POWER OF ATTORNEY & ADDITIONAL TERMS FOR MONEY MANAGERS SCML Once completed this form should be sent to Saxo Capital Markets UK Ltd at the business address below or alternatively please email a scanned copy of the completed application to privatesalesuk@saxomarkets.com or fax the completed application to +44 (0) 207 151 2001. PLEASE COMPLETE THE FORM IN BLOCK LETTERS AND BLACK OR BLUE INK. Saxo Capital Markets UK Ltd, 40 Bank Street, Canary Wharf, London E14 5DA, United Kingdom Company registered in England & Wales No.: 7413871 Authorised and regulated by the Financial Services Authority
FOR MONEY MANAGERS SCML Part 1 Power of Attorney (hereinafter referred to as the Principal ) Email address: Country: Phone Number: HEREBY GRANT POWER OF ATTORNEY BY WAY OF DEED TO (hereinafter referred to as the Money Manager ) Company Registration no (If Applicable).: Country: Email address: for and in respect of account reference(s) (Insert the account number for the account(s), if known. to perform, execute and approve all transactions and to perform any other legal act in accordance with SCML s General Business Terms and/or any other agreement or business terms (as applicable from time-to-time) governing the Clients relationship with SCML. The Client accepts to be bound by any act carried out by the Money Manager pursuant hereto as if such acts were performed by the Client itself. The Money Manager is an independent entity that normally will provide services to the Client, including giving advice and managing portfolios under a separate agreement between the Money Manager and the Client. The Client acknowledges that the Money Manager is not authorised to make any representations concerning Saxo Capital Markets UK Limited ( SCML ) or SCML s Services. SCML is solely the Client s broker, facilitating the trading and related services on the Client s account via the Trading Platform and holding the Client s assets. The Client understands and agrees that: 1. SCML may establish internet trading facilities according to the instructions of the Money Manager and thus enable the Money Manager to execute trades on behalf of the Client on any of SCML s trading systems; 2. SCML may accept from the Money Manager, without any inquiry or investigation, any order for the Client s purchase and/or sale of all instruments available from time-to-time on SCML s trading systems including (but not limited to) securities, derivatives, foreign exchange and futures; 3. SCML may accept from the Money Manager, without any inquiry or investigation, any order or instruction regarding withdrawal and/or transfer of funds to the credit or debit of the Client s account(s) with SCML; 5. SCML is under no obligation to review, supervise or in any other way monitor any trading, any advice or any other acts performed by the Money Manager in respect of the Client or otherwise. It is the Client s sole responsibility to monitor the trading and any other actions or omissions conducted by the Money Manager. The Client is recommended to review the monthly fee reporting and financial statement; 6. SCML is allowed to reveal all information about the Client s account(s) to the Money Manager in accordance with the General Business Terms and thus, for instance, send copies of any and all transaction notes, account statements etc. to the Money Manager. 4. SCML shall have no responsibility or liability to the Client in following the Money Manager s instructions; 12/2013 2
7. This Power of Attorney shall remain effective until revoked in writing by the Client and correspondingly confirmed in writing by SCML. Any revocation of the authority given to the Money Manager shall not affect the validity, ratification and indemnity with respect to any transaction initiated or instruction given by the Money Manager prior to confirmation by SCML of such notice. For avoidance of doubt, upon revocation, all rights of the Money Manager under this Power of Attorney shall no longer apply. The death, bankruptcy or mental incapacity, or where relevant any insolvency event such as but not limited to the dissolution, winding up or liquidation of either the Client or the Money Manager shall also act to revoke this Power of Attorney. The effective date of revocation under this clause shall be the date upon which SCML receives documentary evidence of any such event and confirms receipt of that evidence. The Client is made aware that by granting this Power of Attorney to the Money Manager, the Client further accepts the following terms: a. By granting this Power of Attorney to the Money Manager the Client accepts that the Money Manager shall have the sole access to trade on the Client s account as long as this Power of Attorney is effective. The Client will be granted a viewing access to the account which enables the Client to monitor all trading activities on the account. b. If SCML receives notification of the Client s request to revoke the Power of Attorney before 17:00 on a Business Day, the Power of Attorney is effectively revoked (after close of business) the following Business Day. Until the revocation is effective the Money Manager shall handle any open orders and any potential automatic allocation of trades to the Client s account. c. Any outstanding fees payable to the Money Manager (including, but not limited to, any outstanding management and performance fees, as applicable) will be calculated after the revocation of the Power of Attorney and such fees will be deducted from the Client s account within 5 Business Days from SCML receiving notification of the Client s wish to revoke the Power of Attorney. d. After the fees have been deducted from the Client s account, the Client is granted full access to the account and shall subsequently have full right of disposal of the account. The Client acknowledges and agrees that the rates applicable to the Client s trading shall subsequently be changed from standard institutional prices to the standard retail prices in SCML s Commissions, Charges and Margin Schedule available at www.saxomarkets.co.uk which may result in the Client being subject to higher fees in respect of its trading activities. The Client will be notified of the foregoing via email from Saxo to the Client s last known email address. SCML may undertake checks on the identity and residential address of the Money Manager by electronic means or require the Money Manager to provide documentary evidence for this purpose. By signing this document, the Money Manager consents to and accepts the Privacy and Data Protection policy of SCML. Part 2 Note on withdrawal of funds The Client is made especially aware that withdrawal of funds from Client accounts can only be made at the end of each month, and the funds will subsequently be transferred to the Client on the 5th Business Day after the last day of the month. Should the Client wish to withdraw any of the funds deposited in Client accounts, the Client shall send a Fund Transfer Request form to SCML with the required instructions. For any withdrawals other than at month end, such withdrawals may only be performed according to separate agreement between the Client and SCML in respect of any such withdrawal. Part 3 Money Manager Fees The Client agrees and authorises SCML to calculate (where applicable) and pay, from the Client s account(s), the Money Manager fees on the Client s behalf from time to time. Such fees shall be agreed between the Client and Money Manager and shall be based upon the fees provided in Part 5 or as otherwise notified to SCML from time to time, For the avoidance of doubt, such authorisation shall include SCML paying the Money Manager fees on the Client s behalf as instructed by the Money Manager from time to time. The Client acknowledges that SCML may, from time to time, receive a percentage of the management fee and/or the performance fee ( SCML Percentage ) from the Money Manager, as agreed between the Money Manager and SCML, and as further set out in the attached Fee Schedule. The Client may request from SCML such further details in respect of any such payments that SCML may receive from time to time. SCML has no responsibility for assessing whether the size of the fees debited from the Client s account(s) makes trading commercially viable. This responsibility is the combined responsibility of the Client and the Money Manager. Part 4 Commissions The Client shall be especially aware of: The Money Manager may receive commissions, fees, and other income (hereinafter together referred to as the Trading Commissions) based on the Client s transactions with SCML. Therefore, a conflict of interest may exist as the Money Manager is authorized to act on behalf of the Client as the Trading Commissions are typically dependent on the number and size of executed transactions. The payment of Trading Commissions may entail that the Client pays more than SCML s standard retail rates. The Trading Commissions can generally be determined as the difference between the following two sets of prices multiplied by the notional traded amount: The individual Target Spread/Rates that is shown on the Trading Platforms in the Trading Condition window under the Account menu The Standard Institutional Target Spread/Rates for Introducing Brokers as displayed under Institutional Rates & Conditions on SCML s web-site: http://www.saxomarkets.co.uk. 12/2013 3
As Trading Commissions are negotiated individually for each Money Manager, the Trading Commissions may be higher or lower than as set out above. In certain cases, SCML retains a share of the commission, which leads to lower commissions. In other cases, the commission may be calculated on the basis of lower spreads which will lead to higher Trading Commissions. For FX-trading specifically, only under exceptional circumstances will the institutional spread for a Money Manager be reduced by more than 30% of the Standard Institutional Target Spread. For Stocks and CFD-trading, only under exceptional circumstances will the commission deviate more than 0.1% of the transaction value compared to the Standard Institutional Commission. The above spreads and commissions, and deviations of spreads and commissions may change over time. If the Client wishes to be informed about the specific Trading Commissions paid to the Money Manager as a result of the Client s transactions, the Client may at any time contact the Money Manager or SCML s Service Center by e-mail at ukam@saxomarkets.com. Part 5 Fees Calculated by SCML The Client agrees with the Money Manager that SCML will calculate and pay on the Client s behalf from the Client s account(s) the following fees (as further described in the Client s agreement with the Money Manager): MANAGEMENT FEE Management fee is a yearly percentage that is charged on the Assets under management (AUM) plus an agreed notional amount of the account. Fees are changed on the daily AUM going back throughout the period. The management fee is charged on a monthly, quarterly or yearly basis. The calculation uses end of day (5PM CET) account values. An Advisor Fee and Platform Fee may be charged using the same methodology as the management fee. Management Fee Advisor Fee Platform Fee Fee Percentage % % % Calculation Period: Monthly (M), Quarterly (Q), Yearly (Y) M Q Y M Q Y M Q Y National Amount PERFORMANCE FEE Performance fee is the percentage that is charged on investment profits. It can be calculated on either a monthly, quarterly or yearly basis. This fee is subject to High Water Mark wich is the highest AUM that the account has reached. Percentage (0-50%) Calculation Period: % Monthly Quarterly Yearly FLAT FEE Flat fee is a recurring charge to the account. Flat Fee Amout Currency Calculation Period: Monthly Quarterly Yearly Not calculated by SCML The Client understands and agrees that SCML may accept from the Money Manager, without any inquiry or investigation, any order regarding withdrawal and/or transfer of funds to the credit or debit of the Client s account(s) with SCML. SCML shall have no responsibility or liability to the Client in following the Money Manager s instructions. The Client has in the Power of Attorney herein authorised the Money Manager to deduct fees from the Client s account(s). It is the responsibility of the Money Manager to calculate the fees and inform the Client hereof 12/2013 4
Part 6 Governing Law This Power of Attorney and Additional Terms for Money Managers (and any dispute, controversy, proceedings or claims of whatever nature arising out of or in any way relating to this Power of Attorney and Additional Terms for Money Managers or its formation or any act performed or claimed to be performed under it) shall be governed by and construed in accordance with the law of England and Wales. Each Party irrevocably agrees that the courts of England and Wales shall have exclusive jurisdiction to determine any proceedings in connection with or arising out of this Power of Attorney and Additional Terms for Money Managers. This Deed may be executed in two counterparts, which together will have the same effect as if the Client and the Money Manager had signed the same document. The Client and/or the Money Manager may deliver an executed copy of this Deed to SCML by emailing a scanned copy of the executed Deed to SCML at ukam@saxomarkets.com, and such delivery shall have the same force and effect as de-livery of an original signed copy of this Deed. THIS POWER OF ATTORNEY IS EXECUTED AS A DEED AND IS DELIVERED AND TAKES EFFECT ON THE DATE OF THE LAST SIGNATURE BELOW Please note: This Power of Attorney needs to be executed as a deed. To do this, the account holder needs to sign this document in the presence of a third party (not the Money Manager or a member of the Client s family), who should then complete and sign the relevant section. The Money Manager should then also sign below. I, THE CLIENT, HEREBY AGREE TO ALL OF THE TERMS SET OUT ABOVE AND EXECUTE AND DELIVER THIS POWER OF ATTORNEY AS A DEED THE CLIENT Please sign hereunder if you are an individual. THE CLIENT Please sign hereunder if you are a company. Corporate WITNESSED BY: Full (Director) Occupation: Full (Director or Witness if witness please also complete address section below) Post Code: 12/2013 5
I, THE MONEY MANAGER, HEREBY AGREE TO ALL OF THE TERMS SET OUT ABOVE AND EXECUTE AND DELIVER THIS POWER OF ATTORNEY AS A DEED. THE MONEY MANAGER Please sign hereunder if you are an individual. THE MONEY MANAGER Please sign hereunder if you are a company. Corporate WITNESSED BY: Full (Director) Occupation: Full (Director or Witness if witness please also complete address section below) Post Code: 12/2013 6