of such interruptions or delays; and
(c) Market data and other information made available to the Client through our Electronic Service may be obtained by the Company from third parties. While the Company believes such market data or information to be reliable, neither the Company nor such third parties guarantees the accuracy, completeness or timeliness of any such market data or information.
RISK OF TRADING EQUITY LINKED INSTRUMENTS AND NOTES (ELIs/ELNs)
(a) Equity Market Risk
ELNs combine notes/deposits with options, and the return component is based on the performance of the underlying asset. You shall pay attention to fluctuations in the equity market and the underlying security price, impact of dividends and corporate actions.
(b) Counter Party Risk
Most ELNs are not low risk products. You will be taking on the credit risk of the issuer and his investment return depends primarily on the future price movement of the underlying assets. You may incur loss in whole or in part, and may receive
underlying security or only part of their investment capital in return.
(c) Return and Loss
ELNs are structured products involving derivatives. Their maximum return is capped but the potential loss can be significant. The maximum return is usually limited to a predetermined amount of cash. However, when the price of underlying asset moves against your view, you may stand to lose part or all of your investment capital.
(d) Price adjustment
You should note that the price and return of ELIs at expiry may be affected and adjusted in accordance with any dividend payment with ex-dividend pricing or any corporate actions.
(e) Liquidity Risk
You should be aware that there may not always be a secondary market for the product which poses a liquidity risk. Even though it might exist, the price may be lower than that of the product’s issue or purchase price.
(f) Potential yield affected by fees andcharges
Generally speaking, ELIs offer an interest rate higher than that of fixed deposits and bonds, and the return on investment is also capped at the potential yield of the ELIs.
You should note that you will be charged for fees and expenses for the buy/disposal of ELIs and payment / delivery at expiry. You should refer to statements for information of the fees and charges, or make direct enquiry with your broker. The information regarding potential yields may not have taken fees and charges into consideration.
(g) Additional Features and Tradingpolicy
You should pay attention to read all the offer documents of the products which are intended to invest, to understand the trading policy or additional features if any. Trading policy may stipulate a particular method as to how the ELI will be settled, such as in cash payment or by physical delivery. Additional features may include but not limited to early call, knock-in and daily accrual coupon. The policy and features may affect the return of the ELIs in various ways.
It is important that you should read all the relevant offer documents to fully understand the policy, features, and specific risks of ELIs before your decision to of the investment.
Risk of Bond Trading
(a) Default risk
This is a risk that bond issuer will be unable to pay bondholder the payment, contractual interest or principal as scheduled. You should pay attention to credit ratings of bond issuers. Lower rated bond issuers may be more likely to default and bondholder may lose the whole or most of their investment.
(b) Interest rate risk
It is the major risk associated with bond investments. The price of a fixed rate bond will fall when the interest rate rises. The bond price would fall below the purchase price should interest rate rise after the date of purchase.
(c) Exchange rate risk
Bond that is dominated in foreign currency is exposed to exchange rate risk. Fluctuations in foreign exchange rate may adversely affect the underlying value and price of the investments.
(d) Liquidity risk
In the event of emergency to sell bond before its maturity, there is no assurance that the bond will be actively trading in the secondary market. If the bond issuer defaults or ceases to fulfill their role, you as the investor may not be able buy or sell the product.
(e) Equity risk
For bonds that are convertible, equity risk may exist and the underlying value and return of investments may be adversely affected.
Appendix 2 Personal Information Collection Statement
This statement is provided to the Client as an individual account holder of the Company in accordance with the requirements of the Hong Kong Personal Data (Privacy) Ordinance (the “Ordinance”). Terms defined in this statement have the same meaning as in the Client Agreement.
1. Disclosure Obligation
Unless otherwise stated the Client must supply the personal data requested on the enclosed Client Information Statement to VMIS Securities Ltd. If the Client does not supply this data, it will not be possible for the Client to open an Account with the Company as the Company will not have sufficient information to open and administer the Account.
2. Use of Personal Data
Users
All personal data concerning the Client (whether provided by the Client or any other person, and whether provided before or after the date the Client receives the Client Agreement containing this information) may be used by any of the following companies or persons (each, a “User”):
(a) VMI Securities Limited and/or any of the holding companies/subsidiaries associated with VMI Securities Limited (“the Group”);
(b) any director, officer or employee or the agent of the Group;
(c) any person (such as lawyers, advisers, nominee, custodian etc.) authorized by the Group when carrying out the Client’s Instructions and/or the business of the Group;
(d) any actual or proposed assignee of any rights and obligations of the Group in relation to the Client;
(e) any governmental, regulatory or other bodies or institutions, whether as required by law or regulations applicable to any member of the Group; and
(f) any banks, financial institutions or brokers and insurance agents who are business partners, associates or related parties of the Group for the provision of investment products or services.
Purposes
All personal data concerning the Client may be used by any User for the following purposes:
(a) carrying out new or existing client verification and credit checking procedures and assisting other financial institutions to do so;
(b) ongoing Account administration, including the collection of amounts due, enforcement of security, charge or other rights andinterests;
(c) designing or marketing further products and services to the Client, including but not limited to the products/services of the Group or products/services provided by a broker or issuer authorized by or related to the Group;
(d) transfer of such data to any place outside of Hong Kong;
(e) comparison with the Client’s personal data (irrespective of the purposes and sources for which such data were collected , and whether collected by a User or any other person) for the purpose of:
(A) credit checking; (B) data verification; and/or
(C) otherwise producing or verifying data which may be used for the purpose
of taking such action that a User or any other person may consider appropriate (including action that may relate to the rights, obligations or interest of the Client or any other person);
(f) providing on the terms of any other agreements and services relating to the Client;
(g) any purpose relating to or in connection with compliance with any law, regulation, court order or order of any regulatory body; and
(h) any other purpose relating to the execution of the Client’s instructions or in connection with the business or dealings of the Company.
Use of Data in Direct Marketing
The Group intends to use and/or transfer the Client’s data to any related companies of the Group for direct marketing and the Group requires the consent (which includes an indication of no objection) of the Client for that purpose. In this connection, please note that:
(a) your name, contact details, products and services portfolio information, transaction pattern and behaviour, financial background and demographic data held by the Group from time to time may be used by the Group in direct marketing;
(b) the following classes of services, products and subjects may be marketed:
i. securities, commodities, investment,insurance and related services and products;
ii. reward, loyalty or privileges programmes in relation to the class of marketing subjects as referred to in clause 2.3(b)(i) above; and
iii. donations and contributions for charitable and/or non-profit making purposes.
(c) If a Client does not wish the Group to use and/or transfer the Client’s data for use in direct marketing, the Client may, without charge, exercise the right to opt-out.
3 Rights of Access and Correction
The Client has the right to have access to and correction of the Client’s personal data as set out in the Ordinance. In general, and subject to certain exemptions, the Client is entitled to:
(a) enquire whether VMIS Securities Ltd. holds personal data in relation to the Client;
(b) request access to the Client’s personal data within reasonable time, at a fee which is not excessive, in a reasonable manner and in a form that is intelligible;
(c) request the correction of the Client’s personal data; and
(d) be given reasons if a request for access or correction is refused, and object to any such refusal.
4 Contact Person
If the Client wishes to request access to and/or correction of personal data concerning the Client, the Client should address the Client’s request to the Data Protection Officer at the Company.