This Client Service Agreement governs the relationship between the Client and AFT (NZ) Limited (“AFT”), which operates as part of Kalsh Group. “AFT Group” hereinafter refers to AFT and its affiliates as the context permits. Prior to use of AFT’s platform service, Client should carefully read this Agreement. By using the Services the Client agrees to be bound by this Agreement. Capitalised terms used in this Agreement have the meaning given to them in Article 33.
As is common with investments of all kinds, trading Financial Products has certain risks. There is the potential and possibility of loss when investing in Financial Products. The historical data of any Financial Products cannot guarantee its future performance or return. Client’s gain or loss cannot be assured especially during a market downturn.
Client should obtain full knowledge and understanding of the relevant risks of Financial Products transactions, when they are considering whether Financial Products are appropriate for their investment objectives. Before opening an account, Client should make an objective judgment and discretionary decision on their investment objectives and the investment amount to be traded from the standpoint of a reasonable person, based on their economic strength, source of funds and risk tolerance.
The directors, employees and agents of AFT and its related parties do not ensure the authenticity, sufficiency, timeliness, reliability, completeness and effectiveness of any information relating to Financial Products transactions in any explicit or implied way. The information, data and materials provided by AFT are only for reference. Client should recognize and accept that transactions made through the AFT platform cannot be free from risks. The risks arising from trading are borne by Client. To the maximum extent permitted by law, AFT will not be held responsible for Client’s investment risk and any losses which are incurred.
AFT’s representatives or employees are not authorized to provide investment, financial, tax or trading advice or to solicit orders. No content of AFT’s website, product, community and communication group is a recommendation or solicitation to buy or sell Financial Products or other investments and should not be interpreted in this way.
Client accepts responsibility for all transactions entered using Client’s username/password. AFT reserves the right to terminate without notice a client account which exhibits activity consistent with unauthorized access.
Unless otherwise directed, AFT will select the market/dealer through which to route Client’s orders. For products traded at multiple markets, AFT or its partners may provide “Smart Routing”, which seeks the best market for each order through computerized algorithms. Client should choose Smart Routing if available. AFT cannot guarantee the execution of every order at the best posted price: AFT may not have access to every market/dealer; other orders may trade ahead; market centres may not honour posted prices or may re-route orders for manual handling; or market rules, decisions or system failures may prevent/delay execution of Client’s orders or cause orders not to receive the best price.
Client acknowledges that it may not be possible to cancel/modify an order and that Client is responsible for executions notwithstanding a cancel/modify request.
AFT shall execute Client’s order as agent and may further engage the agent of another broker or subsidiary to execute Client’s order, in which case the engaged broker or subsidiary enjoys the same rights as AFT. AFT may decide to reject Client’s order or to terminate Client’s use of AFT’s Service at any time at its discretion. All the transactions should abide by the rules and policies of the related market or clearinghouses and applicable laws and regulations. TO THE MAXIMUM EXTENT PERMITTED BY LAW, AFT IS NOT LIABLE FOR ANY ACTION OR DECISION OF ANY EXCHANGE, MARKET, DEALER, CLEARINGHOUSE OR REGULATOR.
Client acknowledges that confirmations of executions or cancellations may be delayed or may be erroneous (e.g., due to computer system issues) or may be cancelled/adjusted by an exchange. Client is bound by the actual order execution if AFT is consistent with Client’s order. If AFT confirms execution or cancellation in error and Client delays reporting such error, AFT reserves the right to remove the transaction from the account or require Client to accept the transaction, in AFT’s discretion.
Client agrees to notify AFT immediately by telephone or by email if: i) Client fails to receive an accurate confirmation of an execution or cancellation; ii) Client receives a confirmation that is different than Client’s order; iii) Client receives a confirmation for an order that Client did not place; or iv) Client receives an account statement, confirmation, or other information reflecting inaccurate orders, transactions, balances, positions, margin status, or transaction history. Client acknowledges that AFT may adjust Client’s account to correct any error. Client agrees to promptly return to AFT any assets erroneously distributed to Client.
AFT will hold all unutilized cash in client’s trading account with Bank of New Zealand (BNZ) or other Asia Future Tradinging counterparty. AFT will not withdraw any part of client’s funds except at client’s direction. It shall be taken that any instruction given by client to facilitate its ability to trade in investments is construed to be authorization to move client’s funds from time to time.
Client has the option to select the margin trading facility (“Margin Facility”) as part of the account opening process or at any other time. A Margin Facility is a loan facility under which Client is able to borrow monies (the “Margin Loan”) from AFT (or from any other person approved by AFT) to finance the purchase of Financial Products using our Services securities for your business and/or investment purposes on the terms set out in this Agreement. The maximum amount Client may borrow under the Margin Facility will be determined by AFT from time-to-time and can increased or reduced by AFT at any time. The Margin Loan may only be used by Client for the purpose of purchasing Financial Products using the Services. Client may redraw any amount of the Margin Loan repaid from time-to-time at AFT’s absolute discretion.
Client must pay all fees and costs (including all costs of recovery) specified or determined by AFT from time-to-time.
The Margin Loan must be repaid (together with associated interest) on the date(s) specified by AFT from time-to-time and otherwise immediately upon demand from AFT.
Client is required to pay AFT interest on the outstanding balance of the from time-to-time Margin Loan at the rates set out in this Agreement or otherwise specified by AFT from time-to-time. Interest shall accrue and be calculated on a daily basis, be calculated on the basis of days elapsed and a three hundred and sixty-five (365) day year, and can be capitalised (at the absolute discretion of AFT) if not paid by the due date for payment. The certificate of AFT as to the rate or amount, or method of calculation, of interest payable under this Agreement shall be conclusive and binding upon Client except in the case of manifest error or fraud.
To secure Client obligations under or in connection with this Agreement, Client gives AFT a security interest over certain Assets on the terms set out below in clause 10.10.
Before selecting this Margin Facility option, Client should understand the risks associated with margin trading. Margin trading is high risk and may result in a loss with a value greater than the Client’s Financial Products. Client represents that Client has read the “Disclosure of Risks of Margin Trading” provided separately by AFT or its partner.
Client’s right to trade Financial Products under AFT’s Service using a Margin Loan is subject to initial and maintenance Margin requirements of exchanges, clearinghouses and regulators and also to any additional margin requirement of AFT, which may be greater (“Margin Requirements”).Requirements AFT may modify Margin Requirements for any or all clients for any open positions in Financial Products or new Transactions at any time, in AFT’s sole discretion. Client shall monitor his, her or its Margin Account so that, at all times, the Margin Account contains sufficient Equity to meet Margin requirements. AFT may reject any order if the Client has insufficient equity to meet Margin Requirements, and may delay processing any order while determining Margin status. Client shall maintain, without notice or demand, sufficient Equity at all times to continuously meet Margin Requirements. Formulas for calculating Margin Requirements on the AFT website are indicative only and may not reflect actual Margin Requirements. Client must at all times satisfy whatever prevailing Client Margin Requirements solely based upon AFT’s calculations.
AFT does not have to notify Client of any failure to meet Margin Requirements prior to AFT exercising its rights under this Agreement. Client acknowledges that AFT generally will not issue Margin calls; that AFT generally will not credit Client’s account to meet intraday or overnight Margin deficiencies; and is hereby authorized to liquidate Client’s Financial Products in order to satisfy Margin requirements without prior notice.
Client hereby gives AFT a security interest in the Collateral as security for the Client’s obligation to pay the Outstanding Amounts.
Each joint account holder agrees that each joint holder has authority, without notice to the other, to: (i) buy/sell Financial Products (including on margin); (ii) receive account confirmations and correspondence; (iii) receive and dispose of money, Financial Products or other assets; (iv) enter, terminate, or agree to modify this Agreement; (v) waive any part of this Agreement; and (vi) deal with AFT as if each joint holder was the sole holder. Notice to any joint holder constitutes notice to all joint holders. Each joint account holder is jointly and severally liable to AFT for all account matters. AFT may follow instructions of any joint holder and make delivery to any joint account holder individually of any account property.
Upon death of any joint holder, the surviving holder shall give AFT notice by telephone or email and AFT may, before or after notice, initiate proceedings, require documents, retain assets and/or restrict transactions as it deems advisable to protect itself against any liability or loss. The estate of any deceased joint account holder shall be liable and each survivor will be liable, jointly and severally, to AFT for any debt or loss in the account or upon liquidation of the account. Unless Client indicates otherwise, AFT may presume that account holders are joint tenants with rights of survivorship. Upon death of any joint holder, the account shall be vested in the surviving holders, without in any manner releasing the deceased joint holder’s estate from liability.
Clients may be able to trade products denominated in different currencies using a base currency chosen by Client upon purchase of a product denominated in a different currency from the base currency, a margin loan is created to fund the purchase, secured by the assets in Client’s accounts. If Client maintains positions denominated in foreign currencies, AFT will calculate Margin requirements by applying exchange rates specified by AFT. AFT WILL APPLY “HAIRCUTS” (A PERCENTAGE DISCOUNT ON THE FOREIGN CURRENCY EQUITY AMOUNT) TO REFLECT THE POSSIBILITY OF FLUCTUATING EXCHANGE RATES BETWEEN THE BASE CURRENCY AND THE FOREIGN CURRENCY. CLIENT MUST CLOSELY MONITOR MARGIN REQUIREMENTS AT ALL TIMES, PARTICULARLY FOR POSITIONS DENOMINATED IN FOREIGN CURRENCIES, BECAUSE FLUCTUATION IN THE RELEVANT CURRENCY AND THE VALUE OF THE UNDERLYING POSITION CAN CAUSE A MARGIN DEFICIT.
Client agrees that AFT’s obligations to Client shall be denominated in: (i) the United States dollar; (ii) a currency in which funds were deposited by Client or were converted at the request of Client, to the extent of such deposits and conversions; or (iii) a currency in which funds have accrued to the Client as a result of trading conducted on a designated contract market or registered derivatives transaction execution facility, to the extent of such accruals.
Client acknowledges that:
14.1 From time to time AFT and Client may enter into Transactions in which one party will lend to the other party (or to any third party where the Client is the lender) certain Assets. Each such transaction shall be referred to herein as a “Loan”. As permitted by relevant regulatory requirements, AFT is authorized by Client to lend to itself, to other clients or to other third parties (including brokers in New Zealand and elsewhere) Client Assets for short selling or other purposes.
14.2 By entering into this Agreement with AFT, Client understands and acknowledges that AFT may, without notice, pledge, re-pledge, hypothecate or re-hypothecate Client Assets, separately or together with those of other Clients, without retaining in AFT’s ownership, possession or control a like amount of assets.
14.3 Client permits AFT to borrow any eligible paid Margin Client Assets in Client’s account and loan these Client Assets out in the securities lending market. Client gives their consent that Client will not be asked to approve each Loan before it is initiated, and Client gives their consent that AFT will have the discretion to initiate Loans of Client Assets. Client understands and agrees that the securities lending market is not a standardized or transparent market, that there are no rules or mechanisms that guarantee or require that any given participant in the marketplace will receive the best rate for lending Financial Products.
14.4 For loans of Financial Products, AFT may receive financial and other benefits to which Client is not entitled at AFT’s discretion, and AFT has the right not to allocate any benefits received through Financial Products or assets lending to Client and Client voluntarily surrenders their rights of allocation of the benefits received through securities or assets lending. Client understands and agrees that AFT may borrow Margin Client Assets from the Client and other clients and then lend those Margin Client Assets to one of its affiliates or other third parties, for the affiliate’s or a third party’s own purposes (including short selling).
14.5 AFT acknowledges that even though Client has loaned Client Assets out, and subject to this Agreement (including any Security Interests):
14.6 The borrower of Margin Client Assets has the right to vote, or to provide any consent or to take any similar action with respect to, the loaned Margin Client Assets if the record date or deadline for such vote, consent or other action falls during the term of the loan. Such loans could inhibit partly or wholly Client’s ability to exercise the Client’s voting rights.
Without limiting section 10 above, the Client hereby gives to AFT a security interest over all Client Assets of any kind held by or on behalf of AFT for and on behalf of the Client, and grants AFT a perfected first priority lien over such assets, to secure the Outstanding Amount.
Client appoints AFT as custodian for any financial products held by AFT on its behalf.
Client acknowledges and agrees that AFT as custodian is authorized to hold Financial Products with any person appointed by AFT as sub-custodian, who may in turn appoint one or more sub-custodians. AFT may provide Client with written notice of and contact information of any other person to be engaged by AFT to hold its Financial Products as soon as reasonably practicable and in any event, before the financial products are held. However, there may be circumstances where prior notice will not be provided. For example, if the sub-custodian is or may become insolvent.
When AFT acts as its custodian, AFT except where otherwise required by law will:
AFT accepts liability under this Agreement for loss suffered by Client resulting from a failure by AFT or any sub-custodian to comply with any duties it has under this Agreement relating to the holding of financial products or to observe reasonable standards of care generally applicable to providers of custodial or depository services in the relevant jurisdiction. However, AFT is not liable to Client for any loss arising from the acts or omissions of any securities system; or loss arising from or attributable to the insolvency of any sub-custodian where AFT has not failed to take reasonable care in engaging and monitoring compliance by that sub-custodian. Notwithstanding any other provision of this Agreement, in the absence of a failure by AFT to take reasonable care in engaging and monitoring compliance by a sub-custodian, AFT will only be obliged to return financial products held on its behalf with a sub-custodian who is insolvent if and to the extent that those financial products are recovered from the sub-custodian.
Client acknowledges that AFT will generally maintain a prime account for holding financial products for our clients including Client unless otherwise specifically required by the Applicable Laws. AFT will generally maintain a prime account with any sub-custodian appointed by AFT and will not maintain a separate account for Client; and AFT appoints a sub-custodian, that custodian holds financial products for AFT.
AFT will use reasonable endeavors to deal with all rights for financial products (including, for example, voting rights) in accordance with its Instructions provided that the Instructions are received in a manner and at or before the times notified to Client. AFT will not exercise any voting rights attached to financial products except for instructions received from Client. In the absence of receiving Instructions from Client, AFT may take or forbear from taking any other action for financial products which AFT considers appropriate.
Client must pay on demand any call, subscription amount or other amount payable for any financial products held by AFT as custodian for Client. If Client fails to make a payment, AFT may make the payment ourselves and Client must on demand indemnify AFT for the payment and acknowledge that AFT may deduct the amount from any funds held in its Account.
AFT has and will maintain a Business Continuity Plan which to the best of its knowledge is adequate to address any contingency for which it should reasonably plan having regard to the Services it provides.
17.1 Client unconditionally agrees that, upon an Event of Default, AFT may terminate any or all AFT’s obligations to Client and AFT shall have the right in its discretion, but not the obligation, without prior notice, to liquidate all or any of Client’s Financial Products in any AFT account, individual or joint, at any time and any manner and through any market or dealer. Client shall indemnify, reimburse and hold AFT harmless for all Losses associated with any Client Default or any Transaction undertaken by AFT upon an Event of Default.
17.2 Client shall indemnify, reimburse and hold AFT, and the respective directors, officers, and employees (individually and collectively, an “Indemnified Party”) harmless from and against any action, claim, proceeding, loss, damage, liability, cost and expense (including but not limited to attorney fees, tax implications and liquidations) which may be brought against or suffered or incurred, directly or indirectly, by such AFT Indemnified Party as a result of or arising from Client’s transactions.
If AFT in its sole discretion believes that a Client account has been involved in any fraud or crime or violation of laws or regulations, or has been accessed unlawfully, or is otherwise involved in any suspicious activity (whether victim or perpetrator or otherwise), AFT may suspend or freeze the account or any privileges of the account, may freeze or liquidate funds or assets, or may utilize any of the remedies in this Agreement for a “Default”.
19.1 Commissions and fees are as specified on the AFT website unless otherwise agreed in writing by an officer of AFT. Client acknowledges that AFT deducts commissions/fees from Client accounts, which will reduce account equity. Positions will be liquidated if commissions or other charges cause a margin deficiency. Changes to commissions/fees are effective immediately upon either of: posting on the AFT website or email or other written notice to Client. AFT may pay credit interest to and charge debit interest from Client at interest rates and terms outlined in this Agreement and on the AFT website where applicable. Client funds will not be disbursed until after transactions are settled. Terms and conditions for deposit and withdrawal of funds (including holding periods) are as specified on the AFT website.
19.2 The rate of interest paid, if any, to Client on money held on Client’s behalf in Client’s accounts may not equal the interest paid by the relevant bank. Instead, the interest paid to Client on money held on its behalf in Client’s accounts reflects a portion deducted and retained by AFT from the rate of interest that is paid to AFT by the relevant bank as the holder of Client’s accounts on behalf of clients. The amount retained may vary from time to time. Client hereby consents to such retention by AFT.
19.3 Base currency and currency conversion: Client should be aware of the following when Client enters into a Transaction or deposit money into its Account in a currency other than its base currency:
19.4 Client will pay interest to AFT on any sums due for any Transaction and any other general account fees (for instance, market data fees) that Client failed to pay on the relevant due date. Interest will accrue on a daily basis from the due date until the date on which payment is received in full and will be payable on demand.
19.5 For international Financial Product Transactions, Client acknowledges that:
19.6 Money remittance: Money standing to the credit of its Account will be remitted to Client if requested by Client. Where Client does not make a request, AFT is under no obligation to, but may, at its absolute discretion, remit the monies to Client. All bank charges however arising will, unless otherwise agreed, be for its Account. The manner in which AFT remits monies to Client will be at AFT’s absolute discretion, having utmost regard to AFT’s duties under relevant laws and regulations regarding the prevention of fraud, countering terrorism financing, money laundering and/or tax offences. AFT will normally remit money in the same method and to the same place from which it was received. However, in exceptional circumstances AFT may, at AFT’s absolute discretion, consider a suitable alternative, subject to compliance with the relevant laws and regulations.
If a cash account incurs a deficit, margin interest rates will be applied until the balance is repaid, and AFT has the right, but not the obligation, to treat the account as a margin account. The client agrees to pay reasonable costs of deficit collection, including any legal or other fees.
Additionally, the client agrees that after the client withdraws the money, if AFT finds that the client has any amount due, AFT has the right to pursue such amount along with the interest accrued and any legal or other fees.
Client confirms that trading Financial Products in foreign markets is speculative and has high risks. In addition, there are special trading risks existing out of normal transaction times, including low-flow risk, high-volatility risk, price-changing risk, market failing to be connected, and news announcements and larger spreads that may have an effect on prices. Client acknowledges that they have a full understanding of said risks and has the capability of managing such risks.
Client confirms that it is solely responsible for understanding the terms of any Financial Products in its account, including upcoming corporate actions (e.g., tender offers, reorganizations, stock splits, etc.). AFT has no obligation to notify Client of deadlines or required actions or dates of meetings, nor is AFT obligated to take any action without specific written instructions sent by Client to AFT through AFT’s website by email.
Quotes, news, research and information accessible through AFT (including through links to outside websites) (“Information”) may be prepared by independent Providers. The Information is the property of AFT, the Providers or their licensors and is protected by law. Client agrees not to reproduce, distribute, sell or commercially exploit the Information in any manner without written consent of AFT or the Providers. AFT reserves the right to terminate access to the Information. None of the Information constitutes a recommendation by AFT or a solicitation to buy or sell. Neither AFT nor the Providers guarantee accuracy, timeliness, or completeness of the Information, and Client should consult an advisor before making investment decisions. RELIANCE ON QUOTES, DATA OR OTHER INFORMATION IS AT CLIENT’S OWN RISK. IN NO EVENT WILL AFT OR THE RELEVANT PROVIDERS BE LIABLE FOR CONSEQUENTIAL, INCIDENTAL, SPECIAL OR INDIRECT DAMAGES ARISING FROM USE OF THE INFORMATION. THERE IS NO WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, REGARDING THE INFORMATION, INCLUDING WARRANTY OF MERCHANTABILITYMERCHANTABILITY, WARRANTY OF FITNESS FOR A PARTICULAR USE, OR WARRANTY OF NON-INFRINGEMENT.
Kalsh Group is the owner of the AFT Software. AFT has been granted the non-exclusive rights to use the AFT Software by Kalsh Group. Title to AFT Software and updates shall remain the sole property of Kalsh Group, including all patents, copyrights and trademarks. AFT grants Client a non-exclusive, non-transferable license to use AFT Software solely as provided herein. Client shall not sell, exchange, or transfer the AFT Software to others. Client shall not copy, modify, translate, decompile, debug, reverse engineer, disassemble, upload to any public cloud storage servers, reduce to a human readable form, or adapt the AFT Software or use it to create a derivative work, unless authorized in writing by an officer of AFT. AFT is entitled to immediate injunctive relief for threatened or actual breaches of these undertakings.
Client confirms that there may be postponement or interruption during its use of AFT’s system, including those arising from AFT’s intentional safeguarding of its system. Under no circumstance, by taking whatever action and no matter whatever loss suffered by Client may AFT’s obligation exceed the total amount of the maximum monthly commission paid by Client to AFT within six (6) months prior to the occurrence of any accident.
To the maximum extent permitted by law the parties to this Agreement agree that the CGA does not apply to this Agreement and in addition that, if Client is in trade, Client agrees to contract out of the CGA and that the CGA shall not apply to Client. The parties agree that if, despite the foregoing, to the extent the CGA applies to this Agreement no provision in this Agreement is intended to have the effect of limiting or restricting Client rights under the CGA.
According to the relevant legal requirements, AFT will collect Client’s non-public information including: identity information and employment information, account balance and transaction history of the account, credit history and investment experience.
AFT will collect Client’s individual information for several situations, including but not limited to: opening an account or making transaction, providing Client’s contact information when making telegraphic transfer, depositing or withdrawing fund from Client’s account and for marketing purpose.
AFT will carry out the following activities based on Client’s personal information and materials, (privacy) terms and other applicable laws: daily operation of providing investment service and product to Client, make credit investigation or assist other competent institution in doing credit investigation, ensuring Client’s maintaining good credit, conforming to the requirements for censor and disclosure of relevant laws, regulations and administrative authority.
AFT will take security measures conforming to relevant legal requirements, including but not limited to computer safeguard, file encryption and safe office building, to strictly manage and protect Client’s personal information, prevent unauthorized visit and use, and to protect Client’s personal data from being lost, stolen or tampered.
Except as authorized by this Agreement, unless required by laws and regulations, AFT will not disclose Client’s personal non-public information to a third party. AFT will disclose Client’s personal information only under the following circumstances:
Computer-based systems such as those used by AFT are inherently vulnerable to disruption, delay or failure. CLIENT MUST MAINTAIN ALTERNATIVE TRADING ARRANGEMENTS IN ADDITION TO CLIENT’S AFT ACCOUNT FOR EXECUTION OF CLIENT’S ORDERS IN THE EVENT THAT THE AFT SYSTEM IS UNAVAILABLE. By entering into this Agreement, Client represents that Client maintains alternative trading arrangements.
28.1 AFT hereby makes the following statements to Client:
AFT provides Client with the confirmation of electronic transaction, statement, taxation information and other Client’s records and correspondence in electronic form (“Electronic Records and Correspondence”). Electronic Records and Correspondence may be sent to Client’s trading platform or to Client’s email address or be published on AFT’s website for the sake of security, with notice of login and search of the above correspondence to Client. By entering into this Agreement, Client agrees to receive Electronic Records and Correspondence. Unless Client recalls this agreement, the above agreement remains applicable and is applicable in each taxation period. Client may inform AFT of its recalling agreement in writing at any time. Where Client recalls its agreement, AFT will provide taxation documents in paper form as required by Client by phone call or email. However, AFT retains the right of requiring Client to close its account.
There are requirements for the system software and hardware to make transactions through AFT’s trading platform and receive Electronic Records and Correspondence through the trading platform, which are explained on AFT’s website, www.AFTbrokers.nz. The above requirements may change, Client must visit AFT’s website regularly in order to keep up-to-date about the current requirements for the system. To receive AFT’s email, Client should keep an effective internet email address and email software for reading, sending and receiving emails. When its email address is changed, Client must immediately notify AFT of such change through the procedures to alter Client’s email address stated on AFT’s website.
AFT may terminate this Agreement or terminate the provision of services to Client at any time. Client may close its account through AFT’s website by informing AFT by email, however, only upon clearance of all positions and satisfaction of all other requirements for closing an account as stipulated on AFT’s website. Termination of this Agreement shall not prejudice any pre-existing rights or obligations of the parties.
Within twenty working days after notice of such termination, AFT shall arrange for the transfer of Client’s funds that are lodged with AFT to Client’s name and will notify Client when those changes are complete. When Client requests a transfer of the funds, the transfer shall be made subject to:
If Client is indebted in any way to AFT, AFT may:
Client further acknowledges that Client’s indebtedness and liability to AFT shall be continuing until such time as AFT, as the case may be, are satisfied that AFT has received full and final settlement of payments. Client shall fully indemnify AFT for any costs, losses or expenses incurred in the event of non-payment or part payment only.
Client shall bear all costs and risks of delivery of all funds to Client or for Client’s order, whether upon termination or otherwise.
Client acknowledges that:
Client agrees that:
Client agrees to provide all information and documents to AFT which AFT may reasonably require to comply with any law in New Zealand or any other country, including any AML/CFTCFT Laws. Client agrees that AFT may disclose information which Client provides to AFT, or about Transactions Client seeks to conduct with AFT, where AFT is required to do so by any law in New Zealand or any other country.
Client represents and warrants to AFT that the payment of monies by AFT in accordance with this document, or any Instructions given by Client, will not breach any law in New Zealand or any other country.
Client represents and warrants to AFT that shall be the beneficial owner of its funds in the Client’s account, and shall ensure that the source and use of the funds are legitimate, and that the procedures for the deposit and currency exchange is consistent with the relevant laws and regulations of the Client’s jurisdiction (including but not limited to New Zealand and the People’s Republic of China). Any dispute arising from the ownership and legality of Client’s funds or any associated penalties shall be settled by the Client. If any loss is incurred by to AFT as a result, AFT shall be fully indemnified by the Client.
This Agreement is governed by the laws of New Zealand. New Zealand courts have the exclusive right of jurisdiction over disputes related to this Agreement, except where such disputes fall under the applicable arbitration rules. In the resolution to all judicial acts, arbitrations or disputes, the parties hereto waive any right of being indemnified against damage.
If Client has a complaint, it should contact AFT. AFT will endeavour to quickly and satisfactorily resolve the complaint. In the event that Client is not satisfied, Client is invited to put its complaint in writing to:
If the parties cannot agree on how to resolve the issue, or if Client decides not to use the internal complaints scheme, Client can contact the Financial Services Complaints Limited (“FSCL”). Financial Services Complaints Limited is an independent not-for-profit dispute resolution service. FSCL resolves complaints about financial service providers. FSCL is free for consumers and resolves complaints fairly. The Client can contact FSCL at:
This Agreement contains the complete agreement entered into by and between the parties hereto who will not make other statements or provide other securities out of this Agreement. The unenforceability of any term hereof shall not affect the effectiveness of other terms hereof. AFT’s failure to perform any term hereof shall not be deemed as its waiver of the terms hereof.
Client agrees upon AFT’s recording of all their conversations over the phone. Client acknowledges AFT’s privacy statement and agrees upon AFT’s collection/use of Client’s information according to AFT’s rules.
Without AFT’s prior written consent, Client shall not transfer any rights or obligations hereunder. After sending notice to Client, AFT may transfer this Agreement to another broker, trader or futures broker. This Agreement should guarantee AFT’s successor’s or assignee’s interests.
Client authorizes AFT directly or through a third party to inquire Client about the information required as held by AFT for carrying out business activities with Client. The inquiry may include credit report and other credit examination requested when Client breaches this Agreement or breaks the obligation hereunder or verification of the information provided by Client to the third-party database.
AFT enjoys the right of interpreting and modifying this Agreement. Client cannot alter or waive any part of this Agreement. Client confirms that AFT may alter this Agreement upon sending out the notice of agreement alteration by email or Client’s login. Client’s use of AFT’s service after receiving the abovementioned notice is deemed as its acceptation of the altered agreement.
In case of any terms hereof being fully or partially ineffective or unenforceable due to whatever reason, the other terms hereof shall remain valid and binding.
In case of any discrepancy between this Agreement and the contents provided by the designated website of Kalsh Group/AFT, this Agreement shall prevail.
This Client Service Agreement shall be made in both English and Chinese. In case of any discrepancies between the Chinese version and English version, the English version shall prevail.
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