CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Valid as of 30th March 2020
An agreement is made by Admiral Markets Pty Ltd ABN 63 151 613 839 AFSL 410 681 (Admiral) and the Client on the following provisions.
PLEASE READ THESE ACCOUNT TERMS CAREFULLY. THEY, INCLUDING THE RISK DISCLOSURE NOTICE AND ANY ATTACHED NOTICES OR SCHEDULES, WHICH MAY BE AMENDED AND/OR RESTATED FROM TIME TO TIME, SET OUT THE TERMS AND CONDITIONS UNDER WHICH WE PROVIDE SERVICES TO YOU AND CONTAIN IMPORTANT INFORMATION CONCERNING THE LEGALLY BINDING TERMS AND CONDITIONS APPLICABLE TO YOU AND THEREFORE FORM A LEGALLY BINDING AGREEMENT BETWEEN YOU AND US.
BY COMPLETING AND SUBMITTING OUR ACCOUNT OPENING FORM, YOU INDICATE YOUR AGREEMENT TO BE BOUND BY THESE TERMS, YOU MAY THEREFORE WISH TO OBTAIN LEGAL ADVICE BEFORE YOU PROCEED ANY FURTHER. YOU ALSO AGREE AND UNDERTAKE THAT YOU WILL NOT DISPUTE THE VALIDITY OF THESE TERMS AND CONDITIONS ON THE BASIS THAT YOU ENTERED INTO AN AGREEMENT WITH US ELECTRONICALLY.
WHERE YOU USE OUR SERVICES ON BEHALF OF A THIRD PARTY, INCLUDING YOUR EMPLOYER, YOU REPRESENT AND WARRANT THAT YOU ARE AUTHORISED BY SUCH THIRD PARTY TO ACCESS AND USE THE SERVICES AND TO AGREE TO THESE TERMS ON THE THIRD PARTY’S BEHALF.
WE PROVIDE SERVICES RELATING TO COMPLEX FINANCIAL DERIVATIVE PRODUCTS. THE CONTRACTS ON OUR ONLINE FACILITY ARE TRADED ON A MARGIN OR LEVERAGE BASIS, A TYPE OF TRADING WHICH CARRIES A HIGH DEGREE OF RISK TO YOUR CAPITAL. THE PRICE OF THE CONTRACT YOU MAKE WITH US MAY CHANGE QUICKLY AND YOUR PROFITS AND LOSSES MAY EXCEEDBE MANY TIMES THE AMOUNT OF YOUR INITIAL INVESTMENT OR DEPOSIT. IF YOU DO NOT HOLD SUFFICIENT FUNDS TO MEET YOUR MARGIN REQUIREMENTS, THEN WE MAY CLOSE YOUR OPEN POSITIONS IMMEDIATELY AND WITHOUT NOTICE AND YOU MAY THEN HAVE TO PROVIDE US WITH FURTHER FUNDS TO COVER ANY LOSSES. PLEASE READ THE RISK DISCLOSURE IN SCHEDULE 2 CAREFULLY TO UNDERSTAND THE RISKS OF TRADING ON A MARGIN OR LEVERAGE BASIS. TRADING IN THESE PRODUCTS MAY NOT BE SUITABLE FOR EVERYONE AND YOU SHOULD NOT TRADE OUR PRODUCTS UNLESS YOU UNDERSTAND AND ACCEPT THE RISKS OF TRADING ON A MARGIN OR LEVERAGE BASIS AND ARE ABLE TO SUSTAIN POTENTIAL LOSSES.
1.1 Admiral Products and other Transactions are issued and managed as set out in this document (as amended from time to time). The provisions in this document (as amended from time to time) are referred to as the Account Terms (see the definition inclause 36).
1.2 These Account Terms, encompassing the Application Form, Product Disclosure Statement, Financial Services Guide, this document, Client Suitability Policy, Client Money Policy, Margin Call Policy, Conflicts of Interests Management Policy, PrivacyPolicy and Negative Account Balance Protection Policy (together, the ‘Account Terms’), cover the Account you have with Admiral to manage your Transactions.
1.3 In order to establish your Account, you must send or provide to Admiral your completed and executed Application Form and that must be accepted by Admiral. Admiral may, in its absolute discretion, accept or decline to provide any one or more Admiral Products that you have selected in your Application Form.
1.4 This agreement will apply to you in respect of any type of Account offered by Admiral and all Admiral Products available under that Account that you have selected in the Application Form from the earlier of (a) the time Admiral accepts your Application Form; (b) the time Admiral otherwise agrees to provide the Admiral Products to you; and (c) the time you first place an Order in respect of the Admiral Products with Admiral or otherwise instruct us to provide a service in respect of the Admiral Product.
1.5 Your Application Form may be the initial form you give us to open your Account or it can be another form which you later give us to apply for other kinds of Admiral Products, in either case it will be in the form which we choose to accept. Your forms can be in paper or electronic form, as Admiral permits from time to time.
1.6 Admiral may in its discretion allow you to have two or more Accounts from time to time. A reference in this document to “Account” is a reference to all of the Accounts you have from time to time, unless the context requires a different meaning. For example, all of your Accounts are subject to set-off and netting in accordance with these Account Terms and will not be segregated from each other unless we expressly agree that in writing.
1.7 All Admiral Products offered by Admiral are subject to the Account Terms.
1.8 You should check that you have the latest version of terms applicable to the Admiral Products or service made available to you because that will apply to your Account even if you do not have a copy of them. In other words, if you later choose moreAccounts in order to have available to you more Admiral Products to trade in (if they differ by type of Account), all of the latest Account Terms will apply to them and you cannot later claim you did not have the latest version.
1.9 These Account Terms set out all of your agreement except only for those provisions which are imposed by law and which cannot be excluded by these Account Terms or have not been excluded by these Account Terms.
1.10 Admiral has a number of discretions under these Account Terms (set out in this document) which can affect your Transactions or your Account. You do not have any power to direct how we exercise our discretion. When exercising our discretions we will comply with our legal obligations as the holder of an Australian financial services licence. We will have regard to our policies and to managing all risks (including financial, credit and legal risks) for ourselves and all of our clients, our obligations to out counterparties, market conditions and our reputation. We will always try to act reasonably in exercising our discretions but in doing that we are not obliged to act in your best interests nor are we obliged to avoid or to minimise a loss in your Account.
Important Notice: Please read all of these Account Terms and in particular the provisions dealing with your obligations to maintainMargin cover and to pay Margin calls (clause 16) and limitations on the liability of Admiral to you (clauses 26 and 27).
2.1 You may from time to time place Orders with us to enter into Transactions via the Trading Platform. Orders are not Transactions. They are requests for Transactions. Subject to these Account Terms, we will execute your Orders as principal. We might allow you at times to place Orders by telephone (instead of the Trading Platform), but this is only for emergencies and do not assure you that this will be available at any time or at all. Even if we take your Order by telephone we do not assure you that it can be placed and implemented.
2.2 We will use our reasonable endeavours to execute your Orders. We will not be responsible for delays or errors in the transmission or execution of your Orders (except to the extent that responsibility cannot be excluded by law).
2.3 We may refuse to accept an Order and we may place a limit on any Order or place other conditions on the receipt of instructions or Orders, in our absolute discretion and without giving any reason or any prior notice. We may at any time use, add and change filters within a trading system which prevent delivery of Orders or execution of Orders without giving any reason or any prior notice. We will notify you of any refusal or limitation as soon as reasonably practicable, unless we are prevented by law or a direction from a regulatory authority from notifying you or we decide it is in accordance with our compliance policies and procedures not to notify you at that time or at all.
2.4 Without limiting our discretion, we may cancel or amend an Order in any of the following cases:
2.5 We will make reasonable efforts to effect any instructions to cancel or to amend Orders as quickly as possible. If, however, an Order is filled prior to a cancellation or amendment instruction being effected, you are obliged to accept the Transaction on the original terms of it prior to your amendment or cancellation instruction; unless the Transaction is itself is cancelled or amended.
2.6 We may execute Orders for you even in circumstances if we or our associates:
2.7 Notwithstanding any rule of law or equity to the contrary, Admiral is not disqualified from contracting with any person and no contract, Transaction or arrangement in which Admiral is in any way interested is avoided or rendered voidable by virtue of your agreement with us or a Transaction. Admiral is not liable to account to you for any profit realised by any such contract, Transaction or arrangement in connection with these Account Terms or a Transaction. Admiral is not required to make any disclosure to you concerning any such contract, Transaction or arrangement.
2.8 We, our related bodies corporate and our other associates may enter into Transactions with you as principal. We, our related bodies corporate and our other associates may (and we will by means of our hedge contracts) take the opposite position in a Transaction with you (in addition to the Transaction with you). Your Orders may match opposite Orders of another person who is our client, and this may entitle us to receive fees, charges or commission from them.
2.9 You are aware of and acknowledge the rights of Admiral, its related bodies corporate and their respective directors and employees, either on their own account or on behalf of other clients or persons, to deal in any Transaction or take the opposite position to you in Transactions, if permitted (or, if not expressly permitted, then if not prohibited) to do so by the Corporations Act and the Rules.
2.10 You acknowledge that we do not operate any discretionary accounts and we will, unless otherwise expressly provided by these Account Terms, only act on your Orders (including those given by your Authorised Person).
2.11 Unless otherwise specified in this document, all Orders will remain open until either cancelled by you or purged by the Trading Platform. An Order or unfilled part of an Order will be purged as determined by Admiral without having to notify you of that. Once an Order has partially traded, only the remaining volume can be cancelled and you remain liable for the volume traded. We do not accept responsibility for reinstating lapsed Orders or for contacting you to seek new instructions.
2.12 If an Admiral Product’s security code or other identifier changes, then you are responsible for replacing all live and contingent Order codes with the new relevant security code or identifier. We will not be responsible for any live or contingent Orders with the incorrect security code or identifier.
2.13 You must not instruct us to submit an Order to enter into an Transaction which would breach or cause us or any other person to breach the Corporations Act, the Rules or any other Applicable Laws including, without limitation, any law or the Rules in relation to: (a) market manipulation, false trading, market rigging, fictitious Transactions, wash trading or matching of Orders; (b) insider trading; (c) short selling; (d) creating a disorderly market or otherwise prejudicing the integrity or efficiency of the market; or (e) misleading or deceptive conduct.
2.14 Your Order to Admiral to enter into a Transaction and the Transaction remains valid and enforceable against you, without affecting your other liability to Admiral, even if you (or your Authorised Person) are not authorised by your own rules (such as a corporate or trust constitution or an investment anagement agreement).
2.15 You agree not to make any Claim against Admiral for any Loss incurred or suffered by you which arises in connection with or directly or indirectly caused by an exercise of any power by the operator of a Financial Market (whether or not Admiral has given you a Confirmation in respect of any affected Transaction and whether or not that exercise of power was in relation to a particular contract made by Admiral to hedge its Transaction with you).
3.1 On any Business Day you may request Admiral to quote the rate at which you may enter into a Transaction.
Guidance note: When requesting a price quote for Admiral Products you will see a Bid Price and an Ask Price (collectively ‘the quotes’) being a lower and higher price at which you can place your Order.
3.2 Immediately upon receiving the quote, you may by the Trading Platform give Admiral your Order for Transaction equivalent to that for which the quote was sought. Receipt by Admiral of your instruction will constitute an offer by you to Admiral to enter into such a Transaction.
3.3 Admiral is under no obligation to accept your offer to enter into a Transaction , and without limitation, is not obliged to accept your offer to enter into a Transaction: (a) if you have exceeded or would exceed a limit applying to you as notified by Admiral; or (b) until Admiral has received the Initial Margin required in respect of that Transaction, in cleared funds.
3.4 The Initial Margin required in respect of a Transaction will be payable immediately when Admiral accepts your offer to enter into a Transaction.
3.5 Admiral may, in its absolute discretion, limit the value of Transactions you may have outstanding under these Terms:
3.6 Admiral may vary this limit at any time by notice to you.
4.1 A Finance Charge Adjustment or a Finance Credit Adjustment (as the case may be) will be applied in accordance with clause 14.
4.2 If you are the Long Party to an Equity Derivative, and the issuer of the Underlying Reference Instrument makes a cash distribution in respect of the Underlying Reference Instrument (for example, a dividend in respect of a Underlying Reference Instrument which is a share), Admiral will credit to your Account in respect of the Equity Derivative an equivalent amount (less any Taxes and costs) within a reasonable period following the date the cash distribution is paid in respect of the Underlying Reference Instrument corresponding with your Equity Derivative being the amount that will be equal to the cash dividend payable to the holder of the Underlying Reference Instrument multiplied by the quantity (being the Lot and Contract Size applicable to the Transaction) on the first Business Day following the ex dividend date for the Underlying Reference Instrument. Admiral is not obliged to pay to you any amount under this clause unless and until it receives that amount as the owner of the Underlying Reference Instrument or an equivalent amount under the Hedge Contract acquired in respect of the Equity Derivative. Further, Admiral is not liable to pay to you any amount in excess of the amount (less any Taxes and costs) which Admiral itself receives either as the owner of the Underlying Reference Instrument or pursuant to a Hedge Contract acquired in respect of the Equity Derivative.
4.3 If you are the Short Party to an Equity Derivative, Admiral will debit your Account with an amount that will be equal to the gross (unfranked) cash dividend payable to the holder of the Underlying Reference Instrument multiplied by the quantity (being the Lot and Contract Size applicable to the Transaction) on the first Business Day following the ex dividend date for the Underlying Reference Instrument.
4.4 If the Underlying Reference Instrument on which an Equity Derivative or Indices is issued is subject to an Adjustment Event or possible Adjustment Event, Admiral will determine the adjustment, if any, that will be made to the Contract Value of that Underlying Reference Instrument, the related quantity (being the Lot and Contract Size applicable to the Transaction ) (or both) that would have placed the parties in substantially the same economic position they would have been in had the event not occurred. Admiral will notify you as soon as practicable of the adjustment. In the absence of any manifest error any adjustment determined will be deemed to be conclusive and binding on you.
4.5 Admiral may give you an opportunity to elect to participate in an adjustment to the Equity Derivative which corresponds with the Adjustment Event, but Admiral is not obliged to give you that opportunity, or give reasonable notice of it or make its terms correspond exactly with the Adjustment Event, nor is Admiral obliged to accept in part or at all any election you make to participate. Any adjustment will take effect at the time determined by Admiral.
4.6 If the Underlying Reference Instrument is subject to a take-over offer or similar event, Admiral may at any time prior to the closing date of the offer provide you notice of Admiral’s intention to Close Out the Equity Derivative with the Current Market Price being the price notified to you by Admiral.
4.7 If at any time an Adjustment Event occurs and it is not reasonably practicable as determined by Admiral in its absolute discretion to make an adjustment, then without limiting other rights, Admiral may at any time after the Adjustment Event Close Out the Equity Derivative.
4.8 References to “offer”, “take-over” and “closing date” in the Account Terms have the same meaning given to them in the Corporations Act 2001 from time to time.
5.1 You may at any time give Admiral notice of your request to have all or any of your Open Positions Closed Out via the Trading Platform. (Placing an Order which is opposite your Open Position will not be sufficient to Close Out.) Admiral will as soon as reasonably practical Close Out the Open Positions which you have selected to Close by making a matching and opposite Transaction for each Open Position. Without limiting Admiral’s discretion this may occur as soon as practicable after the later of:
5.2 The difference (if any) between the Contract Values of the matching Transactions if positive, will be a “Realised Profit” and, if negative, will be a “Realised Loss”.
5.3 You acknowledge that if you give Admiral standing instructions via the Trading Platform to enter into a Transaction when a particular price or index level is reached, the actual price at which the Transaction is entered into might not be that exact price or be based on that exact level.
5.4 If the issuer whose financial product represents the Underlying Reference Instrument on which all or part of an Equity Derivative is based becomes externally administered in accordance with the meaning in the Corporations Act (or equivalent legislation), the Equity Derivative will be taken to have been Closed at that time. The Current Market Price of the Equity Derivative will be determined by Admiral who may consider a number of factors it deems appropriate including, for example, the last traded price of the Underlying Reference Instrument.
5.5 If the Underlying Reference Instrument on which the Equity Derivative or Indices is based ceases to be listed for quotation on an Exchange or be published, or for three (3) consecutive Business Days is suspended from quotation, Admiral may, in its absolute discretion, without limiting its other rights, terminate the relevant Equity Derivative or Indices. If Admiral elects to do so then:
5.6 If Admiral determines that the Contract Value of an Equity Derivative or Indices cannot be calculated on or with effect on the Closing Date for any reason, the Contract Value will be the value determined by Admiral in its sole discretion.
5.7 The Closing Out of a Transaction in accordance with these Account Terms will constitute a complete discharge of all obligations of Admiral with respect to that Transaction.
5.8 When a Transaction is Closed Out in accordance with the Account Terms which:
5.9 If you have requested payment of any money permitted to be paid to you under the Account Terms, Admiral will at the time of payment deduct the amount of that payment from your Account.
5.10 Admiral may set off any money owed to you under the Account Terms against any money owed by you in respect of a Transaction. If such a set-off is made, references in the Account Terms to Realised Profit and Realised Loss will be read as including the net amount of Realised Profit or Realised Loss (as the case may be) remaining after the set-off.
6.1 During the term of your Transactions, Admiral will determine the value of your Account, based on the current value of the Admiral Products in your Account defined as your Equity.
6.2 The current value of your Admiral Product positions will be ordinarily marked to market on a continuous basis, using the Current Market Price.
6.3 Your Equity will be used to assess your Free Margin against Open Positions and any potential new positions you take.
6.4 All calculations made by Admiral in good faith for the purposes of these Account Terms in the absence of any manifest error will be binding on you.
7.1 Admiral may accept your authorisation of another person (Authorised Person) to give instructions and place Orders on your behalf. You must notify Admiral in your Application Form or otherwise in writing of any such authorisation, setting out the full name, telephone number, fax number, email address and specimen signature of that person and any other information required by Admiral to identify the Authorised Person.
7.2 Any change or revocation of such authority is only effective upon receipt by Admiral of a signed written notice of change or revocation from you. If another person is later appointed an Authorised Person, the notice must include the full name, telephone number, fax number, email address and specimen signature of that person and be verified by an Authorised Person and any other information required by Admiral to identify the Authorised Person and, if you are a body corporate, by a director.
7.3 You may appoint an attorney (under a power of attorney in the relevant jurisdiction) to give instructions and place orders on your behalf or otherwise to do anything which you are entitled to do in connection with or under these Account Terms. You must notify Admiral in writing of any such appointment setting out the attorney’s details. You must provide Admiral with a written power of attorney; Admiral may accept or reject this power of attorney.
7.4 Admiral may allow a Client which is a corporation or other legal entity to authorise a person (who is by that authorisation an Authorised Person) or an attorney to do anything which the Client is entitled to do under these Account Terms, including on conditions determined by Admiral.
7.5 Admiral may allow any other Client to authorise its Authorised Person or attorney to do anything which the Client is entitled to do under these Account Terms, including on conditions determined by Admiral.
7.6 For the purposes of these Ac*count Terms, Orders placed by, and other instructions or directions given by, an Authorised Person (or which appear to us on the face of the Orders or other instructions or directions to be placed or given by an Authorised Person) are taken to be your Orders, instructions or directions.
7.7 You are and remain solely liable and responsible for all acts and omissions of your Authorised Person notwithstanding the act or omission of the Authorised Person was: (a) outside their actual or ostensible authority; or (b) in error, fraudulent, negligent, in breach of their fiduciary duties or criminal.
7.8 You agree not to make, and you release us from any liability to you under your right to make, any Claim against us for any Loss incurred or suffered by you which arise directly or indirectly due to us relying on instructions from or other communications from or acts or omissions by your Authorised Person (including your attorney).
8.1 You must keep all passwords secret and ensure that unauthorised third parties do not obtain access to your facility for Transactions under these Account Terms.
8.2 Transmission of an Order (or any other instruction) by you will not constitute a binding contract with Admiral until confirmed by Admiral via the Confirmation.
8.3 You must execute, or otherwise authorise Admiral to execute, all such agreements and other documents as required to enable the provision of the services and Admiral Products contemplated in this document. You appoint Admiral as your attorney to do all things necessary to enter into such agreements on your behalf such as accessing databases to confirm your identity.
Guidance note: remember that Admiral only ever acts as principal when it issues an Admiral Product to you. It does not act as youragent when entering into Transactions.
8.4 You also appoint Admiral as your agent to the extent necessary and confer upon Admiral authority to do, or omit to do, all things reasonably necessary to perform Admiral’s functions and all things reasonably incidental to the performance of its functions which it does not otherwise have power to do so (as your attorney or in any other way).
Guidance note: remember that Admiral only ever acts as principal when it issues an Admiral Product to you. It does not act as your agent when entering into Transactions.
9.1 If you have provided Admiral with an email or other electronic address in the Application Form or otherwise in writing and Admiral accepts that, you consent to Confirmations being despatched to it electronically. The Client acknowledges that each Confirmation is subject to the correction of errors and omissions.
9.2 If our service provides Confirmations by accessing a substantially continuously available service, you consent to your Confirmations being available by those means instead of being sent to you.
9.3 You can agree with us, if permitted by Applicable Laws, not to give you a Confirmation or to provide Confirmations to an address or person nominated by you.
9.4 You acknowledge that Admiral may, from time to time, approve an agent to provide the Confirmation and the Confirmation may be a joint Confirmation covering the services of Admiral and of another person from time to time.
9.5 It is your obligation to review any Confirmation we send to you immediately to ensure its accuracy and report any discrepancies that you may have to us within 48 hours. Confirmations being your daily statements can be viewed electronically through the Trading Platform.
10.1 You, the Client, represent and warrant that as at the date of these Account Terms and at all times during these Account Terms:
Guidance note: your Admiral Products do not give any entitlement to any Underlying Reference Instruments but if you trade both Admiral Products and directly into the underlying markets, all of your investments may be taken into account by regulators so we urge you to be aware of and comply with all Applicable Laws for all of your investments.
11. CLIENT ACKNOWLEDGEMENTS
11.1 You, the Client, acknowledge and confirm to Admiral for Admiral’s benefit in relying on the following:
12.1 Admiral will act honestly and exercise due care and diligence at all times in its performance of these Account Terms.
12.2 Admiral will use reasonable endeavours to execute or to arrange the execution of your Orders, on these Account Terms.
12.3 Apart from any warranties and representations which are imposed or implied by law and which cannot be excluded, Admiral makes no warranties in relation to any service or information provided or made available to you in connection with these Account Terms. To the full extent permitted by law, Admiral excludes liability for all costs, expenses, damages and Losses (including consequential loss) arising in connection with such services or information, or these Account Terms (including, without limitation, liability for negligence).
13.1 The Client acknowledges and understands that there are risks involved in Transactions, including:
13.2 No advice or recommendation is provided by Admiral in relation to your Transactions unless expressly stated otherwise.
14.1 Any profit or loss net of any fees and charges (that is, the realised gain or loss) arising on Closing Out a Transaction will be credited or debited (as the case may be) against the Equity of your Account, in the Account Currency.
14.2 You must pay to us or as we direct:
Guidance note: this is the rate of interest you pay if you default on making any payment to Admiral. It is not the rate for any Finance Charge Adjustment. Any amount or rate or formula which is to be specified by Admiral may be specified by a PDS, FSG, a supplementary disclosure document or in any other permitted way of notifying you, such as on Admiral’s website. The amount of any fees and charges or other amounts payable by you to Admiral in respect of any Transaction will be set out in the Confirmation of that Transaction to the extent known at the time.
14.3 You agree that Admiral may:
14.4 Admiral may receive commissions and other benefits from other parties in relation to Transactions Admiral enters into with you or on your behalf or in connection with other services provided to you. Admiral is entitled to retain such commissions and benefits.
14.5 If you have been referred to us or on behalf of a broker or other third party, that broker or third party may receive benefits in the form of a commission or rebate from us.
14.6 Unless otherwise agreed, the terms of any amounts payable by you under these Account Terms are stated exclusive of GST. You must pay the GST on the amount charged for the supply of the service, unless that is not permitted by law. Admiral will when required by law and as far as practicable state in Confirmations the amounts as GST-inclusive.
14.7 The amounts of or basis of calculating the fees, commissions and charges referred to in this clause 14 will be as notified from time to time in writing by Admiral, either by way of a PDS, postings on the Trading Platform, notification to your contact address, posting to Admiral’s website or as otherwise agreed with you or permitted by these Account Terms.
14.9 You must reimburse Admiral for all fees (both direct and indirect) and expenses charged in connection with any Transaction (other than Tax on the income of Admiral) and for all costs and expenses incurred by Admiral in implementing these Account Terms and in enforcing its rights under these Account Terms (including its legal costs of external or internal legal advisers on a full indemnity basis).
14.10 Open Positions held Overnight will be charged a Finance Charge Adjustment or will be entitled to receive a Finance Credit Adjustment as determined by Admiral on an Account at any time chosen by Admiral, such as (without limitation):
The calculation for an Overnight Finance Charge Adjustment or Finance Credit Adjustment for FX Products and Metal Products is as follows:
F = S * L * P
F = Daily Finance Charge (negative)/Finance Credit (positive)
S = Swap Rate (positive or negative)
L = Number of Lots
P = Pip Value in Account Currency based on 1 Lot
The calculation for an Overnight Finance Charge Adjustment or Finance Credit Adjustment for Equity Derivatives and Indices is as follows:
F = CV x (FR/100)/360
F = Daily Finance Charge (negative)/Finance Credit (positive)
CV = Contract Value of the Equity Derivative and Indices Open Positions, at the time the Equity Derivative or Indices is established
FR = the Finance Rate.
14.11 You remain liable to pay the Finance Charge Adjustment even though:
14.12 You acknowledge that you are responsible for your own legal costs associated with entering into these Account Terms and for all Taxes and expenses incurred by you in connection with these Account Terms, including any Transaction made under it.
14.13 All payments by you under these Account Terms are:
14.14 If there has been no trading activity on (any of) your trading Account(s) for a period of 24 months (effective from the last trade and starting the day thereafter), an inactivity fee as specified in our price list will be imposed. The fee will be deducted on a monthly basis on any positive balance of your trading Account(s). The fee will be imposed on each and every separate inactive trading Account. To be clear, the fee(s) will be deducted on an account basis and not on a customer basis. Before starting to deduct the fee(s) from your balance(s), Admiral will make reasonable attempts to contact you regardingany funds held in your trading Account(s) to inform that the fee(s) will be imposed. It is your responsibility to keep your contact details, that you have shared with Admiral, up to date at all times. Admiral will not charge your inactive trading account(s) if they do not have a positive balance. Your trading account balance will not go below zero. However, if the positive balance is less than the monthly inactivity fee, Admiral will deduct the full remaining amount of funds held in your trading account(s) balance. All trading accounts that have been inactive more than 24 months and has or reaches a balance of zero, will be archived. Should the you choose to reactivate your trading account by trading again, the inactivity fee for up to three previous months where there has already been a deduction will be refunded to your Account. Should you qualify for any of the said refund(s) it will be made on an account basis.
14.15 Admiral will give notice to you of any change in its fees and charges or other amounts payable by these Account Terms in accordance with Applicable Laws except rates will change at any time, as available via the Trading Platform 1.
14.16 If GST is payable on a taxable supply made by Admiral under, by reference to, or in connection with these Account Terms, you must also pay the amount of GST payable in respect of that taxable supply. This clause does not apply to the extent that consideration for a supply is expressly stated to you to be GST inclusive. Terms which have a defined meaning in the A New Tax System (Goods and Services Tax) Act 1999 have that meaning in this document.
15.1 Admiral must deal with any money and property which you pay or give to, or which is otherwise received by Admiral in connection with financial services provided by Admiral, in accordance with the Applicable Laws. For example, Admiral may be required to pay such moneys into the Admiral Trust Account which complies with the requirements of the Corporations Act. You acknowledge and authorise that:
15.2 If Admiral pays your funds to another person at your request, Admiral is not liable to you for the performance by the other person who receives the benefit of the payment of your funds. In particular, without limitation, Admiral is not obliged to enquire into:
15.3 You agree that Admiral is entitled to all interest earned on moneys credited to any Admiral Trust Account unless you and Admiral have otherwise agreed in writing.
15.4 The moneys to which you are entitled under these Account Terms and which are under the control of Admiral will be paid directly to you and not to any third party, unless you have otherwise instructed us to do so and we agree. You must provide relevant account details for payment instructions in respect of payments to be made by Admiral to you. Although Admiral will take reasonable steps to comply with your payment instructions, Admiral accepts no responsibility for any failure to comply with those instructions and, if such failure occurs, the relevant moneys will continue to be held by Admiral in accordance with the Corporations Act and Applicable Laws.
15.5 You authorise and direct Admiral to withdraw any or all moneys to which you are otherwise entitled in any Admiral Trust Account maintained by Admiral to meet any liability, obligation or other Loss which you owe to Admiral including to pay for your Admiral Products (including payment for Margin) or to pay any other person you have dealt with using Admiral as your agent.
15.6 You authorise and direct Admiral to withdraw realised and unrealised profits you are otherwise entitled to in any Admiral Trust Account where you have requested Negative Account Balance Policy relief and Admiral had decided to exercise its right to extend such relief.
15.7 You authorise and direct Admiral to withdraw any or all moneys to which you are otherwise entitled in the Admiral Trust Account for the purposes of depositing such moneys into the wholesale client trust account in the event you are reclassified by Admiral as a wholesale client.
15.8 You acknowledge that Admiral is entitled to be paid from those moneys to which you are otherwise entitled in any Admiral Trust Account maintained by Admiral an amount sufficient to meet any liability, obligation or other Loss which you owe to Admiral.
15.9 If you pay moneys into any Admiral Trust Account maintained by Admiral in anticipation of you creating and meeting any liability, obligation or other Loss which you will owe to Admiral including to pay for your Admiral Products (including payment for Margin), by these Account Terms you authorise and direct Admiral to withdraw those moneys to pay Admiral in advance of that liability arising. Your payment into the Admiral Trust Account will be deemed to be subject to this direction unless you tell Admiral otherwise. You agree that these Account Terms are a sufficient written direction by you for the purposes of authorising and directing Admiral to make the withdrawal on these Account Terms; subject to any other written direction you give Admiral from time to time.
15.10 All currency exchange risks regarding any payment instruction or any Order or Transaction entered into or arranged for you by Admiral is your responsibility. Any conversion from one currency to another required to be made for performing or executing any payment instruction, Order or Transaction may be effected by Admiral in the manner and at the time and at the exchange rates that Admiral, in its absolute discretion, decides.
16.1 You agree and acknowledge each of the following:
16.3 Admiral may (without notice to you) Close Out, but will not be obliged to Close Out or to attempt to Close Out, some or all Open Positions, at that time or any later time as Admiral determines (whether in its discretion or by automatic trading platform management) if:
17.1 Each of the following constitutes a Default:
17.2 Nothing in these Account Terms limits your rights to claim a default by Admiral which is not expressly set out in these Account Terms or for you to take any proper action you determine is appropriate to claim or to recover for any Loss arising from your claim. You agree that it is reasonable for you to have general rights to claim and act on events of default by Admiral and not have specific rights following Admiral’s default in order to avoid the possible result that by having such specific defaults and specific consequences all Transactions of all of Admiral’s clients could prematurely terminate, which result could cause irrevocable loss to some or all clients and those losses could be adversely increased by such an automatic termination.
18.1 Upon or after any Default occurring, Admiral, in addition to any and without prejudice to any other rights it may have under these Account Terms, has the right and power in its sole absolute and unfettered discretion and without necessity to give prior or any notice to the Client take any action, or refrain from taking action, which it considers reasonable in the circumstances in connection with Transactions entered into pursuant to these Account Terms and, without limitation, Admiral may:
18.2 In respect of any action which Admiral takes, or refrains from taking under this clause, you must account to Admiral as if Admiral took, or refrained from taking, the action on your instructions and, without limitation, you are liable for any deficiency and are entitled to any surplus which may result.
18.3 In exercising any right of sale of any property under these Account Terms, Admiral may sell (or arrange for the sale of) the property:
18.4 Upon any sale purporting to be made in the exercise of the powers conferred by these Account Terms or otherwise, no purchaser will be:
18.5 Admiral will not forgo any of the rights outlined in this clause incurred as a result of a delay in the exercise of such rights; if Admiral does not exercise any of its rights it may do so at any time in the future.
18.6 Any action taken by Admiral will not limit any other provision of these Account Terms and be without prejudice to any of rights Admiral may have to any remedy or damages.
18.7 Subject to Applicable Laws on the right to access moneys in an Admiral Trust Account, Admiral may appropriate credits and all payments received from or on behalf of the Client or held on behalf of the Client in reduction of any moneys owing by the Client to Admiral whether on the Account or on any other account including, but not limited to, accounts with Admiral for dealing in any Admiral Products.
18.8 The Client acknowledges that Admiral has a lien over all Admiral Products of the Client in the possession or control of Admiral for any charge, expense (including any applicable costs, stamp duty and administration fees) and any amount owing to Admiral.
19.1 The terms of the Guarantee and Indemnity in this clause 19 are terms which are incorporated into the Deed of Guarantee and Indemnity made by the person who executes it as “guarantor” in the Application Form which expressly refers to and incorporates by reference these Account Terms (even though it is in these Account Terms).
19.2 The Guarantor guarantees to Admiral the performance by the Client (i.e. the applicant named in the Application Form) of the Client’s obligations under the Account Terms and agrees to indemnify and to keep indemnified Admiral and its employees, agents and representatives against any and all liability or Loss (including any consequential loss or damage suffered by Admiral) arising from, and any reasonable costs (including any reasonable legal costs and expenses on a solicitor and own Client basis), damages, charges and expenses incurred by Admiral arising out of any default, whether by act or omission, of the Client: (a) to pay Admiral any moneys which are due and payable by the Client pursuant to the Account Terms; or (b) to fulfil the Client’s obligations to Admiral under the Account Terms.
19.3 This guarantee and indemnity are continuing several obligations of each person who signs or adopts these Account Terms as Guarantor notwithstanding termination of all or any part of the Account Terms of dealing and will not be affected in any way by:
19.4 The Guarantor acknowledges and agrees in favour of Admiral that:
19.5 Admiral may in its sole discretion choose to enforce this document against any one or more persons who have signed this document or adopted its terms as “Guarantor” or other provider of credit support to Admiral regarding the Client’s obligations to Admiral;
20.1 The Client agrees to examine the terms of each Confirmation immediately upon receipt and the Client agrees that the contents of a Confirmation, in the absence of manifest error, will be conclusive evidence of the executed deal, unless within 48 hours of issue of a written Confirmation the Client notifies Admiral of any disputed detail in the Confirmation received by the Client.
20.2 Upon receipt of written notice within the 48 hour period to a disputed detail, Admiral will investigate the dispute and in cooperation with the Client must endeavour to resolve the dispute in good faith. Notwithstanding any such dispute, the Client will continue to satisfy its obligation to pay Margin calls made by Admiral in respect of the derivative position as if the Confirmation was correct and the details contained in the Confirmation were not the subject of dispute.
20.3 Complaints (which do not include disputed details) must be referred to us in accordance with the procedures set out in our FSG from time to time. Unresolved complaints will be referred to the Australian Financial Complaints Authority (AFCA). AFCA is a new external dispute resolution (EDR) scheme to deal with complaints from consumers in the financial system.
Using AFCA is free to consumers. If you would like to access the scheme, please lodge a complaint:
Phone: 1800 931 678
Mail: Australian Financial Complaints Authority GPO Box 3 Melbourne VIC 3001
21.1 Admiral may record any or all incoming and outgoing phone calls with the Client with or without the use of an automatic tone warning device and without making a disclosure of the recording being made. The Client agrees to the use of such recordings and their transcripts for any purpose which Admiral considers desirable including as evidence in any dispute between Admiral and the Client.
21.2 Recordings may be used to assess the performance of or to train Admiral’s representatives, monitoring compliance with Admiral’s respective regulatory and contractual obligations and resolving disputes.
21.3 Admiral is not obliged unless Applicable Laws require for it to keep any transcripts or copies of any telephone recording or conversation nor to tell the Client when it disposes of the record.
21.4 Admiral agrees that upon request, copies of any telephone recording or transcript relating to your dealings will be provided to the Client in the event of a dispute or anticipated dispute with respect to such dealings. The Client agrees to pay any reasonable cost associated with providing any such transcript or copy.
21.1 The Client acknowledges that information may be provided to any regulatory authority or any other person or organization where Admiral reasonably considers that the disclosure is required by Applicable Laws, regulatory requirement or necessary to protect Admiral’s interests. The Client authorises Admiral to provide any such information concerning your Account, these Account Terms, and any Transaction entered into or proposed to be entered into by the Client.
22.2 You must, upon the request of Admiral, take all reasonable steps to deliver to Admiral all information and documentation relevant to trading in Admiral Products.
23.1 Admiral may from time to time provide one or more Trading Platforms to you. Admiral may withdraw or suspend access to the Trading Platform in its absolute discretion at any time without prior notice to you.
23.2 The Client is responsible for the confidentiality and use of any user-name login and password issued by Admiral and agrees that it will not disclose any such information to third parties. If the Client becomes aware of any unauthorized use, loss or theft of its user-name login and/or password, it must notify Admiral immediately. Admiral may cancel your user-name and/or password without notice, Admiral will notify the Client as soon as practical should this happen.
23.3 The Client acknowledges that the Trading Platform includes information which is supplied by persons not controlled by Admiral (Information Vendors) and that Admiral has not verified any information provided by an Information Vendor and that it is acting solely in the capacity as a carrier by conveying the information to the Client. Except to the extent required by law, neither Admiral nor any Information Vendor makes any representation or warranty as to the accuracy, timeliness, suitability or completeness of any information accessed via the Trading Platform. The Client agrees that information is provided via the Trading Platform is provided for its own use and that it may not on sell, disclose or make available such information to any other person without the prior consent of Admiral or the Information Vendor as appropriate.
23.4 Admiral agrees to grant the Client access to Trading Platforms through your internet browser or other devices, for the electronic transmission of orders to the Clients’ Account with Admiral.
23.5 Admiral will permit the Client electronically to monitor the activity and positions in its Account by providing a Trading Platform. The Trading Platform may be a proprietary service offered by Admiral or a third party system offered by another broker, vendor or exchange.
23.6 The Trading Platform includes all software and communication links. In accordance with these Account Terms, Admiral agrees to supply the Client with software for use with the Trading Platform, and to agree to grant the Client a nonexclusive and nontransferable licence to use the Trading Platform subject to these Account Terms.
23.7 The Client agrees to use the Trading Platform software solely for their internal business or investment purposes.
23.8 If the Trading Platform is to be provided by a third party, the Client agrees and acknowledges that Admiral will receive benefits in accordance with the terms of any agreements between the third party service provider and the Client as if Admiral were a party to the agreement.
23.9 The Trading Platform provided by Admiral may be used to transmit, receive and confirm the execution of Orders, subject to the operating rules of the Trading Platforms, limits imposed on the Account, electronic data and communication transmission, market conditions and Applicable Laws.
23.10 Admiral consents to your access and use in reliance upon the Client having adopted procedures to prevent unauthorised access to and use of the service, in any event, the Client agrees to any financial liability for trades executed through the service.
23.12 Admiral may institute or change any policies at any time relating to the use of the Trading Platform. Bulletin boards may be subject to limitations on usage, reproduction or dissemination, and the Client remains responsible for adhering to any such limitations.
23.13 The Client acknowledges and agrees that the Trading Platform may be delayed by filters or other electronic features of the electronic system.
23.14 There are significant risks in trading through the Trading Platform because it is serviced by means of computer and telecommunications systems, even if generally accepted industry standards and practices are followed, including that your data may not be protected, and there are risks that other users of the Trading Platform, institutions or brokers may be able to see your Orders and other communications relating to trading and execution without your (or our) consent and that third parties (including persons on private networks) will have the ability to attach to your network.
23.16 You are responsible for providing and maintaining the communications equipment and telephone or alternative services required for accessing and using the Trading Platform and for any communication service fees and charges incurred by you in accessing and using the Trading Platform.
23.17 You are responsible for ensuring you have in place alternative arrangements for the execution of Orders or other services available through the Trading Platform, if the Trading Platform or any aspect of it ceases to be available or subject to failure (including, for example, arrangements for the use of telephone or facsimile).
23.18 You must notify us immediately if you become aware of any inaccurate information being transmitted through the Trading Platform including, for example, inaccurate content as to Orders, Transactions, Balances or Equity.
23.19 You must only use the Trading Platform for your own internal business and investment purposes.
23.20 You also agree to be bound by any terms and conditions of access and use which we or any third party provider of a Trading Platform may specify and notify to you, from time to time.
23.21 You are responsible for reading, understanding and complying with the details of the operational aspects of the Trading Platform. It is important that you read and understand any operational procedures or rules relating to the Trading Platform and which are made available either by Admiral. Further information on how to use and understand the Trading Platform can be obtained on our website or the user guide available on the Trading Platform.
23.22 You are responsible for the consequences of any unauthorised disclosure or use of Security Information, and for any actions or omissions by an Authorised Person.
23.23 We (or any third party providing the Trading Platform) may suspend, terminate or impose conditions on the use by you or any Authorised Person of the Trading Platform at any time without notice to you. Where your account is suspended, you will not be able to open new trades but will be able to close existing trades to prevent further deterioration of your account balance.
23.24 If you are uncertain as to whether your Order has been received, you must make all reasonable attempts to verify whether the Order has been received, approved and effected prior to taking further action. You agree to issue specific cancellation or amendment instructions with respect to an existing Order and not to attempt to effect changes by placing a second or duplicate Order. You will be solely responsible and liable for any duplicate instruction that you place.
24.1 If the Client uses the Trading Platform, the Client agrees and acknowledges that:
25.1 In consideration of Admiral entering into these Account Terms, you irrevocably appoint Admiral and each director, secretary and principal executive officer and each employee (which employee’s title of office includes the word “Manager” or "Head") of Admiral severally as your attorney at any time and from time to time following a Default, to execute and deliver all documents and to do all things which your attorney may consider necessary or desirable to give effect to the provisions of these Account Terms, and in particular, without limitation, in connection with, or incidental to, the exercise of any of the rights and powers of Admiral under these Account Terms. Those powers may be exercised in the interests of Admiral notwithstanding any conflict with the interests of Admiral. This appointment survives termination of these Account Terms.
26.1 Subject to those provisions of the Competition and Consumer Act 2010 (Commonwealth), the Australian Securities and Investments Commission Act 2001 (Commonwealth), the Corporations Act, any other legislation and any other rights, duties or other obligations imposed or implied by law which cannot be excluded by agreement between the parties, to the extent each of the following is not prohibited by those laws:
26.2 To the fullest extent permitted by law, you release, discharge and indemnify and agree to keep Admiral and its respective officers, employees, agents and representatives indemnified from and against all Claims arising out of:
27.1 This clause 27 applies to all Admiral Products. This limitation of Admiral’ liability and your recourse apply despite any other provision of these Account Terms or any other agreement, arrangement or understanding and extends to all liabilities and obligations of Admiral in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to the Account Terms and anything done or omitted to be done under them.
27.2 To the maximum extent permitted by law in respect of your Admiral Products, financial services, Orders or Transactions and all related obligations and liabilities of Admiral to you to which this clause 27 applies (Admiral Liability):
27.3 The Recovery Amount is:
27.5 Nothing in this clause 27 affects your entitlement to moneys held by Admiral for you in a trust account of any kind. You are always entitled to require payment to you of any of those moneys to which you are entitled.
27.6 Nothing in this clause 27 obliges Admiral to make a demand or other claim of any kind against the Hedge Counterparty or any other person.
27.7 Admiral has no liability for taking or failing to take any action in relation to any actual or prospective Admiral claim. Admiral is not obliged to accept any direction from you or any other person with regard to how Admiral must conduct the Admiral claim or negotiate any settlement. Admiral may require a binding agreement to be fully indemnified, in a form satisfactory to it (including with or without security) in respect of accepting any such direction.
27.8 Admiral may conduct one or more claims (for example, in connection with these Account Terms and the terms and conditions it has with other clients) or under one or several proceedings, as determined by Admiral.
27.9 Admiral may incur costs of preparing for and conducting any Admiral claim and defending cross-claims, including costs of legal services, experts and other agents and advisers, which costs may be apportioned by Admiral across several claims.
27.10 Admiral may make or accept any offer for settlement of an Admiral claim which is considers reasonable, including for any amount less than the amount claimed by Admiral.
27.11 Admiral may withhold from settlement of any Admiral claim proceeds such it amounts it determines to pay for, or to provide for payment for, costs incurred by Admiral in connection with the Admiral claim, including its estimate of costs of enforcing the judgments for the claim.
27.12 Admiral may apply the net proceeds of settlement of any Admiral claim proportionally to the balance of the unsatisfied amounts of all claims.
27.13 Admiral may make a determination not to prosecute any Admiral claim if it determines there are insufficient prospects of success and having regard to the estimate costs of prosecuting the claim.
27.14 Nothing in this clause 27:
27.15 If any of the other parts of this clause 27 would be void, invalid or unenforceable but for this clause 27.15, the limitation of liability of Admiral and your rights of recourse do not apply however, in that case the liability of Admiral to the client is limited to:
27.16 The meaning and effect of this clause 27 are to be construed for the purposes of limiting the liability of Admiral to you and limiting your recourse against Admiral or any assets or other property held on your behalf, to the maximum extent permitted by law, so that Admiral is only liable to you to the extent provided by this clause and Admiral is not otherwise liable to you.
27.17 You agree that this limitation of liability under this clause 27 is a reasonable and fair term having regard to the nature of the financial services and Admiral Products offered and provided by Admiral to you, the benefits to you and the risks and benefits from Transactions using Admiral in the context of these Account Terms and the protections given to you by Admiral from time to time for your moneys or for giving you other benefits in relation to the Admiral Liability (whether or not given by these Account Terms).
28.1 Admiral and the Client agree that:
28.2 If the Client has no open positions and there are no existing obligations or liabilities as between the Client and Admiral, Admiral may terminate these Account Terms, with or without notice to the Client.
28.3 Admiral may at any time at its sole discretion terminate or restrict your access to the Trading Platform at any time. If Admiral terminates these Account Terms or access to the Trading Platform any Trading Platform licence agreement or terms for its use will automatically terminate and any hardware, software, manuals or other items provided by Admiral to the Client must be returned to Admiral. The Client will be liable for all fees charges and obligations incurred under these Account Terms prior to that termination.
28.4 If any event occurs which, in the opinion of Admiral, has the effect of making or declaring it unlawful, uneconomic or impracticable for Admiral to offer any kind of Transactions to the Client in accordance with the terms outlined in this document, Admiral may immediately terminate these Account Terms by providing the Client written notice of that.
28.5 Termination of these Account Terms (including only some part of them) will not release either party from their obligations or liabilities relating to any breach of the terms outlined in this document.
28.6 The termination of these Account Terms (including only some part of them) does not affect outstanding obligations under these Account Terms which remain undischarged at the time of termination, limitations of liability or recourse, indemnities provided for in this document or any other clause of these Account Terms which states or implies that they survive termination.
28.7 Each indemnity provided within this document survives the termination of these Account Terms.
28.8 If the Client is aware that these Account Terms (or any part of them) are terminated and the Client has at that time open positions, the Client must immediately give Orders to Admiral to Close Out those positions and instructions on how to pay any funds owing to Client after termination of all of the Client’s positions. Admiral need not wait for Orders to Close Out open positions but may Close Out positions as if a Default had occurred. Admiral will not be liable if it does not Close Out Transactions or all of them before receiving the Client’s Orders.
29.1 If any event occurs which has the effect of making or declaring it unlawful or impracticable for Admiral to offer or to maintain Transactions to you in accordance with the terms outlined in this document, Admiral may immediately terminate these Account Terms by providing you written notice of that. A termination of these Account Terms will also result in the closure of all Transactions as if a Default had occurred in relation to them. Any such termination will not relieve you of any obligations you may have to Admiral in accordance with these Account Terms prior to the termination.
29.2 For this clause, events include any change in law, regulation, treaty, order, official directive or ruling or in their interpretation or application by any governmental authority or agent, and the introduction, implementation, operation or taking effect of, any law, regulation, treaty, order or official directive or ruling.
30.1 We may vary these Account Terms by giving you notice of any variation by any of the following or any combination of the following: a document in writing, by updating our website, by posting a message in the Trading Platform, by electronic mail or by telephone call with you or by fax to you. The notice of variation is effective even if you are unaware of the notice. The minimum period of notice will be the lesser of:
31.1 Any notices or communications, which include demands for payment of Margin calls or other payments to Admiral in relation to a Transaction, can be made in person or by posting notices on the Trading Platform, telephone, email, mail, or facsimile to the contact details as provided by the Client to Admiral from time to time.
31.2 All communications to the Client will be deemed to have been received:
31.3 The Client must notify Admiral in writing of any change in the Client’s name, address, telephone number, fax number or email address.
31.4 If an Account is opened in the joint names of more than one person, each person agrees that we may discharge any obligation we have to give a notice or a document to those persons under these Account Terms or Applicable Laws by giving notice to any one of those persons.
31.5 Admiral may give notice to you of any change in its Transaction Fees or any rates, fees and charges or other amounts payable by these Account Terms in any manner permitted by these Account Terms, including by posting to Admiral’s website or to the Trading Platform or as required by the Rules. Admiral must give the minimum period of notice required by the Rules (if any).
31.6 If no minimum period is required or a minimum period is not stated elsewhere in these Account Terms, notice of a change in Transaction Fees, charges or roles may be effective immediately Admiral first generally publishes the information of any variation on its website or through its Trading Platform or platform administration service.
32.1 You acknowledge that:
32.2 You agree that:
32.3 You agree to provide to us, or to allow us or our agents access to, all information and documents which we reasonably require to comply with any law in Australia or any other country, including any AML/CTF Laws. The information we may access, store and disclose for these purposes includes the information the subject of you authorisations in your Application Form or by any other means you authorise us. You agree that we may disclose information about you which we collect or which we have, or about Transactions you have with us or which you seek to conduct with us, if we are required to do so by any Applicable laws in Australia or in any other country or for the purpose of complying with our AML/CTF program and compliance obligations.
32.4 You represent and warrant to us that the payment of moneys by us in accordance with these Account Terms, or any instructions given by you, will not breach any law in Australia or any other country.
33.3 You agree that your personal information can be used or disclosed by us as contemplated in this document. You agree to take all reasonable steps to deliver information or documentation to Admiral, or cause information or documentation to be delivered to Admiral concerning Transactions which are requested by a person having a right to request such information or documentation (including, without limitation, ASIC and ASX). You understand that if you do not provide any information requested by us or do not agree to us using your information as set out in this clause we may not be able to provide our services to you.
33.4 You authorise Admiral to use and to disclose the tax file number which you have provided to Admiral for all Accounts conducted by you with Admiral for the purposes of Transactions in accordance with any legal requirements.
33.5 The Client acknowledges and agrees that Admiral is permitted to carry out an electronic database search and search credit reference agencies in order to verify your identity and credit standing, before during and after an Account is opened (since the insolvency or bankruptcy of the Client after cessation of the Account or termination of these Account Terms may continue to be relevant to Admiral). If such searches are carried out, Admiral may keep records of the contents and results of such searches in accordance with all current and applicable laws.
33.6 Admiral may provide all such information regarding the Client in relation to its obligations to, or requests (whether legally binding or not) by, a relevant regulatory body.
34.1 The parties agree that any dealings between them are subject to, and they are each bound by, the Applicable Laws as amended or altered from time to time. 34.2. The Client acknowledges that these Account Terms are governed by the laws in force in New South Wales and all parties to these Account Terms agree to submit to the non-exclusive jurisdiction of the Courts of New South Wales in relation to any claim or dispute arising out of the performance of these Account Terms.
34.2 The parties acknowledge and understand that Admiral is not subject to nor governed by the laws of the EU or any member state of the EU. In particular, Admiral is not subject to EU Directive 2014/65/EU (‘MiFID II’) and accordingly falls outside the scope of any ESMA measures, notices or decisions. The Negative Account Balance Policy offered by Admiral is entirely separate and distinct from the negative balance protection measures required by ESMA. The Client acknowledges they have read, understood and agree to the terms of Admiral’s Negative Account Balance Policy.
35.1 If any of the provisions contained in this document are found to be invalid or unenforceable, such provisions will be deemed deleted, and the validity and enforceability of the remaining provisions will continue unimpaired.
35.2 This agreement contain the entire terms and understanding between you and Admiral concerning the provision of the services (including the Account and all Transactions) referred to in this document, as later amended only in accordance with these Account Terms.
35.3 If a party fails to exercise or delays in exercising any right under these Account Terms, by doing so it does not waive such right. The rights provided in this document do not exclude other rights provided by law.
35.4 The Client may not assign or otherwise transfer its rights or obligations under these Account Terms or any Transaction, without the express written consent of Admiral.
36.1 Unless the context otherwise requires, any expressions or phrases not otherwise defined within this document have the meaning given to them in the Applicable Laws.
Guidance Note: The Trade.MT4, Trade.MT5, Zero.MT4 and Zero.MT5 Accounts are each separate Accounts but all are established under these Account Terms.