KAMCO Online Trading System.
Table of Content
KAMCO Online Trading System Contract ... 2
KAMCO Online Trading System Terms and Conditions ... 5
KAMCO Online Trading Privacy Statement ... 21
KAMCO Online Trading System Contract
Portfolio Account Number: ____________________
On this______day of _____ 20____, this Contract is entered into by and between:- First Party:- KIPCO Asset Management Company KSCC, having its address at:- Sharq, Al Shaheed Tower, Khaled Bin Al Waleed Street, P. O. Box:- 28873, Postal Code 13149, Telephone 1 852626 , the State of Kuwait, hereinafter referred to as (KAMCO)
And
Second Party: - Messer/s. ______________________________, of ____________ nationality, holder of Civil ID/ Passport No._____________, having his address at: - ___________________________________________________________________ ___________________________________________________________________ in his capacity personally / as an the attorney of M/S _________________________,
hereinafter referred to as (Customer)
Preamble
Whereas, (KAMCO) is a company specialized in the management of assets and
investment portfolios for itself and its own account and for third parties and their own accounts; and
Whereas, the (Customer) has applied to (KAMCO) by an application to subscribe for
this service which is referred hereby as (Service) trading on line site at
(www.kamconline.com)
Whereas the parties hereby have concluded this contract referred herewith as (Contract) to avail (Customer) using this service by opening an online trading investment portfolio to be operated at his own discretion, which herewith is referred
to as (Portfolio Account);and
Whereas, (KAMCO) is fully authorized to deal with investment fields especially with
Kuwait Stock Exchange Market hereinafter referred to as the (Market),
Whereas, (KAMCO) is launching the service in the Market to enable smooth the
progress of using the (Service) according to the (Market) known system as the
Whereas, KAMCO has the right to avail such authorization to its customers within the
provisions of this (Contract) and (Terms and Conditions) which customer agreed
upon opening the portfolio account;
Therefore, the Parties hereto have agreed to the following:-
1. The above Preamble shall constitute integral part of this (Contract).
2. (Customer) agree to use the service of trading on-line through KAMCO’s
website known as www.kamconline.com in accordance with the provisions of
both this (Contract) and the Terms and Conditions as is published and
agreed therein.
3. (Customer) will provide all its information to (KAMCO) by filling up the trading
on line account opening application and by duly signing up this (Contract)
and the (Service Terms and Conditions), (KAMCO) shall grant (Customer)
authorization to us the (Service) by a user name and related Password
accordingly (Customer) is entitles to view all information he requires for his
(Portfolio Account).
4. (Customer) shall be authorized to place his trading orders assuming all accrued responsibilities on and by his own discretionary will as within the
available balances through the (Service).
5. (Customer) shall has the right to withdraw part or all of the portfolio assets
deposited in its (Portfolio Account) by instructing (KAMCO) to proceed his
instructions according to the clearing, settlement and transfer of ownership
applied by the (Market).
6. (KAMCO) shall maintain all reports and notices for all transactions entered
related to the (Customer) which the (Customer) shall be entitled to view
during the valid duration of this (Contract) there in the (Portfolio Account)
by saving such on the said site.
7. All fees and expenses will be charged upon the practiced norms on all
transactions executed on the (Portfolio Account), such fees and expenses
are subject to any change.
8. (Customer) hereby confirms and undertakes that while this (Contract) exist valid he will not trade in the shares of any company listed on the Kuwait Stock Exchange of which he is a member of its board of directors and that he abide all rules & regulations, codes instructions issued from all the supervisory institutions for example only but not limited to Central Bank of Kuwait, Kuwait Stock Exchange and that he knows them.
9. (KAMCO) is entitled to terminate this (Contract) upon its sole discretionary
without prior notice by ceasing (Customer) authorization to the (Service),
whenever the (Customer) is in default and fail to execute any provision of this
(Contract) or the service (Terms and Conditions) without prejudice to KAMCO’s right to claim all compensation for damages as a result of (Customer)’s defaulting the (Contract).
10. This (Contract) shall be for an unlimited period and shall remain enforce until (Customer) extend his wish to discontinue using this (Service).
11. The (Contract) shall be subject to and governed by the provisions of the
Kuwaiti Law.
This (Contract) has been executed in two copies, one for each Party.
First Party Second Party
KIPCO Asset Management Company (KSC) (Closed)
Signed By :
Name :
KAMCO Online Trading System Terms and Conditions
1. Online Account: Customer understands and acknowledges that the Terms and Conditions governs the relationship between Customer and KIPCO Asset Management Company KSC (Closed). ("KAMCO") and sets forth the terms and conditions governing Customer's online trading account. The website for online
trading is designated as www.kamconline.com. These Terms and Conditions and
any/all provision may be amended, or cancelled hereof by KAMCO by publishing such on the KAMCO Online trading site. In acceptance these Terms and Conditions, Customer has not relied on any matter not contained in it or otherwise stated on the designated website. The terms and conditions hereof shall govern all transactions beginning on the date KAMCO notifies the Customer in writing (including by email) that the Customer’s Account is open and shall apply to all products and services now or in the future offered through the designated website. These Terms and Conditions comprises”writing" and an "electronic document" for the purpose of any applicable laws.
2. Applicable Laws, Rules And Regulations: All transactions for the Customer Account shall be subject to all mandatory applicable laws and the constitution, rules, regulations, customs and usages of the relevant exchange(s) and/or market(s) and their clearing houses, if any, with the same effect and to the same extent that KAMCO is so bound by mandatory laws and/or Terms and Conditions between KAMCO, its Affiliates and such third parties. IN NO EVENT SHALL KAMCO BE LIABLE TO CUSTOMER FOR ANY ACTION, INACTION, DECISION OR RULING OF ANY EXCHANGE, MARKET, CLEARING HOUSE OR REGULATORY AUTHORITY. Notwithstanding the foregoing, this Terms and Conditions and all transactions occurring hereunder involving the Kuwait Stock Exchange shall be governed by the laws of the State of Kuwait.
3. Definitions: For the purposes of these Terms and Conditions, capitalized and defined terms shall have the meanings indicated below:
"Account" means one or more online accounts now or hereafter opened by
the Customer with KAMCO.
"You", "your", "yours" or "Account Holder" or "Customer" means each person who submits an application which is approved by KAMCO and each person who signs the Customer Application form.
"We", "us", "our" or "ours" refers to KAMCO.
"Affiliate" means any person or company in common control with or under the
control of KAMCO or any wholly owned subsidiary of KAMCO.
"Services" means all products and services now or in the future available to
the Customer through www.kamconline.com.
"Property" means all funds, securities, collateral and/or investment interests
of any kind, now, or hereafter held, carried or maintained by us in any of your Account(s) with KAMCO.
"Third Party Providers" means any entity that provides information or services
to the designated website.
"Limit Order" means an order to sell or buy a security at a specific price or
better to be executed within the price restrictions
"Stop Order" means an order to buy or sell a security at the market price once
the security has traded at a specified price called the stop price. Stop order may be any form of time limit order.
"Market Order" means an order to buy or sell a security at the best available price.
"Access Device" means a device that permits Customers to place orders, view financial or non-financial information, and use the services provided in the designated website such as personal computers, palm devices, mobile phones, and the like. 4. Fees and Charges: You agree to pay the fees, interest charges and other charges that apply to your Account and/or that apply to your use of the Services. We will charge your Account directly for any such fees and charges owed to us and will debit your Account accordingly. If, at the time we debit your Account for such fees or charges, the balance in your Account is not sufficient to cover the debit, you grant us the right to sell any Property in your Account (or to apply to the Court to order the sale of any such Property) to cover amounts due to us. KAMCO may modify the applicable charges and fees at any time upon written notice to Customer.
5. Obligation to Pay for Trades, Debit Balances and other Indebtedness: The Customer shall be liable to KAMCO for the payment of any present or future trade, debit balance, margin call or other obligation owing in your Account, including, without limitation, for any deficiency remaining in your Account in the event of the Account's liquidation, in whole or in part, by you or by us. You agree to pay all such obligations to us promptly upon demand. If, at the time we debit your Account for debit balances or other obligations, the balance in your Account is not sufficient to cover the debit, you grant us the right to sell any Property in your Account to cover amounts due to us (or to apply to the Court to order the sale of any such Property). In the event of any such deficiency in a Customer Account, KAMCO shall have the right in its sole discretion, but not the obligation, to liquidate all or any part of Customer's positions in any of Customer's Accounts, whether carried individually or jointly with others (including by the entry of offsetting transactions) at any time and in such manner and in any market as KAMCO deems necessary, without prior notice to the Customer. Customer agrees to be responsible for, and promptly pay to KAMCO, any deficiencies in Customer's Account which arise from such liquidation or remain after such liquidation. If an Account incurs a deficit for any reason, interest at a rate determined by KAMCO will be charged on the debit balance owed by Customer to KAMCO until the deficit is repaid.
6. Liability for Costs of Collection: You agree to reimburse us and you shall be liable for the reasonable costs and expenses of collection of the debit balance and any unpaid deficiency in your Accounts with us, including, but not limited to, attorney’s fees, incurred and payable or paid by us.
7. Lien: All Property in any Account in which you have an interest, as well as all other Property which is in or comes into KAMCO's or is or becomes subject to KAMCO's control for any purpose, including specifically Property that is intended for another customer or that is administratively passing through your or another Customer’s Account in which you have an interest, is subject to a continuing lien for the payment when due of all present and future indebtedness and any other obligations you may have to us. We will hold all Property in our possession or subject to our control as security for the payment of any obligations you have or incur in the future to us. Subject to applicable law, we may, without giving you any prior notice, transfer any and all such Property from or to any Account held by us in which you have an interest whenever, in our judgment, we consider such a transfer necessary for our protection. In enforcing our lien, we will have the discretion to determine which Property is to be
sold and which open contracts or other instruments are to be closed out, and whether any additional collateral should be provided or otherwise, in such circumstances as we may deem necessary to protect our interests. Subject to local law restrictions, KAMCO, without notice to Customer, may use, transfer or sell any or all of Customer's Property to enforce its lien.
8. Pledge and Lending of Securities and Other Property: Whenever there is a debit balance in any Account, all Property held, carried or maintained by us in any of your Account(s) may be pledged and re-pledged, hypothecated and re-hypothecated or loaned by us, without any notice to you, either separately or together with the Property of others, and for more or less than the amount of such debit balance. We may do so without retaining in our possession or control an equal amount of similar Property.
9. Liquidation: We shall have the right to sell any or all of the Property in your Account, buy in any short positions in your Account, cancel any open orders for your Account and/or close out any outstanding contracts or other instruments for your Account in the event of, but not limited to:
a) your becoming or being insolvent or otherwise generally unable to pay your debts to others as they come due; or
b) the filing of a petition in bankruptcy by or against you; or c) the appointment of a receiver for you or your Property; or d) the receipt of an execution attachment for any of your assets; or
e) the receipt of a government order or direction in respect of you or your Account.
We, acting on our behalf, may take any or all of these actions at any time, in our discretion, without giving you any prior or additional notice, and you agree to be responsible for all commissions, fees and charges that result from our taking any of these actions. If we make any such sales or purchases, we may do so in our sole discretion on any exchange or other market where such business is transacted or by our using a public auction or making a private sale and without advertisement. We may be the purchaser or seller for our own accounts in any such transaction. Any prior demand, call or notice provided by us to you of the time and place of such sale or purchase will not be a waiver of our right to sell or buy without first making a demand or providing you with notice.
No course of dealing between you and us, or any delay on our part in exercising any of our rights or remedies will constitute a waiver of any of our rights or remedies, and any such right or remedy may be exercised from time to time and as often as we may determine. In the event that KAMCO liquidates any or all of Customer's account, such liquidation shall establish the amount of Customer's gain or loss. Customer shall reimburse and hold KAMCO harmless for all actions, omissions, costs, expenses, fees (including, but not limited to, attorney's fees), penalties, losses, claims or liabilities associated with any such transaction undertaken by KAMCO. Customer shall be responsible for all resulting losses on Customer's positions, notwithstanding KAMCO's delay in or failure to liquidate any such positions. If KAMCO executes an order for which the Customer did not have sufficient funds, KAMCO has the right, without notice to Customer, to liquidate the trade and Customer shall be responsible for any loss as a result of such liquidation, including any costs, and shall not be entitled to any profit that results from such liquidation.
10. Account Monitoring and Responsibility for Account Accuracy:
a) You agree that we may both monitor and/or record any of your communications, electronic or otherwise, with us. You also agree and expressly consent that your use of the Services and all communications you have with us may be monitored and recorded by us through the use of tracking technology. We are not, however, obligated to monitor your Account for credit or other purposes. You grant us permission to use the information we obtain from monitoring and recording your activity with us for any purpose we choose as permitted by law.
(See Privacy Statement attached hereto).
b) You accept full responsibility for monitoring your Account at all times and in particular you agree to monitor each open order until KAMCO confirms an execution or cancellation of the order to you. It is your responsibility to validate your Account and the accuracy of orders placed and to advise KAMCO immediately by telephone or email about any discrepancies. You agree immediately to notify KAMCO by telephone/email, followed by hand delivery or overnight courier delivery, if you become aware of any of the following:
1) any failure by you to see reflected in the "Order Status", "Orders", "Executions" or other designated web page or software location an accurate entry indicating that an order, including a cancellation or modification of a prior order, was received, is being acted upon and/or was executed;
2) any failure by you to receive or observe an accurate confirmation of an
execution;
3) any receipt of any form of communication about an order and/or report
of the execution of a transaction, which you did not place or otherwise authorize;
4) any inaccurate information in your Account balances, confirmations,
securities positions or transaction history.
KAMCO shall have no, and you release us from, responsibility or liability for any claims with respect to the handling (or loss) of any order if you fail to immediately, but in any event not later than two days, to notify us by telephone/email when you become aware that any of these events may have occurred. In the event that KAMCO confirms an execution or cancellation in error and Customer unreasonably delays in reporting such error, KAMCO reserves the right to require Customer to accept the trade, or remove the trade from Customer's account, in KAMCO's sole discretion. All Account Statements shall be deemed accepted and accurate one month after issuance unless KAMCO receives email or hardcopy written notice from the Customer with sufficient detail disputing the accuracy of any such Statement. Customer understands and agrees that KAMCO may adjust Customer's account to correct any error. Customer agrees to promptly return to KAMCO any assets distributed to Customer to which Customer was not entitled.
11. Data Not Guaranteed: You expressly agree that your use of the designated website and your use of any software provided for use in accessing the Services is at your sole risk. Neither we nor any of our directors, officers, employees, agents, contractors, Affiliates, third party providers, information providers, licensors, or other suppliers providing data, information, or services (collectively, the "disseminating parties"), warrants that the Services will be uninterrupted or error free; nor do any of us or them make any warranty as to the results that may be obtained from the use of the website, or as to the timeliness, sequence, accuracy, completeness, reliability or content of any information, service, or transaction provided through the website, or with respect to any software provided for use in accessing the website.
The Services are provided on an "as is", "as available" basis, without warranties of any kind, either express or implied, including, without limitation, those of merchantability and fitness for a particular purpose, other than those warranties which are implied by and incapable of exclusion, restriction or modification under the laws applicable to these Terms and Conditions.
No disseminating party shall be liable in any way to you or to any other person for: 1) Any inaccuracy, error or delay in, or omission of:
1) any such data, information or message, or
2) the transmission or delivery of any such data, information or message; Or
2) Any loss or damage arising from or occasioned by: 1) any such inaccuracy, error, delay or omission, or 2) non-performance, or
3) interruption in any such data, information or message, due either to any negligent act or omission by any disseminating party or to any "force majeure" (e.g., flood, extraordinary weather condition, earthquake or other act of god, fire, war, insurrection, riot, labor dispute, accident, action of government, communications, power failure, equipment or software malfunction) or any other cause beyond the reasonable control of any disseminating party. Customer recognizes that there may be delays or interruptions in the use of the KAMCO Trading Online system, including, for example, those caused intentionally by KAMCO for purposes of servicing the system.
12. No Direct Access to Marketplace: You understand that we do not provide you with direct access to the marketplace but that we internally execute your orders. Accordingly, as a result of the multiple parties, systems and other requirements necessary to deliver your orders to the marketplace for execution, there may be delays in executing, canceling or modifying your orders. Additionally, these delays may be more pronounced during periods of heavy trading and/or wide price fluctuations ("Fast Markets"). You understand, therefore, that you will receive the price at which your order is actually executed in the marketplace, which may be different from the price displayed by the marketplace or on your Access Device at the time you place your order.
13. Late and Corrected Reports and Information: We may receive late reports from the marketplace reporting the status of transactions, and accordingly, your Account may be subject to late reports related to orders that were previously unreported to you or reported to you as having expired or been canceled or executed. You understand that any reporting or posting errors, including errors in execution prices, will be corrected to reflect what actually occurred in the marketplace, and that you will receive the price at which your order is actually executed in the marketplace, which may be different from the price displayed on your Access Device when you place your order. You agree to assume all liability, including any indirect or consequential damages, associated with such movements or error correction in the marketplace quotation you receive prior to or at the time you place the order and the execution price you receive. Alternatively, "limit orders" may provide some price protection in a Fast Market, but there is a risk that your order may not be executed if the market price does not reach your limit order price.
14. Cancellation and Modification Requests: You agree that we cannot guarantee that your request to cancel or modify an order you have placed will be effective, even though you submit such request before receiving notice that the order was executed. You acknowledge that a requested cancellation or modification of a prior order will not be effected unless we have had sufficient time to forward the request to the actual marketplace involved, the request is received in the marketplace, and the marketplace has matched the request with your order before it is executed. We cannot guarantee that the marketplace will match your cancellation or modification request with your prior order, even if such request is received by the same marketplace before the order is executed. You understand, therefore, that your requested cancellation or modification of a prior order will not be effective, and you may not assume that your prior order has been canceled or modified, unless and until you have received notice of the cancellation or modification from us. If you place any orders, make any decision or take any action in reliance on your cancellation or modification request before receiving notice of the cancellation or modification from us, you do so at your own risk, and you agree that you will in no way hold us or any of our third party providers or Affiliates responsible for any expenses or losses incurred in so doing (including, without limitation, damages for lost profits or trading losses.) During Fast Markets, it may be more difficult or impossible to cancel or modify your orders. Additionally, if you place a "market order" in a Fast Market, there may be a significant difference in the quote you receive prior to or at the time you place the order and the execution price you receive. Alternatively, "limit orders" may provide some price protection in a Fast Market, but there is a risk that your order may go unexecuted if the market price does not reach your limit order price. Customer understands and agrees that, if an order cannot be cancelled or modified, Customer is bound by the execution of the original order. Customer further acknowledges that attempts to modify or cancel and replace an order may result in an over-execution of the order, or the execution of duplicate orders, and Customer shall be responsible for all such executions.
15. Order Routing: You understand and agree that prior Customer or proprietary orders, as well as prior proprietary orders of KAMCO or its Affiliates, will be represented for execution before subsequently transmitted Customer orders for the same securities which could be executed at the same price. In other words, all orders shall be executed on a "first come, first served" basis. KAMCO generally engages in proprietary trading only to correct errors, or in connection with authorized
adjustments of Customer orders or accounts (e.g., close-outs, fails, or other similar transactions).
Protections built into KAMCO's automated order routing system assure that, when a Customer order is entered into the KAMCO system and transmitted for execution, the identity of KAMCO's Customer is anonymous. Further, you understand that KAMCO has the full discretion to provide an order-by-order best execution order routing option whereby the KAMCO System attempts to seek the best available terms for a Customer's order. KAMCO cannot and does not warrant or guarantee that every Customer order will be executed at the best posted price. Among other things, KAMCO may not have access to every market at which a particular product may trade; other orders may trade ahead of Customer's order and exhaust available volume at a posted price; exchanges or market makers may fail to honor their posted prices; exchanges may re-route customer orders out of automated execution systems for manual handling (in which case execution or representation of Customer's order may be substantially delayed); or exchange rules, policies, procedures or decisions or systems delays or failures may prevent Customer's order from being executed, may cause a delay in the execution of Customer's order or may cause Customer's order not to be executed at the best posted price.
16. Restrictions on Trading: Neither we nor our officers, directors, employees or brokers, affiliates or third party providers will be deemed to have received any instruction or order given by you until we have actual knowledge of such instruction or order and its content. All trading instructions and orders shall be communicated by
you online through www.kamconline.com we will not, and we have no obligation to,
act, attempt to act, or attempt to contact you on any trading instruction or order given by you via e-mail, telephone or voice mail, even if we are in possession of, or have actual knowledge of, such e-mail, telephone or voice mail instruction or order. Further, KAMCO has the discretion to levy such additional charges for any such off-line order as decided by KAMCO from time to time. You understand that KAMCO may at any time, in its sole discretion, subject to local law restrictions and with reasonable justification, without prior notice to you, decline your instruction or order, terminate this Terms and Conditions or prohibit or restrict your ability to trade particular Property in your Account or other securities or products or the types of trade orders you may place. We will not be liable for any losses, lost opportunities or increased commissions that may result from your being unable to trade these securities or products or place certain types of trade orders through the website or from the termination of these Terms and Conditions or the closure of your Account. 17. No Investment, Tax or Trading Advice:
a) You acknowledge that representatives of www.kamconline.com are not
authorized to provide investment, tax or trading advice or to solicit orders. The price quotations, market information, news and research ("Information")
accessible through www.kamconline.com are prepared by exchanges or third
party providers that are independent of KAMCO and its Affiliates. Neither KAMCO nor the third party providers guarantee the accuracy, timeliness, or completeness of any such Information, and it is recommended that Customer should conduct further research and analysis or consult an investment advisor before making investment decisions. You further acknowledge that none of the Information provided by third party providers as part of the Services and/or on the website constitutes recommendations by KAMCO or solicitations to buy or sell securities, options, futures or any other investment
products. Any investment decisions you make shall be based solely on your own evaluation of your financial circumstances and investment objectives.
RELIANCE ON QUOTES, DATA OR OTHER INFORMATION IS AT CUSTOMER'S OWN RISK. IN NO EVENT WILL KAMCO OR THE THIRD PARTY 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 MERCHANTABILITY, WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, OR WARRANTY OF NON-INFRINGEMENT.
The Information is the property of KAMCO, the third party providers or their licensors and is protected by applicable copyright law. Customer agrees not to reproduce, re-transmit, disseminate, sell, distribute, publish, broadcast, circulate or commercially exploit the Information in any manner without the express written consent of KAMCO. KAMCO reserves the right to terminate access to the Information. Links to outside websites are provided for the convenience of Customers and website visitors only and do not constitute a recommendation by KAMCO or a solicitation of any offer to buy or sell any securities, options, futures or other investment products. Such links lead to third-party websites that are independent of KAMCO, and KAMCO does not guarantee or warrant the accuracy, timeliness or completeness of any information provided on such websites.
18. Electronic records and communications: In the interests of timeliness, efficiency and lower costs for our Customers, KAMCO provides electronic trade confirmations, account statements and other customer records and communications (collectively, "Records and Communications") in electronic form. Electronic Records and Communications shall be sent to Customer's e-mail address. To receive electronic mail from KAMCO, Customer is responsible for maintaining a valid Internet e-mail address and the software necessary for Customer to read, send and receive e-mail.
By agreeing to these Terms and Conditions, Customer consents to the receipt of Electronic Records and Communications, in relevant hereto and to all related Customer transactions and dealings with KAMCO, including confirmations, account statements, messages, and notices of any kind as are required under this Terms and Conditions. Further, Customer agrees that any such Electronic Records and/or Communications shall constitute a "writing" for the purposes of any applicable law and that any such Electronic Records and/or Communications shall be valid evidence of the statements contained therein. All Communications sent to Customer's email address shall be deemed to have been delivered personally on the date on which they were dispatched, whether actually received or not. Customer must notify KAMCO immediately of a change in Customer's e-mail address by:
a) using those procedures to change a Customer e-mail address that may be
available on www.kamconline.com or contacting the KAMCO Help Desk at 1
852626 for further instructions.
19. Customer Responsibility for User ID, Password and Account Access: KAMCO will assign one User ID to each Account, and you will choose one number, code or other sequence at least eight characters long, which provides access to your
Account (the "Password") which will initially serve as the Trading Personal Identification Number (Trading PIN). All joint Account Holders will be co-owners of the Account's User ID, Password and Trading PIN. Each Account Holder will be responsible for the use and maintenance of the confidentiality of the User ID, Password and Trading PIN, including, without limitation, responsibility for all orders entered in the Account by you or by any third party to whom you have given authorization to use your User ID, Password and Trading PIN. Customer understands that KAMCO is unable to know whether someone other than Customer has used or is using Customer's User ID, Password or Trading PIN. Any use of your User ID, Password and/or Trading PIN by any other third party who has obtained them from or through you, with or without your knowledge and/or consent, shall be treated by us as having been authorized by you, and you accept full responsibility and liability for any such use. If you store any information, such as your User ID or Password, on one or more personal computers and/or Access Devices, or if you provide it to or store it with information aggregators or web sites unaffiliated with us, you do so entirely at your own risk. Customer agrees to report any loss or theft of Customer's User ID or Password, or any unauthorized access to Customer's Account immediately by e-mail to the KAMCO Help Desk at 1 852626 . You also agree to hold harmless and indemnify us, third party providers and Affiliates against any liability, costs or damages arising out of or otherwise involving claims by you, any other Account Holders or any third party which are related to any such authorized or unauthorized use.
20. Agreements with Third Party Providers: You acknowledge and agree that access to third party provider services may be terminated immediately in the event that the agreement between KAMCO and the relevant third party provider is terminated, whether directly or indirectly. You acknowledge and agree that you are a Customer of KAMCO and not a customer of any third party provider or any other person or entity that has contracted with KAMCO.
21. Registered Holder and Voting Rights: You agree that KAMCO shall be the registered holder of all securities held in your Account and that the securities and other investments of all Account Holders shall be held by KAMCO in an omnibus account such that no Account Holder has an individual account with the Kuwait Stock Exchange. KAMCO shall have the sole and exclusive right to exercise the voting rights attendant to any such securities, in its sole discretion, in any of the meetings, which may be convened, or for any resolutions proposed with respect to any such securities. You expressly waive any right of proxy. You will not be notified in respect of any vote unless it involves an offer to buy where more funds are required to participate. Votes for corporate actions such as bonuses, splits, mergers, subscriptions, and offers to buy will generally be affirmative and any resulting fractional shares shall be rounded to the nearest lower unit and accordingly the relevant Account(s) will be credited with the equivalent value of any such fractional share.
22. No Physical Share Certificates: KAMCO shall not entertain any requests whatsoever from the Customers for issuance or possession of physical share certificates relating to their investments.
23. Transfer of Securities: Customers intending to transfer securities held in their Accounts should deliver written signed instructions to KAMCO specifying the necessary details of the intended recipient/broker. KAMCO does not guarantee the execution of such transfers, if it has acted on the Customer's instruction, in the event of any failure on the part of any clearing agent or the counter party in effecting the transfer. KAMCO has the discretion to levy such additional charges for such transfers as decided by KAMCO from time to time.
24. Inward Funds: KAMCO is not responsible for any loss and/or damage that results from delayed transfer(s) due to circumstances beyond our control. KAMCO may accept funds for deposit into Customer's Account from third parties other than Customer. In such cases, Customer represents that such funds belong to Customer and that Customer has directed that such funds be deposited into Customer's Account. Customer represents that no third parties have beneficial ownership of funds in Customer's Account and that Customer is not trading on behalf of third parties. Customer represents that all funds deposited into Customer's Account shall be for the purpose of trading securities and other investment products provided from time to time through the designated website. All funds relating to the sale of securities and the dividends due to the Customer shall be credited to your Account only upon receipt of confirmation from the Kuwait Stock Exchange.
25. Outward Transfer of Funds: Outward transfer of funds requested by the Customer on-line/off-line will be affected to the designated account of the Account Holder specified at the time of opening of the Account or such designated account as revised thereafter in accordance with these Terms and Conditions. KAMCO will debit/deduct from the Customer such charges as deemed reasonable by KAMCO for any such outward transfers.
26. Interest on Credit Balances: Interest will be paid by KAMCO on the credit balances lying in the Customer's Account based on the rates as determined by KAMCO. KAMCO reserves the right to change the interest rates as and when it sees fit. However, any such interest will credited to the Customer's Account only on a quarterly basis.
27. Estimates: Information on estimates resulting from corporate actions (viz. stock splits, cash dividends, etc.) will be available to the Customer on
www.kamconline.com after the execution date. Customer agrees that the actual figures may vary from the estimates posted and the Customer will not be able to utilize those resources until such time the actual receipts are confirmed by the Kuwait Stock Exchange.
28. Risks Associated with System Failure: Trading through an electronic trading or order routing system exposes you to risks associated with System or component failure. In the event of System or component failure, it is possible that, for a certain time period, you may not be able to enter new orders, execute existing orders, or modify or cancel orders that were previously entered. System or component failure may also result in loss of orders or order priority. Electronic or computer-based facilities and systems such as those used by KAMCO are inherently vulnerable to disruption or failure and may be unavailable to Customer from time to time. Customer's ability to make claims or recover losses may be subject to limits of liability
imposed by these Terms and Conditions, the system provider, the market, the clearing house and/or member firms.
29. Internet Service: To the extent that Customer or KAMCO uses Internet services to transport data or communications, KAMCO disclaims any liability for interception of any such data or communications. KAMCO is not responsible, and makes no warranties regarding, the access, speed, availability or security of any Internet service.
30. Credit Investigation: You understand and agree that we exchange personal and credit information about you with certain government bodies and other third parties with a statutory entitlement to such information, including our Affiliates, for verification purposes including verifying your identity, for the purposes of determining whether we want to open an Account for you and, if so, under what financial terms and conditions, and to comply with certain government and regulatory requirements, such as regulations about money laundering. All other uses of your personal and credit information are governed by our Privacy Policy. (See Privacy Statement attached hereto). You authorize us to investigate your background and credit standing (and the credit standing of your spouse(s), if any) and to request a report to verify information about your identity and the source of your payments to enable us to determine your eligibility for an Account, and for any legitimate business purpose. You also authorize us, in this connection, to contact such financial institutions (including our Affiliates) and to employ such reporting agencies as we deem appropriate.
31. Joint Accounts: For Joint Accounts, each Joint Account Holder agrees that each Joint Account Holder shall have authority, unilaterally and without notice to the other Joint Account Holder(s) to:
1. buy and sell securities, options, futures or other investment products on margin, or otherwise;
2. receive confirmations, statements and communications of every kind related to the Joint Account;
3. receive and dispose of money, securities and/or other property in the Joint Account;
4. close the trading on line portfolio account;
5. generally to deal with KAMCO as if each Joint Account Holder alone was the sole holder of the Account.
Each Joint Account Holder agrees that notice to any Joint Account Holder shall constitute notice to all Joint Account Holders. Each Joint Account Holder further agrees that he shall be jointly and severally liable to KAMCO with respect to all matters relating to the Joint Account. KAMCO may follow the instructions of any of the Joint Account Holders concerning the Joint Account and make delivery to any of the Joint Account Holders of any and all Property in the Joint Account, and make payments to any of the Joint Account Holders, of any or all monies in the Joint Account as any of the Joint Account Holders may order and direct, even if such deliveries and/or payments shall be made to only one of the Joint Account Holders personally.
In the event of the death of any of the Joint Account Holders, the surviving Joint Account Holders shall immediately give KAMCO notice by registered mail or personal delivery and KAMCO may, before or after receiving such notice, initiate such
proceedings, require such documents, retain such portion and/or restrict transactions in the Joint Account as it deems advisable, in its sole discretion, to protect itself against any tax, liability, penalty or loss under any present or future laws or otherwise. The estate of any deceased Joint Account Holder shall be liable and each survivor Joint Account Holder will be liable, jointly and severally, to KAMCO for any debt or loss in the Joint Account or debt or loss incurred in the liquidation of the Joint Account or the adjustment of the interests of the Joint Account Holders. Unless the Joint Account Holders indicated to the contrary when the Joint Account was opened, KAMCO may presume that it is the express intention of the Joint Account Holders to hold the Joint Account as joint tenants with rights of survivorship. In the event of the death of any of the Joint Account Holders, the entire benefits in the Joint Account shall be vested to its heirs on the same terms and conditions as thereto fore held, without in any manner releasing the deceased Joint Account Holder's estate from liability with respect to the Joint Account arising before the date of his death.
32. Modification of Terms and Conditions and Modification of Services: You agree that we may change any of the terms and conditions of these Terms and Conditions, add additional and/or eliminate any term or condition of such at any time by posting such modifications, and their effective dates, on the website or by sending you an e-mail, to the e-mail address you have given us, notifying you that a change has been made. If we follow this procedure, you agree that you and we will be legally bound by the modification, whether or not you actually receive the e-mail we send and whether or not you access the modification, but only if you use the Service after the modification's effective date. We reserve the right, but do not intend as a matter of course, to notify you of modifications to these Terms and Conditions by mailing, faxing or e-mailing a written notice or new printed Terms and Conditions to you. You understand and expect that the normal method for modifying this Terms and Conditions will be for us to post the modification on the website and provide you with e-mail notice that a modification has been made. You agree that we may change our Service at any time by posting the change on the website, and that we are not obligated to provide you with any separate notification with respect to such change. You understand and agree that the normal method for changing our Service will be for us to post the change on the website. If you do not consent to the terms and conditions of the revised Terms and Conditions, you must promptly notify KAMCO via an e-mail to the KAMCO HELP DESK at 1 852626 and promptly cease using KAMCO's services except as necessary to close your account. If you withdraw your consent such consent, any communications or transactions between us during the period after your consent to doing business electronically, and before your withdrawal of such consent will be valid and binding on all parties.
YOU AGREE THAT USE OF OUR SERVICE AFTER A POSTED MODIFICATION TO THIS TERMS AND CONDITIONS OR MODIFICATION TO THE SERVICE MEANS THAT YOU ACCEPT THE MODIFICATION, WHETHER OR NOT YOU ACTUALLY KNOW OF IT. YOU UNDERSTAND THAT IF YOU USE AN ACCESS DEVICE TO ACCESS THE SERVICE, YOU WILL BE LEGALLY BOUND BY THE MODIFICATION EVEN THOUGH YOU WILL NOT BE ABLE TO ACCESS THE TEXT OF THIS TERMS AND CONDITIONS OR THE MODIFICATION TO IT USING THAT ACCESS DEVICE.
33. Privacy Policy: Customer acknowledges receipt of the "KAMCO Privacy Statement" ("KAMCO Privacy Statement") annexed hereto and incorporated herein as an integral part hereof. Customer represents that Customer has read and understood the information contained in the KAMCO Privacy Statement and
consents to the collection and use of the personal information that Customer has shared with KAMCO and its Affiliates in accordance therewith. Customer further consents to the receipt of annual notice of the KAMCO Privacy Statement via www.kamcotrade.com and shall monitor the KAMCO website for revisions to the KAMCO Privacy Statement.
34. Force Majeure: You agree to hold us harmless from and against, and agree that we shall not be liable for, any liability, costs, damages or losses caused directly or indirectly by force majeure events, including but not limited to, government restrictions, exchange or market rulings, suspension or delay of trading, war, civil disturbances, earthquakes, strikes, equipment failure, communication line failure, system failure, security failure, unauthorized access, theft or any problem, technical or otherwise, that might prevent you from entering, canceling or modifying an order or prevent us from acting on an online order or instruction, or other events or conditions beyond our control.
35. Liability in the Event of Termination: Termination of the Service and/or the contractual ties between KAMCO and You shall not release the Account Holder(s) from any liability or responsibility with respect to KAMCO and/or the transactions effected until the date of such termination, whether or not claims relating thereto shall have been made before or after such termination.
36. License to Use KAMCO Software and Related Restrictions: KAMCO grants to Customer and Customer accepts a non-exclusive and non-transferable license to use KAMCO's proprietary software to communicate with the KAMCO System ("KAMCO Software"), solely as provided herein. Title to the KAMCO Software shall remain the sole property of KAMCO, including without limitation, all applicable rights to patents, copyrights and trademarks. Customer shall secure and protect the KAMCO Software in a manner consistent with the maintenance of KAMCO's ownership and rights therein and shall not sell, exchange, or otherwise transfer the KAMCO Software to others. Customer shall not copy, modify, translate, de-compile, reverse engineer, disassemble or otherwise reduce to a human readable form, or adapt, the KAMCO Software or use it to create a derivative work. Any updates, replacements, revisions, enhancements, additions or conversions to the KAMCO Software provided to Customer by KAMCO shall become subject to these Terms and Conditions.
37. Limitation of liability: Customer expressly acknowledges and agrees that in no event shall KAMCO's liability to Customer, regardless of the form of action and damages
suffered by Customer, exceed the highest aggregate monthly commissions and fees paid by Customer to KAMCO to Customer this Terms and Conditions.
38. Events of Default: An "Event of Default" hereunder shall occur automatically, without notice from KAMCO if:
a) Customer breaches, repudiates, or defaults in any way on these Terms and Conditions or any agreements with KAMCO (including providing the Customer with any margin facilities);
b) KAMCO, in its sole discretion, determines that it has sufficient grounds for insecurity with respect to Customer's performance of any obligation and, immediately after demand, Customer fails to provide assurance of performance of the obligation satisfactory to KAMCO;
c) any proceedings are commenced by or against Customer under any bankruptcy, insolvency, relief of debtors, or similar law;
d) Customer makes an assignment for the benefit of creditors; a receiver, trustee, conservator, liquidator, or similar officer is appointed for Customer or any of Customer's property;
e) Any of Customer's representations to KAMCO, whenever or wherever made, were misleading when made or later become untrue;
f) Customer dies or becomes legally incompetent;
g) Customer suspends or threatens to suspend the transaction of its usual business;
h) Any proceeding is commenced with respect to any of Customer's property; or i) KAMCO has reason to believe that any of the foregoing is likely to occur
imminently.
Customer absolutely and unconditionally agrees that, upon the occurrence of an Event of Default, KAMCO is authorized to terminate any or all of KAMCO's obligations to Customer for future performance; and KAMCO shall have the right in its sole discretion, but not the obligation, without prior notice to the Customer, to liquidate any or any part of Customer's positions in any of Customer's Accounts, whether carried individually, or jointly with others, (including by the entry of offsetting transactions) at any time and in such manner and in any market as KAMCO deems necessary. Customer acknowledges that, in addition to any other rights or remedies allowed by law, all balances in any of Customer's accounts with KAMCO (whether carried individually or jointly with others) are hereby pledged to KAMCO to secure performance of Customer's obligations hereunder.
Customer will indemnify KAMCO and its affiliates, employees, agents, successors and hold KAMCO harmless for all actions, omissions, costs, expenses (including attorneys' fees), losses, damages, penalties, claims or liabilities, which KAMCO incurs in connection with:
1) The exercise of any remedy,
2) The care of the collateral and defending or asserting the rights and claims
of KAMCO in respect thereof, and
3) Meeting any obligation of KAMCO which it fails to perform by reason of an
Event of Default.
4) Customers’ failure to any of the representations and warranties fail to be
true and correct.
39. Arbitration: You agree that any dispute in relation to this Terms and Conditions arising between KAMCO and yourselves shall be exclusively referred to arbitration by mutual consent. You acknowledge that you are aware of the following:
a) Arbitration is final and binding on the parties.
b) The parties are waiving their right to seek remedies in court.
c) The arbitrators' award is not required to include factual findings or legal reasoning and any party's right to appeal or to seek modification of rulings by the arbitrators is hereby waived;
d) The panel of arbitrators shall include a minority of arbitrators who were or are affiliated with the securities industry.
1) Such arbitration shall be conducted at the Kuwait Chamber of Commerce & Industry and pursuant to their arbitration rules then in effect. You understand that judgment upon any award rendered by the arbitrators may be entered in any court having jurisdiction.
40. Assignment: All rights will inure to the benefit of our successors and assigns (whether by merger, consolidation or otherwise). You grant us the right to transfer your Account to any successor organization. You also agree that this Terms and Conditions is binding on your heirs, executors, administrators, successors and assigns. You may not, however, assign any of your rights or duties under these Terms and Conditions or any interest in your Account to any third party without our prior written consent.
41. Severability: If any provision of this Terms and Conditions is held to be invalid or unenforceable by any court or regulatory agency or body, such provision will be ineffective only to the extent of such unenforceability, without invalidating the remaining provisions of this Terms and Conditions.
42. Descriptive Headings: The heading of each provision in this Terms and Conditions is for descriptive purposes only and does not modify or qualify any of the rights or obligations set forth in each provision.
43. Entire Terms and Conditions: This Terms and Conditions, together with all other Terms and Conditions between you and us related to your Account and any
terms and conditions contained on www.kamconline.com or on Account statements
and trade confirmations provided to you, contain the entire understanding between you and us concerning your Account and contain the entire Terms and Conditions between the parties, who have made no representations or warranties other than as expressly provided.
44. Miscellaneous:
A) These Terms and Conditions are governed by the laws of the State of Kuwait, without giving effect to conflict of laws provisions.
B) Customer, having read and understood, agrees to the provisions of this Terms and Conditions in English and represents that Customer understands all of the terms and conditions contained herein.
C) KAMCO is authorized to record all telephone conversations with Customer without the use of an automatic tone warning device.
D) KAMCO may discontinue providing the Services to Customer and may terminate this Terms and Conditions at any time.
E) Customer may close its Account only if all positions in the Account have been closed and all dues to KAMCO have been settled.
F) Funds will not be disbursed to Customer until after positions are settled. G) The failure of KAMCO to enforce, at any time or for any period, any one or
more of the terms or conditions hereof shall not constitute a waiver of such terms or conditions or of the right, at any time subsequently, to enforce all terms and conditions hereby
H) All notices under this Terms and Conditions shall be made to Customer by e-mail to a valid ee-mail address provided by Customer.
45. Customer Qualification: Customer represents and warrants that:
A) Customer is over 21 years old; is under no legal incapacity; and is knowledgeable about the risks and characteristics of investment products. B) All of the information contained in the KAMCO Account Application form is
given, and that customer has read all terms of the application forms and understand it thoroughly and undertake to provide KAMCO with all requested information and that all terms and conditions of the service is binding.
accurate, correct and complete and agrees that if any of the information provided by Customer in the Account Application changes, Customer shall make the appropriate change to Customer's Account using the procedures
available on www.kamconline.com or contact the KAMCO HELP DESK via
e-mail [email protected] for further instructions. Customer
authorizes KAMCO to make such inquiries as it deems appropriate, at any time, to verify Customer information.
KAMCO Online Trading Privacy Statement
KAMCO does not sell or license information about KAMCO Customers to third parties, nor do we sell customer lists or customer e-mail addresses to third-party marketers. By opening an account with KAMCO or by utilizing the products and
Services that are available through www.kamconline.com, you have consented to the
collection and use of your personal information in accordance with the privacy policy set forth below. In order to comply with regulatory requirements, KAMCO collects certain personal, non-public information from you. This includes information that you provide during the KAMCO account application process (e.g., your name, e-mail address, telephone number, birth date, investment objectives, etc.), and acquired as a result of the transactions you conduct through the KAMCO System. We safeguard the confidentiality of your information in a number of ways. For example:
We do not sell or license lists of our customers or the personal, non-public
information that you provide to us.
We restrict access to the personal, non-public information that you have
shared with us to those KAMCO employees, agents, and Affiliates who need to know such information in connection with the Services that KAMCO provides to you.
We maintain strict employment policies that prohibit employees who have
access to your personal, non-public information from using or disclosing such information except for business purposes.
We take substantial precautions to safeguard your personal, nonpublic
information. For example, the KAMCO System can be accessed only by authorized KAMCO personnel via valid user names and passwords. In addition, our Internet-based systems include security measures such as encryption and firewalls.
KAMCO uses the personal, nonpublic information that we collect from you to service your Account (e.g., to qualify you for trading the products and using the Services available through the KAMCO System and to execute and confirm your KAMCO transactions). In doing so, we may share such information with our employees, agents, and Affiliates on a need-to-know basis. We do not disclose personal, nonpublic information to individuals or entities that are not affiliated with KAMCO, except as provided by law. For example, among other reasons we may disclose or report such information: where necessary to authorize, effect, administer, or enforce transactions that you request or authorize; to maintain and administer your account; to provide you with account confirmations, statements and records; to maintain appropriate archival records; where we believe that disclosure is required by applicable law, rules or regulations; to cooperate with law enforcement or regulatory or self-regulatory organizations; to enforce our customer and other agreements; to meet our obligations, or to protect our rights and property. If you have any questions about these policies, please contact the KAMCO Client Relations Department at: 1 85 2626.
Legal Disclaimer
BY accessing this website and/or signing an Online Trading Contract, you understand that neither KAMCO, nor its affiliates or employees will advise you concerning the nature, potential, value or suitability of any particular security, portfolio of securities, transaction, investment strategy or other matter and that no mention of a particular security or investment product of any kind in this website constitutes a recommendation to buy, sell, or hold that or any other security or investment product. Any investment you make will be based solely on your own evaluation of your financial circumstances and investment objectives.
You agree that at all times or from time to time, KAMCO, and/or its affiliates and/or its employees may hold positions in the securities listed or otherwise mentioned in this website. You understand that KAMCO and its affiliates may trade for their own account as a market maker, specialist, odd lot dealer, block positioner, arbitrageur and/or investor and consequently, that at the time of any transaction that you make, KAMCO, or its affiliates may have a position in such securities, which position may be partially or completely hedged.
KIPCO Asset Management Company K.S.C.C ("KAMCO") and its affiliates intend that the information contained in this website is accurate and reliable; however, errors sometimes occur. THIS WEBSITE IS PROVIDED "AS IS". KAMCO AND ITS AFFILIATES DISCLAIM ANY WARRANTY OF ANY KIND, WHETHER EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER RELATING TO THIS SERVICE, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT. USE OF THIS SERVICE IS AT YOUR OWN RISK. KAMCO AND ITS AFFILIATES ARE NOT LIABLE FOR DAMAGES OR INJURY, INCLUDING WITHOUT LIMITATION, DAMAGES OR INJURY CAUSED BY ANY PERFORMANCE, FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATIONS LINE FAILURE, THEFT OR DESTRUCTION OR UNAUTHORIZED ACCESS TO, ALTERATION OF, OR USE OF INFORMATION, WHETHER RESULTING, IN WHOLE OR IN PART, FROM BREACH OF CONTRACT, TORTIOUS BEHAVIOR, NEGLIGENCE OR OTHERWISE.
All securities transactions are conducted based on signed written agreements between KAMCO and, where appropriate, its affiliates, and their customers, and the terms of those agreements are binding on the parties. No other representation, whether made in person, online, electronically, in written, graphical, or verbal
communication, may alter the terms of those agreements. By using www.
kamconline.com, you accept at your own risk that the Internet and online communications medium may not perform as intended despite the efforts of KAMCO, your Internet service provider and you. Reference to a fund or security included anywhere in this service is not a recommendation to buy, sell, or hold that, or any other security.
KAMCO expressly prohibits the use of devices (including software) designed to
provide repeated automated access to www.kamconline.com other than those made
generally available by KAMCO (if any). KAMCO reserves the right to take all measures necessary to prevent such access, including denial or termination of service. KAMCO expressly reserves the right to monitor any and all use of this website.
