AKCENTA INFORMATION BROCHURE

Transcription

1 AKCENTA INFORMATION BROCHURE Version 2/2014 Valid from APPENDIX NO. 4

2 Table of contents 1 Basic information about AKCENTA 2 Basic information concerning the provision of payment services 3 Processing of payment transactions 4 Cash deposits 5 Unauthorized payment transactions and payment transactions incorrectly executed by a bank that maintains AKCENTA's IPA 6 Rules of AKCENTA in AML 7 Records of the client's assets administration of internal payment accounts (IPA's) 8 Refusal to execute a payment order 9 Irrevocability of a payment order 10 Identification of the client's assets 11 Deposit insurance 12 OLB 13 Deadline for crediting the funds to an account of the provider to the recipient/ beneficiary (i.e. to an account of AKCENTA) 14 Informing clients about investment services (term transactions) 15 Information concerning the method of communication 16 Terms and conditions relating to the acceptability of incentives 17. Information concerning the framework contract

3 Zkratky: AKCENTA - AKCENTA CZ a.s., a trading company with its registered office at Prague 1, Ovocný trh 572/11, Postal Code , ID: , registered in the Commercial Register by the Municipal Court in Prague, Section B, Insert 9662 AML Act - Act on selected measures against legitimization of proceeds of crime and financing of terrorism, as amended (Act no. 253/2008 Coll.) BEN - Payment attribute denoting that all fees would be borne by the recipient (beneficiary) PE - Physical entity FX - Foreign Exchange interbank foreign exchange market IBAN - International bank account number enabling to make payments abroad/receive payments from abroad IPA - Internal payment account OCP -Broker OLB - ON LINE BROKER internet application BP - Business partners/sales representative (pursuant to the APS / ACMU) OUR - Payment attribute denoting that all fees would be borne by the payer PI - Payment Institution LE - Legal entity FC - Framework contract SHA - Payment attribute denoting that all fees of the payer's bank would be borne by the payer, any other fees would be borne by the recipient. The SHA payment code is mandatory for any transfers to/from member states of the EU/EEA in the currencies of the EU/EEA member states SWIFT - A network mainly used for international payments. Under SWIFT, each participating bank has its unique identification code (BIC) GBTC - General Business Terms and Conditions of AKCENTA that form an integral part of the Contract VS - Variable symbol it is an identifier of payments in domestic payment system. It may be up to 10 characters long, consisting of numbers only AoB - Act no. 21/1992 Coll., on Banks, as amended ACMU - Act no. 256/2004 Coll., on Capital market undertaking, as amended APS - Act no. 284/2009 Coll., on Payment system, as amended Definitions of terms are included in the General Business Terms and Conditions of AKCENTA (GBTC). Page 1 /total 10/

4 1. BASIC INFORMATION ABOUT AKCENTA AKCENTA CZ a.s., registered office: Ovocný trh 572/11, Praha 1, identification number (IČ): , registered in the Commercial Register by the Municipal Court in Prague, section B, insert no. 9662, business premises of AKCENTA/correspondence address Gočárova třída 312/52, Hradec Králové, - (hereinafter AKCENTA ). The Client may contact the above mentioned contacts with a request for additional information as well as details on the contractual terms and conditions of the Framework Contract. AKCENTA is subject to regulation of the Czech National Bank, based at Na Příkopě 28, Prague 1. AKCENTA is listed in the register of the CNB, specifically in the sector Payment institutions and branches of foreign payment institutions and in the sector Investment firms and branches of foreign investment firms. AKCENTA hereby represents it is authorized to provide the following services based on the decision of the CNB on granting a Payment Institution activities / securities trader license: a) Services pursuant to Act no. 284/09 Coll.: cash deposits to an account maintained by AKCENTA, cash withdrawals from an account maintained by AKCENTA, execution of transfers of funds, issuance and administration of means of payment and equipment necessary for accepting such means of payment, execution of transfer of funds, for which neither the payer nor the recipient use the payment account with the payer's provider (ref no. 2011/1199/570 and file no. 2009/1329/571 dated 4 February 2011); b) Activities of an investment firm pursuant to Act no. 256/04 Coll. to the extent of the main investment services, i.e. acceptance and transfer of orders relating to investment instruments, execution of orders relating to investment instruments on the client's own account, trading in investment instruments on AKCENTA's own account all this with regard to investment instruments pursuant to Section 3(1)(d), as well as supplementary investment services: custody and administration of investment services, including associated services all this with regard to the provision of options, futures, swaps, forwards, and other instruments, the value of which relates to the price / value of securities, exchange rates, interest rates or interest returns, as well as to other derivatives, financial indexes or financial indicators expressed quantitatively that are associated with the right to a settlement in cash or the right to a delivery of assets, to which their value relates (ref. no. 2009/5139/570 and file no. 2008/2235/571). Mandatory information AKCENTA provides information in the form of statutory Information published on mandatory basis on AKCENTA's website The Client may visit AKCENTA's website to become familiar with the GBTC, the FC, including any annex thereto, and the Complaint Procedure. Furthermore, the statutory information in paper form is available for Clients within the business premises of AKCENTA. Any notifications relating to significant changes of the content of the given information shall be provided by AKCENTA to the Client in paper form. AKCENTA is by law obligated to furnish its annual report to the Municipal Court having jurisdiction in the place of AKCENTA's registered office. Any client may inspect the annual report upon request both at AKCENTA's office and in the commercial register of the Municipal Court Collection of Instruments. 2. BASIC INFORMATION CONCERNING THE PROVISION OF PAYMENT SERVICES The subject matter of the payment services is the processing and settlement of any and all payment transactions concluded with the Client on behalf of AKCENTA. Other activities involve the administration of records concerning the assets of the Client/Customer and entrusted funds in IPA. The following transactions are executed in the course of the payment transaction processing and settlement: a) Payment transactions that involve currency conversions: - To the Client's current account - To a third party current account (Client's partner) - To an internal payment account (IPA) b) Records relating to the Client's assets on the IPA c) Payment transactions without currency conversions from the IPA - To the Client's current account - To a third party current account (Client's partner) d) Payment transactions that involve currency conversions from the IPA: Page 2 /total 10/

5 - To the Client's current account - To a third party current account (Client's partner) e) Crediting received funds to the IPA f) Term payment transactions g) Payment transactions instigated by a recipient/beneficiary (direct debit) are not offered by AKCENTA. Payment transactions that involve currency conversions (spot transactions) AKCENTA provides individual exchange rates for the purchase of one currency at the counter value in another currency with the settlement on the day such transactions are agreed upon; however, no later than 5 trading days (including). AKCENTA carries out the conversions on the basis of binding orders of a Client at the requested exchange rate and predetermined amount. AKCENTA may not - unilaterally and without prior notice - amend the agreement of the parties on the exchange rate. AKCENTA is not subject to any limitations as to the total amount of payment transactions executed with the use of the means of payment over a certain period of time. AKCENTA would like to inform you that funds in IPU accounts are without interest rates. Mandatory Information Specified on the Payment Transaction Confirmation Each payment transaction confirmation must include the following information: - Trade name of a Client and the Client's identification information (framework contract number, identification number, registered office/business premises address; with regard to PEs: first name, surname, date of birth, and domicile); - Trade name of AKCENTA and its identification information (identification number, registered office/business premises address); - Variable symbol of a payment transaction; - Date and time of the payment transaction receipt; - Payment transaction amount and currency; - Agreed exchange rate in case of currency conversion; - Amount and currency of the counter value in case of currency conversion; - Current account number of the payment transaction funds recipient; - Information concerning a fee if it consists of several components; specification of individual items; - Date the funds are to be remitted from AKCENTA's escrow account to the current account specified in the payment order. Moreover, the following information is mandatory in case of payment transactions abroad: - Name of the foreign bank, country, SWIFT, international bank identification code (BIC); - Bank account number (the IBAN format is mandatory for EU countries); - Fees - OUR, BEN, SHA, Euro Payment; - Reason for the payment transaction (payment transaction ID, invoice). In case any of the mandatory information is missing on the payment transaction, AKCENTA contacts the Client and asks him/her to provide additional information. In case a Client executes a payment transaction to a new recipient (Client's partner), who is not registered within AKCENTA's internal system, AKCENTA will ask the Client to complete a form comprising the recipient's information. This form is available at AKCENTA's website, in the section Documents. AKCENTA will then check the data received from the Client (particularly checks the IBAN and SWIFT) for the purpose of the payment transaction execution. 3. PROCESSING OF PAYMENT TRANSACTIONS Verification of financial coverage of payment transactions Any concluded payment transactions are registered within AKCENTA's internal system. On the day following the day the payment transaction was agreed, AKCENTA verifies whether it received the financial coverage from the Client to AKCENTA's escrow account for each concluded payment transaction or whether the Client's IPA shows sufficient balance, as appropriate. In case the payment transaction is settled on the part of the Client or the IPA shows sufficient disposable balance, it is included for further processing. Settlement of payment transactions In case the payment transaction confirmation contains all the necessary information and the Client settled his/her liability to AKCENTA's escrow account / the Client's IPA shows sufficient disposable balance, the payment transaction is effected/executed by AKCENTA or the payment takes place from AKCENTA's escrow account, as appropriate. All payment transactions are settled in line with the terms agreed in the payment order. Page 3 /total 10/

6 The payment transaction confirmation contains the following information: - Identification information of the Client (FC number, identification number, registered office/business premises address; with regard to PEs: first name, surname, date of birth, and domicile); - Identification information of AKCENTA (identification number, registered office/business premises address); - Variable symbol of a payment transaction; - Date and time of the payment transaction receipt; - Payment transaction amount and currency; - Agreed exchange rate and amount/currency of the counter value in case of currency conversion; - Current account number of the payment transaction funds recipient. Moreover, the following information is also mandatory in case of payment transactions abroad: - Information concerning a fee if it consists of several components; specification of individual items; - Day the funds are remitted from AKCENTA's escrow account specified in the payment order. 4. CASH DEPOSITS It is not AKCENTA's strategy to accept cash deposits. In case a Client corroborates the justification/necessity of such conduct and AKCENTA gives its written consent thereto, AKCENTA accepts cash deposits to the Escrow Account under the below mentioned terms and conditions. In case a Client makes a cash deposit exceeding EUR 15 thousand or an equivalent amount in another currency (pursuant to 28 of AML Act), AKCENTA will always require the Client to evidence the origin of such funds (e.g. by means of an invoice, affidavit, etc.). AKCENTA may also require the Client to evidence the origin of funds in case the deposited amounts are noticeable similar to the EUR 15 thousand limit or if they are intentionally divided to avoid such obligation, anytime AKCENTA deems this appropriate. Cash deposits of Clients are subject to a fee in compliance with the applicable Pricelist. 5. UNAUTHORIZED PAYMENT TRANSACTIONS AND PAYMENT TRANSACTIONS INCORRECTLY EXECUTED BY A BANK THAT MAINTAINS AKCENTA'S IPA The Client shall be liable for a loss from unauthorized payment transactions of up to EUR 150, provided such loss resulted from the use of a lost or stolen means of payment or the abuse of a means of payment in case the Client failed to ensure the protection of his personalized security features. The Client shall be liable for any loss from unauthorized payment transactions to the full extent, provided such loss resulted from the Client's fraudulent conduct or from the breach as a result of willful misconduct or gross negligence - of the Client's obligations of Section 101 as specified in the GBTC or the FC. The aforementioned provisions shall not apply in case the Client does not act in a fraudulent manner and any loss is incurred after the Client reports the loss, theft or misuse of the means of payment or AKCENTA failed to ensure the availability of appropriate means for the Client to report such loss, theft, misuse or unauthorized use of the means of payment at any time. The Client may report any unauthorized and/or incorrectly executed payment transaction to AKCENTA in a manner described in the Complaint Procedure without any undue delay after learning of such transaction; however, in any case within 13 months from the Transaction execution date at the latest. AKCENTA shall be liable to the Client for any incorrectly executed payment transaction pursuant to Section 117 of the Payment System Act. In case of an incorrectly executed payment transaction by a bank that maintains AKCENTA's IPA, AKCENTA shall request the bank that executed the given payment transaction incorrectly to perform a corrective transactions pursuant to Section 20c of the Act on Banks. AKCENTA shall not execute for the Client any transactions pursuant to Section 103 of the Payment System Act, for which an order might be submitted by a recipient or a payer via recipient. 6. RULES OF AKCENTA IN AML AKCENTA works to prevent money laundering in full accordance with Act no. 253/2008 Coll. governing some of the measures against money laundering and the financing of terrorism and in accordance with Act no. 69/2006 Coll. governing the implementation of international sanctions. AKCENTA therefore does not realise financial transactions with countries which have not implemented sufficient AML/CFT measures. These countries include the DPRK and Iran. Other high-risk Page 4 /total 10/

7 countries with which AKCENTA does not realise transactions include Cuba, Myanmar, Syria, the Sudan and Libya. AKCENTA. fully respects the recommendations of the Financial Analytical Department of the Ministry of Finance and exerts maximum caution when entering into commercial relations and during payment relations with entities and nancial institutions from these countries. AKCENTA rejects any requests from clients to carry out transactions to these countries upon the basis of its internal procedures. AKCENTA also implements the same rules with regard to all the subjects which are listed as being high-risk within the framework of the EU or which have been designated as such by government institutions and so on. In compliance with the requirements of AML Act, AKCENTA applies the Customer Acceptance Policy, ascertaining the origin of the Client's funds, monitoring the character of the Client's business, as well as the nature and purpose of the business relationship, and ascertains the real owner of the Client. In this respect, AKCENTA may ask the Client to provide information on each payment including documents proving the Client's assertions (invoices, contracts). AKCENTA also checks, on a regular basis, whether the recorded Client's data are up to date. This check is carried out by BP or AKCENTA. 7. RECORDS OF THE CLIENT'S ASSETS ADMINISTRATION OF INTERNAL PAYMENT ACCOUNTS (IPA's) AKCENTA maintains internal records of the Client's assets on an IPA. The IPA is administered for each Client separately and in different currencies, in line with the Client's requirements. The IPA is used for maintaining records on the payment transaction and nancial security for the Client's term transactions. Each Client will receive an IPA number together with an assigned password. A Client receives regular monthly IPA statements. Payment orders from the IPA may be submitted by an authorized person only (i.e. speci ed in the FC), who identi es himself/herself with the assigned password. The Client may mange his/her IPA via OLB (similarly as internet banking). Detailed terms and conditions of the IPA / OLB operation, namely the description of measures that must be taken by the Client to protect his personalized security features, as well as information concerning the manner in which the Client is to report the loss, theft, misuse or unauthorized use of any means of payment, any the terms and conditions, under which the Client may block the means of payment, shall be speci ed in the FC and the GBTC. The Client may not remit funds from another payment institution directly to his/her IPA. The Client may only remit funds to his/her IPA via AKCENTA's escrow account administered by a bank/savings cooperative. Furthermore, in case of outgoing payment transaction, funds are remitted from the escrow account administered by a bank/savings cooperative. The IPA is only used for an internal registration of assets of AKCENTA's Clients and the disposal thereof. In case the IPA password is lost, the Client will receive a change form, in which he/she ask for a new password to be assigned. Transactions executed on an IPA: a) Payment transactions without currency conversions: - To the Client's current account, - To a third party current account (Client's partner) b)payment transactions that involve currency conversions: - To the Client's current account - To a third party current account (Client's partner) c) Crediting received funds with regard to a payment transaction - crediting funds to AKCENTA's escrow account administered by a bank/savings cooperative at the instigation of the Client's partner or the Client himself/herself, and remitting the funds to IPA. d)establishing a security interesti n the funds in IPA when contracting a Service,especially when entering into a Term Transaction, AKCENTA may ask for a collateral in the minimum amount requested by AKCENTA, and for the duration of the Service, especially for the duration of the Term Transaction, AKCENTA may request an increase in the collateral up to the amount as required by AKCENTA, if the nature of the Term Transaction in question requires it. Terms and conditions for the provision by the Client and handling of the collateral are stipulated in a special agreement on nancial collateral constituting an appendix to FC. 8. REFUSAL TO EXECUTE A PAYMENT ORDER In compliance with the provisions of 105, section 1 of the Act on payment system, AKCENTA may refuse to effect a payment order only in case the contractual terms and conditions for accepting such order have not been met or as speci ed in other legal regulations. The payment order is not accepted in such case. The terms, under which AKCENTA may refuse execution of a payment order, are speci ed in the FC. Therefore, AKCENTA may refuse to execute a payment order in case: Page 5 /total 10/

8 a) It does not contain the mandatory requirements specified in the framework contract; or b) Client failed to remit the relevant funds necessary for effecting the agreed payment transaction to AKCENTA's escrow account administered by a bank/savings cooperative or failed to remit funds in an agreed amount, or his/her IPA balance is not sufficient for the payment transaction execution; or c) A payment order does not comply with the AML rules Informing Clients on the Payment Order Refusal In case AKCENTA refuses to execute a payment order, it shall inform the Client immediately. It shall specify the reasons for such refusal and procedure for remedying defects, which resulted in the refusal. In case the breach of the AML rules resulted in the refusal, AKCENTA shall adhere to the applicable internal regulations. The fees/charges for the remedy of defects in a payment order are specified in the applicable Pricelist of AKCENTA. 9. IRREVOCABILITY OF A PAYMENT ORDER A Client may not revoke his/her consent to the payment transaction in the following situations: - In case of a deferred maturity of a payment order, a Client may not revoke his/her payment order after the end of the day preceding the moment of the payment order maturity; - Pursuant to 106, section 5 of APS, in case AKCENTA and the Client agree, a payment order may also be revoked later, whereas the FC may specify a consideration for such revocation. 10. IDENTIFICATION OF THE CLIENT'S ASSETS Within the meaning of the Official Information (Part II, point 6), AKCENTA informs the client that the clients' funds are accepted at so-called blocked payment accounts which are administered by banks or savings/loan cooperatives (hereinafter a cooperative ). Thus, the client is exposed to the credit risk of the loan institution (bank, co-operative) where the client's funds are deposited in blocked accounts. Such blocked accounts are subject to special treatment under the AoB and the funds deposited therein are insured at the Deposit Insurance Fund (FPV). In order to identify assets of each Client/Customer and determine the exact amount of such asset in each bank/cooperative for the purpose of insuring receivables from AKCENTA's deposits, AKCENTA has adopted a set of principles for the Client's assets identification: - Financial funds are registered with the bank/cooperative, to which the Client remitted them; - During the period preceding the actual fulfillment of AKCENTA's obligation, the financial funds are registered with the bank/cooperative, to which the Client remitted them; - Upon the submission of a payment order for the remittance of funds from AKCENTA's escrow account in favor of the Client (performance on the part of AKCENTA), the relevant funds are registered in the bank/cooperative, to which a payment order was submitted; - AKCENTA maintains the records of the Client's funds in the IPA on the basis of the above mentioned principles as well as the FIFO method (first in, first out); - AKCENTA identifies Client's assets on daily basis. 11. DEPOSIT INSURANCE Any issues related to blocked accounts administered by banks or savings/loan cooperatives is addressed by AoB. Specifically, section 41f lays down the duty of the PI and Broker to notify the bank that this is a so-called account with special treatment, i.e. an account where funds of several persons are deposited in a single account. The bank shall provide any compensation to the eligible persons in the amount equal to that which would have been paid had each of the aforementioned eligible persons had the funds registered in their own accounts (point 4). In the case of inputs with special treatment, on which are deposited client s funds PI/SB, is the compensation provided to the relevant PI/SB according to the 41f connected with the act of banks. After that is PI/SB obliged to square up with his clients. The compensation shall be provided in the amount equal to EUR 100,000 for all deposits of a single client in the said bank or savings/loan cooperative. Summary: The Deposit Insurance Fund (FPV) applies to the accounts that the PI/Broker has managed by a bank (savings and loan Page 6 /total 10/

9 co-operative, branch of a foreign bank) and that were identified as accounts subject to special treatment. If the BANK goes bankrupt, this treatment allows the clients entrusting their funds to the PI/Broker to obtain compensation from the FPV. Such compensation applies to the clients having their funds in an account with special treatment of the bank concerned at the relevant moment, and the PI/Broker shall submit a list of such clients and a breakdown of individual deposited amounts. Each such deposit is insured up to the statutory amount. If a client has his own account managed in his own name by the same bank, such amounts shall be summed up for the payment limit (e.g. if a client has CZK 1 million in his own account and CZK 500,000 in an account of the PI/Broker managed by the same bank, the Deposit Insurance Fund registers the aggregate claim for the said client in the amount of CZK 1.5 million). This means that insurance does not apply to the PI/Broker, but to the BANK, i.e. to the bank's bankruptcy, not to the bankruptcy of the PI/Broker. The law in other EU Member States does not specify any special treatment accounts. More detailed information on the treatment of deposits in countries where AKCENTA offers its services is available at the AKCENTA website. 12. OLB In case a Client specified several persons for the use of OLB, a security code will be sent to such authorized person in the form of an SMS. For this purpose, it is necessary to specify a separate telephone number for each authorized person. A Client may apply for a change of the telephone number, to which a security code is to be sent. A client shall protect the security code, store it in a secure place, and prevent any third parties from accessing it. The procedure relating to the disclosure of the password or loss of a mobile phone is described in AKCENTA's GBTC. AKCENTA shall not be liable for incorrect use of OLB or for any damage incurred by the Client due to revealing his/her security code or loss/theft of a mobile phone, to which the security codes are sent. AKCENTA shall not be liable for any damage caused by the OLB malfunction. 13. DEADLINE FOR CREDITING THE FUNDS TO AN ACCOUNT OF THE PROVIDER TO THE RECIPIENT/BENEFICIARY (I.E.TO AN ACCOUNT OF AKCENTA) The payer's provider (i.e. the bank of the payer) shall ensure the funds are credited to AKCENTA's escrow account administered by a bank/cooperative by the end of the next business day following the payment order receipt. All the deadlines specified below start on the day following the day on which moment of the payment order receipt took place in respect of AKCENTA's escrow account administered by a bank/cooperative Deadline for crediting funds in EUR and CZK within the territory of the Czech Republic In case a payment transaction involves maximally one currency conversion between EUR and a currency of an EU member state, within the territory of the EU, the deadline for crediting funds may not exceed one business day (D+1), two business days in case of a payment order in paper form (D+2) Deadline for crediting funds including currency conversion when one side of the transaction is in CZK within the territory of the Czech Republic In case the payment transactions, which involve currency conversions between CZK and a currency other than EUR, within the territory of the Czech Republic, the deadline for crediting may be up to D Deadline for crediting funds relating to other payment transactions In case it does not concern a payment transaction in EUR and CZK within the territory of the Czech Republic or a payment transaction involving a currency conversion, when one side of the transaction is in CZK and within the territory of the Czech Republic, the deadline is set in compliance with the terms and conditions and as agreed in the FC; however, it cannot exceed 4 business days from the moment of the payment order receipt Deadline for crediting funds to an account of the recipient (i.e. Client's IPA administered by AKCENTA) AKCENTA shall credit an amount of the payment transaction to an IPA (or makes it available to the Client) immediately after the amount was credited to AKCENTA's escrow account administered by a bank/cooperative. Page 7 /total 10/

10 In case of a payment transaction in a currency other than the currency of an EU member state or it concerns an IPA administered in a currency other than the currency of an EU member state, the funds shall be credited by the end of the business day following the day, on which the relevant amount was credited to AKCENTA's escrow account (D+1) Deadline for payment transactions within one provider (IPA) in CZK Payment transactions within AKCENTA i.e. executed between escrow accounts administered by AKCENTA in CZK and within the territory of the Czech Republic must be credited to the recipient account/made available by the end of the day, on which the payment order was received (D+0). In case of a currency conversion, the deadline is extended by no more than 1 business day (D+1). 14. INFORMING CLIENTS ABOUT INVESTMENT SERVICES (TERM TRANSACTIONS) Communication with AKCENTA's Clients using Investment Services When communicating with Clients (including personal meetings or promotional messages relating to investment services), AKCENTA may not use vague, inaccurate, deceitful or misleading information. With regard to promotional messages, AKCENTA shall ensure their content complies with any and all information provided to a Client in the course of the investment services provision, and it must be clear from the form thereof that it concerns a promotional message. When communicating with Clients, AKCENTA must distinguish various Client categories i.e. professional client, nonprofessional client, eligible counterparty. When communicating with a Client, who is not a professional client, AKCENTA must adhere to the requirements set down in the provisions of 15a and 15b of the ACMU (in case a Client is included in the category of nonprofessional clients, AKCENTA shall adhere to the rules of conduct specified in the provisions of 15 through 15r of the ACMU). When communicating with Clients, AKCENTA shall take into account how the explanation, promotion or any other information would be perceived by a person of average intellectual level, providence, and recognition acting as a Client Informing AKCENTA's Clients using Investment Services In the course of the provision of investment services on behalf of AKCENTA, AKCENTA shall inform Clients in compliance with the provisions of 15d et seq. of the ACMU and in compliance with Decree no. 303/2010 Coll. In the course of the provision of investment services, AKCENTA shall mainly inform Clients about: - Information of AKCENTA; - Investment services, which are provided; - Investment instruments, to which the provided investment service is to relate; - Possible risks that may be associated with the required investment service, including the risks associated with the loss of the entire investment - Potential risks, which might be associated with the requested investment service; - Total price of the provided investment service, including any fees, taxes paid via AKCENTA, other associated costs, as well as about other financial obligations resulting from the provision of an investment service (in case it is not possible to determine the overall price, the Client must be informed about the calculation method thereof); - Regime of protection in respect of the Client's assets; - Content of the liability relation, including any and all contractual terms relating to the requested investment service; - Classification of the Client in the relevant category (AKCENTA shall inform the Client about his/her right to apply for the change of classification into the relevant category and about the associated limitation of his/her protection); - AKCENTA's rules for the execution of orders; 15. INFORMATION CONCERNING THE METHOD OF COMMUNICATION Communication with New Clients A new client is a Client who has not signed the Framework Contract yet. A Client makes inquiries about AKCENTA's offer or wants to conclude a Framework Contract, as appropriate: A Client may use the following channels: - Telephone Page 8 /total 10/

11 - - Personal contact with a BP A BP or AKCENTA ensures the provision of the given information on the services offered or ensures a visit at the Client's premises. Prior to the conclusion of a FC, the Client is provided with any and all statutory information about the products and services offered. AKCENTA actively seeks new clients. AKCENTA uses standard marketing tools such as advertising, direct marketing, etc. Furthermore, AKCENTA uses a network of BPs, who actively approach clients with an offer of products and services Communication with Existing Clients AKCENTA's existing Clients are those clients who have become familiar with AKCENTA and its processes and entered into FC. A Client wishes to submit payment order/find out the current exchange rate via telephone: A Client calls the telephone number specified in the FC or on AKCENTA's website and submits payment order or the current exchange rate for the given currency pair is communicated to the Client, as appropriate. A Client wishes to submit payment order/find out the current exchange rate via internet: Following the Client's authentication by means of an OLB login (the terms are specified in the GBTC), a Client may submit payment order or find out the current exchange rate via OLB. A Client wishes to modify payment order/get information on executed payments: A Client calls the telephone number specified in the FC or on AKCENTA's website and following the Client's identification using a password arranges a payment order modification or he/she is provided with information about executed payments. Payment orders may be modified in compliance with the terms described in the GBTC. Complaint A Client submits a complaint in compliance with the Complaint Regulations, which is available on AKCENTA's website. Complaints are submitted in writing (by mail or ). For detailed information, see the Complaint Procedure. A Client requests modification of FC e.g. change of address, etc. A Client calls the telephone number specified in the FC or on AKCENTA's website. A BP or an authorized employee of AKCENTA resolves the Client's request either by concluding a new Framework Contract or by executing an amendment to the existing FC depending on the nature of the change Method of Resolving Information Obligations of AKCENTA vis-à-vis the Client It mainly concerns information provided prior to the conclusion of the Framework Contract as well as information provided throughout the contractual relation: Information on changes to the GBTC Any amendments to the GBTC shall be published at least 2 months prior to any planned modification. The significant changes include any and all changes to the detriment of the Client. With regard to minor changes (e.g. information on exchange rates, interest rates, etc.), AKCENTA may make changes as required based on the current situation. Information on FC termination The contract termination is governed by the FC terms and conditions. A Client may terminate his/her contract anytime; however, this does not relieve him/her of his/her obligations arising prior to the FC termination. Information on received payment orders/instructions for execution of investment services Documents, payment orders, and instructions of AKCENTA automatically contain mandatory information and the Client is always informed about executed orders/instructions. Information on new services, better terms and conditions, marketing events, and others AKCENTA usually approaches Clients with an offer of service in the form of a direct addressed to an authorized person of the Client (as specified in the FC) or by telephone. Furthermore, AKCENTA conveys information to Clients via its BPs, AKCENTA's website, or an official letter. Information on the malfunction of services, emergencies, and others Information on emergencies is published on AKCENTA's website, in OLB, and Clients may also obtain information about any malfunction via the telephone number of AKCENTA's business premises ( ). Furthermore, a mass may be sent to Clients. Based on the nature of the specific event, AKCENTA tries to use all the channels or it use those information Page 9 /total 10/

12 channels, which are not affected by the malfunction and are available to Clients. 16. TERMS AND CONDITIONS RELATING TO THE ACCEPTABILITY OF INCENTIVES AKCENTA does not grant or accept any incentives (an incentive shall mean any fee, remuneration or benefit in kind accepted, solicited or provided as a part of investment services related relationship between the provider of investment services and the client or between the provider and a third party). Should any incentives be provided or accepted, the client shall be informed accordingly without any unnecessary delay and the client has the right to request more detailed information on the incentive. 17. INFORMATION CONCERNING THE FRAMEWORK CONTRACT FC is entered into for an indefinite period of time and it is governed by the Czech law. FC is entered into in Czech, and the Czech language is also the set language for any and all communication by and between AKCENTA and the Client, unless specified otherwise on the basis of the agreement of the parties. Based on the Client's request, it is possible to execute the Framework Contract in other than the Czech language; however, such version shall be for the Client's convenience only, and the Czech version always prevails. Amendment to FC: FC can be amended by the agreement between AKCENTA and the Client, in the form of written, numbered amendments signed by both parties. AKCENTA is entitled to propose an amendment to FC by submitting a list of requested changes to the Client, on a permanent data carrier, delivered no later than two months prior to the effective date of the amendment to FC. The Client is entitled to reject the proposed changes. If the Client rejects AKCENTA's proposal to amend FC, AKCENTA is entitled to terminate FC before the effective date of the proposed changes, free of charge and with immediate effect. If the Client fails to inform AKCENTA of his disapproval of the proposed changes at least one day prior to the effective date of the proposed change, it shall hold true that any changes proposed in such a manner shall be binding for the Client starting on the effective data thereof. FC termination: FC may be terminated by either of the parties, at any time. FC may also be terminated on the basis of a written agreement of the parties. The terms and conditions of the contractual relationship termination are defined in detail in GBTC. Resolving disputes By signing FC, AKCENTA and the Client undertake to attempt to resolve any disputes arising between them from or in connection with FC, including any issues relating to applicability (hereinafter the disputes ), on the basis of a mutual negotiation, namely in compliance with the published rules of AKCENTA for resolving complaints (Complaints Regulations). In case the parties fail to resolve the dispute within 30 days from the day either party was delivered a notice of the other party for the resolution of such dispute, not even with the assistance of AKCENTA's Compliance department, the dispute shall be resolved by the competent court in the Czech Republic. The parties have also agreed that the territorial jurisdiction would be determined on the basis of the address of AKCENTA's business premises, i.e. in Hradec Králové. The Client may refer his/her complaint relating to AKCENTA's conduct relating to the provision of payment services to a financial arbitrator, who is authorized to resolve out-of-court disputes of the parties. Further information and contact details of the Financial Arbitrator Office are available at Furthermore, the Client may refer his/her complaint to the CNB. Further information and contact details are available at More detailed information on how to resolve complaints in countries where AKCENTA offers its services is available at AKCENTA's website. All information is available at AKCENTA's website Page 10 /total 10/

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