Tiger Vault and Auto-Sweep Service Agreement and Risk Disclosure

Tiger Vault and Auto-Sweep Service Agreement

 

1.  Overview

 

To use the Tiger Vault and Auto-Sweep services, the Client (hereinafter referred to as "you") acknowledged that you have read this Tiger Vault and Auto-Sweep Service Agreement (hereinafter referred to as the, this “Agreement") between you and Tiger Brokers (HK) Global Limited (hereinafter referred to as "TBHK"), and this Agreement shall govern your relationship with TBHK under the Auto-Sweep services, and TBHK shall provide you with Tiger Vault and Auto-Sweep services pursuant to this Agreement.

 

You acknowledge that TBHK may from time to time modify this Agreement and a notice thereof will be sent by email or Tiger Trade APP or after you log in, and that your continued use of Tiger Vault and Auto-Sweep services after such modification will be deemed to have accepted the modified Agreement. You shall not be entitled to use Tiger Vault and Auto-Sweep services unless you accept all of the terms of this Agreement.

 

Please read the TBHK’s Client Agreements in conjunction with this Agreement.

 

If you click "Confirm" or otherwise elect to accept this Agreement, you shall be deemed to have understood and accepted this Agreement.

 

2.  Definitions

 

2.1  You: means the Client who applies for the Tiger Vault and Auto-Sweep services and the use of Tiger Vault and Auto-Sweep services.

 

2.2 Auto-Sweep: shall have the meaning thereto in Clause 5.

 

2.3 Auto Redemption: shall have the meaning thereto in Clause 6.

 

2.4  T : shall mean the Hong Kong Business day of your transaction whether it is a subscription in or redemption.

 

2.5  T + n : shall mean the nth business Day (excluding T) from T.

 

2.6  T – n: shall mean the nth business day (excluding T) before T.

 

2.7 Available Cash: refer to settled cash balances in your account.

 

2.8 Funds: shall have the same meaning ascribed in the Schedule H of the Client Agreement

 

2.9 Transaction(s): shall have the same meaning ascribed in the Schedule H of the Client Agreement

 

2.10 Tiger Vault: means TBHK’ Cash Management Solution that provides clients yield on their idle Available Cash. Funds subscribed through Tiger Vault can be used as  extra purchasing power to invest in stocks, options, funds and participate in IPO on TBHK when clients enrolled with Auto-Sweep services.

 

3.  Enrolling Auto-Sweep Services

 

3.1  Qualifications

 

You shall be an investor who complies with the requirements of applicable laws and regulations relating to the transactions hereunder:

 

3.1.1  Natural Person: has reached the age of 18; has full capacity for civil rights and capacity for civil conduct; has sufficient knowledge and experience to understand the nature of and risks of the product to be traded.

 

3.1.2  Corporate Organization: full qualified of being the subject of a legal person, and has full capacity for civil rights and civil liability; the authorized person is the legal representative or has legal and valid authorization or permit of the legal person; and has sufficient knowledge and experience to understand the nature and risks of the product to be traded.

 

3.2  Account opening and Enrolling Auto-Sweep Services

 

3.2.1  You agree that for the purpose of the Agreement, all transactions shall be credited into or debited from your Securities Account opened and maintained with TBHK. The reference to “Account” in this Agreement shall refer to any such Securities Account.

 

3.2.2 The Account shall be governed by TBHK’s prevailing Client Agreement. In the event of any inconsistency between the Client Agreement and this Agreement, this Agreement shall prevail to the extent of such inconsistency.

 

3.2.3 It is assumed that all instructions received for your Account through the trading platform “Tiger Trade” are instructions given by you to TBHK, and therefore TBHK shall not be liable for any legal consequences arising from the execution of such instructions. Such instructions include the Auto-Sweep instructions and all subsequent transactions performed through the Auto-Sweep function.

 

3.2.4 When you turn on or suspend the Auto-Sweep function, you will receive a prompt message from the system for authentication purposes and other validation actions, and TBHK will process your transaction based on successful validation of the results.

 

4.  Different currency function within Tiger Vault and Auto-Sweep

 

You agree that TBHK defines Tiger Vault services based on the following currency: USD, HKD or other currencies decided by TBHK from time to time.

 

5. Auto-Sweep

 

5.1 If you, at any time enrolls and opts in for the Auto-Sweep facility offered by TBHK, you shall be subject to the terms and conditions under Clause 5 and/or any other terms and conditions as may be imposed by TBHK.

 

5.2 You agree and acknowledge that you (after application of the Auto-Sweep facility) authorize TBHK to subscribe pre-selected funds with your Available Cash automatically. Your account will be evaluated on each business day and Auto-Sweep will incur if your Available Cash is in surplus.

 

5.3 If you, at any time, perform manual redemption on your Auto-Sweep fund(s), Auto-Sweep will temporarily suspend for 3 business days. Auto-Sweep will resume automatically after the 3rd business day.

 

 6. Auto-Redemption

 

6.1 You agree and acknowledge that TBHK will automatically redeem funds subscribed through Tiger Vault for you (subject to the availability) when Available Cash in your account is in deficit. Your account will be evaluated on each business day and Auto-Redemption will incur if your Available Cash is negative. In case you hold more than one Fund, TBHK will decide which fund to be redeemed automatically with discretionary power.

 

6.2 You acknowledge that the Auto-Redemption function cannot be terminated after you have turned on the Auto-Sweep function and Auto-Redemption will continue regardless of the status of Auto-Sweep.

 

6.3 You should be aware that in the event of any abnormalities in the course of the transaction, the specific handling will be subject to the confirmation of the Fund House with which TBHK cooperates. For example, if a large redemption limit set by the Fund House is triggered, it will be handled by the Fund Manager in accordance with the specific constitute documents. In general, the Fund Manager will handle the liquidity risk that may be caused by large redemptions by, but not limited to, postponing the processing of large redemption applications, suspending the acceptance of redemption applications, delaying the payment of redemptions, charging mandatory redemption fees, and other measures approved by local regulation. You are responsible for any fluctuation in net asset value and possible expenses arising from the failure of withdrawal due to large redemptions.

 

7.  Risk warning

 

As with any form of investment, there could be a partial/total loss of your principal amount. The historical data of any investment does not guarantee its future performance and return. In addition, there are special trading risks outside normal trading hours, including low liquidity risk, high volatility risk, price change risk, unconnected markets, news announcements and larger spreads. You fully comprehend and are aware of the risks associated with this investment, and before enrolling with Auto-Sweep services, and made an objective judgment on your financial status, investment objective and investment amount.

 

You recognized and accept the risk of the transaction with Auto-Sweep services.

 

8.  Non-provision of Advice on Investment, Taxation or Transaction

 

TBHK and any of its representatives do not, have not and will not be providing any product advice, solicitation or otherwise.

 

9.  Default Events

 

9.1  "Default" occurs automatically, without notice upon: (i) your breach/repudiation of any agreement with TBHK; (ii) your failure to provide assurance satisfactory to TBHK of performance of an obligation, after request from TBHK; (iii) proceedings by/against you under any bankruptcy, insolvency, or similar law; (iv) assignment for the benefit of your creditors; (v) appointment of a receiver, trustee, liquidator or similar officer for you or your property; (vi) your representations being found to be untrue or misleading when made or later becoming untrue; (vii) you are legal incompetence; (viii) proceeding to suspend your business or license by any regulator or organization; (ix) TBHK having reason to believe that any of the foregoing is likely to occur imminently.

 

9.2  You unconditionally agree that, upon a Default, TBHK may terminate any or all its's obligations to you and shall have the right in its discretion, but not the obligation, without prior notice, to freeze all or any part of your funds, at any time and any manner. You shall reimburse and hold TBHK harmless for all actions, omissions, costs, fees (including, but not limited to, attorney's fees), or liabilities associated with any Default or any transaction undertaken by TBHK upon Default.

 

10.  Suspicious Acts

 

If TBHK at its sole discretion believes that you have been involved in any fraud or crime or violation of laws or regulations, or has been accessed unlawfully, or is otherwise involved in any suspicious activity (whether victim or perpetrator or otherwise), it may suspend or freeze the account or any privileges of the account, may freeze or liquidate funds or assets, or may utilize any of the remedies in this Agreement for a "Default".

 

11.  Disclaimer

 

11.1  TBHK has no obligation of investigating the truthfulness of the identity of the registered mobile phone number’s owner and will not take any responsibility for any loss arising from registering an account on TBHK’ platform with stolen, fraudulently used or misuse of individual mobile phone number.

 

11.2  All Clients registering and opening an account at TBHK should obey the relevant laws and regulations and the rules for using TBHK’ platform and should not release politics-related harmful information, pornographic contents, false advertisement, bloodiness and violence, insulting or slandering comments, disclosure of individual privacy and any other information against the laws and regulations, nor should they engage in activities which infringe a third party’s intellectual property right and other legal rights and interests. Otherwise, you shall bear all the losses arising therefrom and indemnify TBHK for any losses. TBHK reserves the right to demand compensation for all direct and indirect losses as a result of your actions causing damage to TBHK.

 

11.3  Under any circumstances, TBHK is not liable for any punitive, indirect, occasional, special or associated loss or damage, including but not limited to indirect personal damage, loss of business profit, interruption in trade, loss of business information or loss of any other financial interests.

 

11.4  Since investment in securities or financial products has risk of loss, TBHK will not be responsible for the profit and loss and risk related to your investment.

 

11.5  TBHK and its affiliates cannot guarantee the absolute reliability and accuracy of such information they provide as market quotation, diagram and comment, and TBHK and its affiliates shall not be liable for the loss arising from the inaccuracy or omission of any contents of the market.

 

11.6  TBHK shall not be liable for interruption, pause, delay or data fault of trading instructions which might occur due to malfunction, break-off, delay or other factors of Internet data transmission.

 

11.7  TBHK shall not be liable if your trading account and password are let out or its identity is counterfeited due to its neglect.

 

11.8  As there is possibility of malicious hacks on the Internet and the web server may have malfunction and other unpredictable factors, the market information and other securities-related information may be faulted or delayed, TBHK shall not be liable for these situations.

 

11.9  Your software system may suffer from illegal attack or virus infection, leading to failure of order, TBHK shall not be liable for these situations.

 

11.10  Your software system are incompatible with TBHK’ online transaction system, causing failure of order. In this case, you may dial TBHK’ telephone to report such circumstance and acquire technical support but not TBHK’ economic compensation.

 

11.11  TBHK shall not be liable for failure of order caused by your improper operation.

 

11.12  TBHK shall not be liable for the loss arising from any circumstances where your account and password, personal information, or trading information are let out or its identity is counterfeited due to its personal reasons.

 

11.13  TBHK shall not be liable for your uses of the service provided by TBHK to conduct any illegal activity or any act infringing other’s rights and interests, thus causing loss to you and a third party.

 

11.14  TBHK shall not be liable for the emergency caused by the major change of law and policy or the factors unpredicted and uncontrolled by TBHK.

 

11.15  TBHK shall not be liable if the functions of TBHK’ platform fail due to force majeure such as war, communication fault, natural disaster, strike and the actions taken by the government department, leading to your economic loss.

 

11.16  TBHK’s designated website and products will publish or transport such contents as news and information provided by its cooperating corporation, with the information provider being noted. TBHK does not carry out substantive censor or revision of the contents provided by its cooperating corporation and does not guarantee the authenticity thereof, which should be judged by you and for which TBHK is not responsible.

 

12.  Miscellaneous

 

12.1  This Agreement is governed by applicable laws in Hong Kong and the terms hereof in confliction with the law provisions will be void. The Courts of Hong Kong has the exclusive right of jurisdiction over the dispute related to this Agreement, except regulated by arbitration rules. In the resolutions to all judicial acts, arbitrations or disputes, the parties hereto waive any right of being indemnified against damage.

 

12.2  Dispute Resolution: upon agreed by both parties in consensus, the dispute arising from your use of the trading services on TBHK’ platform should be solved through negotiation in priority.

 

12.3  TBHK may terminate this Agreement or terminate providing services to you at any time.

 

12.4  You authorize TBHK directly or through a third party to inquire you about the information required as held by TBHK for carrying out business activities with you. The inquiry may include credit report and other credit examination requested when you breach this Agreement or break the obligation hereunder or verification of the information provided by you to the third-party database.

 

12.5  TBHK enjoys the right of interpreting and modifying this Agreement. In case of any terms hereof being fully or partially ineffective or unenforceable due to whatever reason, the other terms hereof shall remain valid and binding.

 

Risk Disclosure

 

Before enrolling into the Tiger Vault and Auto-Sweep services, you should carefully read the Risk Disclosure Statement for Tiger Vault and Auto-Sweep Service (hereinafter referred to as “Risk Disclosure”) provided by Tiger Brokers (HK) Global Limited. You should prudently consider whether to participate in Tiger Vault and Auto-Sweep Service (hereinafter referred to as “the Service”) based on your investment objectives, investment experience, financial status, risk tolerance and other relevant factors. You may also refer to the Part IV Risk Disclosure Statement of the Client Agreement. The risks listed in this Risk Disclosure refer to the possible risks investors assume when participating in the Service, including but not limited to:

 

1.     Policy Risks

2.     Counterparty and Credit Risks

3.     Liquidity Risks

4.     Market Risks

5.     Operational Risks

6.     Early Termination Risks

7.     Reinvestment Risks

8.     Exchange Rate Risks

9.     Other Risks

10.    Historical Performance

 

1.Policy Risks

 

The Service is designed and provided by Tiger Brokers (HK) Global Limited (hereinafter referred to as "TBHK") in accordance with the current and relevant laws, regulations, regulatory provisions and policies in Hong Kong. Any change in relevant laws, regulations, regulatory provisions and policies affecting the normal process of trading and investment on the financial products involved in the Service and affecting the provision of the Service may expose you to loss of partial or whole principal amount.

 

The Service may invest in markets other than those in the country or region where you reside, and the extent to which investors are protected by the regulatory rules of those markets may vary. You should thoroughly consult with legal counsel in connection with your participation in the Service and understand all the relevant rules of this investment before making an investment. You may be unable to enforce the regulatory rules or market rules of the jurisdiction where you invest to be executed by a regulatory authority of your resident country or region. Before you begin to invest, you should consult your broker in details about the remedies available in the jurisdiction where you reside and other relevant jurisdictions.

 

2. Counterparty and Credit Risks

 

The portfolio in which the Service invests may be exposed to the credit/default risk of the fixed income securities as underlying assets. In the event of a bankruptcy or default of a securities issuer, the portfolio may experience losses. The actual or perceived downgrading of a rated debt security could decrease its value and liquidity and may have an adverse impact on the portfolio.

 

The portfolio may invest in bonds issued or guaranteed by governments or authorities, which may involve political, economic, default or other risks.

 

3. Liquidity Risks

 

The funds backed by the Service may be exposed to the risk that the underlying fund assets cannot be converted to cash quickly and inexpensively, or that they cannot respond to possible large investor redemptions. The former is the possibility of losses arising from financial assets that cannot be liquidated in a timely manner or cannot be traded at normal market prices. In order to cope with investor redemptions, the fund assets need to maintain a certain level of liquidity, thus there may be some losses in terms of income and affect the achievement of the fund's investment objectives; the latter refers to the possibility of large redemptions in the course of open-end fund transactions, which may generate difficulties in adjusting the fund's position, leading to liquidity risk and even affecting the net value of the fund units. When the Fund experiences situations including but not limited to the above two situations, it may not be able to satisfy all investors' redemption requests, and investors' redemption payments may arrive later than expected, which may also increase the cost of redemptions for investors.

 

4.Market Risks

 

The portfolio in which the Service invests may be subject to changes in market conditions, such as changes in political environment, economic cycles, interest rates, etc. This could adversely affect the value of the portfolio. 

 

5. Operational Risks

 

System malfunction, personnel mis-operation or mistakes may happen in the Service, and you may be subject to the risk of partial or total loss of principal and proceeds.

 

6. Early Termination Risks

 

TBHK has the right to terminate the Service anytime due to unforeseen circumstances, and you may as a result of such termination, be expose to reinvestment risk.

 

7. Reinvestment Risks

 

Change in interest rates may adversely affect your ability to reinvest the proceeds from the Service at the same returns.

 

8. Exchange Rate Risks

 

The Service may from time to time invest in assets denominated in different currencies Changes in foreign exchange rates could affect the value of the portfolio positively or negatively.

 

9. Other Risks

 

Pandemics , natural disasters, financial market crisis, war and other force majeure events that are unforeseeable, unavoidable and insurmountable, and/or system failure, communication failure, suspension of trading in the investment market and other contingencies may occur for reasons beyond the control of TBHK, which may affect the Service’s development, investment operation, return of funds, information disclosure, public announcement, etc., and may even result in decrease in or loss of the principal and proceeds of the Service and the delay in the payment of principal or proceeds of the Service. You shall be responsible for any losses and delays in payment resulting from force majeure and/or contingencies.

 

10.Historical Performance

 

You should be aware that the Service may lack a historical performance reference due to its short period of operation, and that any past performance is no guarantee of future results. The Service is not committed to securing principal and proceeds, nor guaranteeing minimum rate of returns.

 

The above provisions of the Risk Disclosure do not disclose all the risks involved in Tiger Vault and Auto-Sweep Services. You should read and sign the Tiger Vault and Auto-Sweep Service Agreement before investing and consider carefully and decide whether the investment is suitable for your particular investment needs and risk tolerance in light of your own financial status and needs, investment objectives and experience. You should seek independent financial and professional advice before entering into any trade or investment. The information contained in this Risk Disclosure is not, and shall not be construed as, an investment advice and shall not constitute a solicitation of any person to invest in any of the products described in the Risk Disclosure. By agreeing to this Risk Disclosure, you will be deemed to be accepting that you have read all the provisions of this Risk Disclosure, fully understood and voluntarily assumed all the risks described above.