A. Individual B. Corporate

Transcription

1 ACCOUNT OPENING FORM INSTRUCTIONS 1. Before completing this form, make sure you read and understand all the clauses and pre-contractual information concerning the account opening, namely the General Risks associated to Trading in Securities and Financial Instruments, the information on the functioning of CFD/Share Trading and CFD/Forex Trading, the Derivatives Trading and Risk Management and the DIF Freedom Platform Guide available at through the directory Account Opening. The Registry and Deposit Contract General Conditions and Generic IFI on CFD are supporting documents to this form and common to all investment services, and should be read and signed. a) If you intend to manage your own portfolio, brokerage account, you should fill out this form and submit the documents requested in section 3; read the documents listed in the previous paragraph and choose Brokerage at the top of the next page. b) If you intend to have a DIF Broker manager to administer your portfolio, you should fill out the Portfolio Management Agreement Specific Conditions, the Adequacy Test and read and sign the Portfolio Management Agreement General Conditions. c) If you intend to have a consulting service, you should fill out the Adequacy Test, the Consulting Specific Conditions and choose the Investment Consulting option at the top of the next page. d) The completion of the Appropriate Test is mandatory for all account holders. 2. Rubricate all the pages and sign the last one. Please provide all the requested information as accurately as possible. 3. Documents required for the account opening: A. Individual B. Corporate Copy of ID card / Passport of the account holder(s); Copy of Individual Taxpayer Identification Number (ITIN) of the account holder(s); Proof of residence (a copy of a current utility bill); Proof of professional employment/ Employer (e.g., contract, payroll receipt, professional license). Business Registration Certificate; Memorandum and Articles of Association; NIPC / Tax Identification Number; Copy of ID/Passport of person(s) authorized to manage the Account; Proof of residence (a copy of a current utility bill) of the person(s) authorized to manage the Account; Copy of the Power of Attorney document and a copy of the assignee s ID card; Copy of ID/ITIN and proof of residence of the Ultimate Beneficiary Owners; The completion of the UBO Ultimate Beneficiary Owner is mandatory for holders or beneficiaries of more than 25% of the company. LEI Code for companies trading in derivatives. For a non-presential account opening, or for non-residents, all ID documents must be notarized. 4. Please return the completed form with the above mentioned documents to: DIF Broker - Sociedade Financeira de Corretagem, S.A. Av. da Liberdade, n.º º Lisboa - Portugal 5. Alternatively, you can fax or scan a copy of the form together with the required documentation to or hdesk@ dif.pt, allowing us to process the information faster. Please note you must send the original documents to the above mentioned address within 15 days. Sending the required documents is the Client s responsibility. DIF Broker will not reimburse any costs and may block the account until the original documents are delivered. If you are unable to provide us the original documents, DIF Broker reserves the right to cancel the account. 6. Bank details for transfers: In EUR: BANCO SANTANDER TOTTA Swift Code TOTAPTPL DIF Broker Clients Account NIB IBAN PT In USD: BANCO BILBAO VIZCAYA Swift Code BBVAPTPL DIF Broker Clients Account NIB IBAN PT According to law, DIF Broker must gather relevant and sufficient information on its Clients current financial situation, their investment experience and goals, in order to provide the best quality service. 1 / 13

2 PART 1 - CLIENT GENERAL DETAILS Service Brokerage Portfolio Management Investment Consultancy Client Individual Corporate Base Currency Type of Account Individual Just one holder Joint (active solidarity) Any account holder can manage the account without the authorization of the other owners Joint (ordinary account) The account can only be managed with the authorization of all account holders Mixed can only be managed as follows: Are you a Client of DIF Broker? Yes No Account Number If you re a client of DIF Broker for less than 2 years and your personal data remains unchanged, you only need to fill in your name, rubricate all the pages and sign the last one. FIRST ACCOUNT HOLDER DETAILS Full name Adress Locality Country State/Province Postcode Mailing address (if different) Locality Country State/Province Postcode Individual Taxpayer Identification Number Phone Fax Mobile CORPORATE Business Number of beneficiaries owning 25% or more of the company Number of Board Members INDIVIDUAL Date of Birth Place of Birth Country of Birth Nationality ID Document ID Passport Other ID No. Expiry Date Issuer Marital Status Single Married Divorced Widowed Marital Regime Out of Community of Property Out of Community of Property with Accrual In Community of Property Are you employed? Yes No (If Yes, please tick the option that best applies) Occupation Banker Manager/Administrator Pensioner Architect/Doctor Other Employer Phone (work) Lawyer Liberal Profession Do you have a residential address, permanent residence permit or tax address in another(s) Country(ies)? Yes No (For the US, viz, or if any applicable regime concerning the Permanent Residence Permit, Green Card, Long-Term Stay in the USA in the current year and in the two previous years, Substantial physical presence test ) If Yes, please indicate full address: Fax (work) Student Locality Country State/Province Postcode 2 / 13

3 Do you hold a nationality other than the one previously mentioned? Yes No If Yes, please specify: Nationality ID Document: ID Card Passport Other ID No. Expiry Date Are you subject to any Tax Liabilities, including any declaratory judgment proceeding, in another country than the Country of Residence? (For the US, viz, or if any applicable regime concerning the Dual Residence, Joint filling of tax return as spouse, Renunciation of US citizenship or residence permit after long-term stay ) Issuer If Yes, please specify: Country Foreign Tax Identification Number Yes No Education Agregado Familiar Illiterate Basic Grade Secondary Grade University Degree PUBLIC OFFICE DETAILS Public Office Position/Functions Yes No Please specify: Are you or have you been a Politically Exposed Person (PEP) in the past 12 months? Yes No If Yes, please specify: Type of PEP Country Since (date) Do you have any family member who is PEP? Yes No If Yes, please specify: Name of PEP Type of PEP Country Degree of Relationship Do you have a business or commercial relationship with any PEP? Yes No If Yes, please specify: Name of PEP Type of PEP Country Type of relationship Do you hold or held any Political or Public Office position/function in Portugal? Yes No Office held: FINANCIAL ASSETS Please tick the box that best applies to your financial assets, excluding the personal residence. Up to From to From to More than Annual Income (approximately) Up to From to From to More than Determine how much you want to invest through DIF Broker: Up to 25% From 25% to 50% From 50% to 75% More than 75% BANK DETAILS (MANDATORY) Bank name Account Holder Account No. IBAN SWIFT Code Branch Account Manager Client Signature Locality/Date, / / 3 / 13

4 ACCOUNT CO-OWNER AUTHORIZED ADMINISTRATOR Full name For corporate account, please specify the share capital you have in the company % Address Locality State/Province Country Postcode Mailing address (if different) Locality State/Province Country Individual Taxpayer Identification Number Postcode Phone Fax Mobile Phone Date of Birth Place of Birth Country of Birth Nationality ID Document: ID Passport Other ID No. Expiry Date Issuer Marital Status Single Married Divorced Widowed Marital Regime Out of Community of Property Out of Community of Property with Accrual In Community of Property Are you employed? No (If Yes, please tick the option that best applies) Occupation Yes Banker Other Manager/Administrator Pensioner Architect/Doctor Lawyer Liberal Profession Employer Phone (work) Fax (work) Do you have a residential address, permanent residence permit or tax address in another(s) Country(ies)? Yes No (For the US, viz, or if any applicable regime concerning the Permanent Residence Permit, Green Card, Long-Term Stay in the USA in the current year and in the two previous years, Substantial physical presence test ) Student If Yes, please indicate full address: Locality State/Province Country Postcode Do you hold a nationality other than the one previously mentioned? Yes No If Yes, please specify: Nationality ID Document: ID Card Passport Other ID No. Expiry Date Issuer Are you subject to any Tax Liabilities, including any declaratory judgment proceeding, in another country than the Country of Residence? Yes No (For the US, viz, or if any applicable regime concerning the Dual Residence, Joint filling of tax return as spouse, Renunciation of US citizenship or residence permit after long-term stay ) If Yes, please specify: Country Foreign Tax Identification Number Education Household Illiterate Basic Grade Secondary Grade University Degree PUBLIC OFFICE DETAILS Public Office Position/Functions Yes No Please specify: Are you or have you been a Politically Exposed Person (PEP) in the past 12 months? Yes No If Yes, please specify: Type of PEP Country Since (date) Do you have any family member who is PEP? Yes No If Yes, please specify: Name of PEP Type of PEP Country Degree of Relationship Do you have a business or commercial relationship with any PEP? Yes No If Yes, please specify: Name of PEP Type of PEP Country Type of relationship Do you hold or held any Political or Public Office position/function in Portugal? Yes No Office held: FINANCIAL ASSETS Please tick the box that best applies to your financial assets, excluding the personal residence. Up to From to From to More than Annual Income (approximately) Up to From to From to More than Determine how much you want to invest through DIF Broker: Up to 25% From 25% to 50% From 50% to 75% More than 75% Signature Locality/Date, / / 4 / 13

5 PART 2 CLIENT CLASSIFICATION According to the Markets in Financial Instruments Directive (MiFID), DIF Broker is required to classify its Clients into three (3) categories: Non-qualified Clients, Qualified Clients and Eligible Counterparties. Every Client is classified by default as non-qualified, which guarantees him/her the greatest regulatory protection, unless the Client requests otherwise. In this case, the Client will have to prove conclusively that he/she meets the requirements needed to be a Qualified Client. PART 3 APPROPRIATENESS TEST FIRST ACCOUNT HOLDER / ADMINISTRATOR / MANAGER A. INVESTMENT GOALS Capital Preservation (Investment in financial assets aiming at preserving invested capital). Hedge (Investment protection through derivatives with no speculative intention). Investment (Investment in financial instruments on the spot market or derivatives in order to get returns above inflation while risking losses). Speculation (Investment in derivative instruments on the spot market or derivatives, which may result in high gains or significant losses exceeding the initial capital). B. DESCRIBE YOUR KNOWLEDGE/EXPERIENCE IN DEALS WITH INVESTMENT INSTRUMENTS? None Inexperienced Average Strong C. PLEASE FILL OUT THE FOLLOWING TABLE AND RATE YOUR KNOWLEDGE/EXPERIENCE: 0 CORRESPONDS TO NONE; 3 TO STRONG (MANDATORY). Type of Financial Instruments Knowledge Experience (No. of years) No. of Operations (monthly) Monthly trading volume (EUR) / last year Shares* < k +10k Bonds* < k +10k Strutured Products < k +10k Futures < k +10k Options < k +10k CFDs (Indices, Shares, Forex and Commodities) < k +10k *DIF Broker - Sociedade Financeira de Corretagem, S.A. informs that in the exclusive provision of services such as reception, transmission and execution of the clients orders, even if combined with additional services, will not have the duty to assess the operation s suitability, in accordance with Article 314-D of the Securities Code. D. DEFINE YOURSELF AS AN INVESTOR Do you tolerate losses in the market? Would you close a position at a loss? Yes Yes No No E. RELEVANT PROFESSIONAL EXPERIENCE Have you ever held a position/function that put you in contact with financial markets? If Yes, please tick the appropriate box: Yes No Finance Director Administrator/Manager Banker Consultant Other F. DEFINE YOUR KNOWLEDGE ON HOW FINANCIAL MARKETS OPERATE. None Little knowledge Average Strong G. PLEASE TICK THE PRODUCTS/SERVICES WITH WHICH YOU ARE FAMILIAR. Brokerage Investment Funds Portfolio Management Investment Consulting IPOs and Privatizations None 5 / 13

6 CONTRACT The present Contract for the Provision of Services is celebrated in accordance with the terms of the present form and relevant supporting documents, between: DIF Broker Sociedade Financeira de Corretagem, S.A., with registered office at Rua Eng. Ferreira Dias, 452 1º andar, Freguesia de Ramalde, concelho do Porto; Business Registration Number/NIPC with a share capital of (three million height hundred thousand Euros), approved by the CMVM under the registration no. 276 and by the Bank of Portugal under the registration no. 225, hereinafter referred to as DIF Broker ; and The natural persons properly identified in Part 1 of the present form, hereinafter referred to as Client or Clients. Please find below the supporting documents to the present form: 1 - Registry and Deposit Contract General Conditions; 2 Generic IFI on CFD; In the event of a Portfolio Management Contract please attach: 3 Portfolio Management Agreement General Conditions; 4 Portfolio Management Agreement Specific Conditions; In the event of a Portfolio Management Contract / Investment Consulting please attach: 5 Suitability Test (mandatory for all account holders). 6 Consulting Specific Conditions in case of an investment consulting service. The Client agrees and declares through the present document that he/she: - Has read, understands and accepts the content of all the pre-contractual and supporting documents to the present form; - Has received, read and understands all the information related to the investment products; - Has received additional and detailed written and verbal information on the products and inherent risks; - Has fill out and delivered the Suitability Test to DIF Broker in case of a Portfolio Management Contract / Investment Consulting service. Moreover, the Client confirms that: The information given on this form is true and correct; He/she is aware of the risks involved in trading securities and financial instruments in general; Has read and accepts DIF Broker s Pricing Conditions, available at the company s facilities and its website: pt_pt/pricing; Has decided to invest an amount of capital suitable with his/her real financial situation, reasonable under the circumstances at the time of (his/her) actions; Acknowledges that DIF Broker will only provide an adequate consulting service if the information given on this form is reliable and accurate; Agrees and accepts that the communication of information related to the duration of the contract, including account statements, execution confirmation or other operational or legal information or changes is made by electronic means, and commits himself/herself to communicate any change in his/her to DIF Broker immediately; Acknowledges that DIF Broker is an electronic broker and therefore its Website and trading platforms are the preferred mean of communication with Clients; He/she is committed to inform DIF Broker about any changes regarding his/her personal and financial data, which may affect contacts and the financial service provided, including the update of his/her mailing address and address associated to the account; Acknowledges the existence of a Guarantee Fund, or equivalent protection for the service provided, namely the Guarantee Fund mentioned in Articles 35 and 36 of the Securities Code and the Investor Compensation Scheme, approved by the Decree-Law No. 222/99 of 22 June and the No. 2/2000 of CMVM Regulation; Agrees and accepts that DIF Broker will not be held responsible for any delay, error, inaccuracy or omission that may affect the services rendered and which are not directly attributable to DIF Broker; He/she is responsible for his/her security and all the data communicated by to DIF Broker, and is committed to act diligently in order to guarantee the safety of the communication channel with DIF Broker, i.e. to ensure the inviolability of his/her by third parties or to report any suspected violation of the account immediately. 6 / 13

7 INVESTMENT CONSULTING The Client agrees and understands that: DIF Broker ensures that every investment consulting service is provided by qualified professionals in good faith; nevertheless, the final responsibility for the operation execution will be imputed to the Client, together with the consequences of his/her decisions; Neither DIF Broker nor its managers or employees may give any guarantee concerning the performance of the products on which they have provided investment consulting services; The Client is responsible for any capital loss or capital gain obtained through consulting services provided in good faith by DIF Broker; Brokerage commissions are straightforward at DIF Broker s Pricing Conditions, available at the company s facilities and its website: CONFLICT OF INTEREST POLICY DIF Broker s Conflict of Interest Policy, according to its Procedures Manual, aims to establish the necessary mechanisms to effectively prevent any conflicts of interest. As a brokerage firm, DIF Broker acts as the Client s authorized representative; thus, any potential conflicts of interest related to the consulting services provided or scenarios in which potential conflicts of interest may arise, would only came forth when DIF Broker acts as the Client s operations counterparty. DIF Broker does not have an active portfolio of its own or acts as the Client s operations counterparty, and therefore all investment consultancy services are free of any conflict of interest. The representatives of DIF Broker fully respect the general principles and standards of ethical conduct and act with honesty, impartiality and professionalism in the best interest of the Clients. The electronic trading system made available to the Client ensures a fair and equitable treatment in trading financial instruments. Complaints should be sent by to:. RETROCESSION COMMISSIONS AND OTHER INCOME DIF Broker may receive retrocession commissions and other income arising from the use of financial instruments and/or as part of investments made under the present Contract, maintenance of the portfolio financial instruments on behalf of the Client and/or cash management of Omnibus accounts, fully respecting asset segregation in accordance with Article 306 and following of the Securities Code, and will not remunerate the liquidity of the Client s financial instruments account. In either way, these commissions or income will always be negotiated with the relevant institutions and calculated in relation to the volume traded. The Client may request additional information to DIF Broker. RISKS ASSOCIATED WITH THE USE OF ELECTRONIC TRADING The Client acknowledges that the services provided through the Internet or data transmission lines depend on the continued provision, maintenance and noninterruption of such services, and therefore DIF Broker will not be held responsible for any damage, direct or indirect, that may result from any delay, inaccuracy, error, interruption or omission of the services rendered, providing they are not attributable to deceit or severe fault by DIF Broker or its employees, particularly damages actually suffered or incurred as the result of telephone lines or data transmission failures/interruptions or energy supply failures/interruptions caused by natural or human factors, provided they are not attributable to DIF Broker or its employees. ASSESSMENT OF THE CLIENT S KNOWLEDGE AND BUSINESS RISK DIF Broker will ask the Client to provide all the information regarding his/her investment knowledge and experience concerning the type of investment and/or product or service in question, in the following terms: a) If, and based on the information received, DIF Broker considers that the operation in question is not the most appropriate to the Client s profile, it will expressly inform the Client through the means defined in Article 4 of the Securities Code, even if the communication with the Client is made by a different support or mean of identification, as long as it provides equivalent levels of intelligibility, durability or authenticity, such as and phone call, and respective call recording; b) If the information requested is not provided, DIF Broker will inform the Client in the terms defined in paragraph a) above that it is unable to determine the appropriateness of the operation and/or product in question regarding his/her profile; In both cases a) and b), the operation will only be carried out or the service will only be provided with the expressed instruction of the Client stating that he/she has the necessary experience and knowledge to understand the risks involved, and that he/she has the financial means to support any risks related to the investment and that the operation/product/service is consistent with his/her investment goals; Account Opening Form, Assessment of the Client s Knowledge and Business Risk; 7 / 13

8 DIF Broker will ask the Client to provide all the information regarding his/her investment knowledge and experience ragarding the type of investment and/or product or service in question. DIF Broker informs the Client that the information requested, on which the suitability tests made by DIF Broker are based, will be reported and assessed regarding the asset base of the Legal Person. In reference to the knowledge and experience of financial instruments, the information will be reported and assessed regarding the legal representative of the Legal Person-Client who, at each time, negotiates with DIF Broker. If the Legal Person-Client requires joint signatures of more than one legal representative, the operations will be made by the minimum number required for binding. Legal Person: the applicable regime will be the legal representative to whom a higher degree of protection is assigned. In accordance with the applicable legal provisions, DIF Broker informs the Client that in providing the reception, transmission and execution of orders, DIF Broker may not be able to determine the appropriateness of the operation regarding the Client s profile and will therefore limit itself to execute the orders transmitted by the Client s initiative and under his/her responsibility, on the condition that the object of the service provided are shares admitted to trading on regulated markets, money market instruments, bonds or other forms of securitized debt, excluding bonds or securitized debt that comprise derivatives, units in collective investment institutions in securities and other financial instruments deemed non-complex by law. BEST EXECUTION POLICY DIF Broker acts as the transmitter of the Client s orders. As the receiver and transmitter, the primary intermediates to which orders are transmitted for execution are the Saxo Bank, Banco Santander and FXCM. DIF Broker meets the requirements of Best Execution imposed by the MiFID, while developing and controlling the best execution policy and order processing, and works only with financial intermediaries that comply with the applicable legislation in the area of Best Execution. On some occasions and in some markets, orders may be divided or aggregated in the operation s counterparty. The orders will only be divided or aggregated if the entity executing the order in the respective market, on reasonable ground, claims to be the best option for the Client. On certain occasions, the aggregation and division of the Client s orders may result in a less favourable price compared to orders executed by the Client. Whenever possible, and in the investors best interest, DIF Broker will require the orders to be directly executed in the market. COMMUNICATION CHANNELS AND LANGUAGES USED The Client can communicate with DIF Broker by telephone, dedicated channels (trading platforms), , mobile or mail. The Client can communicate with DIF Broker in Portuguese, Spanish, English or Polish. File no.: Locality / Date:, / / Client Administration Back Office/Compliance 8 / 13

9 REGISTRY AND DEPOSIT CONTRACT GENERAL CONDITIONS 1. OBJECT AND SCOPE 1.1. Under the present contract, DIF Broker - Sociedade Financeira de Corretagem, S.A., hereinafter referred to as DIF Broker, will proceed internally, on behalf of the Client, to the account opening for the registry of securities and financial instruments, and commits itself to provide the service of registry and deposit for securities, certified and uncertified securities, respectively, and the registry of the derivative financial instruments positions, including non-securities products; the provisions set out in this contract apply to all the above-mentioned instruments with the necessary adjustments resulting from its nature or type and category, and therefore all the products mentioned in the present contract and any enclosed document or complementary terms will be referred to as securities or financial instruments From the date of the above-mentioned account opening (see 1.1), DIF Broker binds itself to: a) Receive the deposit or to register the securities on its own behalf or on behalf of a third-party, in strict compliance with the asset segregation; b) Keep and preserve the securities registered or deposited; c) Not to use the securities registered or deposited without the Client s prior authorization; d) Comply with the principle of asset segregation, namely by keeping the Client s account separated from the accounts of the remaining Clients and the company s assets; e) Guarantee, in the Client s best interest, the observance of Article 306 C of the Securities Code, through a strict selection of the depositary entities according to their risk management policy and cash management of Omnibus accounts; f) Return or transfer the securities to another Financial Intermediary defined by the Client whenever he/she requests and at the expiry date of the present contract; 1.3. The Client is obliged, in particular, to: a) Pay the commissions and other costs defined in the Pricing Conditions available at DIF Broker s website and delivered at the time of the account opening, resulting from the securities registry and deposit services provided under the present contract; b) Pay the commissions and costs related to other services provided by DIF Broker, including those resulting from the application of its cash and risk management policy, according to the terms and conditions disclosed at each time by DIF Broker, in accordance with Article 312 G of the Securities Code; c) Acquit the delivery of securities deposited and the completion of transfers that you have ordered; 1.4. DIF Broker reserves the right to change the value of the commissions and other costs mentioned in paragraphs a) and b) in the previous section, and commits itself to disclose such changes in accordance with Article 312 G of the Securities Code at its Website (), and to highlight them on the trading platforms provided by DIF Broker If the Client, in the situations foreseen in the previous section, does not agree with the imposed change, he/she may terminate the present contract unilaterally, providing he/she informs DIF Broker of his/her decision within fifteen (15) days after the referred change Any documentary evidence that you provide will only be validated after the delivery of the documents mentioned in Notice no. 5/2013 of 11 December or, when specified, after the delivery or disposal of the documents deemed suitable by DIF Broker According to the terms of Notice, DIF Broker has the right to judge of the regularity and sufficiency of the declarations produced and the documents delivered for the account opening, and therefore is obliged to: i. Verify and validate the identification of the account holder and his/her authorized representatives, i.e., all the persons who can manage the account; ii. Identify the ultimate beneficiary owners on behalf of whom the Client acts and respective corroboration, if applicable; iii. Verify the suitability, reliability and sufficiency of the instruments that confer the power of representation and account management; iv. Ensure the appropriate registry of the Client s identification and representatives with powers to manage the account, as well as the ultimate beneficiary owners, if applicable Attorneys: The account may be managed by attorneys, providing they are duly identified in the Account Opening Form in the field Authorized. The Attorney or Authorized should complete his/her personal data in the Account Opening Form, sign the form and deliver the identification documents along with the required documentary evidence. In case the first account holder decides to exclude the Attorney of his/her account, he/she must inform DIF Broker of that decision immediately. The Attorney or Authorized may renounce to manage the account, provided he/she informs DIF Broker through written notice or to: bo@dif.pt DIF Broker has defined that the Attorney is the only person allowed to manage the ultimate beneficiary owner s account for buying and selling securities and financial instruments, and duly informs the Client and first holder of this limitation, which does not include the transfer of funds to third parties accounts, with the exception of the ultimate beneficiary owner s account. Only the first holder or the ultimate beneficiary owner may withdraw funds from the account opened with DIF Broker. 2. ACCOUNT OWNERSHIP AND MANAGEMENT 2.1. The account will be opened in the name of the Client or several holders, who are duly identified in the Account Opening Form The account owner and persons he/she explicitly indicates, in writing, together with the authorized or co-owners are allowed to manage the securities account and order the execution of operations duly registered in the account Unless otherwise instructed, and in the event of a coownership account, DIF Broker will presume there is a joint tenancy and equal shares In the event of coownership, the respective holders may choose among the following regimes: a) Joint (active solidarity): I. The account can be managed by any of the holders and does not require a prior permission from the other holders; and II. All the holders are responsible, in whole or in part, before DIF Broker, which is exonerated from any responsibility for the execution of any instruction given by a single account owner. 9 / 13

10 b) Joint (ordinary account): i. The account can only managed with the signature and/or authorization of all the owners; and ii. The account holders responsibility will be proportional to their respective share The maintenance of a financial instruments account may be subject to the observance of a minimum balance of 300 (three hundred euros), which can be modified with prior notice DIF Broker may determine for the closing of account or suspension of trading in financial instruments if the above mentioned account balance is not observed The account holders may establish a mixed account regime, provided the regime s conditions are duly defined and approved, in writing, by all account holders. 3. CASH 3.1. Cash movements, namely those resulting from the trading of registered or deposited securities, or for future registration or deposit, from outstanding commissions, payment of interests, dividends or other income inherent to those funds, are charged to the Client s account The money owed to the Client as creditor should be made available within three (3) business days after the liquidation of the corresponding operations The Client commits himself/herself to have financial funds, at all times, equal or superior to 300 euros, in securities or cash, under which he/she will not be able to trade products on margin; DIF Broker may prohibit trading operations if the account falls below the minimum balance required. 4. SERVICES RELATED TO THE RIGHTS INHERENT TO REGISTERED OR DEPOSITED SECURITIES AND FINANCIAL INSTRUMENTS 4.1. DIF Broker will provide the services related to the rights inherent to registered or deposited securities and financial instruments, namely interests, dividends and other prerogatives of a patrimonial nature Whenever the above-mentioned services depend upon a prior statement from the Client, namely those associated with the exercise of subscription rights, the corresponding service will only be provided after request or express instruction from the Client. 5. ORDER PROCESSING PROCEDURES 5.1. The execution of operations related to registered or deposited securities and financial instruments, or for future registration or deposit: a) Can only be ordered by the Client and the persons who he/she explicitly indicates in writing; b) Depend upon the Client s guarantee to observe the obligations he/she will assume concerning the operations execution It is assumed that the Client accepts all operations related to any financial instrument after the delivery of information, according to the terms set out in paragraph a) of section DIF Broker may refuse to execute a Client s order whenever it does not comply with all applicable Laws and Regulations, but it may carry out the orders when it has the legitimate power to do so Under the terms of Article 328 of the Securities Code, whenever DIF Broker cannot execute the instructions given, the orders will be transmitted to another financial intermediary that may execute them, in accordance with the provisions set out in its Best Execution Policy, as described in the Account Opening Form. Unique: The Reception and Transmission of Orders (RTO) policy of Saxo Bank and FXCM is available at com/documents/business-terms-and-policies/best_execution_policy_en.pdf and respectively DIF Broker may assemble the Client s orders with those of other orderers, unless the Client decides otherwise when he/she places the order The orders related to securities admitted to trading on a certain market may be executed in alternative markets, in accordance with DIF Broker s order execution and transmission policy duly described in the Account Opening Form In relation to the orders received, DIF Broker will inform the Client, namely by phone, dedicated channels (trading platform), and mobile phone or through direct contact, about: a) The execution and results of the operations ordered by the Client within the time limit defined in Article 323 of the Securities Code; b) The specific difficulties or the impossibility of executing the Client s orders; c) The facts or circumstances within its knowledge, not subject to professional secrecy, that may justify changes to or the cancellation of the Client s orders If the Client does not specify a deadline for the order s execution transmitted to DIF Broker, the order will stay in effect until canceled Good-Till-Cancelled (GTC). The Client shall expressly authorize DIF Broker to audio record all the orders and instructions given by telephone and to use the respective recordings as sufficient, appropriate evidence, and accept its use for that purpose; DIF Broker will assume them to be true unless proven otherwise DIF Broker will keep the Client s activity records in his/her account, which is available on the trading platform, and the Client acknowledges and accepts them as sufficient, appropriate evidence DIF Broker will not be held responsible for the non-execution or non-transmission, depending on the circumstances, of the received and accepted orders given by its Clients, whenever that non-execution or non-transmission results from circumstances not attributable to DIF Broker or its employees, namely: a) Difficulties or the impossibility of communication between the trading systems of DIF Broker and the market where the orders shall be executed; b) Interruption or suspension of trading in the markets where the orders shall be executed; c) Difficulties or the impossibility of communication between DIF Broker s trading system and the intermediary trading system responsible for the execution of orders transmitted by DIF Broker in the terms defined in section 5.3. of the present contract. 10 / 13

11 5.10. In the circumstances listed in the above mentioned section, DIF Broker should immediately inform the Client in accordance with the terms defined in paragraph c) of section 5.6. of the present contract Notwithstanding the compliance with Article 330 of the Securities Code, DIF Broker shall not be held responsible for damages resulting from delays, losses, non-reception, incomplete or defective reception, partial or duplicate data, any diverting information and/or delivery of information or other elements sent by the Client to the wrong person, regardless of the fact that they were done through the means or systems of transmission or communication accepted by the parties of the present Contract, except when these situations are due to deceit or guilt of DIF Broker. 6. INFORMATION PROVIDED 6.1. The Client will be informed by DIF Broker before the provision of any service, either through its Website or the Account Opening Form and other pre-contractual documents, under the terms of the present Contract: a) About the nature, risks and implications of those services, in addition to the operations on securities executed by the Client, whose knowledge is relevant to make any investment or disinvestment decision. b) About the interests that DIF Broker or the persons acting on its behalf may have in the service provided; c) About the existence of the guarantee fund or equivalent protection for the service provided, namely the Guarantee Fund mentioned in Articles 35 and 36 of the Securities Code and the Investor Compensation Scheme regulated by the Decree-Law no. 222/99 of 22 June DIF Broker binds itself, in particular, to: a) Issue, in accordance with the terms of Article 78 of the Securities Code and the CMVM Regulation no. 14/2000, Article 31, a certificate of registry for all securities; b) Deliver, if asked, information concerning the data related to the account opened on behalf of the Client; c) Send the Client a statement of account every three months, itemizing the operations done and the corresponding balance at the end of each period. The Client is responsible for verifying the statements of account and in the event of a disagreement arising from any inaccuracy, he/she should make a formal complaint within 15 days; d) Sending the Client the necessary data to ensure the timely compliance of his/her tax obligations. e) Inform the Client of any changes to the information given at the early stage of the contract by electronic mail The Client will be duly inform if, for any reason, DIF Broker should lose its ability to carry on the registry service of certified securities or the deposit of uncertified securities. In the event of securities integrated in a Centralized System, DIF Broker, with the Client s prior approval, shall transfer the securities to another entity designated by the Client and able to provide those services The Client shall notify DIF Broker about any situation that may affect his/her capacity, legitimacy or ability to manage the registered or deposited securities Each party shall notify the other party of any change in personal data, namely address and contacts provided for the present contract, which may occur during the contract s execution. DIF Broker may receive retrocession commissions and other income resulting from financial instruments and/or investments carried out under the present Contract, management and maintenance of the Clients financial instruments portfolio and/or cash management of Jumbo Investment Accounts, fully respecting asset segregation in compliance with Article 306 and following of the Securities Code, and will not remunerate the liquidity of the Client s financial instruments account. In either way, these commissions or income will always be negotiated with the relevant institutions and calculated according to the volume and amount of those investments. The Client may request additional information to DIF Broker. 7. ACCESS TO INFORMATION AND SECRECY 7.1. In addition to the persons foreseen by the law, the Client and third parties expressly authorized by the Client, the legal information regarding the account can also be accessed by/through: The CMVM and the Bank of Portugal, in the exercise of their functions; The CMVM and the supervisory authorities in other States, under the terms set out in the Statutes of the Portuguese regulator; The financial intermediaries who have received orders to buy/sell the securities; The entities engaged in the fight against money laundering and the financing of terrorism Under the terms foreseen in RGICSF and Article 382 of the Securities Code, members of the governing bodies, employees and third parties who provide occasional or permanent services at DIF Broker, cannot disclose or use any information regarding facts or elements related to their Clients, obtained in the exercise of their functions. 8. DEFAULTS 8.1. If the Client fails to comply with the obligations arising from the present contract and those resulting from the operations he/she has ordered, besides others rights and faculties duly recognized by law, applicable regulations or contractual agreement, DIF Broker reserves the right to: a) Retain the deposited or registered funds, in the terms foreseen by law, until the contractual obligations are totally fulfilled; b) Carry out, after the expiration of the deadline referred to in the prior notice sent to the Client, the extrajudicial liquidation, either on or off a regulated market, of the securities purchased and any other securities or financial instruments registered or deposited in the Client s accounts opened with DIF Broker or third entities on his/her behalf, by reason of default of the Client when placing buy orders involving securities and financial instruments; c) Carry out, after the expiration of the deadline referred to in the prior notice sent to the Client, the repurchase, either on or off a regulated market, of securities or financial instruments belonging to the same category as the ones involved in sale operations of securities or financial instruments ordered by the Client, if the Client fails to comply with the obligations inherent to those operations; 11 / 13

12 d) Carry out, after the expiration of the deadline referred to in the prior notice sent to the Client, the extrajudicial liquidation, either on or off a regulated market, of the securities or financial instruments registered or deposited in the Client s accounts opened with DIF Broker or third parties on his/her behalf, if the Client fails to comply with the obligations inherent to those operations, through DIF Broker on his/her behalf, or through a third party on his/her behalf, of any operations involving securities or financial instruments; e) The Client will be responsible for the payment of operations, for setting-up and reinforcing the necessary guarantees and adjustments, for the payment of taxes, fees and commissions, including interests and other bank costs that the settling entity may charge to DIF Broker related to buy/sell operations ordered by the Client, if he/she fails to comply with the contractual obligations. f) DIF Broker may block access to the account or prevent any financial transaction if the Client does not update his/her personal data or any other relevant and crucial information for contract maintenance, namely the expiry date of his/her ID documents, within thirty (30) days of receipt of such notification The buy/sell operations in the above-mentioned section should be: a) Carried out only to the extent necessary to fulfill the Client s failure to meet his/her obligations; b) Carried out in the best conditions the market offers Whenever DIF Broker exercises the rights listed in the above-mentioned sections, the Client is responsible for any and all costs foreseen in the legal, regulatory and compliance requirements. 9. LIABILITIES 9.1. DIF Broker, due to its third party reliance, upon which it has no control, cannot be held responsible for the delivery of the purchased securities; the payment of the purchase price of the securities traded; the authenticity, validity and regularity of the purchased securities; and for the existence of any faults or legal situations that may impose additional burdens on the purchased securities DIF Broker will not be held responsible for any damage incurred by the Client related to the price variation of registered or deposited securities, or any damage resulting from the operations the Client has ordered and executed in due time The Client assumes full responsibility for the orders given, particularly for the payment of the transactions cost and timely provision of the funds needed for the delivery of the financial instruments traded and for setting-up and reinforcing the guarantees, adjustments, taxes, fees and commissions, while DIF Broker reserves the right to revert or close any operations or positions when the Client fails to comply with such obligations, according to the terms previously defined. 10. EFFECTS OF THE CONTRACT The present contract is effective as of the date of its signature. 11. COMPLAINTS AND DISPUTES If the Client has a complaint regarding the object of the contract, namely terms, conditions or other matters provided by DIF Broker, he/she may file it personally at any of DIF Broker s offices, by phone, or fax, or in writing (formal letter) DIF Broker offers a complaint handling service to its Clients and may forward the divergence to CMVM s Investor and Mediation Office. DIF Broker has its own complaint handling service that ensures equity in resolving any complaint filed. The reception, forward and analysis of the complaint is done by a collaborator other than the one who carried out the act targeted in the Client s complaint. The complaint process will lead up to an investigation and analysis in order to take measures to solve the problem. The first response will be completed in three (3) days Complaints with the Bank of Portugal and the CMVM: The Client will always be able to file his/her complaint with the regulators of DIF Broker, namely the Bank of Portugal and the CMVM, or to state his/her complaint in the Complaints Book available at DIF Broker s offices. 12. TERMINATION AND RESCISSION Either party reserves the right to terminate the contract immediately, in case either party fails to comply with the obligations of the present contract Either party may, at any time, rescind the present contract providing it informs the other party of the decision at least five (5) working days in advance of the date the rescission becomes effective. 13. IN THE EVENT OF DEATH DIF Broker informs that as soon as it is notified of the death of the first account holder it will act in the best interest of the heirs while protecting the account s assets, and will immediately close any margin positions or derivative instruments, keeping only the securities liquidated on the spot market such as shares, bonds or ETFs. The account will be suspended until the declaration of heirship is submitted. 14. TREATMENT OF DATA The Client expressly consents to the treatment, automatic or not, of the personal data he/she has provided and the accesses to, visits to, instructions, transactions and other registers concerning the present Contract or related to other contracts celebrated with DIF Broker, as well as to the Client s data treatment with other sources or any other financial institution DIF Broker or its branches/offices abroad are responsible for the data treatment and also act as the recipient of all the collected and registered data. 12 / 13

13 14.3. The Client expressly consents the entities to which the data is communicated in the terms listed in the above section to use the referred data, namely to update his/her registers The treatment of data aims exclusively to meet the Client s profile and to support the manager s activities, namely to guarantee the service level quality, minimize the risks inherent to the financial activity, facilitate the exercise of rights and the compliance with the contractual obligations for either parties, the process of statistical data or the adjustment of products and services provided to the Client, as well as the management of contacts and marketing campaigns with the Client The right to information, amendment, rectification or suppression of personal data is protected by law by means of written notice to DIF Broker. 15. PREVENTING MONEY LAUNDERING AND THE FINANCING OF TERRORISM According to law, DIF Broker may refuse or suspend the execution of the operation ordered by the Client, or terminate the business relationship with immediate effect, if there is knowledge or suspicion or reasonable grounds to suspect of money laundering or the financing of terrorism, or whenever the holder does not provide the legal eligibility requirements under the law, namely information on the origin and destination of funds If the information needed to update the Client s personal data or the identification of the ultimate beneficiary owners is not made available, the business relationship may be terminated or the account blocked. The provisions herein shall not affect the application of any law or regulations that provide other terms or conditions on this matter. 16. SUBCONTRACTING Any financial instruments the Client deposits or registers with a subcontractor will be compulsorily identifiable on an individual basis from the financial instruments belonging to DIF Broker, through segregated accounts (individual or Omnibus) with the subcontractor. DIF Broker informs the Client that the accounts comprising financial instruments belonging to the Client may be subject to foreign law and that, on occasion, situations can arise in which the Client s rights may be adversely affected. 17. REGULATORS Dif Broker is subject to the supervision of the Bank of Portugal, with the address at Rua do Comércio, 148, Lisbon, and the CMVM (Portuguese Securities Market Commission), with the address at Rua Laura Alves, 4, Lisbon, Portugal. 18. GOVERNING LAW AND COMPETENT COURT The present contract is exclusively governed by the Portuguese law and all disputes arising out of this contract shall have exclusive jurisdiction of the District Court of Lisbon, with express waiver of any other jurisdiction. Locality / Date:, / / Client DIF Broker 13 / 13