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ACM Gold and Forex Trading (PTY) Ltd. is an authorized Financial Services Provider (FSP- 26164)




(Registration No. 2005/019007/07)
Physical Address Suite 1-4, 12th Floor Sandton City Office Towers 158, 5th Street, Sandhurst, South Africa
Postal Address PO Box 2624 Sandton, 2146 Gauteng South Africa
Telephone +27(11) 784 0603
Email info@acmgold.co.za
Fax +27(11) 784 2516
Web www.acmgold.co.za
(us, we, ACM Gold)
Full names and surname / Company Name:

(Registration or ID No.: )

Physical Address:
Postal Address:
Telephone: +
Mobile phone:
("You" or "the Client")
1 Introduction
1.1 This client agreement ("Agreement") sets out the terms and conditions between you (being an individual or a company acting throughits authorised officers) ("you" or the "Client") and ACM Gold and Forex Trading (Pty) Ltd("ACM Gold" or "we" or "us").
1.2 ACM Gold is an over the counter provider ofcontracts for difference ("CFDs")which reference underlying assets like currencies, commodities, indices, shares, energies and precious metals.
1.3 This Agreement sets out the terms and conditions relevant to any CFD Trading that occurs between you and us.
1.4 There are clauses in this Agreement that require your careful consideration. For your reference, those terms which may limit any of your rights, or which provide for specific acknowledgements or warranties required by/from you, are in bold font. You acknowledge that you have read and appreciated the importance of the terms and clauses in bold font.
1.5 The Agreement is legally binding and all Trading under it is enforceable on either party. By signing this Agreement you acknowledge that you have read and fully understand the contents of thisAgreement and you agree that all your Trading with us will be governed by the terms of the Agreement. You should not commence Trading with us unless you fully understand the terms of the Agreement.
1.6 The applicability of the Financial Advisory and Intermediary Services Act, 2002 ("FAIS")
  1. ACM Goldis an authorised Financial Services Provider ("FSP") under FAIS, and is licensed by the Financial Services Board of South Africa ("FSB") to provide advice and intermediary services in respect of derivatives and deposits.
  2. All CFD trades executed on the ACM Gold Electronic Trading Platform ("Platform")are concluded between you and us on a principal-to-principal basis. This means that the principals to the CFD transaction will be us on the one hand and you on the other hand. These transactions are not regulated in terms of FAIS, and are excluded from intermediary services, as defined in FAIS.
  3. FAIS does not govern our obligations to you in respect of CFD transactions.
1.7 The Platform does not facilitate the matching of buy orders and sell orders for securities of multiple buyers and sellers. The Platform is not an "exchange" as defined in the Financial Markets Act, 2013.
1.8 You must ensure that you understand the nature of our service before you begin to Trade.
2 Definitions and interpretation
2.1 In this Agreement, unless the context requires otherwise:
  1. ACM Gold: As defined in clause 1.1, a private limited liability company with registration number2005/019007/07, incorporated in accordance with the company laws of South Africa.
  2. Agreement: As defined in clause 1.1.
  3. Business Day: Any day other than a Saturday, Sunday or official public holiday in the Republic of South Africa.
  4. CFD or contract for difference: A contract between you and ACM Gold typically based on the difference in value of an Underlying Asset, in terms of which one of the parties (the Seller) will pay to the other party (the Buyer) the difference between the value of that item or assetat the time the Trade is entered into (ie Opened) and its value at a specified time and date in the future when the Trade is Closed Out.
  5. CFD Transaction: The entry into a CFD between you and ACM Gold, upon ACM Gold's acceptance of your Client Order.
  6. Client: Means you, the party signing this Agreement.
  7. Client Order: Means your instruction to us to either Open a new CFD Trade or Close-Out an existing CFD Trade, which instruction is made on the Platform and which we may or may not accept. Your Client Order is not binding on us until such time as we have accepted the instruction.
  8. Close Out or Close or Closing: In the context of a CFD Trade, means the termination of a CFD Trade by us in terms of this Agreement, or where your Client Order is to "sell" a certain Underlying Asset.
  9. Exchange Control: Requirements relating to the transfer of money, into and out of South Africa, under the Exchange Control Regulations, 1961 published in terms of the Currency and Exchanges Act, 1933.
  10. Event of Default: Has the meaning given to that term in clause 25 of this Agreement.
  11. Execution Price: The price at which a Trade is actually made or executed, taking into account any Slippage and as contemplated in clause 9.3
  12. FAIS: Financial Advisory and Intermediary Services Act, 2002, as defined in clause 1.6.
  13. FAIS Ombud: The Office of the Ombud for Financial Services Providers established by the Financial Advisory and Intermediary Services Act, 37 of 2002.
  14. FSB: The South African Financial Services Board, established in terms of the Financial Services Board Act, 1990.
  15. FSP: Financial Services Provider, as defined in clause 1.6.
  16. Floating Loss: Means an indication of a potential loss which you may suffer before Closing Out the position, but would be recorded as realized loss for the purpose of this Agreement.
  17. Going Long: Trading the long side means that Client has used a buy instruction as their opening CFD Trade or 'gone long'. 'Going long' refers to opening a buy CFD position to profit from a price increase based on the Underlying Asset. This implies that Client is expecting an increase in the price and will later give an instruction to sell or to Close-Out their position.
  18. Going Short: Trading the short side means that Client has Opened their CFD Trade using an instruction to sell or 'gone short'. 'Going short' refers to opening a sell CFD position to profit from a price decrease based on the Underlying Asset. This implies that Client is expecting a decrease in the price and will later give an instruction to buy or Close-Out their position.
  19. Hedged positions: Means Closed positions for the basis of this Agreement for example,a Client whose profit is USD130 000 but has aFloating Loss of USD130 000. ACM Gold will incorporate the profits and losses above to determine Client's net position and must Close Out Client's position if the net position is a negative number.
  20. Liquidation Value: Means the credit amount reflected in yourTrading Accountless any Floating Loss provided there are no Pending Orders that are to be reversed.
  21. Margin Requirements: Means an amount reserved or deposit required to maintain open Trades. This is not a fee or a transaction cost, it is simply a portion of your Trading Account creditthat is set aside and allocated as a margin deposit to hold your leveraged positions.
  22. Market Order: Means, in the context of a CFD Trade, a Client Order committing to buy or sell an Underlying Asset at the current Quoted Price. Placing this order results in the immediate Opening of a Trade position.Underlying Assets are bought at an Ask price (ie the minimum price that the seller is willing to receive for an Underlying Asset) and sold at a Bid price (ie the maximum price that a buyer is willing to pay for an Underlying Asset). Market Orders are not expected to be a risk which contributes to Slippage in the context of this Agreement but the reference thereto is included in the interest of full disclosure and in abundance of caution. Despite the Quoted Price, Market Orders will be executed at the Execution Price. The pricing charts displayed on the Platform only display the Bid price of each Underlying Asset.
  23. Open or Opened: In the context of a CFD Transaction, means the entering into of a new CFD Transaction where your Client Order is to "buy" a certain Underlying Asset.
  24. Parties: ACM Gold and the Client, and Party means, as the context requires, any one of them.
  25. Pending Order: Is a Client Order committing to buy or sell an Underlying Asset at a pre-defined price in the future. This type of order is used for Opening of a Trade position subject to the pre-determined pricing level having been reached and may be executed at any-time in the future even if the Client is not logged into the Platform. Pending Orders are only cancelled when you cancel them or when their pre-determined expiry date is reached.
  26. Platform: Means the MetaTrader 5 (MT5) online trading platform or any other trading platform that ACM Gold may make use of from time to time, in the context of providing the Client with the online Trading services.
  27. PIP or percentage in point: Means an amount equal to 1/100th of 1 percent. In the context of CFD Transactions where the Underlying Asset is a currency pair most currencies are quoted to four decimal places, the PIP would be the fourth decimal place e.g. if Euro/USD is quoted 1.32345, the PIP would be '4'.
  28. Price Gap: Means the difference in price between the market closing price and the next day market opening price which is caused by price movement when the market is closed or with news which may cause volatility.
  29. Quoted Price: Means the prevailing market price as displayed byACM Gold on the Platformat the time when a ClientOrder is accepted, regardless of the time of submission of the Client Order. In the event of a dispute regarding price, the price quoted by Reuters as adjusted by our fees shall prevail.
  30. Rand or ZAR: South African Rand.
  31. Regulatory Authority: Means an organ of state or entity established in terms of any legislation responsible for regulating the business of the ACM Gold or terms and conditions upon which the ACM Gold makes services available.
  32. Referral Agent: An individual or firm that, on introducing clients to ACM Gold, receive an introductory fee from ACM Gold.
  33. Slippage: The difference between the expected price of a Trade and the price the Trade is actually executed at. Slippage is attributed to the timing difference between the Quoted Price and the Execution Price.
  34. Spread: Is the difference between the Bid and the Ask price of an Underlying Asset.
  35. Stop Loss: Means aClientOrder used to reduce potential losses at a pre-determined Quoted Priceif such price begins to move in a non-profitable direction. A Stop Loss could be an order to either buy or sell, depending on whether the Client was Going Long or Going Short at the time the Trade was entered into.The Trade will automatically be Closed-Out if it decreases and reachesthe certain pre-determined Quoted Price as set by the Client.Once Closed-Out, the Client will not suffer further losses or any potential gains as a result of any further movements.
  36. Take Profit: Means aClientOrder used to secure potential profits at a pre-determinedQuoted Price if such pricebegins to move in a profitable direction. A Take Profit could be an order to either buy or sell, depending on whether the Client was Going Long or Going Short at the time the Trade was entered into. The Trade will automatically be Closed-Out if it increases and reachesthe certain pre-determined Quoted Price as set by the Client. Once Closed-Out, the Client will not benefit from any further movements.
  37. Time: All references to the time of day in this Agreement are references in the format of the 24 hour clock and relate to the time in Johannesburg (G.M.T. + 0200 or B.S.T. + 0100 as applicable).
  38. Trade and/or Trading: Means the Client Order to Open or Close-Out a CFD Transaction with ACM Gold.
  39. Trading Account: The designated account (with corresponding account number) opened in terms of this Agreement for your Trading with ACM Gold under which all your Trading is recorded and reconciled. You remain in control of your Trading Account, except for those instances where ACM Gold transacts on the Trading Account with your authority.
  40. Trust Account: Means a separate bank account, in the name of ACM Gold, which is use to hold funds belonging to the Client. These funds are then transferred, in the form of trading credits, to the Trading Account.
  41. Underlying Assets: Means currencies, commodities, indices, shares, energies and precious metals in respect of which you can enter into CFD Transactions with us.
  42. Website: Means www.acmgold.comor any other U.R.L. owned or controlled by ACM Gold that connects the public with ACM Gold.
2.2 This definitions clause is not exhaustive and you will find other terms defined elsewhere in this Agreement.
2.3 If any provision in a definition confers rights, or imposes obligations on you or us, effect is given to it as a substantive provision of this Agreement.
3 Warranties and undertakings
3.1 When you open a Trading Account with us and each time you place a Trade, you will be deemed to represent and warrant to us that:
  1. you enter into the Agreement and Trade with us as principal, in your own name, on your own behalf only for yourself and not on behalf of a third party as that party's agent or representative;
  2. you are fully authorised and legally entitled to enter into the Agreement, to conduct Trading with us and to perform your obligations under the Agreement;
  3. you will not use our name or any of our trademarks in any way without our prior written consent;
  4. you are oflegal age in the country in which you reside;
  5. you have full power andauthority to enter into and perform your obligations under this Agreement;
  6. this Agreement has been duly authorised, executed, signed and delivered by you;
  7. you will use the services offered in this Agreement, in good faith and, to this end, you will not use any electronic device, software, or any trading strategy that seeks to manipulate the manner in which we construct and/or provide our buy or sell prices;
  8. you are not prevented by any applicable law from Trading on the Platform and when you Trade, you will comply with your obligations under applicable law; and
  9. all information givenby you in connection with the ACM Gold services provided in terms of the Agreement is trueand correct, and ACM Gold may rely on the truthfulness and correctness of thatinformation.
3.2 You acknowledge that:
  1. CFDs are leveraged products and may not be suitable for everyone as it is possible to lose more money than you deposit. Please ensure that you fully understand the risks involved before you begin Trading;
  2. you will comply with and abide by all of our policies, procedures, processes and standards for Trading on the Platform as communicated by us from time to time;
  3. it is your responsibility to notify us immediately of any change in your contact details and to provide us with alternative contact details. We will not be liable for any of your losses, costs, expenses or damages incurred or suffered by you as a consequence of your failure to provide accurate, up to date contract details;
  4. any trading guidance that may be provided by ACM, from time to time, is not financial advice, is purely informative in nature and is intended to only assist you with making informed Trading decisions; and
  5. all incoming and outgoing phone calls made by you to ACM Gold are recorded, without warning, and will be used as evidence in the event of any dispute and also for quality and reference purposes.
3.3 Any time you are in breach of any warranty or acknowledgement as set out above, you will be liable to us for any loss or damage which we suffer and we will be entitled, in our absolute discretion and for as long as the breach is not remedied, to close any Trade you have open at the market price prevailing at the time of closure.
4 Trading via the Platform
4.1 The Platform provides a list of CFD Transaction on Underlying Assets that ACM Gold is able to Trade. The fact that a CFD Transaction on a particular Underlying Asset is listed on the Platform does not mean that ACM Gold is making any recommendation in relation to that Underlying Asset, or that the purchase of that Underlying Asset is an appropriate investment for you.
4.2 Before Trading with us, we will request that you provide us with information regarding your knowledge and experience in financial markets and specifically in respect of CFD Transactions. This information will enable us to determine whether Trading on the Platform is suitable for you. We will inform you in writing if we determine that factually you are not suitable to Trade in CFD Transactions. If, after providing you with our determination, you elect to continue Trading with us, we will not be liable for any subsequent losses you may make. You acknowledge and accept that you will have no claim against ACM Gold for these losses.
4.3 If you elect not to provide us with the requested information or you provide us with insufficient or incorrect information, we will provide you with a warning which states that we are unable to determine your suitability for Trading in CFDs. If, after receiving our warning, you elect to continue Trading with us, we will not be liable for any subsequent losses you may make. You acknowledge and accept that you will have no claim against ACM Gold for these losses.
4.4 We carry out the Trading instructions that you give us.We make no recommendations in relation to a Trade ie we do not provide you with investment advice, although we may provide you with factual market information.
4.5 You agree and acknowledge that:
  1. you will rely solely upon your own judgment in all aspects of your trading with us and that all Trades are made at your own risk;
  2. any information relating to particular Underlying Assets available on the Platform, will not constitute a recommendation from us regarding a particular Underlying Asset.
  3. despite any information which may be provided to you, your Trading decisions are yours and yours only and that you warrant that you will not seek recourse against us on any basis in connection with any information given, or, in your view, not given.
  4. your Trading on the Platform will be subject to, and take place in accordance with, applicable law in effect from time to time.
4.6 Market abuse:
  1. We do not allow trading methods which actually or could potentially result in market abuse. The concept of market abuse typically consists of insider trading, unlawful disclosure of inside information and market manipulation. We reserve the right, to suspend Trading on an account if we regard you to be engaging in unethical or questionable Trading styles.
  2. You agree that each and every time you Open a Trade, you will not:
    • place any Trade(s) in connection with:
      1. a placing, issue, distribution or other similar event; or
      2. an offer, take-over, merger or similar event;
      in which you are involved or otherwise interested whether directly or indirectly;
    • place any Trade(s) that violates any law against insider trading as defined in the Financial Markets Act,2012;
    • place any Trade(s) which creates or is likely to have the effect of creating:
      • a false or deceptive appearance of the demand for, or supply of, or trading activity in connection with; or
      • an artificial price for,
      that Underlying Asset; and
    • place any Trade(s), the effect of which can be reasonably deemed to be market abuse.
  3. If you engage in behaviour that results, or could potentially result in market abuse, you acknowledge and accept that:
    • you may be subject to penalties and/or fines as imposed by the Relevant Regulatory Authority; and
    • we reserve the right to Close-Out your positions or Client Orders, terminate this Agreement summarily without prior notice and to reinstate your Trading Account to a position reasonably assumed before you engaged in market abuse. All of our other remedies in contract and at common law are hereby reserved.
4.7 Responsibility for satisfying system requirements:
  1. In order to Trade using the Platform, there are certain system hardware and software requirements, which are described on the Platform and on our Platform provider's website (Platform Provider's Website). Since these requirements may change from time to time, the Client must periodically refer to the Platform Provider's Website or by utilizing search engines to direct Client to the Platform Provider's Website or by direct URL, foran outline of the current system requirements.
  2. There are risks associated with utilising an internet-based deal-execution trading system including, but not limited to, the failure of hardware, software, and internet connection. Since ACM Gold does not control signal power, its reception or routing via the internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the internet. ACM Gold employs backup systems and contingency plans to minimise the possibility of system failure, which may include allowing Clients to Trade via telephone or email (Alternate Trading Methods). To the extent that Alternate Trading Methods are relied upon, you will be required to provide ACM with sufficient detail to allow us to identify:
    • your Trade, including the Trade identification number, product symbol and number of lots; and
    • and verify your identity, including your full names, identity number and contact details.
4.8 ACM Gold shall not be liable to the Client by reason of delays or interruptions of service or transmissions, third party platforms used by the Client such as, but not limited to Netteller, PayPal, TruPay, and associated end to end payment providers or failures of performance of ACM Gold trading Servers, regardless of cause, including, but not limited to, those caused by hardware or software malfunction; governmental, exchange or other regulatory action, war, terrorism, or the ACM Gold's unpremeditated acts. The Client recognizes that there may be delays or interruptions in the use of the Platform, including, for example, those caused intentionally by ACM Gold for purposes of servicing ACM Gold trading platforms.
4.9 CFD Transactions may only be Opened or Closed and buy and sell orders may only be placed during the Platform's published trading hours. It is your responsibility to familiarise yourself with these trading hours. We will not execute any instructions to Trade outside of these hours (and, if the Platform allows for a Trade entry outside these hours, we reserve the right to cancel any and all such Trade(s)). We may suspend your ability to Trade in the circumstances set out in clause 19.
4.10 We do not give any express or implied warranty regarding the Platform, Website, telephone service or any other aspect of our service. In particular, we do not warrant:
  1. the correctness, accuracy, timeliness, reliability or completeness of any information that you may obtain through the Platform;
  2. the continued availability or uninterrupted access to the Platform, any of the functions of the Platform; or
  3. that the Platform will be free of viruses, bugs, trojans or any other harmful coding.
4.11 We take reasonable precautions to ensure that data created by us has been checked for viruses, but it is your responsibility to ensure that the onward transmission, opening or use of this data will not negatively affect your systems or data. Please make sure that your computer has up-to-date virus detection software and please carry out virus and other checks as you consider appropriate. We accept no responsibility for losses that you may suffer as a result of the onward transmission of viruses, from us to you.
4.12 The Platform is a sophisticated trading platform and although we take reasonable care to ensure that it operates correctly, it may be subject to errors or failures from time to time. As a result of such errors or failures, you may experience problems with the Platform, including that:
  1. you cannot trade or communicate with us through it;
  2. you receive misleading or inaccurate information from it, including information about prices;
  3. you may not be able to Open or Close Trades in CFD Transactions; and
  4. you may not receive messages that we send you, for example Confirmations.
4.13 We do not guarantee that the Platform will be without any problems, and you Trade on the Platform at your own risk of sustaining loss or damage as a result of any such problems. Such loss and damage might happen as a result of:
  1. being unable to Open or Close a Trade at a particular time;
  2. believing that you have Traded (for example by Opening or Closing a Trade);
  3. Trade when our system records state that you have not, or believing that you have not Traded when our system records show that you have;
  4. making Trading decisions (including for example decisions concerning the opening and closing of Trades) on the basis of inaccurate information about prices; and
  5. other difficulties, misunderstandings, errors or unintended consequences caused by problems with the Platform.
4.14 If as a result of problems with the Platform our computer records differ with your records or what you remember of your trading, the version of events recorded by our computer will apply (in the absence of dishonesty by us) and our obligations to each other (including the obligation to pay any money) will be calculated on the basis that our computer records are correct. Therefore, if you are having difficulty with the Platform in any way, you should telephone us as quickly as possible so that any misunderstanding or mistake can be avoided or corrected, and especially if you wish to Trade.
4.15 We have the right to remove altogether, or reduce the availability of, the Platform, at any time.
4.16 We strongly recommend that you keep your own records of your internet Trading instructions including details of the times, dates, and nature of your instructions. These details may be important if there is a dispute.
5 Modifications to the Platform
5.1 ACM Gold may in our sole discretion, change, update, or improve the services from time to time, but has no duty to do so. ACM Gold may also stop providing any available service to any person at any time without prior notice and may, in its sole discretion, remove Underlying Assets supported by the Platform subject to allowing you a reasonable opportunity to Close Out your position.
5.2 ACM Gold may change the terms of this Agreement by giving you notice of the new terms and in certain cases subject to regulatory notice periods. You agree that your continued use of the Platform after the notice (or such longer time as ACM Gold may specify in the notice) means that you accept the changes. Any changes that are required by applicable law or regulation will be immediately effective.
6 Margin
6.1 The Margin Requirements in respect of each Trade will be displayed on the Platform.
6.2 Margin Call refers to the minimum additional cash which you must deposit into your Account in order to support your open Trade(s). You will receive a Margin Call from us when themoney in your Trading Account is not enough to support your open Trade(s) i.e. if the total of the Margin Requirement due on your open Trade(s) plus the losses on those Trade(s) exceed the cash held in your Trading Account.
6.3 The value of both the Margin Requirement and the Margin Call is calculated in accordance with ACM Gold's Margin policy, which policy is based on, amongst others, the amount of funds deposited and the Underlying Assets referenced.
6.4 ACM Gold may contact you via any appropriate method for Margin Calls, including telephone, email and internal Platform message.Margin Calls will only be made during business hours from 08h00 to 17h00 CAT.
6.5 The Client agrees to monitormessages and communications from ACM Gold. The Client may satisfy any Margin Call we make by immediately depositing the requested money into theTrustAccount to pay, in full, the deficit identified by us.
6.6 In the event that you do not satisfy a Margin Call, you agree that we have the right to Close-Out your CFD Transactions. An automated system-generated Close-Out is executed immediately by ACM Gold in terms of this Agreement when you do not satisfy the Margin Call and the credit balance in your Trading Account reaches 25% of the Margin Requirements of your Open Trades ("Stop-Out"). In the event of a Stop-out being executed on your Open Trades, you agree that the position with the highest Floating Loss will be automatically Closed-Out first by the system and thereafter your other positions will be Closed-Out in descending order ie from highest to lowest. We implement Stop-Out as part of our operating process and in keeping with the terms of this Agreement. The Stop-Out is implemented automatically and uniformly in respect of all Trades and is not implemented on a discretionary basis.
6.7 You acknowledge and agree that:
  1. an inherent element of trading CFDs is that there is always one party who holds an opposing view on how the markets in the Underlying Assets will move. In the event that your view on a particular Trade is correct, then we will incur a loss equivalent to the gain you make. If the opposite is true, then we will make a gain equivalent to the loss you will suffer. In terms of this Agreement, we are the counterparty to all Trades and we may therefore either make a gain at your expense or suffer a loss for your benefit. We have automated systems to ensure that there can be no human intervention to select against individual clients. All interventions permitted in terms of this Agreement are designed to be prudent measures aligned with industry standards, to safeguard the client against excessive trading losses. Nothing in this clause or in this Agreement must be interpreted as a guarantee that our Margin Calls will reduce Trading losses and you expressly acknowledge and agree that you may suffer excessive Trading losses and lose all of your money despite our automated Margin Calls;
  2. we will deduct adjustments, commissions and various other fees from your Trading Account and that such deduction may affect the amount of [equity] in your Trading Account to be applied against the Margin Requirements; and
  3. your Trades are subject to Close-Out as described herein if the deduction of commissions, fees or other charges causes your Trading Account to have an insufficient or negative balance to satisfy the Margin Requirements.
6.8 In addition, a safeguard is in place to protect both you and the ACM Gold.Once your credit balance in your Trading Account reaches 100% (one hundred percent) of the Margin Requirement, you will only be able to enter Client Orders to hedge your current position(s) (to create Hedged Positions).In such an instanceyou are still responsible for monitoring thebalance of your Trading Account and liable to pay any negative balances that may occur.
7 Stop Loss
7.1 A Stop Loss is a Client Order which requests that a Trade be Closed Out when a pre-determined price, as set by you, is reached, in scenarios where the market is moving against your Client Order.
7.2 A Stop Loss can be used for all your Trades at any time. Failure to utilise the Stop Loss function may increase your risk of loss significantly. ACM Gold is not liable for any losses which you may incur as a result of your failure to use the Stop Loss function.
7.3 In the case of a sudden market movement the pre-determined price selected by you may not be observed/reached in the market and the Stop Loss will not be triggered. In such an instance your Trade will be closed out at the next available price.
7.4 All Trades are inclusive of Spread, and therefore a Stop Loss will only trigger when the pre-determined price, inclusive of Spread, is reached.
7.5 You acknowledge that by not using the Stop Loss mechanism, you may incur excessive losses which, in extreme instances may result in a negative Trading Account balance. You may lose all of your money. To avoid this from happening, we have implemented automated computer-driven margin call and stop-out procedures as described in clause 6 designed to prevent such excessive trading losses this means that no further trades will be possible unless and until you deposit additional funds (ie Margin Call) into your Trading Account.
8 Take Profit
8.1 A Take Profit is a Client Order used to secure potential profits at a predetermined price if such price begins to move in a profitable direction.
8.2 In the case of a sudden market movement the pre-determined price selected by you may skip the Take Profit price set by you and close out at the next available price.
8.3 All Trades are inclusive of Spread, and therefore a Take Profit will only trigger when the pre-determined price, inclusive of Spread, is reached.
9 Quotations and Execution Price
9.1 We will display theQuoted Price of the Underlying Assets on theWebsite or the Platform.
9.2 Despite the Quoted Price, your CFD Trades will be executed at the prevailing market price for that Underlying Asset at the time we execute ie Execution Price. The Execution Price may be different to the Quoted Price, depending on how the Underlying Assets market price has moved during the course of the market day (or in the time taken between obtaining the Quoted Price and executing the Trade). We do not give any guarantee that the Execution Price will be at or near the Quoted Price.
9.3 Execution Pricing on the Platform will be done on a best execution basis ie we will take all reasonable steps to get the best available price for you, in accordance with your Client Order.The Client agrees that ACM Goldwill have no obligation to execute any Trade at the Quoted Price and will have no obligation of best execution in dealing with or for the Client.
9.4 You acknowledge that the Quoted Prices, and information provided based on the quotes we obtain, are obtained from sources that ACM Gold believes to be reliable. ACM Gold does not however guarantee the accuracy and completeness of those quotes or information. In addition, you represent that you will use the Quoted Prices and information solely for your own personal use related to your TradingAccount or Trading activity and not for professional use. You waive any claim that you might have against ACM Gold or the quote provider related to the Quoted Prices or the quote-based information on the Platform.
10 Charges
10.1 ACM Gold, in its sole discretion, maylevy charges in relation to your Trading Account and your use of the Platform. Applicable charges are listedon the Platform, and will be levied against your Trading Account. Examples of the types of charges that may be levied, include, without limitation:
  1. Swap charges:A Swap charge is interest that is either paid into your Trading Account or paid out of your Trading Account if you hold a CFD position overnight, and is based on the interest rates of the countries involved in each currency pair and whether the position is short or long. You acknowledge and accept that ACM Gold will not be held liable should a swap charge be debited on your Trading Account when you hold a CFD position overnight.
  2. Spread charges:We will charge you a Spread fee for CFD Transactions that reference certain types of Underlying Assets
10.2 Additional charges may be charged and payable by you from time to time to make provision for any new fees, includingany administration fees, commissions, taxes, costs, charges or any other funding costs which ACM Gold may become subject to or which may be associated with the performance by ACM Gold of its obligations under this Agreement. New or additional charges may be charged by ACM Gold in its sole and absolute discretion from time to time.
10.3 ACM Goldmay amend the charges payable on your Trading Account and the Platform, and may introduce new charges payable on your Trading Account and the Platform, where necessary and from time to time. Details of any changes to the applicable charges will be communicated to you via The Website. You acknowledge that by continuing to engage in any Trading activity using the Platform, and following any notice of the new or amended charges, any Trades willbe subject to the new or amended charges and you agree to be bound by any new or amended charges.
10.4 Without prejudice to ACM Gold's rights to recover indemnity costs under clause 31 below, and Trading Account charges listedon the Platform, if your Trading Account has an overdue debit balance (ie is in arrears) and it becomes reasonable for us to refer the matter to a law firm for collection, ACM Gold has the right to add a charge of up to ZAR 50,000 to your outstanding debit balance. This charge is not a penalty but is instead an amount that reflects our legal costs of referral to lawyers in connection with the collection of overdue accounts.
11 Security interest and set-off
11.1 The funds in your Trading Account and all rights that you may have to claim against us will be subject to a first, perfected, and prior lien, security interest, and right of set-off and these rights are ceded in security by you in our favour as security for the payment in full of any amounts owing, any indebtedness or any other obligation you may owe to us whether in terms of this Agreement or for any other reason.
11.2 The funds in your Trading Account will be held by us as security for payment of any liability you may have towards us. You agree to pay any debt owed to us and pay any debit balances in your Trading Account on demand. If payment is not made within 7 (seven) days of demand, we may Close Out some or all of your CFD Transactions, without prior notice, to pay for any liability.
11.3 Set-off and netting:
  1. (1) We may (in addition to any general lien, right of set-off, right to combine accounts or any other right to which we may be entitled), without notice to you, set off any obligation of yours to make payment to us under this Agreement against our liability to you in respect of any credit balance (or any part thereof in such amounts as we may elect) in yourTrading Account.
  2. (2) On the liquidation or sequestration (whichever may be applicable) of either us or you:
    • (a) all unperformed obligations of either Party in terms of any transactions executed in accordance with this Agreement:
      1. will terminate; and
      2. will become due immediately;
    • the values of the unperformed obligations will be determined; and
    • these values will be netted, so that only a net amount is payable to or by a Party,
    and the value of any MarginRequirement we hold in accordance with this Agreement will be included in the calculation of the net amount payable upon such liquidation or sequestrations (whichever may be applicable).
12 Client Orders and Trades
12.1 We will enter into CFD Transactions withyouupon any Client Orders given or purported to be given by you. You understand that weare unable to know whether someone other than you has entered, or is entering, Client Orders using your login and password for the Platform.Unless otherwise specified to and agreed to by us, you must not permit any other person to have access to your Trading Account for any purpose.
12.2 You will be responsible for the confidentiality and use of your login and password and for any Client Orders entered into through the Platform. You agree to report any loss or theft of your login or password, or any unauthorized accesses through the Platform of your Trading Account, immediately by email to our Client Service Department at support@acmgold.com. You must familiarize yourself with different types of Client Orders, Pending Orders etc.There is a comprehensive guide under the help section on the Platform that you must refer to, and which will be updated from time to time.
12.3 We will Close-Out all or any part of your Trades if:
  1. any dispute arises concerning a specific aspect regarding the Trade;
  2. you fail to timeously discharge your obligations to usunder this Agreement;
  3. we are instructed to do so on the instruction of a Regulatory Authority; or
  4. an Event of Default has occurred or is continuing.
12.4 We may reject a Client Order for any reason including, but not limited to, the fact that you do not have enough money in your Trading Account to cover the proposed Trade.
12.5 Client Orders must be accepted by us and as such we will have no liability to you if the internet connection is lost with the result that you are unable to Trade at any given price.
12.6 You acknowledge and agree that, in the event that we Close-Out your CFD Transactions in terms of this clause 12, the Trades with the highest Floating Loss will automatically be Closed-Out first by the system and thereafter in descending order from highest to lowest. If we execute a Client Order for which you did not have sufficient funds, we have the right, without notice to you, to Close-Out the Trade, and you will be responsible for any loss as a result of such liquidation, including any costs, and will not be entitled to any profit that results from such Close-Out.
13 Liquidation of positions on expired contracts
13.1 In the event that the Client's TradingAccount has open positions in CFD Transactions withan expiry date specified (forwards), such positions are subject for liquidation at the last quote on the expiry date and at time specified by ACM Gold.Please note that the Platform may refer to these "forwards" as "futures".
13.2 ACM Gold has the right to put instruments with approaching expiry dates into the 'Close only' mode that prohibits opening new positions.
14 Manifest Error
14.1 ACM Gold displays thousands of prices each month and there may be instances where we mistakenly provide you with an incorrect Quote Price. The following provisions apply in the case of an obvious error having regard to all relevant market information and conditions and any mistake or misunderstanding of, any information source, e.g. price data information, commentator, official, official result or pronunciation ("Manifest Error").
14.2 An error in a Quoted Price will be a Manifest Error if it is different from the price that we would normally have quoted at the time when you asked for it, having regard to the nature and size of the Trade, our pricing policy at the time, market price feeds and other data we receive, and to the state of any recognised exchange.
14.3 If at the time that you place, modify or Close your Trade with us on the basis of the incorrect price where you know or suspect that the quote was wrong or you should have known that it was wrong, we have the right to declare any Trade void (ie invalid and unenforceable) based on the wrong price or, if appropriate reinstate the Trade at the right (correct) market price.
14.4 To avoid any doubt, we will work on the basis that any Trade pricing error is a Manifest Error where it is based on:
  1. an incorrect price feed from our pricing data providers; and
  2. a pricing error generated by our own system.
14.5 If a recognised exchange identifies an error in the price, index movement, or the like which affects the settlement price of one or more of our CFD Transactions and where the exchange levies additional cost on the transaction as a result of steps taken to correct the situation, we have the right to revise the outcome of any Trade(s) and adjust your profit or loss accordingly.
14.6 If a Manifest Error has occurred and we choose to exercise any of our rights under this clause, and if you have received any monies from us in connection with the Manifest Error, you agree that you owe, and must pay, those monies to us without delay.
14.7 In case of any dispute arising other than in connection with pricing errors or corrections made by the recognised exchanges, as to whether you should have known that the Quoted Price was incorrect, you will be deemed to have known at the time when you entered into the Trade(s) in question, the true price of the Underlying Assets.
14.8 14.8 We are not liable to you for any loss, cost, claim, demand or expenses you suffer (including any indirect losses) resulting from a Manifest Error including our reversal of the Trade(s) you executed on the basis of the Manifest Error.
15 Confirmations and Account Statements
15.1 A summary of yourdaily Trading activity ("Daily Confirmation") and monthly Trading activity ("Account Statement") on your Trading Account is available via the Platform.
15.2 We will confirm the execution, cancellation or modification of any the Client Orders by transmitting to you an electronic confirmation through thePlatform ("Confirmation"). You agree to accept electronic Confirmations and not printed Confirmations.
15.3 Confirmations may be subject to delays. You understand that reports and Confirmations of Client Order executions, cancellations, or modifications may be erroneous for various reasons. In the event that we confirm an execution or cancellation containing a ManifestError and you unreasonably delay in reporting such error within 24 (twenty four) hours, we reserve the right to require that you accept the Trade, or remove the Trade from your Trading Account, at our sole discretion.
15.4 You agree to notify us immediately by telephone or email if:
  1. you fail to receive a Confirmation of a Client Order execution, cancellation or modification;
  2. the actual execution of your Trade is not consistent with the Client Order which you have placed;
  3. you receive a Confirmation in respect of theexecution or cancellation of a ClientOrder that you did not place;
  4. you receive an Account Statement, Daily Confirmation, other confirmation or any other information reflecting inaccurate Client Orders, Trades, account balances, positions, funds, margin status, or transaction history;
  5. you understand and agree that we may adjust your Trading Account to correct any error. You agree to promptly (within 48 (forty eight) hours) return to us any assets distributed to you to which you were not entitled.
16 Your Trading Account
16.1 All Trading Accounts are "cash" accounts. This means that all Trades must be paid for with money which has cleared and is standing to the credit of your Trading Account. Despite any provision, statement or communications published on the Platform or set out in this Agreement, we do not extend any credit to you in terms of this Agreement, and nothing in this Agreement will be construed as creating a loan agreement or as the granting of credit by us to you. The provisions of the National Credit Act, 2005, do not apply to any Trades carried out on the Platform.
16.2 Negative Balances:
  1. If your Trading Account balance is negative, we reserve the right to debit any of your other existing account(s) with a credit balance (if one exists) and to pay those funds into the Trading Account to bring the Trading Account back to zero and you expressly authorize us to do so.
  2. If a second account does not exist, you will be liable to pay the negative balance owing to us immediately on demand.
17 Deposits, Internal Transfers & Withdrawals:
17.1 Deposits:
  1. The Client acknowledges that all cash deposits are to be made into the Trust Account. ACM Gold will not accept any deposits that have not been made into this Trust Account and does not accept responsibility for erroneous deposits.
  2. ACM Gold will only accept deposits into the Trust Account which have been made from the Client's own bank account/credit card as placed on record with ACM, and are correctly referenced with your Trading Account number. You are responsible for ensuring that you only make deposits from your own bank account.
  3. Once ACM Gold have verified your Trading Account number against the funds received, your funds will be transferred to your Trading Account, less applicable payment processing fees and a cash deposit fee as disclosed on the Website.
  4. Any Rand deposits made by the Client shall be converted in US Dollar units that shall be calculated at the Rand-Dollar exchange rate supplied by the South African Reserve Bank on their web page plus 5 cents at the time of funding the Trading Account.The phrase "at the time of funding" means the time when the TradingAccount is recorded as funded by the ACM Gold. You acknowledge and accept that the process of converting the Rand deposit made by you into US Dollar units is only a conversion of values and should not be construed as the purchase of any underlying US Dollars (ie foreign currency).
  5. If the Client is depositing offshore the Client undertakes to ensure that the deposit is in accordance with the current Exchange Control. Offshore bank account details to be furnished on request.
  6. The Client also confirm that if the Client is using any 3rd party payment providers, credit or debit card for funding the Client Trading Account offshore the Client is in accordance with the current Exchange Control regulations.
  7. Forex and commodity trading is taxable as income in certain circumstances. The Client must refer to his or her tax consultant in order to ensure that the Client adheres to SARS income laws. You acknowledge and accept that ACM Gold is not responsible for the non-declaration of self-traded income generated from CFD trading irrespective of whether the deposit was made locally or offshore.
  8. The leveraged nature of CFD trading means that any market movement will have an equally proportional effect on the Client deposited funds. This may work against the Client as well as for the Client's benefit. To manage exposure, it is recommended to employ risk-reducing strategies such as 'stop-loss' or 'limit' orders.
17.2 Internal Transfers:
  1. From the time an internal transfer of funds, between your trading accounts is processed, you should allow 2 (two) to 5 (five) full Business Days for the funds to reflect.
17.3 Withdrawals:
  1. From the time a withdrawal is processed, you should allow 2 (two) to 5 (five) full Business Days to receive funds depending on the method of withdrawal requested. Please note, as ACM Gold relies on third party institutions, namely banks, for account processing, the time of receipt for both deposits and withdrawals may vary from the quoted time above.
  2. ACM Gold reserves the right to request any supporting documents, which may include certified or original copies of proof of identificationprior to processing withdrawal of funds.
  3. ACM Gold will not distribute or facilitate the distribution of funds to any third party, unless otherwise provided in law.
  4. The Client shall only be allowed to withdraw funds to the extent that enough funds remain equal to the Margin Requirements for CDFs with open positions plus a reasonable amount in excess to ensure the Client does not receive a Margin Call in case of a small adverse moment against the Client's Trades.
  5. (5) The Rand-value of a withdrawal request shall be calculated at the Rand-Dollar exchange rate supplied by the South African Reserve Bank on their web page less 5 cents as at the dateof executing the withdrawal by the ACM Gold. You acknowledge and accept that fluctuations in the exchange rate may result in the Rand/Dollar rate at the time of your withdrawal request:
    • being lower ie the Rand value has dropped against the Dollar; or
    • being higher ie the Rand value has increased against the Dollar,
    since the time of the funding of the Trading Account.
    Such fluctuations in the exchange rate are beyond our control and in either one of the above instances, you acknowledge and accept that your withdrawal value will be calculated at the prevailing Rand-Dollar exchange rate, and you will have no claim against ACM Gold for any consequent gain or loss in the value of your deposit.
  6. You acknowledge and accept that you must use20% of each deposit made into your Trading Account to Open a Trade position, failing which, ACM Gold reserves the right to convert the deposit made into your Trading Account back into Rand at the prevailing Rand-Dollar exchange rate. In the above instance, you acknowledge and accept that you will have no claim against ACM Gold for any consequent loss or gain as a consequence of fluctuations on the exchange rate.
  7. ACM Gold reserves the right to add, remove, and vary the above procedures with prior notification.
  8. ACM Gold has the right to refuse withdrawals to offshore accounts for accounts funded locally or offshore. It is the Client's responsibility to ensure that he or she meets local and South Africa Reserve Bank requirements and or any imposed legislation if applicable.
  9. Withdrawals will be transferred directly from the Trading Account in accordance with the provisions of this clause
18 Personal Information
18.1 You acknowledge that by opening an Trading Account with us and by Trading with us you will be providing us with personal data, which may be protected by data protection legislation, including amongst others, the Protection of Personal Information Act, 2013 ("POPI"). You authorise us to:
  1. receive, use or disclose your personal information, documents, credit profile information and or any other credit information to the extent:
    • permitted by law; or
    • necessary to carry out actions for the conclusion or performance of this Agreement, including but not limited to for the purposes of accounts management, collections of debt, tracing and verification of banking details, marketing our services, credit control, debit orders, credit checks and verification in terms of the Financial Intelligence Centre Act, 2001; ornecessary to protect the legitimate interests of ACM Gold including but not limited to marketing, the development of any Client evaluative mechanisms employing statistical and research techniques; or
    • necessary to protect your legitimate interests; or
    • necessary to protect the legitimate interests of a third party; or
    • necessary for us to comply with an obligation imposed on us by law.
18.2 ACM Gold may from time to time request certain additional information from you, including names, identity registration numbers and contact details. You undertake to provide the relevant information upon the reasonable request from ACM Gold.
19 Force Majeure
19.1 An event of "force majeure" shall mean any event of circumstance whatsoever which is not within the reasonable control of the affected Party including vis major, casus fortuitous, any act of God, strike, theft, fire, explosion, riot, insurrection or other civil disorder, war (whether declared or not) or military operations, the downtime of any communications line, the availability of any telecommunications service or infrastructure, international restrictions, any requirement of any international authority, any requirement of any government or other competent local authority, any court order, export control and shortage of transport facilities.
19.2 If either Party ("Affected Party") is prevented or restricted directly or indirectly from carrying out all or any of its obligations under the Agreement by reason of an event of force majeure, then the Affected Party shall be relieved of its obligations hereunder during the period that such event continues (and for so long as the Affected Party is so prevented from fulfilling its obligations, then the corresponding obligations of the other Party shall be suspended to the corresponding extent), and the Affected Party shall not be liable for any delay and/or failure in the performance of its obligations under this Agreement during such period, provided that if the force majeure event continues for a period longer than fourteen days, either Party may cancel this Agreement.
20 Limitation of Liability
20.1 Notwithstanding any other provision of this Agreement, ACM Gold shall not be liable for any loss, liability, damage or expense of whatsoever nature suffered by the Client as a result of, or which may be attributable to or caused by:
  1. the breach by the Client of any of its obligations as set out in the Agreement, actions undertaken by the Regulatory Authorities or through the operation of any other applicable legislation;
  2. negligent acts or omissions of the Client, its employees, agents, representatives (whether or not authorised) and/or sub- contractors;
  3. any mistake, error or omission originating from information submitted to ACM Gold by the Client;
  4. any delay in delivering or in any manner communicating the information to the Client where an event of force majeure as contemplated in this agreement occurs; or
  5. due to the downtime of any telecommunications line and/or infrastructure and/or facilities.
20.2 ACM Gold and its respective directors, officers, employees, affiliates or agents shall not be liable to the Client for any partial or non-performance of their obligations under these terms by reason of any cause beyond its reasonable control including, but not limited to, industrial actions; the rules or actions of any supra national, governmental or Regulatory Authority; or the failure by any intermediary, broker or principal of ACM Gold or its affiliates, dealer, clearing house or supranational, governmental, regulatory or self-regulatory body, for any reason, to perform its obligations.
20.3 Any news, research, analyses, pricing or other information contained in the presentation and educational courses are provided as general marketing tools, and do not constitute investment advice. ACM Gold is not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. ACM Gold has taken reasonable measures to ensure the accuracy of the all information presented and is subject to change at any time without notice.
20.4 ACM Gold and their employees, agents, Referral Agents or other distributors do not warrant, represent or otherwise guarantee expressly, impliedly or tacitly that the use of any product sold or service provided, be it directly or indirectly by ACM Gold would result in any particular outcome, and especially profits or returns.
20.5 Such products and services merely serve as general guidance and the provision of data and information which the Client may, or may not use in deciding whether or not to enter into CFD Transactions.
20.6 ACM Gold and all associated companies are committed to maintaining the privacy and security of the Clients' personal and private information submitted to us. We also uphold integrity of confidentiality between introductions, meetings, training and consultations.
21 ACM Gold not agent or partner of Client
21.1 Nothing in this Agreement shall be construed as -
  1. constituting ACM Gold as agent of the Client or granting any authority to ACM Gold to represent Client or to give any warranties or representations of whatsoever nature on behalf of Client, except for the provisions as indicated in this Agreement.
  2. constituting a partnership between the ACM Gold and Client.
22 Confidentiality
22.1 The Client (itself and on behalf of its employees, agents or associated third parties – collectively "Receiving Party") undertakes to treat as strictly confidential all information of any nature whatsoever including, without limitation, information concerning the services and products that are the confidential and proprietary information of ACM Gold and that are not generally known to the public ("Confidential Information") which the Receiving Party may obtain from or relating to ACM Gold or its associates (collectively – "Disclosing Party") howsoever such information may be disclosed to the Receiving Party including, without limitation, whether verbally, visually, but not information which:-
  1. was in the possession of or known to the Receiving Party prior to disclosure thereof by the Disclosing Party but other than pursuant to a breach by Receiving Party of its obligations in terms of this clause;
  2. is, or becomes publicly known otherwise than pursuant to a breach by Receiving Party of its obligations.
  3. Receiving Party is required, pursuant to order of court of competent jurisdiction or rules of any recognised exchange, to disclose such information, in which event Receiving Party must notify Disclosing Party in writing of such requirement forthwith upon Receiving Party becoming aware of it.
22.2 The Client will not:
  1. disclose Confidential Information to any person other than Client's employees and directors who have a need to know such information for the purposes of implementing this Agreement, and before disclosing such Confidential Information Client undertakes to ensure that such employees and or directors sign an undertaking, protecting the Confidential Information disclosed to them in terms hereof from disclosure to third parties. Client undertakes to ensure that such employees will observe and comply with their obligations in respect thereof, whether or not they continue to be employed by the Client;
  2. conduct discretionary or non- discretionary trading on behalf of other Clients. Client should ensure that it has the necessary licenses to undertake discretionary trading obligations on behalf of other Clients;
  3. give any advice or trading recommendation to other ACM Gold Clients. For avoidance of any doubt, ACM Gold will not be liable to Clients or the Client for any advice, decision or recommendation given or made by the Client to any other ACM Gold Client, and the Client will indemnify ACM Gold from any loss or liability arising from any such advice, recommendation, default or neglect by the Client in relation to any Client services; and
  4. directly or indirectly use for Client's benefit or the benefit of any other person any Confidential Information other than for the purposes contemplated in this Agreement unless any part of such information is or becomes public knowledge and in the public domain by reason of becoming public property other than through an act or omission on the part of the Client or the employees.
22.3 The Receiving Party agrees to return to the Disclosing Party, unless otherwise agreed in writing, all copies of any documents or computer software which it may have obtained from the Disclosing Party as well as all notes which the Receiving Party may have prepared or may obtain as a result of information being made available to the Receiving Party.
22.4 The Parties agree that the obligations set out in this Clause 22 shall survive the termination of this Agreement.
23 Solicitation of Employees
Client agrees not to solicit or entice any employee of ACM Gold or associated business entity, or any other person, except by prior agreement with ACM Gold.
24 Duration
This Agreement will commence on the date of signature hereof and will continue indefinitely until terminated by either Party in accordance with clause 27.
25 Events of Default
25.1 In the case of a natural person, an Event of Default includes all of the following:
  1. you do not meet your Margin Requirement, Margin Call, or any other payment due to the ACM Gold in relation to your Trading or other dealings with the ACM Gold; or
  2. you do not act in accordance with the terms of this Agreement; or
  3. any debt owed by you or any partnership in which you are a member becomes immediately due and payable or capable of being declared so due and payable, prior to its stated maturity by reason of default on the part of any person, you or any partnership in which you are a member, fail to discharge any indebtedness on its due date whether to you or not (other than a liability which you are contesting in good faith); or
  4. we reasonably believe that you will be unable to pay your debts as they fall due and action in accordance with clause 25.3 below is necessary or desirable to protect our commercial interests and of our other customers; or
  5. you commit any breach of any representation or warranty that you gave to us for the purposes of opening or closing any Trade, series of Trades or Orders, or if you fail to immediately advise us if any representation or warranty subsequently becomes untrue or misleading after it has been made; or
  6. any payment order made by you is countermanded or returned by your bank unpaid (it will be an Event of Default should a cheque paid by you not clear on first presentation); or
  7. you die or become a mental patient within the meaning of any applicable mental health legislation..
25.2 In the case of a juristic Client, an Event of Default includes all of the following:
  1. you are deregistered; or
  2. a bankruptcy, insolvency or business rescue petition is presented against you, or, if a partnership, in respect of one or more of the partners, or a receiver, trustee, administrative receiver business rescue practitioner or similar officer is appointed or a winding-up petition is issued or an order is made or a resolution is passed for your winding up (other than for the purposes of a bona fide reconstruction or amalgamation) or any act analogous to any of those events occurs in any of the jurisdictions in which you are incorporated or resident; or
  3. you convene a meeting for the purpose of making or proposing or entering into any arrangement or composition for the benefit of your creditors (other than for the purposes of a bona fide reconstruction or amalgamation); or
  4. any distress, execution, or other process is levied against any of your property and is not removed, discharged or paid within seven days; or
  5. you have any security created by any form of mortgage or charge and the mortgagee and/or charge takes steps to enforce the security; or
  6. any debt owed by you or any of your subsidiaries or related companies, becomes immediately due and payable or capable of being declared so due and payable, prior to its stated maturity by reason of default on the part of any person, you or any of your subsidiaries or related companies fail to discharge any indebtedness on its due date whether to you or not (other than a liability which you are contesting in good faith); or
  7. you commit any breach of any representation or warranty that you gave to us for the purposes of opening or closing any Trade, series of Trades or Orders, or if you fail to immediately advise us if any representation or warranty subsequently becomes untrue or misleading after it has been made; or
  8. we reasonably believe that you will be unable to pay your debts as they fall due and action in accordance with clause25.3 below is necessary or desirable to protect our commercial interests and of our other customers; or
  9. any payment order made by you is countermanded or returned by your bank unpaid (it will be an Event of Default should a cheque paid by you not clear on first presentation).
25.3 If an Event of Default occurs,ACM Gold (or its administrator, receiver, trustee, business rescue practitioner or the like), without prejudice to any other right against you which it may have, may:
  1. close, without prior notice to you, any or all of your Trades (in whole or in part);
  2. exercise its rights of set-off under this Agreement;
  3. close your Trading and refuse to accept any further Trades from you or undertake any Trading with you;
  4. recover any sums which are payable by you in respect of realised losses on your Trading Account;
  5. charge you interest on any money due, from close of business on the date when monies first fell due until the date of actual payment at a rate not exceedingprime plus two percent and/or
  6. if you fail to make a payment when due, inform your partner, employer, any professional, regulatory or other organisation with which you are associated or any person who we believe to have an interest in knowing such facts of the amount of such overdue sum, the circumstances thereof, the fact that you have failed to make payment, and any other relevant facts or information. By entering into this Agreement you expressly consent to any disclosure of this data by us in the circumstances set out herein; and/or
  7. if you do not pay us any money you may owe us on time, it will be treated as a continuing Event of Default and give us the right to close any or all of your Trades, in whole or in part, at any time before the money is paid. This includes the closure of any and all Trades which would be profitable to you at the time of the forced closure (where reasonably possible) to the extent necessary for you to meet your outstanding monetary obligations to us.
25.4 We do not owe you any duty to consider your interests in exercising our rights on the occurrence of an Event of Default.
25.5 You must give us notice if you have reason to believe that an Event of Default has occurred in relation to your Trading Account or if you have reason to believe that an Event of Default will occur.
26 Breach
26.1 In the event that the Client breaches any term of this Agreement, then without prejudice to ACM Gold's other rights in terms of this Agreement or at law, ACM Gold may upon immediate notice to the Client, terminate this Agreement or call for specific performance of the Client's obligations and immediate payment of all sums owing by the Client.
26.2 The Client shall repay to ACM Gold on demand all costs which ACM Gold incurs as a result of the Client's failure to comply with the terms and conditions of this Agreement or any cancellation hereof, which may include:
  1. all legal costs on the attorney and own Client scale; and
  2. collection commission that may legally be recovered from the Client by ACM Gold's attorneys or collection agents on amounts collected.
27 Termination
27.1 Either Party may terminate this Agreement by giving the other Party not less than 20 (twenty) Business Days written notice of its intention to terminate.
27.2 Once this Agreement is terminated and/or your Trading Account is closed, you are still responsible for all debts or obligations you owe to ACM Gold.
28 Notices and addresses
28.1 Notices
  1. Any notice, consent, approval or other communication in connection with this Agreement ("Notice") will be in writing in English.
  2. You acknowledge and confirm that any Notice from ACM Gold made under or in connection with the Agreement may be made verbally or in writing in Notices or other communications to your last known home address, place of work, land line telephone number (including a telephone answering machine), mobile telephone (including answer phone), fax number, email address or other contact details, as provided by you in your application form, or subsequently amended by you.
28.2 Addresses
  1. ACM Gold chooses the physical address, fax number and/or email address below as the address to which any Notice must be sent.

    Physical Address: 12th Floor, Sandton City Office Towers
    158, 5th Street
    Sandton, South Africa

    Email Address: michele@acmgold.com

    Marked for the attention of: Risk and Compliance Officer
28.3 You choose, as your address to which any Notice must be sent, the address provided to ACM Gold when you create a Trading Account or such other address of which the Client may notify ACM Gold in writing provided such address is not a post office box.
  1. Any Party may by Notice to the other Party change its address and/or the person, if any, for whose attention any Notice must be marked in clause 28.2(1).
28.4 Effective on receipt:
  1. Any Notice takes effect when received by the Party receiving it ("recipient") (or on any later date specified in the Notice) and, unless it is proved otherwise, is considered to be received:
    • when left at your last known home or work address;
    • if given by leaving a telephone or mobile phone or voice mail message, one hour after the message being left on the relevant medium;
    • if sent by post on the day after the subsequent day (or third day in the case of air mail) after posting (excluding Sundays and public holidays);
    • if sent by private post or courier service, on the next day (or on the third day in the case of air mail) after posting (excluding Sundays and public holidays);
    • if sent by email, one hour after sending to the email address of record which you provided in your Trading Account application, or subsequently changed in writing to us and which change of email address of record we have accepted by confirmation of same to you. A "bounce back" or other form of rejection from the server or host domain of your email address of record will NOT serve as a basis to contest receipt where the bounce back or other form of rejection was through no fault of ACM Gold or otherwise attributable to its own internal systems.
    • if sent by SMS to your mobile phone, as soon as the "message sent" or like confirmation is provided by the mobile phone network.
  2. Despite anything to the contrary in this Agreement, a Notice actually received by a Party is effective even though it was not sent, or delivered, or sent and delivered to its address in clause28.2.
28.5 Service of legal process:
  1. Each Party chooses its physical address referred to in clause 28.2 and 28.3as its address at which legal process and other documents in legal proceedings in connection with this Agreement may be served (domicilium citandi et executandi).
  2. Any Party may by Notice to the other Party change its address at which legal process and other documents in legal proceedings in connection with this Agreement may be served to another physical address in South Africa.
29 Taxes
29.1 You are responsible for paying all taxes, including, without limitation, Value Added Tax, that may arise as a result of your trading activity, whether under current or changed law or practice and if we become responsible for making any payment or payments relating to your trading you authorise us to deduct any such payment from your Trading Account or otherwise require you to pay or reimburse us.
29.2 We will not be responsible for notifying you of a change in tax law or practice and you should seek professional advice as to your personal tax situation.
30 Intellectual property rights
30.1 You acknowledge and agree that the copyrights, trademarks, service marks and all other intellectual property or other rights to any information distributed to or received by you whether sent by us or on our behalf, by any means (including but not limited to by Internet electronic communication or mobile phone), together with any advertising media, Website or other material connected to the Platform and in any databases that contain or constitute the information ("Intellectual Property"), will remain our sole and exclusive property.
30.2 You will not permit or facilitate, and will take steps to prevent any sale, re-distribution, dissemination, re-publication or re-display of the information referred to in the clause above, however received, to any third party.
30.3 All rights, title and interest in and to each Party's Intellectual Property vests in that Party, and that nothing in this Agreement transfers ownership of either Party's Intellectual Property to the other Party.
31 Indemnity
You agree to defend and indemnify ACM Gold, ACM Gold nominees and all affiliates, and hold them harmless from and against any and all claims, proceedings, damages, injuries, liabilities, losses, costs, and expenses (including reasonable attorneys' fees and litigation expenses), relating to or arising from any breach by you of this Agreement, any applicable law or FSB determination.
32 Assignment
32.1 The Agreement will operate for the benefit of you and ACM Gold. The Agreement is binding on you, us and our respective successors. You may not transfer (assign) any of your rights or obligations under this Agreement to any third party, unless a director of ACM Gold has agreed to the transfer in writing.
32.2 ACM Gold may, without your approval, transfer(assign) any part of its rights or obligations under the Agreement to any third party as of a date and on such terms as it deems appropriate. Where ACM Gold transfers rights and obligations in this way:
  1. we will advise you of the transfer in accordance with clause28; and
  2. you agree that ACM Gold may provide information about you (including information that may be protected by law), your Trades and Trading Account, to the transferee (ie the person to whom ACM Gold is transferring its rights and obligations), disclose to a potential assignee or transferee any information about you (including information that may be protected by law) your Trading Account and your Trades.
33 Disputes
33.1 In the event of any dispute or difference arising between the Parties relating to or arising out of this Agreement, including the implementation, execution, interpretation, rectification, termination or cancellation of this Agreement, the dispute shall in the first instance be referred to ACM Gold for resolution.
33.2 You must give us written details of any disputes or complaints as soon as they arise. Sometimes, you may have only a limited time within which to advise ACM Gold of a dispute. If you do not advise us of the dispute within the allowed time period, we may reject (ie not accept) the dispute. Disputes must be referred to the Risk & Compliance Officer andACM Gold will try to settle your dispute quickly and reasonably taking into account industry practice.If we think that it is necessary, we may close any open Trade or cancel any related buy or sell in order to limit the amounts involved in the dispute.
33.3 If ACM Gold closes any Trade according to the clause above ACM Goldmay recover any losses made by you on the Trade if you are contractually bound by it as though we had closed the Trade in accordance with your express instructions.
33.4 ACM Gold has the right to refuse to accept any Trading instructions from you except for instructions to close existing Trades, in scenarios where there is any unresolved dispute with you.
33.5 Should ACM Gold be unable to address the concerns to the Client's satisfaction, the Client may lodge a complaint with the FAIS Ombud within 6 months of the complaint not being satisfactorily addressed by ACM Gold.
33.6 The FAIS Ombud's details are as follows:
Sussex Office Park
Ground Floor, Block B
473 Lynnwood Road Cnr Lynnwood Road & Sussex Ave,
Telephone: +27 12 762 5000 / +27 12 470 9080
Facsimile: +27 86 764 1422 / +27 12 348 3447
E-mail Address: info@faisombud.co.za
Website: www.faisombud.co.za
34 Disputes
This clause contains disclosures required in terms of the Financial Advisory and Intermediary Services Act No. 37 of 2002.
ACM Gold & Forex Trading (Pty) Ltd
12th Floor Sandton City Officer Towers 158 5th Street Sandton Gauteng 2196
+27 11 783 7010
It is hereby confirmed that Devin Shutte ID number 8101235214085 is appointed as a mandated Key Individual by ACM Gold & Forex Trading (Pty) Ltd, who accepts responsibility for those activities of the Key Individual performed within the scope of his employment.
It is further confirmed that the license categories listed below are the categories that Devin Shutte is authorized under FAIS and the cross indicates which license category the representative named above is authorized for:
Category Sub Category Category Description Advice Intermediary
1 8 Securities and Instruments :Shares X X
1 13 Securities and Instruments : Derivative instruments X X
1 14 Participatory interests in Collective Investment Schemes X X
1 18 Deposits defined in the Banks act - 12 months or less X X
Please take note of the addition disclosures below:
  • Neither the KI, nor the FSP, owns more than 10% of issued shares directly or indirectly of any Product Provider, or is an associated company of the product provider.
  • Neither the KI, nor the FSP has received more than 30% of my total commission from the Product Provider within the past 12 months.
  • Neither the KI, nor the FSP receives any non-cash incentives from any product supplier nor are there any personal interests that may give rise to a conflict of interest. For further information, please refer to our Conflicts of Interest Policy, which is a public document available for inspection at our offices.
Compliance: Moonstone Compliance (Pty) Ltd is ACM Gold & Forex Trading compliance practice on record and is represented by: Sashika Adsetts. Moonstone Compliance can be contacted at: Valerida Centre, Piet Retief Street, 1st Floor Stellenbosch, 7600. Fax: (021) 883 8005; Tel: (021) 883 8000; www.moonstoneinfo.co.za
The business holds professional indemnity cover arranged with Marsh Insurance as prescribed by FAIS
All information obtained or acquired from you shall remain confidential unless you provide written consent, or unless ACM Gold & Forex Trading is required by law to disclose such information.
As an authorised Financial Services Provider we may not request or induce in any manner a client to waive any right or benefit conferred on the client by or in terms of any provision of the General Code of Conduct, or recognise, accept or act on any such waiver by the client
35 General
35.1 This Agreement is the whole agreement between the Parties.
35.2 The terms of this Agreement may not be changed, nor may new terms be added, unless the changes are made in writing and signed by the Parties. If the Parties both agree to cancel the Agreement, this cancellation must be in accordance with clause 27.
35.3 No indulgence by a Party to another Party, or failure to enforce the terms of this Agreement, will be interpreted as a waiver or be capable of founding an estoppel (estoppel is a legal principle which allows a court to stop a litigant from taking an action which he/she would otherwise be able to take).
35.4 The Parties will do everything reasonable to ensure the effectiveness of this Agreement and the performance of their obligations under the Agreement.
35.5 If a term of this Agreement is illegal or unenforceable, that particular term may be cancelled and the remaining terms of the Agreement will still operate.
35.6 This Agreement is governed by South African law.
35.7 The Parties consent and submit to the non-exclusive jurisdiction of the South Gauteng High Court in regard to all matters arising from this Agreement.
35.8 This Agreement may be executed in counterparts, each of which will be an original and which together constitute the same agreement.
35.9 You authorise ACM Gold to telephone or otherwise contact you at any time in order to discuss any aspect of ACM Gold's business(es).
35.10 Involved parties:
The following external parties were involved in the drafting of this Agreement:
  1. Legal counsel: Norton Rose Fulbright South Africa Inc
  2. External compliance provider: Moonstone Information Refinery (Pty) Ltd

Signed at ________________ on the __________ day of _________________ 2017.

For and on behalf of ____________________________
Name: _____________________

Capacity: ___________________

Who warrants authority

Signed at ________________ on the __________ day of _________________ 2017.

For and on behalf of ____________________________
Name: _____________________

Capacity: ___________________

Who warrants authority