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MUBASHER FINANCIAL SERVICES BSC (C) – STANDARD TERMS OF BUSINESS FOR SUBSCRIBING TO MUBASHER INVESTMENT STRATEGIES AND MUTUAL FUNDS | Mubasher Trade

MUBASHER FINANCIAL SERVICES BSC (C) – STANDARD TERMS OF BUSINESS FOR SUBSCRIBING TO MUBASHER INVESTMENT STRATEGIES AND MUTUAL FUNDS

PLEASE READ THESE STANDARD TERMS OF BUSINESS CAREFULLY BEFORE SUBSCRIBING TO MUBASHER INVESTMENT STRATEGIES AND MUTUAL FUNDS BY CLICKING ON THE “I AGREE” BUTTON. IF YOU CLICK ON “I AGREE” BUTTON, IT SHALL DEEM THAT YOU HAVE READ, UNDERSTOOD AND ACCEPTED THE TERMS AND CONDITIONS VOLUNTARILY AND FREELY CONSENTED AND AGREED TO BE BOUND BY THESE STANDARD TERMS OF BUSINESS.

 

These STANDARD TERMS OF BUSINESS set forth herein and executed on the day and date of its electronic acceptance, by the Account Holder, in favour of Mubasher Financial Services BSC(C) an investment firm regulated by the Central Bank of Bahrain and having its registered office, at Unit 181, Platinum Tower, Building 190, Road 2803, Block 428, Al Seef District, Kingdom of Bahrain and whose Registered Number is 65077 (hereinafter referred to as “MFS””) and binds the Account Holder for compliance of all the terms and conditions stipulated herein.

 

By continuing to subscribe to MUBASHER INVESTMENT STRATEGIES AND MUTUAL FUNDS without objecting to any revised STANDARD TERMS OF BUSINESS published on the website of MFS called MubasherTrade website i.e. global.mubashertrade.com (“MubasherTrade website”), Account Holder will be accepting the terms of the revised STANDARD TERMS OF BUSINESS and the Account Holder will be legally bound by such revised STANDARD TERMS OF BUSINESS.

 

By agreeing to and accepting the STANDARD TERMS OF BUSINESS, the Account Holder seeks to subscribe to one or more “execution only” investment portfolio(s) named as Mubasher Investment Strategies and/or Mutual Funds and intends to engage MFS to act as an execution services broker on its behalf. Such Mubasher Investment Strategies shall be provided through and managed by a Third-Party Service Provider who is proficient in providing savings and pension products. The Account Holder may subscribe to the Mutual Funds available through MFS once the Mutual Funds are approved by its regulator for distribution to investors. The Account Holder agrees to subscribe to the Mubasher Investment Strategies and/or Mutual Funds at the Account Holder’s own risk and discretion, subject to these Standard Terms of Business:

 

The Account Holder and MFS are together herein referred to as “Parties” and individually as a “Party”.

 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the Parties hereby agree as follows:

1. Definitions

“Business Day”

means any day other than a public holiday in Bahrain or the United States of America.

“Execution Only”

shall mean and include investment services that are restricted to execution of buy and sell of investment products chosen and decided at the sole discretion and risk of the Account Holder, without receiving or relying on any advice from MFS about the merits or risks of the investments or its suitability.

“Fees and expenses”

means all charges set out in the Schedule of Fees and Charges as amended from time to time.

“Fund Administrator or Manager”

Person or entity that performs a set of activities that are carried out in support of the actual process of running a collective investment scheme, whether the scheme is a traditional mutual fund, a hedge fund, Pension fund, unit trust or otherwise.

“Lump Sum Contribution”

means an amount advised by the Account Holder to be debited to its cash account with MFS for investment into Mubasher Investment Strategies and/or Mutual Funds.

“Mubasher Investment Strategies”

means a number of investment strategies with pre-defined portfolios of mutual funds as the underlying investments and which are designed, implemented and managed by a Third-Party Service Provider, and offered for subscription to the Account Holder on an Execution Only basis.

“Mutual Funds

means certain available mutual funds schemes issued and managed by global asset managers and approved by the regulator of MFS for being offered through MFS to the Account Holder for subscription, subject to the subscription terms applied by the Fund Administrator or Manager.

“Net Contribution”

means the amount invested in Mubasher Investment Strategies/Mutual Funds net of charges and commissions payable to MFS.

“Redemption Period”

means the time taken to process a redemption of Mubasher Investment Strategies / Mutual Funds held by an Account Holder.

“Subscription Period”

means the time taken to process an initial subscription application and additional subscription applications received from an Account Holder for Investments into Mubasher Investment Strategies and Mutual Funds.

“Switch or swap between Mubasher Investment Strategies/Mutual Funds”

means to instruct MFS to transfer the amounts invested in a particular Mubasher Investment strategy to another Mubasher Investment strategy and from a mutual fund scheme within the same Fund Management Company or a different Fund Management Company subject to such Mubasher Investment Strategy and/or Fund being offered by the MFS appointed Third Party Service Provider.

“Terms”

       means these Standard Terms of Business between MFS and the Account Holder and the Annexes and any other document expressly incorporated in these Terms (each as amended from time to time).

“Third Party Service Provider”

means a firm who has developed the Mubasher Investment Strategies and who is responsible for its management and also compliance with the investment objective as specified in the offering document/s or an Administrator or Distributor of the Mutual Funds offered by MFS.

2. APPOINTMENT AND AUTHORIZATION

2.1MFS is authorized, based on the Account Holder’s instruction, to subscribe to one or more Mubasher Investment Strategies / Mutual Funds on behalf of and for the account of the Account Holder offered by a Third party Service Provider or through a Fund Administrator/Manager, and thereby provide subscription, redemption, custody and other administration services via the Third party Service Provider / Fund Administrator or Manager (“Services”) in relation to Mubasher Investment Strategies and/or Mutual Funds, in accordance with the rules and conditions stipulated under these terms and in compliance with the laws and regulations applicable to MFS or the Third Party Service Provider or the concerned Mutual Fund Administrator or Manager.

2.2The Account Holder authorizes MFS to take on his/its behalf any and all necessary measures for the purpose of representing the Account Holder, before official authorities and/or the relevant supervisory or regulatory authorities, in relation to or as part of the provision of Services stipulated under these terms. MFS, on its part, may, but is not obligated to, accept/execute any such authorization from the Account Holder.

 

3. Accounts

3.1Account Holder represents and warrants to MFS on the date these Terms comes into effect and as of the date of each contribution to a Mubasher Investment Strategy and/or Mutual Fund that:

  1. the Account Holder has all necessary authority, powers, consents, licenses and authorizations and have taken all necessary action to enable the Account Holder to lawfully enter into and perform these terms and the investments contemplated herein;
  2. The Account Holder represents that he is not a US person or in case of a Corporate has no US person as its shareholder or controlling persons;
  3. The Account Holder does not and will not violate the terms of any regulation, order, charge or agreement by which the Account Holder is bound;
  4. any information which the Account Holder provides or has provided to MFS in respect of the Account Holder’s financial position, domicile or other matters is accurate and not misleading in any material respect;
  5. the Account Holder is the beneficiary for the investments made under these Terms.
  6. the Account Holder is willing and financially able to sustain a total loss of funds resulting from any investment; and
  7. no litigation or arbitration before any court or arbitral body of any type including without limitation bankruptcy, fraud or employment matters to the best of the Account Holder’s knowledge and belief have been encountered against the Account Holder on or before the date of entering and signing these Terms.

4.SCOPE OF THE SERVICE, MANAGEMENT AND ADMINISTRATION

4.1Mubasher Investment Strategies are managed by a Third-Party Service Provider. These Mubasher Investment Strategies will appear on a list maintained by MFS. Such list may be published and available on MubasherTrade website or provided otherwise to the Account Holder for investments by the Account Holder. The fact sheets outlining the Mubasher Investment Strategies will also be available to the Account Holder for reference.

4.2The Account Holder shall be solely responsible for the selection of Mubasher Investment Strategies/Mutual Funds. MFS shall provide the Services to the Account Holder in connection with the Mubasher Investment strategies/Mutual Funds on an “execution only” basis, in accordance with its policies, applicable investments parameters, and subject to and in accordance with applicable laws, rules and regulations. MFS does not give any advice regarding Mubasher Investment Strategies/ Mutual Funds, exercise any judgment on your behalf as to the merits of any transactions. Where suggestions are made as to investment approaches, which may be appropriate for the Account Holder, they are based on a limited amount of information. The Account Holder should consider carefully whether an investment is appropriate for the Account Holder’s particular circumstances. Consideration may be given to seeking professional advice before the Account Holder invests in Mubasher Investment Strategies/Mutual Funds.

4.3The Account Holder shall be fully responsible for his/its instructions, while dealing with the market fluctuations and investments risks associated with the Mubasher Investment strategies/Mutual Funds. Further, the Account Holder acknowledges his/its responsibility to select or choose the relevant Mubasher Investment strategies/Mutual Funds that he/it wishes to subscribe to and further agrees that MFS has fully disclosed and explained to the Account Holder, the execution only nature of the Services extended in relation to the Mubasher Investment strategies/Mutual Funds. Therefore, the Account Holder acknowledges by signing these Terms that he/it is fully aware of the execution only nature of the Services extended and that MFS does not warrant any profits or yields under the said Mubasher Investment strategies/Mutual Funds. The Account Holder entrusts MFS with execution only authority to invest in accordance with his/it’s written instructions, for and on behalf of the Account Holder, in such types of Mubasher Investment strategies/Mutual Funds, as may be determined by the Account Holder and to the extent agreed by MFS, which as part of the Services may provide one or more of the following activities:

  1. Select and engage Third Party Service Provider, broker’s, intermediaries and agents for the provision of one or more of the Services in relation to the Mubasher Investment strategies; and
  2. At Account Holder’s instructions, invest in Mubasher Investment strategies/Mutual Funds and any other investments.

4.4The availability of particular Mubasher Investment Strategies/ Mutual Funds does not imply that it is necessarily suitable for the Account Holder.

4.5Third Party Service Provider who manages the Mubasher Investment Strategies will control both the percentage mix of the underlying portfolio within the Mubasher Investment Strategies. They may change the balance between different types of portfolio or change the portfolio used within the Mubasher Investment Strategies at any time at their sole discretion.

4.6Contributions will be added to a particular Mubasher Investment Strategy as a whole, and the Account Holder cannot seek to allocate contributions to an individual fund within a particular Mubasher Investment Strategy.

4.7The Account Holder cannot switch the individual funds within the Mubasher Investment Strategy. To change the Account Holder’s allocation of funds to a particular Mubasher Investment Strategy, the Account Holder must first redeem the relevant Mubasher Investment Strategy and subscribe to another Mubasher Investment Strategy.

4.8Withdrawals will be deducted from the Account Holder’s aggregate holdings in any Mubasher Investment Strategy/ Mutual Fund, the Account Holder cannot make withdrawals from individual funds within a particular Mubasher Investment Strategy.

4.9Mutual Funds are available for subscription on an as-is basis. The Account Holder may peruse the available documentation in connection with the Mutual Fund prior to deciding on subscription to such Mutual Fund. Having chosen a Mutual Fund, the Account Holder can at any time move/switch to a different Mutual Fund offered by MFS and managed by the same fund house and also swap is permitted between different fund houses to the extent such funds are available for distribution to MFS or its appointed Third-Party Service Provider.

4.10MFS may cease to offer any particular Mubasher Investment Strategies / Mutual Funds, or change the level of risk associated with the existing Mubasher Investment Strategies. The Account Holder will be given one (1) months’ notice and informed of his/its options in the event of a possibility that the Account Holder will be affected by such changes.

4.11MFS or its appointed Third-Party Service Provider may act as principal when selling assets from the Account Holder’s portfolio, for example: to make payments to the Account Holder under a withdrawal arrangement or when selling assets to meet portfolio charges the assets are removed from the Account Holder’s portfolio to the value of a charge in accordance with clause 13 herein.

4.12MFS will make necessary arrangements in place to enable MFS to deliver the best possible result for the Account Holder when dealing with Account Holder’s investment instructions under these Terms. MFS will carry out the Account Holder’s investment instructions by transmitting them to the Third-Party Service Provider or Administrator or its agent for execution. At present MFS is not aware of and therefore reasonably does not believe that there is any other ‘execution venue’ available that could provide a better outcome for the Account Holder in terms of price, cost, speed, likelihood of execution and settlement, or any other relevant matters.

4.13Where multiple events are due to occur on the same Business Day; MFS reserves the right to determine the order in which they occur as seems appropriate and reasonable in the circumstances for example, a request to pay an additional Lump Sum Contribution and a request for a partial withdrawal on the same Working Day may result in the Lump Sum Contribution being delayed without further liability on the part of MFS.

4.14Bahrain Anti Money laundering Law (AML) 4 of 2001 requires financial services companies to make “Know Your Customer” (KYC) checks on the applicant(s) for the Portfolios or for persons with a beneficial interest in the Portfolios. MFS reserves the right not to process any instruction, including any payments, if satisfactory KYC documents have not been provided or if the Account Holder’s KYC documents are not updated.

5.MUBASHER INVESTMENT STRATEGIES/MUTUAL FUNDS COMPONENTS

5.1The portfolio(s) consisting of the Account Holder’s investment into Mubasher Investment Strategies or Mutual Funds all of which shall be credited by MFS to the Account of the Account Holder in MFS systems. The Account Holder is provided the option to both purchase and redeem Mubasher Investment Strategies and Mutual Funds in his/its Account.

5.2In the case of investments by an Account Holder into Mubasher Investment Strategies the underlying mutual fund invested into on behalf of the Account Holder shall be held in the account of a nominee company appointed by the Third-Party Service Provider or its agents for the benefit of the Account Holder.

5.3 In case of Investments by an Account Holder into Mutual Funds, the underlying investments will be subscribed for in the name of a nominee company appointed by the Third-Party Service Provider or its agents.

5.4NAV for the investments into Mutual Funds shall be made available on the MubasherTrade website as per NAV declaration date of the respective Fund/s. In case of Mubasher Investment Strategies, MFS shall endeavor through its Third-Party Service Provider to provide the performance report of the individual strategies on a weekly basis preferably on a Sunday for the previous week based on closing prices of the underlying investments on the week ending Friday or as available to the Third Party Service Provider. The performance report will be provided by MFS on an as-is basis based on the information as received from the Third-Party Service Provider.

5.5The subscription to a Mubasher Investment Strategy is neither unit based nor NAV based. The Account Holder can invest a lump sum in the Mubasher Investment Strategies, which will be invested by the Third-Party Service Provider into the individual funds forming part of the Mubasher Investment Strategies based on allocation percentage as decided by the Third-Party Service Provider and reflected in the term sheets. Hence there is no linkage between subscription to Mubasher Investment Strategy and any NAV or price of the Mubasher Investment Strategy as on the date of subscription.

5.6The amount invested for the Account Holder in Mubasher Investment Strategies or Mutual Funds will be net of MFS fees and charges e.g. from the amount invested by the Account Holder, MFS fees and charges will be deducted upfront and the Account Holder’s account will be credited for the balance as the investible amount.

5.7Any redemption from the Investment Strategies or Mutual Funds shall be paid to the Account Holder’s Account net of the redemption charges and fees as determined by MFS from time to time and advised to the Account Holder or as published on the Mubashertrade website.

6.RECORDS, NOTICES AND REPORTS

6.1MFS shall maintain all related records and documents pertaining to the Account Holder, and the Account Holders investments in Mubasher Investment Strategies/Mutual Funds for a time limit of ten (10) consecutive years and where relevant, the KYC documents for a period of five (5) years, or such other extended term as may be determined by its regulator.

6.2MFS, unless otherwise agreed with or prescribed by the Account Holder, shall within a reasonable time, notify the Account Holder, in writing, fax, e-mail, telephone, or by any other means of communication available to MFS (including Client portal to the extent reflecting or capturing the transactions details), of the details of transactions conducted in relation to the Mubasher Investment strategies/Mutual Funds. Details pertaining to any such transactions may also be included by MFS in the periodic reports that may be sent to the Account Holder.

6.3All correspondence and notices, between the Parties shall be sent to the address as provided by the Account Holder at the time of opening the Account with MFS or to the personal email of the Account Holder as provided to MFS. The Account Holder acknowledge and accepts that MFS can use electronic emails as a communication mode, and that such communications can be used as a proof of evidence in any judicial or court of relevant jurisdiction. All notices served under these terms shall be deemed effective to the fullest extent of the law. The Account Holder is obligated to notify MFS in writing of any change in his/its address, email, telephone and other information pertaining to the Account.

6.4To the extent that the Account Holder receives access permission to the client portal of MFS which is proposed to be made available to Account Holders in future to access information on their investments contemplated by this Agreement, the following terms and conditions shall apply:

  1. The client portal of MFS is the exclusive property of MFS or its partners, agents and affiliates through which the Account Holder may access reports pertaining to the Account Holders investments depending on the service level that is available at any given moment;
  2. Access to the resources of the client portal can be gained through access codes that are created exclusively for the Account Holder;
  3. It is recommended that the Account Holder, changes the user access code upon receiving and changes the client portal password regularly thereafter;
  4. Incorrect use of the access codes by third parties shall be the exclusive responsibility of the Account Holder to whom the access code was issued to. The Account Holder undertakes to notify MFS immediately with respect to the loss or mislaying of access codes or their fraudulent, unauthorized or incorrect use;
  5. The codes may be changed at any time, either by written application from the Account Holder to MFS or at MFS’s initiative for reasons of security or service requirements; in the latter case MFS will notify the Account Holder of new access codes;
  6. The access codes shall be blocked automatically in the event of any attempt to gain erroneous access that occurs on three consecutive occasions.

6.5MFS shall endeavor to maintain a computer file containing details of all operations carried out by the Account Holder. The Account Holder agree that such file shall have the same value in evidence as an original written document and may, be used as a means of evidence before any jurisdiction, whether administrative, judicial or arbitral; and

6.6The Account Holder acknowledges that the intellectual and industrial ownership of the client portal, its navigation method, the pages, screens and information it contains and its appearance and design, are the exclusive property of MFS or its Third Party Service Provider/s, partners, agents and affiliates with the exception of any informative contents, which may have been provided by a third party such as fund administrators/managers or other third party service providers, who will be the legal owners of the same.

7.RESPONSIBILITIES AND OBLIGATIONS OF MFS

7.1MFS shall execute the instructions issued by the Account Holder within the ambit of rules and regulations prescribed by its regulator.

7.2MFS is obligated to implement and comply with applicable rules, regulations and instructions issued by its regulator. To this extent any reference made to the ‘relevant regulatory or supervisory authorities’ in these terms shall primarily refer to the Central Bank of Bahrain and shall include other regulatory or supervisory authorities, to the extent relevant in relation to MFS’s operations and presence in or across various jurisdictions.

7.3MFS will not be held responsible for any loss resulting from its provision of Services in relation to the Mubasher Investment strategies/Mutual Funds unless such loss was the direct result of a gross negligence or willful misconduct on the part of MFS.

7.4MFS shall keep information pertaining to the Account Holder, and Mubasher Investment strategies/Mutual Funds in strict confidence and not to be disclosed unless any such disclosures are made due to or as per the instructions of the Account Holder or whenever required to do so, by law, or as part of any regulatory disclosure requirements.

7.5MFS may, but is under no obligation to take any legal action or initiate any judicial proceedings on behalf of the Account Holder against any third party including third parties (if any) that MFS deals with in respect of providing Services under this Agreement.

7.6In implementing provisions set out above, MFS shall have the right at any time to request the Account Holder to take back possession of his investments in Mubasher Investment strategies/Mutual Funds, after deducting any and all dues payable by the Account Holder.

8.RESPONSIBILITIES AND OBLIGATIONS OF THE ACCOUNT HOLDER

8.1The Account Holder shall ensure and refrain from creating any pledges over any of the Mubasher Investment strategies’/Mutual Funds’ components without MFS’s prior written consent.

8.2The Account Holder will be held completely responsible and liable for any result of his/its instructions which he/it may serve or issue to MFS, in relation to the Mubasher Investment strategies/Mutual Funds.

8.3The Account Holder acknowledges and confirms that the studies and researches issued by MFS from time to time are only for indicative and general information purposes only and that MFS does not guarantee any profits or any positive results in relation to the Mubasher Investment strategies/Mutual Funds or otherwise, when the Account Holder relies, at his/its own risk on said studies and researches.

8.4The Account Holder acknowledges and confirms his/its knowledge and compliance (to the extent applicable) with the regulatory rules and regulations governing the Account Holder relationship and the Mubasher Investment strategies/Mutual Funds maintained with MFS, and in particular the Account Holder’s knowledge and compliance with all restrictions applied thereof which the Account Holder undertakes not to violate. MFS shall not be held responsible for any violation or misuse of the rules or regulations by the Account Holder with respect to any of the Mubasher Investment strategies/Mutual Funds held with MFS.

8.5The Account Holder undertakes that the investments in Mubasher Investment strategies/Mutual Funds belong to him/it and that such asset(s) is/are not subject to any dispute or claim whatsoever with any third party.

8.6The Account Holder shall notify MFS in writing about any proxy or power of attorney issued or granted to any third party to manage, collect, and oversee the Mubasher Investment strategies/Mutual Funds details as well as the investments in the Mubasher Investment strategies/Mutual Funds. The Account Holder shall clearly without any misrepresentation specify the limits of the delegated authorities in precise and confined manner not subject to any ambiguities. In all such events, MFS may request the Account Holder to sign an authorization form or a power of attorney in the form prescribed or required by MFS.

8.7The Account Holder undertakes and warrants that all data, documents, and information submitted by the Account Holder to MFS upon investing in the Mubasher Investment strategies/Mutual Funds are accurate, including any information related to, his/its experience and intention of the investment. Also, the Account Holder undertakes to provide MFS with any data requested from him/it in relation to any of the Mubasher Investment strategies/Mutual Funds, in accordance with Decree no. 64 of 2006 issued in the Kingdom of Bahrain, and any amendments issued thereof.

8.8The Account Holders acknowledges his/its awareness that, in compliance with the relevant laws and regulations, any and all phone calls/conversations which took place earlier and might take place during  the term of these Terms between  the  Account Holder  and  the  Company  shall  be recorded and retained by MFS for at least five (5) consecutive years. However, in case of any judicial or non-judicial dispute between MFS and the Account Holder or between the Account Holder or any third party regarding the assets deposited in Mubasher Investment strategies/Mutual Funds, MFS shall retain said recorded phone calls until the dispute is completely resolved whether amicably or by a court resolution or until the investigation procedures are completed and investigation is closed. The Account Holders further acknowledges and agrees to the exclusive right of MFS to use the said records as a proof of evidence in any competent court of relevant jurisdiction.

8.9The Account Holder shall at all times obtain and comply, and do all that is necessary to maintain in full force and effect, all authority, powers, consents, licenses and authorizations as required by MFS.

8.10The Account Holder shall use all reasonable steps to comply with all applicable regulations in relation to these terms and Mubasher Investment Strategies/Mutual Funds, so far as they are applicable to the Account Holder and/or MFS.

8.11Upon demand, the Account Holder shall provide MFS with such information as MFS may reasonably require to evidence any matter connected to these terms or to comply with any applicable r

8.12Account Holder shall be restricted to provide informational content on Mubasher Investment Strategies/Mutual Funds to third parties

9.DISCLOSURE

For the provision of Services through Third Party Service Providers and in compliance with the applicable laws and the disclosure rules and regulatory requirements, MFS, when required or when requested to do so, shall provide its regulator with all related data and information in connection with the assets ownership of the Account Holder in relation to the Mubasher Investment strategies/Mutual Funds. MFS or the Third-Party Service Providers shall not be held responsible for any disclosed proprietary information pertaining to the assets and matters exceeding or beyond the scope of any of the Mubasher Investment Strategies/Mutual Funds. The Account Holder authorizes MFS to disclose any information required by law and regulation in relation to Portfolios and also to the Third-Party Service Providers selected by MFS.

10.EXERCISE OF OWNERSHIP RIGHTS

10.1The Account Holder has the right to exercise all rights arising from or in relation to the ownership of investment within the Mubasher Investment strategies/Mutual Funds by providing a written notification of his/its intention to do so. Therefore, MFS shall take all necessary measures to implement the instructions of the Account Holder, in accordance with the applicable practice in this regard.

Thus, if it is not incompatible with the applicable laws and regulations and in case the Account Holder failed to notify MFS of his/its desire to exercise any of those rights, this shall be considered as a comprehensive authorization from the Account Holder to MFS (with no further obligations or liabilities whatsoever) under these terms to carry out on behalf of the Mubasher Investment strategies/Mutual Funds any of these rights and without any responsibility on MFS. The Account Holder acknowledges that his/its investment is managed by a Third-Party Service Provider, the assets are held by a nominee of the Third-Party Service Provider’s or its agents. In an event of exercise of ownership rights by the Account Holder, MFS will act as a liaison between the Account Holder and the Third-Party Service Provider or his agents.

10.2In the event of any judicial or non-judicial dispute between the Account Holder and MFS, or between the Account Holder and any other party in respect of the investment in the Mubasher Investment strategies/Mutual Funds, or upon occurrence of any regulatory issues, concerns, issuance of inadequate or incomplete, illegal or unauthorized instructions by the Account Holder or issuance of instructions that cannot be executed due to the presence of any limitations, restrictions or beyond the scope of Services or activities carried out by MFS and any such or similar circumstances,  MFS shall have the absolute discretion to refrain from executing any instructions which may have been issued by the Account Holder, without any further responsibility or liability on MFS whatsoever.

10.3MFS shall have the absolute right, without being liable, to refrain from executing any order and/or instruction issued by the Account Holder, if MFS reasonably believes or have enough reasons to believe that such execution shall not be completed.

11.REDEMPTION FROM MUBASHER INVESTMENT STRATEGIES/MUTUAL FUNDS

The Account Holder has the right to redeem all or part of the investment in the Mubasher Investment strategies/Mutual Funds, by serving a written notification to MFS expressing his/ its intention to do so, pursuant to which MFS shall take the necessary measures thereof, after deducting fees , applicable charges or expenses due to MFS or the Third Party Service Provider/Administrator, and within appropriate and timely manner, provided that there are no ongoing judicial or non-judicial disputes between the Account Holder and MFS, or between the Account Holder and any other party (including the Represented Parties) regarding the investment in the Mubasher Investment strategies/Mutual Funds and that there are no legal or compliance restraints whatsoever that may prevent the completion of the withdrawal process in relation to the Mubasher Investment strategies/Mutual Funds.

12.FEES AND EXPENSES

12.1MFS shall be entitled to the following:

  1. Transaction fees payable by the Account Holder at an agreed percentage, to be computed per each transaction initiated or placed by MFS at the request of the Account Holder, in relation to the Third-Party Service Provider/s. The transaction fee shall be payable by the Account Holder at such intervals (either in advance or in arrears) as may be determined by MFS in its sole discretion.
  2. Administration fees payable by the Account Holder at an annual rate of agreed percentage, in relation to the Portfolio(s), at such intervals (either in advance or in arrears) as may be determined by MFS in its sole discretion.
  3. The Account Holder hereby irrevocably authorizes MFS to deduct from the Mubasher Investment strategies/Mutual Funds anytime during the provision of Services and/or  at the time of or after, the withdrawal of the investment or cancellation/termination of Mubasher Investment strategies/Mutual Funds, the above referred fees, in addition to any other expenses that MFS may incur in relation to the Mubasher Investment strategies/Mutual Funds including but not limited to the Third Party Service Provider’s/Administrators commissions, registration, ownership or transfer fees, safe keeping securities fees and such other costs or expenses ancillary to the fees described above. Moreover, the Account Holder authorizes MFS to liquidate and sell any part of the investment in the Mubasher Investment strategies/Mutual Funds to recover any accrued and outstanding/ unpaid fees including but not limited to management fees. The Account Holder by signing these Terms hereby issues irrevocable instructions in order to execute the aforementioned authorization in relation to the Mubasher Investment strategies/Mutual Funds, to the extent deemed fit by MFS.

13.AGREEMENT TERM & TERMINATION

Termination due to Regulatory Demand.

Either party shall have the right to terminate these terms immediately upon written notice in the event that a party is restricted or prohibited from performing its obligations hereunder due to the laws or regulations of the United States Securities and Exchange Commission (“SEC”), Financial Industry Regulatory Authority (“FINRA”), or any Exchange, self-regulatory agency, or government body having jurisdiction over such party.

14.EVENTS OF EARLY TERMINATION

14.1MFS shall have the right in its sole discretion and by serving a 7 days’ notice letter to the Account Holder, without any need to any other judicial or non-judicial action, to terminate these Terms in the event that one or more of the following facts occur or arise:

If the Account Holder does not:

  1. Deposit any cash amounts in the Mubasher Investment strategies/Mutual Funds within 1 Month from the date of signing these Terms in case that the said Portfolio component is cash.
  2. In the event that the Account Holder refrains from settling any outstanding management fee, other fees and/or any monies due in connection with any of the Mubasher Investment strategies/Mutual Funds after the Account Holder had been notified by MFS to settle the same within 10 days’ time.
  3. In the event when the value of any of the Investment decreases from the minimum allowed amount which is 1000 BD (One thousand Bahraini Dinars).

14.2Notwithstanding any other provisions in this Agreement, these Terms will be terminated immediately, in the event of termination of the following agreements:

  1. the Mubasher Trade Trading Services Customer Agreement entered in to between MFS and the Account Holder,
  2. the agreement entered into between Third-Party Service Provider and MFS for the purpose of management of Mubasher Investment Strategies or to provide services as an Administrator or Distributor of the Mutual Funds offered by MFS.
  3. In the event of such termination of the agreements between Third Party Service Provider and MFS, the Account Holder may be required to directly deal with the Third- Party Service Provider or liquidate his investments in Mubasher Investment Strategies/Mutual Funds.

15.LIABILITIES, DISCLAIMERS AND INDEMNITIES

15.1MFS shall endeavor to exercise due care and diligence in the provision of Services to the Account Holder in connection with the Mubasher Investment strategies/Mutual Funds. However, MFS will not be liable to the Account Holder for:

  1. Any costs, claims, demands, losses or expenses suffered by or arising from any depreciation in the value of assets held in the Mubasher Investment strategies/Mutual Funds;
  2. MFS’s acts or omissions or those of any Third-Party Service Provider or Administrator, or Agent except if they arise as a result of MFS’s or such Third Party Service Providers or Administrators of Agents gross negligence or willful misconduct or fraud; and
  3. The investment performance of any investment options held under the Mubasher Investment strategies/Mutual Funds.

15.2In the event of any limitation of liability, disclaimers or indemnities applicable on MFS by the Third-Party Service Provider/Administrator or Agent in connection with its particular Mubasher Investment Strategies/Mutual Funds, the same limitations of liability, disclaimers or indemnities will be applicable to the Account Holder under this Agreement who has invested in such Mubasher Investment Strategy /Mutual Fund.

15.3Disclaimer: These Mubasher Investment Strategies/Mutual Funds are offered to you through a Third-Party Service Provider who will also manage the Investment Strategies. The data contained in reports and factsheets issued by the Third-Party Service Provider are believed to be reliable. MFS has not independently verified the data including but not limited to the information, financial workings, projections and the data may be incomplete. No offer or solicitation to invest in the Mubasher Investment Strategies/Mutual Funds is being made by MFS by providing reports/factsheets and they are for informational purposes only.

A high ranking is not an indication of a flawless Investment Strategy / Mutual Fund or may not serve the Account Holder’s individual investing needs. Past performance is no guarantee of future results of the Investment Strategy/Mutual Fund. It is the responsibility of the Account Holder to understand the underlying methodologies. Account Holder’s use of data provided in reports is entirely at the Account Holder’s own risk and it is the Account Holder’s sole responsibility to evaluate the accuracy, completeness, and usefulness of all data provided herein and seek necessary advice of a relevant professional on any financial decision.

15.4Under no circumstances shall MFS be liable for direct, indirect, incidental, special, punitive, or consequential damages that result in any way from the Account Holder’s use of or reliance on any data presented in reports, including damages resulting from errors, omissions or defects in the data displayed by MFS.

16.ORDER OF PRIORITY AND CONFLICT

16.1In relation to the provision of Services, the Parties agree that the following order of preference or priority shall apply in relation to the applicable documentation, unless agreed otherwise in writing with MFS:

  1. Mubashertrade Trading Services Customer Agreement [together with its Annexures]
  2. Mubasher Brokerage Services Agreement signed by Institutional Clients [together with its Annexures]
  3. Standard Terms of Business for Mubasher Investment Strategies and Mutual Funds [together with its Annexures];
  4. Investment Request Form; and
  5. Any other forms or documents that may be signed by the Account Holder in relation to its Investments in the Mubasher Investment Strategies/Mutual Fund (s)

16.2These Terms shall be supplemental to the MubasherTrade Trading Services Customer Agreement [together with its Annexures] or the Mubasher Brokerage Services Agreement [together with its Annexures] and the Parties agree that all clauses of the Mubashertrade Trading Services Customer Agreement or the Mubasher Brokerage Services Agreement, which are not modified or not dealt within these terms shall remain unchanged and fully applicable to the Account Holder for the fulfilment of these Terms.

16.3In the event of any inconsistency or conflict between the provisions of the agreement/s entered in to between the Third-Party Service Provider and MFS, and these Standard Terms of Business, the provisions of the agreements entered in to between the Third- Party Service Provider and MFS shall prevail.

SCHEDULE OF FEES AND CHARGES

Entry fees – Strategy: 15 bps with a min of 5 BHD

Exit fees – Strategy: 15 bps with a min of 5 BHD

Switching between Strategy to Another: 30 bps with a min of 10 BHD

Management Fees – strategy: 60 bps

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