In applying the provisions of this agreement, the following phrases and expressions will have the meanings opposite each unless the context requires otherwise
In these Terms & Conditions, the following terms shall have the meanings indicated opposite thereto below:
"UBC": means Union Brokerage Company - (LLC).
"Service": "Union Brokerage Company - (LLC)" Service for execution of local shares trading transactions via the Internet.
"The Authority:" : Securities & Commodities Authority incorporated under Law (4)/2000 concerning UAE market for Securities & Commodities Authority.
"Authority": The law of governing the authority: Law No 4/2000 concerning the UAE Authority & Market for Securities & Goods.
"Securities/s Market": It is the Securities & Market licensed through as a separate judicial person, which securities sale & purchase possesses is executed.
" Broker": Union Brokerage Company (LLC) as a Second party to the agreement
"Broker Representative": is the natural person who represents the Second Party to act on his behalf to serve brokerage and should be registered in the record of the broker’s register
"Customer/ Investor": is the First Party in this Agreement
"Investor No.": It is the special number provided for the customer by the Securities Market licensed which is considered a condition to enable the customer to deal in Securities
"Market": It is the Securities Market licensed through which securities sale & purchase possesses is executed.
"Rules": They are the special rules defined by the market board of directors from time to time
"Securities": They are the shares and stocks approved by the authority, enlisted and circulating on the market
"Trading system ": It is the system of the approved automatic trading that is approved and in use by the Securities Markets.
"Circulation account": It is the account of the investor with the broker through which the securities are dealt in to the account of the investor within circulation account
Local shares trading transactions via the Internet shall include those UBC services the UBC shall determine, in its sole discretion, to be covered in the Service as it deems fit from time to time. The Service does not constitute an offer for or solicitation to the Customer to subscribe to any of the investment services provided by the Bank.
The Customer hereby authorizes the UBC to accept and act upon electronic instructions submitted via the Internet and to respond to any Customer inquiries so received.
The Customer acknowledges and consents that UBC has advised him/her, and that he/she has taken note, of current technology restrictions and limitations, limitations and restriction on "Union Brokerage Company - (LLC)" Service utilization, that Service availability without interruption depends on technology applications and level of compliance with the restrictions on Service utilization, and accordingly hereby releases the UBC from any and every liability which may arise as a result of Customer's inability to use the Service for any reason whatsoever.
The UBC will charge the Customer the agreed fees (in consideration for ESCA regulations as the UBC may prescribe from time to time. The UBC reserves the right to alter any fees at anytime immediately after notification to the Customer who hereby authorizes the UBC to charge the fees to any of the Customer’s accounts held with the UBC.
The UBC reserves the right to refuse to provide the Service to any customer for any reason whatsoever, and to refuse to act upon or respond to any instructions or queries it may receive from the Customer via the Internet without stating any reasons, and such omission shall not create any liabilities on the UBC side in customers favor.
The Customer shall keep strictly confidential his/her own USER ID and Password(s), and undertakes to never disclose his/her USER ID to any third party including UBC employees. Accordingly, the UBC does not accept liability for any claim or loss resulting from disclosure of the Customer's Password or transactions passed over the account that are not performed by the Customer. If the Customer suspects that any person has knowledge of his/her Password(s), the Customer must immediately notify the UBC verbally, written confirmation to follow. The Customer will be solely responsible for all instructions and inquiries actually made or which may be made until the UBC receives written confirmation and acknowledges receipt of the notification.
All equipments advanced by the UBC to the Customer are and shall remain the exclusive property of the UBC. The Customer agrees and undertakes to return these equipment to the UBC immediately on demand in their original "as received" condition.
The Customer consents and warrants that the Customer will not copy, reproduce or amend any software, pages or documents provided by the UBC nor will the Customer download or divert the Service software from any computer or electronic device to any other computer or electronic device.
Either the UBC or the Customer may cancel subscription to the Service. If the Customer intends to cancel subscription, a written notice of cancellation must be submitted to the UBC. The UBC is entitled to cancel the Customer's subscription at anytime without notice to the Customer, and such action shall not create any liabilities on the UBC part to the Customer.
The UBC does not accept liability for any losses, damages, costs or expenses whatsoever or howsoever incurred or sustained by the Customer as a result of breach of any of these terms and conditions.
Any costs incurred towards Internet usage to logon to the Service shall be for the Customer's exclusive account.
The Customer authorizes the UBC to send Service related advices, notices and/or correspondence in the manner the UBC deems fit. The Customer shall be responsible for the confidentiality of all UBC generated Customer advices, notices and correspondence.
The UBC does not accept liability for any errors or damages resulting from delayed or failed instructions, including:
a. Insufficient account balance to permit execution of the instructions.
b. Insufficient instructions to execute a transaction.
c. Failure to comply with the instructions or guidance given, or unclear or incomplete Customer instructions.
d. Delay or any technical fault at the Bank’s end or any external agency with which the Bank does business.
The UBC reserves the right to refuse to execute any transaction without notice or liability.
No failure or delay on the UBC part to exercise any rights or remedy under these Terms & Conditions shall operate as a waiver of such right or remedy, nor will any partial exercise of any right or remedy preclude any subsequent exercise of such right or remedy. Rights and remedies provided herein are supplementary and additional to any other rights or remedies provided under the applicable law.
In no event will Union Brokerage Company - (LLC) or its employees be liable for any damages, including without limitation direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with logon to the site or use thereof or inability to use by any party, or in connection with any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus or line or system failure, even when Union Brokerage Company - (LLC), or representatives thereof, are advised of the possibility of such damages, losses or expenses.
The UBC reserves the right to alter these Terms & Conditions at anytime, but will notify the Customer of any alternation in advance of the effective date. Continued utilization of the Service by the Customer constitutes acceptance and agreement of such alterations.
These Terms & Conditions are supplementary to, and shall be governed by, any related terms, conditions and/or agreements executed by the Customer, present or in the future.
These Terms & Conditions are subject to and shall be governed by the prevailing rules and regulations of the Country Name. The parties hereby irrevocably submit to the exclusive jurisdiction of the Committee for Settlement of Banking Disputes for resolution of any disputes arising hereunder.
Duties of the Broker (3rd Party)
The broker abides to act always honestly and fairly to the welfare of the customer and to abstain from any job that may lead to harming the customer or other brokers or the market.
By observing the provisions and regulations of the law, the broker abides to implement the instructions of the customer at the possible speed during trading hours in the market and to do his best to carry out the instructions of the customer by selling or purchasing the securities that may appear legal to the broker and do not contradict the legal documents related to the company so long as these instructions are given to the broker in the methods applicable in the paragraph of issuing the instructions and the confirmation of the broker.
The customer is entitled to amend any instructions or orders so long as they are not implemented in the Trading systems provided he should provide the full details of the matter within enough time before executing the operation.
The broker abides to inform or try to inform the customer with all the operations done by the broker during one day and accordingly the customer will assume the responsibility of informing the broker for any mistake or objection to the instructions implemented for the account of the customer within four days from the date of executing the deal otherwise the matter will be effective according to the instructions of the customer and his directives without any responsibility on the broker.
Without prejudice to the second party’s right to recourse against the customer by direct/indirect judicial intermediary, If the customer delays to pay any amounts due to the broker for implementing trading operation in favor of the customer. The broker under the consent of the Market can sell the securities subject of the trading and deduct his dues from the customer through the sale revenues so that no rights to the customer will come out against the broker as a result of any loss resulting out of the sale done by the broker.
The broker is entitled to practice the power and full authority at this absolute discretion without prior referral to the customer and to implement any kind of trading or deals and in any quantities on behalf of the customer if the customers authorize the broker to do the same as per an authorization in writing give by the customer. Also, the customer may observe or cancel (in writing) this power given to broker.
In applying the provision of Art (6) – The duties of the Broker, the customer should provide the broker with enough moneys for the expected trading and the broker has the right on the other hand to stop trading immediately upon the depreciation of these amounts.
In executing this agreement it is a must hat the broker should abide not to implement any of the customers’ instructions given to him through routes other than those agreed upon according to the paragraph of the Customer Instructions and the Confirmation of the Broker.
Not for customer the rights to returning on the broker in any requests or responsibilities about lack his execution of instruction as long as the customer account was overdrawn.
The broker has the right to abstain to implement the customer’s instructions so long as they are not stated according to the provisions of the Customers Instructions and the Broker Confirmation. Also application of the laws of item (7) from Rights & duties of the Customer or if the customer received confirmation from the market exempts the broker from such confirmations about the executed operations for the customer.
The broker will not be responsible for any losses or damages resulting directly or indirectly out of any delay or non accuracy in shifting the orders, instructions or to information to breakdown of transportation means of communication means. Also the broker will not be responsible save for the acts or omissions he does and considered as intended negligence.
The broker will not be responsible in any case for the acts done by third party including any offset broker, securities market or an authority member in the offset chamber or financial institution.
The broker will not be responsible in any case for the loss of any shares or moneys or deposits resulting directly out of bankruptcy, insolvency, liquidation of any offset broker, liquidator or nay other entity under receivership.
Maximum trading amount per transaction cannot exceed AED 1,000,000, However, there are no limitations to the number of transactions that can be placed.
UBC will provide the clients with a User ID, RSA Token arid sealed password, whichwill all be required to access the UBC e-trade site.
The client is responsible for the safekeeping of the Access Code and keeping itconfidential. UBC e-trade users are required to set a new password upon their initial loginto the UBC e-trade site and are required to use both (set password and RSA Token code)in all subsequent trading.
In the event of the RSA Token being lost/stolen/damaged or Expired the client must report it to the UBC broker. A replacement fee of AED 250 will be charged for issuing a new RSA token.
If the client forgets his/her UBC e-trade password and/or incorrectly enters thepassword four consecutive times and/or incorrectly enters the RSA Token code sevenconsecutive times, the access will be disabled and the client would be required to contactthe UBC Broker to either reset the password or requestfor issuing a new RSA Token.A fee of AED 25 will be charged for restting the password and a replacement fee of AED 250 will be charged for issuing a new RSA Token.