Article (7): Customer Obligations and Declarations
The Client shall, under this agreement, commit to the following:
1. Provide the company with all information requested to verify the Client identity or the accuracy of the trading instructions issued.
2. Inform the company that that he/she/it did not receive a confirmation from the company asserting that the latter has executed the trading order issued thereto, and this with (24) hours following the trading issuance dat.
3. Settle the value of all securities purchase transactions as well as the commissions arising from such transactions executed through the company, plus any other fees and/or expenses within the limits prescribed by law, decisions or regulations issued in this respect and in accordance with this agreement, moreover, the Client agrees that the company deducts the above mentioned commissions and/or fees and /or expenses from his/her/its accounts kept with the company without the need for any consent from the Client.
4. Authorize the company to disclose any information which may be requested by the authority, the market or any entities entrusted with the implementation of the law in the UAE in relation to the Client and/or any of his /its transactions.
5. The customer shall abide by the order given by him/her/it or given by his/her/its representative until the expiry of the order or the first party is notified of its cancellation before execution.
6. The customer acknowledges that he is the beneficial owner of opening this account. If there is a power of attorney issued, the customer also acknowledges that he/she is the ultimate beneficiary of the account.
7. The customer acknowledges and commits him/her/itself to his full legal responsibility for all his actions and transactions that took place in accordance with his orders or the orders of his representative according to the validity of those orders and the duration of their validity for his benefit, whether by buy or sale and the consequences thereof and the resulting gains or losses, as long as these orders were valid and correct and were not appealed. The client acknowledges that the broker is legally discharged and not responsible for any loss or risk incurred by the client for the orders and transactions made in accordance with his orders.
8. The client is not entitled to claim compensation from the broker for those losses as long as they were not intentional or due to the negligence of the broker or any of his employees and the client was informed of the content of this clause with due knowledge. The two parties have agreed that it is not permissible to give orders related to the buy and sell of a security via the broker's mobile phone, and any order made by this method is not considered.
9. Client wishing to invest in the shares of joint stock companies listed in the “Second Category Screen” of the market must take the following proposed actions before the purchase process:
A. Review the information and data on the company's page on the market's website.
B. Review the company’s disclosures on the market’s website.
C. Review the company’s financial statements and the company's auditor’s notes mentioned in his report about the company’s financial statements.
D. Review the company’s disclosure of the detailed analysis of the accumulated losses and the company’s recovery plan or its correction plan.
E. Consult the financial advisor or financial analyst, who is licensed by the SCA, to obtain the investment recommendation.
10. The client acknowledges that he/she/it has read and understood the terms of this agreement and agrees to abide by what it says, as well as that he/she/it is accountable to the competent authorities for the funds he/she/it deposited in his/her/its account with the company and that the sources of funds are legal, licit and in line with the implementing regulations, decisions, and laws.
11. The client must provide the first party with any additional data that may be requested from him/her/it to determine the sources of funds invested in the purchase of securities.
12. The client must notify the first party in writing of any modifications to any of the data contained in the KYC form attached to this agreement and then to update his/her/its data.
13. The client must update his/her/its information (KYC form) every 3 years; however, some clients might be requested to update their information annually, in compliance with the implementing laws, regulations and decisions issued by the official authorities in this regard. If a legal person, the customer acknowledges and guarantees that he/she/it has obtained all approvals and has taken all actions (including those required for establishment) to properly authorize him/her/it to sign this agreement and perform the obligations under which it is required.
14. Provide the company with a renewed copy of the expired or updated or changed ID documents which are described in Annex 1 and were used in opening the trading account or at the company’s request to provide these documents.
15. The customer acknowledges that all the data, information and documents provided by him/her/it are correct, accurate and complete.
16. The client undertakes to notify the company officially and in writing of any change in his/her condition/relationship with any of the companies listed in the stock exchanges in the country within maximum seven (7) working days this change occurrence, Al Sahel Shares Center is not responsible for any damages or fines that may occur as a result of not being officially informed of this change within the specified period and the client will be hold liable for any consequences or fines.
The client must provide the company an annual declaration that his/her/its classification data has not been changed and updating any of such data if it changes for any reason at any time, provided that the classification is updated - in all cases - every three years while keeping all the declarations and updates, as per sub article (5), Sixth: Appropriateness Obligations. Article (8): Meeting the client's Suitability and Appropriateness standards, chapter two of the chairman of the authority’s board of directors’ decision no. (13/chairman) of 2021 on the regulation’s manual of the financial activities and status regularization mechanisms.
17. The client acknowledges his/her/its prior consent to submit and fill out the account numbers in this agreement by the employees of the company after signing the agreement and completing the procedures for opening these accounts.