Note: New Castle Gold Limited may at any time amend or revise this Agreement and publish the terms of the Agreement as amended or revised on its website. You agree to be bound by such future amendments.
THIS AGREEMENT is made BETWEEN the following parties:
- NEW CASTLE GOLD LIMITED, a company incorporated under the Companies Ordinance, Cap. 32 (currently Cap. 622) of the laws of the Hong Kong Special Administrative Region, engaging in over-the-counter trading of precious metals and whose registered office is at Flat 4A, 14 Floor, Chung Kiu Commercial Building No 47-51 Shantung Street Mong Kok, Kowloon, Hong Kong; and
- CLIENT being the other party to this Agreement, the details of which are recorded in the Account Opening Application Form.
BOTH PARTIES HERETO agree as follows:
- The Client is desirous of opening a trading account at New Castle Gold for the purpose of but not limiting to over-the-counter trading of precious metals. The Client has requested New Castle Gold to open and maintain with itself a trading account on the Client’s behalf and to execute trading orders from the Client for the above purpose.
- Subject to the following terms and conditions, New Castle Gold agrees to allow from time to time the Client to open a trading account and to maintain the Client’s account with specific or designated account name and number or other methods at the Client’s request and at the absolute discretion of New Castle Gold. New Castle Gold agrees to execute all orders issued by the Client or the Client’s authorised person(s) regarding over-the-counter trading of precious metals subject to the following terms and conditions.
- DEFINITIONS AND INTERPRETATION
- In this Agreement and unless the context otherwise requires, the following words and expressions shall have the following meanings:
“New Castle Gold” includes New Castle Gold Limited, its successor(s) and assign(s);
“Client” includes, where the Client is an individual, the Client, its executor(s) and administrator(s); where the Client is a sole proprietorship, the sole proprietor, its executor(s) and administrator(s) and the successor(s) of the business; where the Client is a partnership, the partners during the period when the aforementioned Client’s Account is maintained, their respective executor(s) and administrator(s), and any other person(s) who will become or has become partners at any time thereafter and their respective executor(s) and administrator(s), and the successor(s) of the partnership; where the Client is a company, the company and its successor(s);
“Agreement” includes this agreement and the Notice(s) to Client, Risk Disclosure Declaration(s), Account Opening Application Form(s), Client’s Declaration(s), all other agreement(s) executed or authorisation(s) granted by the Client from time to time for the purpose of maintaining the Client’s Account at New Castle Gold annexed herein, and all attachment(s), schedule(s), supplement(s) and amendment(s) relating to the above documents that New Castle Gold may from time to time publish in a written format;
“Account” means the trading account opened by the Client at New Castle Gold;
“Internet Services of New Castle Gold” means the online trading services offered by New Castle Gold, any information contained in the said system and the constituent software of the said system;
“Initial Cash Margin” means the minimum amount which a Client must deposit with New Castle Gold as collateral for all trade(s) at the time of or before placing each trading order and which may be set from time to time at the discretion (absolute discretion) of New Castle Gold;
“Written format” includes, unless otherwise specified in this Agreement, writing, printing, telex information, e-mail, facsimile transmission, and any other mode of reproducing words or diagrams in a legible and non-transitory form, and for the purposes of New Castle Gold, content published on the official website of New Castle Gold;
“Maintenance Margin” means the minimum balance that the Client must maintain for each contract after depositing the Initial Cash Margin, which amount may be set from time to time at the discretion (absolute discretion) of New Castle Gold;
“OTC” means over-the-counter trading;
“OTC Precious Metals” means over-the-counter precious metals, including gold/silver trading;
“Password” means the Client’s personal password assigned to the Client by New Castle Gold and is used in conjunction with a Username to connect to the Services;
“Services” means any services or OTC Precious Metals trading facilities provided by and/or on behalf of New Castle Gold. The said facilities allow the Client to give instructions via the Internet or otherwise for the purchase and/or sale of OTC Precious Metals, to obtain account information and to receive related services;
“Intermediary” means the intermediary or referrer who introduces the Client to open an Account at New Castle Gold, who is an independent third party and not an employee or agent of New Castle Gold;
“SFC” means the Securities and Futures Commission established under section 3(1) of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) and section 3 of the Securities and Futures Commission Ordinance (Repealed) (Cap. 24 of the Laws of Hong Kong);
“Securities and Futures Ordinance” means the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) which is revised or updated from time to time (the latest enactment of the Ordinance shall prevail);
“Username” means the personal identification of the Client assigned by New Castle Gold that is used in conjunction with the Password to connect to the Services, account information and other related services.
- Each heading is inserted for easy reference only and shall not affect the interpretation of this Agreement.
- Words used in this Agreement importing the singular include the plural and vice versa and words used in this Agreement importing a gender include the other gender.
Paragraphs and headings in this Agreement are inserted for easy reference and do not restrain or affect the application and meaning of the paragraphs and clauses.
- CLIENT’S DECLARATION
Having read this Agreement in detail, the Client hereby declares their understanding, agreement and acceptance of its contents and the terms of trades. The Client agrees to be bound by the terms and conditions of this Agreement, in particular the Notice(s) to Client and the Risk Disclosure Declaration(s) annexed herein. The Client fully understands at the time of signing this Agreement the nature of the trades and the relevant risks thereof. The Client hereby declares that it shall not make any claim against New Castle Gold (See the following terms).
- THE OPENING AND CLOSING OF ACCOUNTS
- If the Client checks the “I agree to this Client’s Agreement” option at the Account Opening Application Form on the New Castle Gold Website, it shall be legally binding as though it has signed the written form of this Agreement. New Castle God will not mail a separate Client’s Agreement and Client shall personally visit the office of New Castle Gold to sign and download the original Agreement.
- New Castle Gold only accepts individuals holding valid identification documents or valid passports to open a trading Account. Each individual may only open one (1) trading Account with his document number. If the same investor is found to hold multiple accounts with New Castle Gold at the same time, New Castle Gold reserves the right to cancel the said investor’s other account(s).
- The Client is required to complete a Close Account Application Form if it wishes to close its Account. New Castle Gold will process the application within two working days of receipt given that all margin positions of the Client are liquidated.
- CAPITAL INJECTIONS AND WITHDRAWALS
- The Client may deposit funds into its trading Account in accordance with the capital injection methods set out on the New Castle Gold website. Unless New Castle Gold has verified and confirmed receipt of the funds injected by the Client, New Castle Gold will not be able to process capital injections for the Client. If the Client injects capital through bank remittance, all resulting bank charges shall be borne by the Client personally. All injections of capital are subject to the confirmation by New Castle Gold of receipt of funds injected by the Client. The Client shall not claim against New Castle Gold or hold New Castle Gold liable for any and all instances where New Castle Gold is unable to accept or confirm instructions for trading or liquidating a margin position, whether as a result of an issue of capital injection or otherwise.
New Castle Gold only accepts deposits from the bank current accounts personally designated by the Client. New Castle Gold has discretion (absolute discretion) to consider whether to accept deposits made on behalf of the Client by immediate family members or close associates of the Client, but New Castle Gold will not accept deposits on behalf of the Client from any other third parties. New Castle Gold reserves the right to investigate, verify and deny deposits purportedly made on behalf of the Client via a third-party account. If the Client fails to submit proof of relationship and information verifying the depositing account as requested by New Castle Gold, New Castle Gold shall immediately freeze the Client’s Account for investigation, prohibit all trades in the Account and have full right to handle the Client’s Account in the following manners:
- If any trade has been done in the Client's Account, New Castle Gold shall cancel and void all trades and discounts (including but not limited to rebates and bonuses) occurring subsequent to the third-party’s deposit and shall refund the remainder of the said third party’s deposit to the depositing bank account after deducting six percent (6%) of all of the third party’s deposit as reasonable operating costs;
- New Castle Gold shall in its discretion (absolute discretion) determine whether to report the relevant incident to any relevant regulatory authority or law enforcement agency. The Client shall not interfere with the absolute discretion of New Castle Gold.
- The Client must provide to New Castle Gold photocopies of its identification document or valid passport and bank card before opening the Account or making the first withdrawal therefrom; New Castle Gold shall not otherwise entertain the Client’s application to open the Account or make withdrawal. In the interest of the security of the Client’s funds, the Client must tie its identity card and bank account in its real name to the Account at the time of opening the Account in order to make withdrawal and the Client can only make withdrawal via the said tied bank account.
- For third-party reasons, the bank’s processing time for withdrawal is beyond the control and expectation of New Castle Gold, thus it may be possible for the Client not to receive the withdrawal amount within the expected time frame.
- New Castle Gold reserves the right to adjust the handling fees for capital injection and withdrawal at any time and the right to interpret all matters related thereto.
- The Client hereby warrants that the sources of all funds are legitimate and do not involve any violation of the law. New Castle Gold is entitled to request from the Client proof of legality in relation to the source of funds provided by the Client at any time. If the Client fails to provide proof of the source of funds to the satisfaction of New Castle Gold within fourteen (14) days of the said request, New Castle Gold shall become entitled to immediately freeze the Client’s Account without notice to the Client, to suspend all provision of services to the Client and to notify the Joint Financial Intelligence Unit and/or all relevant agencies in accordance with the law. New Castle Gold reserves the right to claim against the Client for any loss arising from the Client’s failure to provide proof of legitimate source of funds and/or all legal costs arising during the pursuit of said claim on an indemnity basis.
- TRADING AUTHORISATIONS
- New Castle Gold may take opposite position to match and/or place offers at the market for partial or all trading instructions from the Client. New Castle Gold is authorised to process the sale and purchase of OTC Precious Metals for the Client’s Account with third parties such as banks and financial institutions in accordance with the Client’s oral, written or electronic instructions.
- When New Castle Gold is authorised to execute instructions from the Client, New Castle Gold is not required to enquire the validity of the said instructions and may deem the said instructions as valid instructions from the Client or its authorised person(s);
- Under all circumstance, New Castle Gold is not required to verify the validity of written instructions or any signature in any particular case;
- When New Castle Gold acts in good faith and in the absence of gross negligence on the part of New Castle Gold, all risks concerning issued but unapproved instructions shall be borne by the Client, and the Client shall be liable for any loss, fee, gratuity, damage, expense, claim, litigation or demand and the Client shall guarantee not to claim against New Castle Gold, hold New Castle Gold accountable or demand compensation from New Castle Gold. New Castle Gold shall not be liable for any loss arising from the above circumstances, including any acts, delays or refusals to act related to or by New Castle Gold and from any instructions or data provided to New Castle Gold by the Client, including improper, unauthorised or fraudulent instructions issued by the Client, even where the instructions are not in fact authorised by the Client;
- New Castle Gold is entitled to set limits on the total number of orders placeable by the Client each time and the amount and/or number of positions the Client may acquire or maintain. New Castle Gold shall use its endeavours to execute orders accepted by New Castle Gold in accordance with the Client’s instructions; notwithstanding, orders and instructions, including instructions to liquidate margin positions, are not necessarily executable or accepted by New Castle Gold and may be non-executable or unaccepted for various reasons. New Castle Gold shall not be liable in any way for any non-executable or unaccepted orders or instructions to liquidate margin positions;
- New Castle Gold shall be entitled to refuse to accept any order. New Castle does not guarantee that the Client may modify their stop loss or take profit settings at any time. New Castle Gold shall not be liable for any loss or damage arising from any event, act or omission beyond the direct or indirect control of New Castle Gold; the aforesaid circumstances include but are not limited to any loss or damage caused by delay or inaccuracy in the transmission of orders or information arising as a result of a breakdown in or failure of transmission or communication facilities. In the course of trades and for various reasons, any stop loss or take profit settings may not be executable and orders may be processed pursuant to old instructions; New Castle Gold shall not be liable for any loss or damage arising as a result thereof. The Client acknowledges and agrees that this is one of the risks to be borne by the Client in trading via online trading platform;
- The quotations displayed on the New Castle Gold trading platform may not always reflect accurately the immediate market prices due to Internet transmissions and connection delays and errors or inaccuracies in the quotations. The traded price may differ from the price seen on the system platform at the time of placing the order. The Client hereby expressly accepts and agrees that the final traded price of all trades is subject to the trading records of the trading system of New Castle Gold.
- REGULATIONS OF GOVERNMENT, THIRD-PARTY INSTITUTIONS AND INTERBANK SYSTEM
All trades under this Agreement are subject to the charters, by-laws, regulations, rules, customs, usages, rulings and interpretations of third-party institutions or other banks, clearing houses, exchanges, trading commissions and regulatory bodies governing the conduct of trades, and to all applicable laws. If any statute shall hereafter be enacted or any rule or regulation shall hereafter be adopted by any governmental institutions and binding on New Castle Gold and affect or be inconsistent with any of the provisions in this Agreement, the affected provisions of this Agreement shall be deemed modified or superseded by the applicable provisions of such statute, rule or regulation, and the other provisions of this Agreement and provisions so modified shall continue in full force and effect. The Client agrees that all trades under this Agreement are subject to the aforesaid limitations and conditions.
- CROSS TRADE CONSENT
The Client hereby acknowledges and agrees that the following situation may arise: that is, an officer, director, affiliate, associate, employee, bank, bank’s employee or dealer associated with New Castle Gold or New Castle Gold itself, may be the opposing principal or broker for a trade entered into for the Client’s Account. The Client hereby consents to any such trade, subject only to the limitations contained in the rules or regulations, if any, of any bank, institution, exchange or trading commission executing the relevant trading orders, or the limitations and conditions, if any, of any other regulatory agencies.
- FULL PAYMENT OF ACCOUNTS AND PAYMENT OF DEFICIT BALANCES
- In the event of:
- the death or judicial declaration of incompetence of the Client;
- the filing of a petition in bankruptcy or for the appointment of a receiver by the Client or the voluntary or involuntary institution of any bankruptcy / insolvency or similar proceeding by or against the Client;
- insufficient margin, or New Castle Gold’s determination that any collateral used to protect one or more Accounts of the Client is inadequate, regardless of the market quotations at that time, to secure the Account(s);
- the Client’s failure to provide to New Castle Gold any information requested pursuant to this Agreement; or
- any other circumstances or developments that New Castle Gold deems appropriate for its protection,
the Client authorizes New Castle Gold to, in its sole discretion (absolute discretion) to determine to take one or more of the following actions and to handle the payments regarding the Client’s Account in the following manners:
- trade any Precious Metals positions maintained on behalf of the Client;
- cancel any or all outstanding orders, or any other commitments made in the name of the Client.
- New Castle Gold need not make the following a condition in taking any of the above action(s): that is, demand for margin or additional margin, or give prior notice of the trading decision to the Client, the Client’s personal representative(s), heir(s), assign(s) or transferee(s) and the like and regardless of whether the ownership interest involved belongs solely to the Client or is held jointly with others, New Castle Gold shall cancel all open contracts of the Client’s in order to protect or reduce the existing difference in positions or lock position contracts in New Castle Gold’s judgment.
- The Client shall at all times be liable for the payment of any deficit balance in its Account upon demand by New Castle Gold. The Client shall at all times also be liable for any deficiency remaining in the Client’s Account in the event of the liquidation thereof in whole or in part by New Castle Gold or by Client.
- In the event the proceeds realised under the liquidation pursuant to this authorization are insufficient for the payment of all liabilities of the Client due to New Castle Gold, the Client shall promptly pay upon demand, the deficit balance and all unpaid liabilities, together with interest thereon at an interest rate of (3%) above the then prevailing prime rate at New Castle Gold’s principal bank or the maximum interest rate allowed by law, whichever is lower and all costs of collection, including legal fees, witness fees, travelling expenses and the like. In the event that New Castle Gold incurs expenses other than for the collection of deficits because of the Client’s Account, the Client agrees to also indemnify New Castle Gold for such expenses.
- RISKS ASSUMED BY THE CLIENT
- The Client understands that investments in leverage or leveraged trades are speculative, involves a high degree of risk and is appropriate only for persons who can assume risk of loss in excess of their margin deposit. The Client understands that because of the low margin normally required in OTC Precious Metals trading, price changes in OTC Precious Metals may result in significant losses that may exceed Client’s investment and margin deposit. The Client warrants that Client is willing and able, financially and otherwise, to assume the risk of OTC Precious Metals trading. The Client agrees not to hold New Castle Gold liable for any losses incurred through following the trading recommendations or suggestions of New Castle Gold, its employees, agents or representatives. The Client recognises that guarantees of profit or freedom from loss are impossible of performance in OTC Precious Metals trading. The Client acknowledges that the Client has received no such guarantees from New Castle Gold or from any of its representatives, referrers or other entity with whom Client is conducting trade of New Castle Gold and has not entered into this Agreement pursuant to any such guarantees.
- The Client also understands that the trading of Precious Metals involves potential profits and losses. Where the trading situation is unfavourable, the losses may exceed the amount of Initial Cash Margin. The prices of precious metals may fluctuate as a result of multiple global factors. The majority of these factors are unpredictable, and sharp fluctuations in gold and silver prices may lead to inability of the investor to settle adverse trades. Although the staffs of New Castle Gold keep an eye on the market, they cannot and will not guarantee the accuracy of any forecast, nor can or will they guarantee that any loss will not exceed a certain amount. As a result of the foregoing, New Castle Gold has included price difference all calculations and quotations on its platform. No financial contract or other services offered by New Castle Gold (whether or not the amount spent exceeds the premium) can be considered completely safe.
- DISCLAIMER AND RESERVATION OF RIGHTS BY NEW CASTLE GOLD
- Communication and electricity breakdown: New Castle Gold shall not be responsible for delays in the transmission of orders due to a breakdown or failure of transmission or communication facilities, electrical power outage or for any other causes beyond New Castle Gold’s control or anticipation. New Castle Gold shall only be liable for its actions directly attributable to gross negligence, wilful default or fraud. New Castle Gold shall not be liable for losses arising from the default of any referrer or any other party employed by New Castle Gold under this Agreement.
- International internet breakdown: As New Castle Gold has no control over the communication capabilities of signals and the reception of signals over the Internet and via routing depends on the configuration of the Client’s equipment or the reliability of the connections. New Castle Gold shall not be liable for communication failures, distortions or delays in trades over the Internet.
New Castle Gold reserves the right to suspend the operation of this website or any part thereof. New Castle Gold may at its sole discretion impose trading volume limits to the Client’s Account. Contractual expenses shall be determined by New Castle Gold by reference to the interbank transaction data relevant to the daily price quotation on this website received by New Castle Gold, and in the event of incorrect pricing or printing of incorrect data, New Castle Gold shall be entitled to correct such data.
- Market risks and online trading: Precious metal trading involves substantial risk and might not be suitable for everyone. No matter how convenient or efficient online trading is, this does not reduce risks associated with precious metal trading.
- Password protection: The Client shall keep passwords confidential and shall ensure that no third party may obtain access to the trading facilities such as the Username and the Password. The Client agrees to be conclusively responsible for all instructions received through emails and all instructions issued through emails and all oral or written instructions to New Castle Gold, even though the said instructions are issued by a third party. If the said instructions have been authenticated by the Client’s Username and Password, New Castle Gold shall determine and believe they are apparently authorised by the Client. New Castle Gold shall have no responsibility for further inquiry into such apparent authority and no liability for the consequences of any actions or inactions of New Castle Gold in reliance on any such instructions or apparent authority.
- Quotation Errors: In the event of certain quotation or traded price errors, which may include but are not limited to a dealer’s erroneous quotation, a quotation which is not representative of international market prices, or any erroneous quotation (such as an issue in the hardware, software or network or an incorrect figure provided by a third party), New Castle Gold shall not be liable for any resulting error in the balance of the Account arising therefrom. New Castle Gold shall not be liable for the Account balance arising as a result of an error. The Client must allow sufficient time to execute the orders and for the system to calculate necessary margin requirements when placing orders. When the traded price or the order setting of an order is placed too close to the market price, it may trigger other orders (regardless of order type) or a margin call. New Castle Gold shall not be liable for the resulting margin call, resulting balance and/or positions in the Account due to insufficient time for the system to execute orders or calculate accordingly. The foregoing list is not meant to be exhaustive and in the event of a quotation or execution error, New Castle Gold reserves the right to make the necessary corrections or adjustments. Any dispute relating to quotation or trade errors shall only be resolved by New Castle Gold in its sole and absolute discretion. If New Castle Gold suffer from any loss and damage or is held liable as a result of the foregoing, the Client agrees to compensate New Castle Gold therefor and hold New Castle Gold harmless.
- Non-acceptance of orders made via operating software: In order to maintain the fairness of online trades, New Castle does not accept the use of any operating software (other than the authorised software offered by New Castle Gold) to place orders in the system of New Castle Gold. Discovery of the foregoing will result in a bar from trading, and any such use and any profit obtained therefrom shall be deemed unlawful. New Castle Gold shall be entitled to recover all such unlawful profits and all costs involved (including but are not limited to handling fees for capital injection, fees for trading codes and legal fees on an indemnity basis). If the Client causes loss to New Castle Gold and/or other clients thereof by reason of the use of all authorized software, New Castle Gold shall be entitled to claim against the Client.
New Castle Gold shall not be liable for any voluntary or accidental disclosure of Account information to a third party by the Client or for any trade dispute arising as a result of the Client having authorised or entrusted others to make trades and will not handle any disputes arising therefrom.
- Arbitrage: Errors from the Internet, connectivity delays and quotations may occasionally result in a failure for the quotations displayed on New Castle Gold’s trading platform to reflect accurately the real time market prices. Arbitrage, “scalping”, or the taking of advantage with price difference from delays on the Internet shall not exist in the over-the-counter market where the Client is trading directly with the market maker. New Castle Gold does not permit the practice of arbitrage on the New Castle Gold’s trading platform by the Client. Trades that rely on arbitrage opportunities arising from price latency may be revoked and void. New Castle Gold reserves the right to make the necessary corrections and adjustments to the Account involved in the aforesaid trades. New Castle Gold has the sole discretion (absolute discretion) to determine and request the dealer to intervene or approve all orders and/or terminate the relevant Client’s Account. New Castle Gold can at its sole and absolute discretion resolve any dispute arising from arbitrage or manipulation. New Castle Gold reserves the right to withhold withdrawals until such matters are resolved. Any action or resolution stated herein shall not waive or prejudice any rights or remedies which New Castle Gold may have against the Client and their staffs.
- Price, execution of orders and platform manipulations: New Castle Gold strictly forbids any form of manipulation of its prices, execution and platform by any Account. If New Castle Gold suspects manipulation in any Account, New Castle Gold reserves the right to investigate and review any said Account and withhold funds derived from such activity therein. New Castle Gold reserves the right to make the necessary corrections or adjustments to the said Account. As to the Account suspected of manipulations, New Castle Gold has the sole discretion (absolute discretion) to determine and request for dealer’s intervention and approval of any orders and/or termination of the Client’s Account. Any dispute arising from arbitrage and/or manipulation will be resolved by New Castle Gold in its sole and absolute discretion. New Castle Gold at its own discretion (absolute discretion) may report the relevant incidents to any relevant regulatory and law enforcement institutions. Any action or resolution stated herein shall not waive or prejudice any rights or remedies which New Castle Gold may have against the Client and their officers, all of which are expressly reserved.
- Disclosure of risks of bankruptcy / insolvency: The trades the Client enters into with New Castle Gold are not traded on an exchange. If New Castle Gold becomes insolvent, the Client’s claim against New Castle Gold for funds deposited or profits earned on trades may not have priority. The Client is an unsecured creditor and has no priority and its claim will be paid, after priority claims are paid, along with the claims of other creditors, from any monies still available in accordance with the determination of the court and/or liquidator.
- Right to amend this Agreement from time to time: New Castle Gold is entitled to amend the terms of this Agreement from time to time. New Castle Gold will announce the relevant amendments or changes on New Castle Gold official website (newcastlehk.com) and the Client is responsible for regularly reviewing the amendments to these terms and hereby agrees to be bound by the same once they are announced.
- Referral disclosure: New Castle Gold does not regulate the activity of referrers. New Castle Gold is not liable for any statement made by referrers. New Castle Gold and referrers are wholly independent from one another. The direct agreement between New Castle Gold and referrers does not establish a joint venture or partnership relationship. Referrers are not agents or staffs of New Castle Gold.
- The Client understands and agrees that if the Client opens an Account with New Castle Gold having been introduced or referred by a referrer, that referrer may obtain access to personal information of the Client as well as data concerning trading activity in the other relevant Client’s Account at New Castle Gold. The Client understands and agrees that if the Client opens an Account with New Castle Gold having been introduced or referred by a referrer, that referrer shall not enter into any trades on the Client’s Account at New Castle Gold unless authorised by the Client under a power of attorney or authorisation between the Client and the referrer granting such referrer the right to trade on the Client’s behalf.
- Due to the high risk factor in precious metal trading, only genuine “risk” funds should be used in such trading. If the Client does not have extra affordable capital to lose, the Client should not trade in the precious metal markets.
- The Client understands that referrers and many third party vendors of trading systems, courses, programs, research or recommendations may not be regulated by any governmental institution.
- If the Client has previously been notified or believes that utilizing any third party trading systems, courses or programs, or research or recommendations provided by referrers or any other third party will result in trading profits, the Client hereby acknowledges, agrees and understands that all precious metal trading, including trading done via any third party trading systems or programs, or research or recommendations provided by referrers or any other third party involves a substantial risk of loss. In addition, the Client hereby acknowledges, agrees and understands that precious metal trading, including trading through any third party trading systems, courses or programs, or research or recommendations provided by referrers or any other third party will not necessarily result in profits, avoid losses or limit losses.
- If the referrer or any other third party provides the Client with information or advice regarding precious metal trading, New Castle Gold shall in no way be responsible for any loss resulting from the Client’s use of such information or advice.
- The Client acknowledges that no promise has been made by New Castle Gold and any individual associated with New Castle Gold regarding future profits or losses in the Client’s account. The Client understands that precious metal trading involves a high level of risk.
- New Castle Gold shall provide risk disclosure information to new Client when an Account is opened. The Client should read those information carefully and should not rely on any information to the contrary from any other source. The execution of any trade through this platform shall be deemed to represent that the Client has read and understood New Castle Gold’s Risk Declaration(s).
- New Castle Gold cannot control and does not endorse or vouch for the accuracy or completeness of any information or advice the Client may have received or may receive in the future from referrer or from any other person not employed by New Castle Gold regarding precious metal trading.
- New Castle Gold does not endorse or vouch for the services provided by referrers. Since referrers are not staffs or agents of New Castle Gold, it is the Client’s responsibility to perform necessary verification and strict assessment on the referrers prior to using any of its services.
- Disclosure of Internet risks: As New Castle Gold has no control over the signals, reception, routing, configuration of equipments / systems of the Internet or the reliability of the connections of the Internet, New Castle Gold shall not be liable for communication failures, distortions or delays in trades over the Internet. Trading precious metal involves substantial risk and might not be suitable for everyone. Regardless of how convenient or efficient trading online is, it does not reduce the risks associated with the relevant trading. The Client acknowledges that precious metal trading spot prices varies from institution to institution and may vary from minute to minute which may arise, including without limitation, as a result of a time lag in data transmission, and that it may sometimes prove impossible to effect trades even at publicized prices. Therefore, the Client agrees to accept that such prices as New Castle Gold may offer to the Client from time to time is the best price then available.
- STATEMENTS AND CONFIRMATION
- Reports of confirmation of orders and statements of account for the Client shall be deemed correct, conclusive and shall be binding upon the Client unless objected to in writing within one (1) day after transmittal. In lieu and in substitution of mailing the trade confirmation, the Client will be given continuous access to the Client’s Account via an Internet log-in. Written objections from the Client shall be directed to New Castle Gold at its most recent office address (which may change from time to time) as indicated on the New Castle Gold website. The Client should also request for return receipt. In the absence of any objection, all actions undertaken by New Castle Gold and its referrers prior to the Client receiving the aforementioned reports shall be deemed ratified. Non-receipt of a trade confirmation shall not relieve the Client its obligation to object as set forth hereinabove. The Client agrees to the electronic transmittal of trade confirmations and statements of account. In respect of all disputes between New Castle Gold and the Client arising from the Client’s use of the trading platform provided by New Castle Gold to make trades, all relevant trade data shall be subject to the system data of New Castle Gold, which shall be the only evidence in resolving the parties’ dispute and shall be binding on both parties.
- JOINT ACCOUTNS
- If this Agreement is executed by more than one natural person as the Client, all such natural persons agree to be jointly and severally liable for the obligations assumed in this Agreement. On application of a joint Account, each holder of the Account shall sign on the respective copy of identification document and that signature will be used for the purpose of verification. Where the joint Account is held by more than one person (“Joint Account Holder”):
- The liability and obligations under this Agreement shall be deemed to be joint and several and reference to the Client shall be construed to include any or each of the Joint Account Holder;
- To acknowledge that by their respective selves have authority to deal independently in the Account pursuant to this Agreement, including but not limited to executing trades, to receive all correspondence and documents in respect of the Account;
- To receive and withdraw from or deposit money into the Account;
- To execute agreements relating to the Account, and to have the full authority to deal with New Castle Gold. New Castle Gold has the authority to require joint action by all Joint Account Holders of the Account in matters of the Account. In respect of all unpaid debts in relation to the relevant Account, New Castle Gold shall be entitled to control and claim against each Joint Account Holder’s Account (whether a sole or a joint account). If death occurs to one or more Joint Account Holder(s), New Castle Gold shall be notified in writing and shown proof of a death certificate. All expenses due at the date of notification shall be charged to the Account. Each Joint Account Holder is presumed to have an equal share.
- This Agreement shall continue in effect until termination. This Agreement may be terminated by the Client at any time given that at such time the Client shall have no open precious metal position(s) and no liabilities owed to New Castle Gold and New Castle Gold receives notice, or at any time by New Castle Gold upon the transmittal of a written notice of termination to the Client. Such termination shall be effective as of the close of business on the day notice is given. Such termination shall not affect any trade previously entered into and shall not relieve either party of any obligations set out in this Agreement nor shall it relieve the Client of any obligations arising out of any deficit balance. New Castle Gold reserves the right to terminate any part or the entirety of this Agreement at any time without prior notice. In addition to the general terms and conditions already listed above, additional terms also apply. If the additional terms conflict with the general terms and conditions listed above, the additional terms will prevail.
- The Client agrees to compensate New Castle Gold for and hold New Castle Gold, its affiliates, employees, agents, successors and assigns harmless from and against any and all liabilities, losses, damages, costs or expenses, including legal fees, incurred by New Castle Gold arising out of the Client’s failure to fully and timely perform the Client’s obligations or should any of its declarations or warranties fail to be true or correct. The Client also agrees to pay promptly to New Castle Gold all damages, costs and expenses, including legal fees on an indemnity basis, incurred by New Castle Gold in the enforcement of any of the provisions of this Agreement. Furthermore, New Castle Gold shall not be held liable or make compensation for and is released from losses incurred if the loss was caused or contributed to by, including but not limited to:
- The Client’s conduct: The acts or omissions on the part of the Client or its authorised persons;
- Forgery of signature: Forged or unauthorised signatures on any document in connection with all Client’s Account or this Agreement;
- Malfunctions: System malfunction, failure or breakdown of equipment, system interruption or system unavailability (regardless of whether the equipment and facilities concerned are the Client’s, New Castle Gold’s or communication service providers’);
- Delay: Delays, failure or errors in implementing any instruction; and
- Information: Inaccurate or incomplete instructions provided by the Client.
- TRADING RECOMMENDATIONS
- The Client acknowledges that any market recommendations and information communicated to the Client by New Castle Gold or by any staff therefrom shall not constitute an offer to a sale or purchase agreement of OTC Precious Metals, or a solicitation to buy or sell any OTC Precious Metals position. Such recommendations and information, despite founded upon data sources believed by New Castle Gold to be reliable, may be completely founded the personal opinion of a certain staff and hence incomplete and unverified by New Castle Gold.
- The Client acknowledges that New Castle Gold makes no warranty or guarantee as to, and shall not be responsible for, the accuracy and completeness of any information or trading recommendation furnished to the Client. The Client acknowledges that New Castle Gold and/or its officers, directors, affiliates, associates, stockholders or representatives may have a position in or may intend to trade certain precious metal, which may be the subject of market recommendations in the future, and that the market position of New Castle Gold or its officers, directors, affiliates, associates, stockholders or representatives may be inconsistent with the recommendations furnished to the Client by New Castle Gold.
- AUTHORIZED REPRESENTATIVE(S)
- For whatever reasons, the Client assigns the right to trade or control its Account to third party, including Intermediary or other third party (collectively “Authorized Representative”), or trades precious metals on New Castle Gold’s platform in accordance with any Authorized Representative’s information, recommendations or instructions, New Castle Gold shall not review or be held liable for the information, recommendations or instructions provided by the Authorized Representative designated by the Client.
- If any Authorized Representative provide information, recommendations or instructions to the Client, New Castle Gold shall not be held liable for any loss arising from the use of those information, recommendations or instructions. The Client acknowledges New Castle Gold and any individual in connection therewith does not make any warranty or guarantee regarding the profits and loss of the Client’s Account in the future.
- New Castle Gold does not endorse or vouch the services, including information, recommendations or instructions, provided by the Authorized Representative. As the Authorized Representative is not the employee or agent of New Castle Gold, it is the Client’s responsibility to perform verification and strict assessment prior to using any of the Authorized Representative’s services.
- CLIENT’S DECLARATIONS AND WARRANTIES
- The Client is of sound mind, legal age (which is 18) and legal competence and can read simplified and traditional Chinese characters;
- Only the Client and/or its Joint Account Holder has an interest in the Client’s Account(s);
- The Client is not employed by any exchange, corporation in which any exchange owns a majority of the capital stock, member of any exchange or company registered on any exchange, bank, trust institution or insurance company, and in the event that the Client becomes so employed, the Client will promptly notify New Castle Gold in writing of such employment;
- All the information provided in the Client’s Account Opening Application Form section of this Agreement is true, correct and complete as of the date hereof and Client will notify New Castle Gold promptly of any changes in such information; and
- The Client shall fully observe the laws of the relevant territory including the obtaining of any governmental or other’s consents which may be required for observing any other formalities needed to be observed in such territory or jurisdiction and to pay any taxes, duties and other amounts required to be paid in such territory or jurisdiction in connection with execution of any trade through the platform provided by New Castle Gold. Further, the execution of any trade through the platform provided by New Castle Gold shall be deemed to constitute a declaration and warranty from the Client to New Castle Gold that the local laws and requirements of the relevant territory have been complied with. Should the Client be in any doubt, the Client should consult professional advisers.
- NO GUARANTEE OF PROFITS OR LIMITED LOSSES
The Client warrants and declares that the Client has made no separate agreement with the Client’s referrer or any employee or agent of New Castle Gold regarding the trading in the Client’s Account at New Castle Gold, including any agreement to guarantee profits or limit losses in the Client’s Account. The Client agrees that the Client is under an obligation to notify New Castle Gold immediately in writing as to any agreement of such nature. Further, the Client agrees that if any declarations made by anyone concerning the trade Account differ from any representations the Client receives from New Castle Gold, the Client shall bring the same to the attention of New Castle Gold in writing. The Client understands that the Client must authorise every trade prior to its execution, and any disputed trades must be brought to the attention of New Castle Gold timely pursuant to the notice requirements of the trade agreement. The Client agrees to compensate New Castle Gold for and hold New Castle Gold harmless from all damages or liability resulting from the Client’s failure to timely notify New Castle Gold of any dispute.
- CHANGES TO THE INFORMATION ON THE APPLICATION FORM
The Client shall notify New Castle Gold of any change to the information on the Client’s Account Opening Application Form. New Castle Gold shall not be liable for any subsequent loss incurred by the Client arising as a result of the Client’s failure to notify New Castle Gold of such change.
- CONSENT TO ELECTRONIC TRANSMISSION OF TRADE CONFIRMATIONS AND STATEMENTS OF ACCOUNT
- The Client hereby consents to having the Client’s account information and trade confirmations available on the New Castle Gold’s platform in lieu of having such information delivered to the Client via mail or email.
- The Client will login its account on the New Castle Gold’s platform to access its account information. New Castle Gold will publish all of the Client’s Account activities and the Client will be able to access daily, monthly and yearly reports of account activities as well as a report of each executed trade and each and every trade executed in the past by the Client. Such publishing of account information on the Client’s online account shall be deemed delivery of confirmations and statements of account. At all times, account information will include trade confirmations with ticket numbers, trade rates, used margin, amount available for margin trading, statements of profits and losses, as well as all positions and pending order instructions.
Reports, statements, notices and any other communications may be sent to the Client’s email address or the physical address on the Client’s Application Form. All communications so sent, whether by mail, email, telegraph messenger or otherwise, shall be deemed sent by New Castle Gold and delivered to the Client personally once electronically submitted or deposited with the relevant postal institution or delivery agent, irrespective of whether they are actually received by the Client or not. Therefore, the Client is required to update its latest contact details on its own initiative.
- FEES AND CHARGES
The Client shall pay such referral fee, commission and special service charge or all other charges (including but not limited to mark-ups and markdowns, statement charges, dormant account charges, order cancellation charges, transfer charges and other charges), fees (including but not limited to fees imposed by any interbank agency, bank, contract markets or other regulatory or self-regulatory organisations) arising in the course of New Castle Gold’s provision of services. New Castle Gold may charge commission, charges and/or fees without notice. The Client agrees to be liable to New Castle Gold for interest on amounts due from Client to New Castle Gold at an interest rate of three percent (3%) above the then prevailing prime rate at New Castle Gold’s principal bank or the maximum interest rate allowed by law, whichever is lower.
All such charges shall be paid by the Client as they are to be incurred, or as and when New Castle Gold in its sole and absolute discretion may determine. The Client hereby authorises New Castle Gold to withdraw the amount of the aforesaid charges from Client’s Accounts(s). The Client agrees to pay a transfer fee, to be designated by New Castle Gold, in the event the Client instructs New Castle Gold to transfer open positions, moneys, and/or property of the Client’s Account to other institution(s). New Castle Gold confirms that all prices quoted to Client are not inclusive of mark-ups and markdowns. The Client shall be charged a premium or offered a discount on the precious metal trading contracts depending on the precious metal traded and whether it is a buy or sell transaction. This premium or discount shall be adjusted periodically and the Client is required to review the amendments online regularly.
The Client agrees that they shall be personally responsible for all government fees and taxes levied on the trades or profits of the trading activities. The Client hereby consents to New Castle Gold withholding or deducting such fees or taxes directly from Client’s Account when the same are due without prior notification.
- MARGIN DEPOSITS AND CALL MECHANISMS
- The Client shall provide and maintain the margin as required by New Castle Gold from time to time and the amount of such margin shall be determined in the sole discretion of New Castle Gold. New Castle Gold may change the amount of margin required from time to time without a reason. The Client agrees to deposit additional margin by telegraphic transfer immediately upon request made by New Castle Gold, and to promptly meet all margin requirements in such mode of transfer as New Castle Gold requires. The Client shall be responsible for all the charges incurred during the remittance or transfer, including bank handling fee, exchange rate difference and all other relevant expenses. The Client fully understands that it may take some time for New Castle Gold to process the Client’s relevant deposit and the Client is likely unable to use the deposit immediately as new position or as additional margin. The Client agrees to be responsible for all the losses which may arise from forced liquidation for failing to timely fulfil the margin call. Such losses may be greater than the amount of the Initial Cash Margin.
- The Client shall be entitled to require New Castle Gold to withdraw a specific amount from available cash balance at any time by giving notice. The Client agrees that it shall be liable to any expense incurred from remittance and transfer including bank handling fee, exchange rate differences and all other related expenses. The Client fully understands that it takes some time for New Castle Gold to process Client’s withdrawal, and it is highly likely that the Client may not receive the withdrawal immediately. The Client agrees not to hold New Castle Gold liable for any failure on the part of New Castle Gold to promptly meet the withdrawal requests made by the Client. The Client further acknowledges that New Castle Gold shall deduct the amount from the Client’s account balance immediately upon the issuance of the Client’s withdrawal request.
- New Castle Gold may liquidate the Client’s Account at any time in accordance with the provisions of this Agreement. Even if New Castle Gold does not exercise such rights, this does not mean that New Castle Gold waives the said right and the Client shall not be entitled to rely on the doctrine of estoppel. Previous margin requirements that may have been stipulated by New Castle Gold shall not preclude New Castle Gold from increasing future margin requirements without giving prior notice.
- Call mechanism: Under normal market conditions, the margin call mechanism is designed to hedge against the balance of the Account falling below the value of the capital deposited in that Account. When the current net worth is less than a certain percentage of the margin amount for opening a position, the margin call mechanism will automatically close the position suffering the greatest loss. The specific percentage is subject to the terms of the trade. Under adverse market conditions, particularly in the event of sharp price fluctuations, the loss arising from the liquidation execution price of the margin call mechanism may exceed the balance of the Client’s Account. The Client is obliged to reimburse the deficit in the Account without having been notified.
The Client agrees and acknowledges that all communications regarding Client’s Account(s) between the Client and New Castle Cold or its personnel may be electronically recorded with or without the use of an automatic tone warning device. The Client further agrees to the use of such recordings and transcripts thereof as evidence by either party in connection with any dispute or proceeding that may arise involving any Client or New Castle Gold. The Client understands and agrees that New Castle Gold shall delete such recordings at regular intervals in accordance with New Castle Gold’s established business procedures without separate notice to the Client.
- CREDIT REPORTS
The Client authorises New Castle Gold or agents in the name of New Castle Gold to investigate the Client’s credit standing and in connection therewith to contact such banks, financial institutions and credit agencies as New Castle Gold shall deem appropriate to verify information regarding the Client. The Client further authorises New Castle Gold to investigate the Client’s current and past investment activities, and in connection therewith, to contact such futures commission merchants, exchanges, brokers / dealers, banks, and legal data centres as New Castle Gold shall deem appropriate. Upon request made in writing by the Client to New Castle Gold, the Client shall be allowed to take copy of the aforesaid records, the costs and expenses of which shall be fully borne by the Client. The Client shall settle all relevant costs and expenses prior to taking any such copy.
- ABOUT COOKIES
- SECURITY TECHNOLOGY
New Castle Gold endeavours to ensure its website is secure and compliant with industry standards, and uses other data safeguards such as firewalls, authentication system (such as passwords and personal identification numbers) and access control mechanisms to control unauthorised access to systems and data. Notwithstanding, the Client cannot request the latest and/or most advanced security systems from New Castle Gold. The Client also agrees that they shall not be entitled to bring any claim or make any complaint against New Castle Gold regarding any loss incurred as a result of third party acts (including but not limited to system attacks and hacking).
- TRADING CODES
New Castle Gold offers free trading codes to the Client for the Hong Kong gold and silver markets but reserves the right to charge in the end. The Client shall keep confidential and secure its login data for the trading platform. Such login data is transmitted to the Client from New Castle Gold directly. Therefore, only the owner of the Account shall have such login data and shall enter the trading platform to make trades. The Client shall change its Password when logging on to the trading platform for the first time, and keep its Password safe as the Client shall be liable for all trading activities in its Account. When the Client suspects that its login information has been compromised by a third party, it shall immediate change its Password or notify New Castle Gold to change the same.
- BINDING EFFECT
This Agreement shall cover all Accounts of the Client at any time opened or reopened with New Castle Gold irrespective of any change at any time in the personnel of New Castle Gold or its successors, assigns, or affiliates. In the event of merger, consolidation or other changes, this Agreement (including all authorizations) shall inure to the benefit of New Castle Gold and its successors or assigns and shall be binding upon the Client and/or its estate, authorized representative, executor, administrators, legal representatives, successors and assigns. The Client agrees that the rights or obligations of the Client in respect of the trades shall be governed by the terms of this Agreement.
- ACCEPTANCE OF THIS AGREEMENT
This Agreement shall not be deemed to have been accepted by New Castle Gold nor become a binding contract between the Client and New Castle Gold until the Client has filled in the Account Opening Application Form provided by New Castle Gold and agreed to this Agreement and the same have been approved and confirmed by New Castle Gold.
- AMENDMENT TO THIS AGREEMENT
The Client understands, acknowledges and agrees that New Castle Gold may from time to time amend the terms of this Agreement. New Castle Gold shall notify the Client of any such amendment or change on the New Castle Gold website. The Client shall regularly review the amendments to these terms and the Client hereby agrees to be bound by same.
- WAIVER OR CHANGE
Save for the amendments announced by New Castle Gold on its network from time to time, no provision of this Agreement may be waived or amended unless the waiver or amendment is in writing and signed by both the Client and an authorised officer of New Castle Gold. No waiver or amendment of the right under this Agreement may be implied from any course of dealing between the parties or from any failure by New Castle Gold or its agents to assert its rights under this Agreement on any occasion or series of occasions. Except for liquidation of a position via the telephone, no oral agreements or instructions shall be recognised or enforceable.
- ASSIGNMENT OF RIGHTS
Pursuant to this Agreement, New Castle Gold may assign all or part of its rights and obligations to any person without the prior consent or approval of the Client, to which the Client shall not object or bring a claim. The Client’s rights and obligations under this Agreement shall not be assigned without the prior written consent of New Castle Gold.
- Personal information provided on the Account Application Form and other forms of New Castle Gold, such as name, address, date of birth, identification document or passport number, occupation, assets and income and the like;
- Data about matters between the Client and New Castle Gold and its affiliates;
- Information received from consumer reporting agencies;
- Information provided by the Client to verify identity such as a government document, passport or driving license.
New Castle Gold limits access to personal information to those employees providing services to the Client in order to provide services and introduce products to the Client. Electronic access to personal information in the system is also limited to when new Account is being applied for. These procedural safeguards are designed to protect the Client’s private information from being disclosed and to protect the Client’s privacy. New Castle Gold does not rent or sell the Client’s names and personal information to anyone, or otherwise make profit therefrom.
- In the event that any third party (including but not limited to persons, incorporations, public organisations or banks), whether within or out of Hong Kong, ceases, refuses and/or suspends provision of service of New Castle Gold as a result of the Client’s direct and/or indirect acts (including but not limited to complaints against or reporting the business operation of New Castle Gold), the Client shall be liable to compensate New Castle Gold for any resulting loss.
- CONSENT TO JURISDICTION AND VENUE
Any dispute, controversy or claim arising out of or relating to this Agreement, or the breach, termination or invalidity thereof, shall be governed by the laws of Hong Kong and settled by arbitration in accordance with the UNCITRAL Arbitration Rules and/or the local arbitration rules of the Hong Kong International Arbitration Centre at the date when arbitration notice is filed. The Hong Kong International Arbitration Centre (“HKIAC”) shall appoint one arbitrator (whose appointment the Client shall not object) and the venue for arbitration shall be in Hong Kong at HKIAC. The language of arbitration shall be Chinese. This Agreement shall be interpreted in accordance with the laws of Hong Kong, where New Castle Gold is situated. Any award rendered in such arbitration shall be final and binding and enforceable in accordance with the laws of any local and/or foreign court having jurisdiction.
- Arbitration Agreement
Any dispute between the Client and New Castle Gold arising out of or relating to Client shall be resolved by arbitration in accordance with Clause 36 in the Client’s Agreement. Any award rendered in such arbitration shall be final and binding and enforceable in accordance with the laws of any court having jurisdiction. By agreeing to this arbitration clause, the Client (a) waives its right to sue in a court of law; and (b) agrees to be bound by arbitration of any claims or counterclaims that the Client or New Castle Gold may submit to arbitration under this Agreement. Non-acceptance by the Client to be bound by this arbitration clause shall not prevent the Client from opening an Account with New Castle Gold.
- Governing Law and Jurisdiction
This Agreement, and the rights and obligations of the parties hereto shall be governed by, construed and enforced in all respects by the laws of the Hong Kong Special Administrative Region where New Castle Gold’s main office is situated, without giving effect to any conflict of laws doctrine that would interfere with or prevent the application of this provision. This Agreement together with the Client’s Account Application Form and the attachments therewith, constitute the whole and entire agreement and is limited to leveraged spot precious metal trading. This Agreement replaces and supersedes all prior written and oral agreement to which the parties are signatory relating to the subject matter of this Agreement, being leveraged spot precious metal trading.
In the event that New Castle Gold brings a suit against the Client, the courts in Hong Kong shall be the only “forum conveniens”. The Client shall not propose to bring a suit in any place out of the jurisdiction of Hong Kong on the grounds that its usual place of residence is not located in Hong Kong.
Please note that New Castle does not accept the use of any operating software to place orders. Discovery of the foregoing will result in a bar from trading, and New Castle Gold shall be entitled to recover all unlawful profits, the handling fees for capital injection and the fees for trading codes.
- RISK DISCLOSURE DECLARATION
Trading precious metal with margin contracts involves risks and might not be suitable for every investor. Prior to deciding to enter into precious metals trading contracts offered by New Castle Gold, the Client shall carefully consider its investment objectives, financial position, needs and trading experience. The Client may suffer loss in the trades. The Client shall take note of all relevant risks in the precious metals trade products offered by New Castle Gold prior to entering into precious metals trading contracts. Precious metals contracts products are only suitable for the Clients who fully understand market risks. The information offered by New Castle Gold is general opinion and has not taken into account the Client’s investment objectives, financial position or needs. New Castle Gold is not a financial adviser and the services it offers is limited to executing trade instructions. The Client is recommended to seek advice from independent financial consultant.
- ANTI-MONEY LAUNDERING AND COUNTER-FINANCING OF TERRORISM
Pursuant to the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”), to ensure its internal policies, procedures and measures are compliant with the laws, rules and guidelines on anti-money laundering and counter-financing of terrorism, New Castle Gold shall, inter alia, continuously monitor its Clients and the relevant trades, shall conduct due diligence checks on the Client pursuant to Schedule 2 of AMLO, and shall provide without delay copies of any documents or records obtained during due diligence process as requested by foreign or local regulatory organisation. As a financial institution, New Castle Gold has an absolute obligation to comply with and enforce the laws on anti-money laundering and counter-financing of terrorism, including the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (“AMLO”), the Drug Trafficking (Recovery Of Proceeds) Ordinance, the Organized and Serious Crimes Ordinance and the United Nations (Anti-Terrorism Measures) Ordinance. The Client warrants that the source of its funds is legitimate, and it shall comply with all anti-money laundering and counter-financing of terrorism measures of New Castle Gold, including but not limited to providing proof of the source of funds and proof of income and to disclose the ultimate beneficiary owner if necessary.
I hereby declare as follows:
The information and declarations contained in this Account Opening Application Form are true, complete and correct;
I will assume all responsibility for the instructions ultimately issued;
I am the person who is prepared to receive the commercial/economic benefits and/or to assume the commercial/economic risks of the trades.
I hereby acknowledge and agree that New Castle Gold shall fully rely on the above information and declarations for all intents and purposes.
I acknowledge and confirm that:
(1) I have read through the Client’s Agreement of New Castle Gold and the relevant Risk Disclosure Declaration(s) set out therein and New Castle Gold has asked me to read the abovementioned Risk Disclosure Declaration(s), to raise questions and to seek independent advice.
(2) I agree to be bound by the terms and conditions of the Client’s Agreement of New Castle Gold. I understand and confirm that New Castle Gold may amend the terms and conditions of the said Agreement from time to time. I acknowledge that New Castle Gold does not provide any advice or opinion on investment, tax or law.