General Terms and Conditions for Asset & Wealth Management Clients of Reuss Private Access AG
Purpose and scope of application
The following General Terms and Conditions (“GTC”) apply to the business relationship between the client and Reuss Private Access AG (hereinafter referred to as the “Company”), unless otherwise agreed. For ease of understanding, the Company refrains from using masculine feminine forms.
Reuss Private Access AG only enters into business relationships with professional clients and suitable counterparties (in accordance with the Annex to the VVG in conjunction with Art. 4 para. 1 let. c and e).
Transactions with private clients are not envisaged.
Lack of capacity to act
The customer shall bear any loss arising from a lack of capacity to act on his part or on the part of authorised third parties, unless the company has been notified of this in writing and proof of this has been provided. The Company shall not be obliged to clarify the Client’s capacity to act or that of authorised third parties.
Notifications by the company
Notifications from the company shall be deemed to have been duly and validly made if they have been sent or held at the disposal of the client in accordance with the client’s most recent instructions or, for the client’s protection, in deviation therefrom. The date of dispatch is deemed to be the date of the copy or dispatch list in the possession of the company.
Obtaining customer information and notifications from the client
In order to provide its services, the company must obtain various information from the client, for example regarding his knowledge and experience with financial instruments, his financial circumstances and investment objectives, MiFID requirements or the fulfilment of due diligence obligations. It is in the client’s interest to provide the company with this information, as otherwise it will be impossible for the company to provide its services. It is also important that the information provided by the client is not inaccurate. This is because the client information is used to act in the client’s best interests, i.e. to recommend suitable asset management or financial instruments to the client. Complete and truthful information from the client is essential for this purpose.
If the Company has to provide the client with information (e.g. information on costs) or documents (e.g. PRIIP KID) before executing orders, requires further details or instructions and is unable to contact the client, either because the client does not wish to be contacted by the Company or because the client cannot be reached at short notice, the Company reserves the right, in cases of doubt, not to execute the order in order to protect the client. In such cases, the Company accepts no liability for orders not executed on time or for losses (in particular due to price losses or lost price gains).
The Company shall be entitled to rely on the accuracy of the information obtained from the Client, unless it is aware or should be aware that this information is obviously out of date, incorrect or incomplete.
The Client undertakes to notify the Company in writing if the information provided by him to the Company, such as name, address, domicile, nationality, tax residence, etc., should change. In the context of an ongoing business relationship, the client is also obliged to update his details at regular intervals at the request of the company.
Transmission Errors
Any damage arising from the use of post, telephone, fax, e-mail, other electronic or other forms of transmission or transport – in particular due to loss, delay, misunderstandings, mutilation or duplication – shall be borne by the Client, unless the Company is guilty of gross negligence.
Call Recordings
The Company has the right – and in some cases a legal obligation (e.g. in the case of conversations concerning financial instruments) – to record telephone conversations. The Company may record other electronic communications such as e-mails, faxes, etc. The call recordings or the stored communication can be used as evidence. They are stored in accordance with the legal requirements.
Execution of Orders
In the event of defective, in particular delayed, execution or non-execution of orders, the Company shall be liable at most for the timely payment of interest, unless it has been expressly advised in writing of the risk of further loss in individual cases. The customer shall in any case bear the risk of an unclear, incomplete or incorrectly formulated order.
The Company cannot be held liable for non-execution or delays in the execution of orders in connection with the fulfilment of legal obligations (in particular in accordance with the Due Diligence Act) or with economic sanctions.
Finally, the company is not obliged to execute orders placed by electronic means unless a special agreement to this effect has been made.
In the case of orders for investments abroad or transactions relating to financial instruments, Section 19 of the GTC (confidentiality obligation and release from confidentiality) must also be observed.
Complaints
Complaints by the client due to defective or delayed execution or non-execution of orders of any kind or complaints about the company’s reporting and accounting, which the client receives periodically, as well as with regard to other notifications and actions of the company, must be made as soon as they become known or immediately after receipt of the relevant notification, but at the latest within the period set by the company.
If a notification expected by the Company is not received, the complaint must be made at the time at which the notification should have been received by the Client in the normal course of post. In the event of later complaints, the Customer shall bear the resulting damage.
The Company’s reports and accounts shall be deemed to be correct, with approval of all items shown therein, unless the Customer raises an objection in writing within one month.
Multiple Clients
A contract with the Company may be concluded jointly by several persons. In such cases, the exercise of rights under the contract shall be regulated by special agreements; without such an agreement, the customers may each exercise their rights under the contract individually. All customers are jointly and severally liable for any claims of the company against one of the customers.
Fees and other Charges
The Company is authorised to debit asset management and investment advisory fees directly from the client’s account in the case of any existing power of attorney.
Lack of Information
The Client is obliged to take measures to avoid dormancy and to contact the Company in the event of any questions regarding dormancy. Dormant business relationships may be continued at the Company’s discretion, whereby the Company reserves the right to debit the Client’s account directly for its expenses in this regard as well as for the costs of enquiries in the case of an existing power of attorney. Dormant business relationships may also be terminated by the Company without notice at the Company’s discretion by sending the notice of termination by post to the last address provided by the Client.
Granting of Benefits
The Company intends to accept inducements as part of the provision of independent investment advice and portfolio management.
In the context of independent investment advice (Art. 16 para. 4 VVG) and portfolio management (Art. 16 para. 5 VVG), the institution is not permitted to accept and retain fees, commissions or other monetary or non-monetary benefits from a third party or a person acting on behalf of a third party for the provision of services to clients. Smaller non-monetary benefits that can improve the quality of service for the client and which, in terms of their scope and nature, do not suggest that they impair compliance with the asset management company’s duty to act in the best interests of its clients are generally permissible, but must be clearly disclosed to the client.
Tax and General Legal Aspects
The client is responsible for the proper taxation of his assets and the income generated from them in accordance with the provisions applicable at his tax domicile. He is responsible for complying with the regulatory and statutory provisions applicable to him (including tax laws) and shall comply with the relevant provisions at all times.
Subject to special provisions or agreements, the advice or information provided by the Company does not relate to the tax consequences of investments for the client or to the client’s tax situation in general; in particular, the Company accepts no liability for the tax consequences of recommended investments.
Data Processing, Outsourcing and Data Protection
The processing and use of personal data, transaction data and other data relating to the client’s business relationship (hereinafter referred to as “client data”) by the company is required as part of the processing and maintenance of the client relationship. Client data includes all information in connection with the business relationship with the client, in particular confidential information about the contractual partner, (possibly other) authorised representatives, beneficial owners and any other third parties. “Confidential information” includes name/company name, address, domicile/registered office, date of birth/establishment, profession/purpose, contact details, account number, IBAN, BIC and other transaction data, account balances, portfolio data, information on loans and other financial services as well as the tax identification number and other information relevant under tax or due diligence law.
Without the express written consent of the client, the company is authorised to outsource business areas (e.g. information technology, maintenance and operation of IT systems, printing and dispatch of documents, compliance function, risk management function, internal audit, due diligence officer, investigating officer) in whole or in part to selected contractual partners (hereinafter referred to as “outsourcing partners”). The company may have individual services provided by selected contractual partners (hereinafter referred to as “service providers”). For this purpose, the Company is authorised to disclose the necessary client data, outsourcing partners and service providers.
The client also recognises and accepts that client data may be disclosed within the company in connection with the administration and maintenance of the business relationship and may be processed (in particular electronically) by the company’s employees in Switzerland and abroad. The disclosure of customer data to the respective outsourcing partners or service providers takes place within the framework of legal, regulatory and data protection provisions. The company takes appropriate technical and organisational measures to ensure the confidentiality of the data.
Confidentiality Obligation and Release
The members of the executive bodies, employees and authorised representatives of the company are subject to a duty of confidentiality for an unlimited period of time on the basis of legal provisions on the duty of confidentiality, data protection and other professional secrets (hereinafter “confidentiality”) with regard to information that has become known to them as a result of the business relationship with customers. Information covered by confidentiality protection is hereinafter referred to as “customer data”. Customer data includes all information in connection with the business relationship with the customer, in particular confidential information about the contractual partner, (any other) authorised representatives, beneficial owners and any other third parties. Confidential information includes name / company name, address, domicile / registered office, date of birth / date of incorporation, place of birth, nationality, profession / purpose, contact details, customer and account number, IBAN, BIC and other transaction data, account balances, custody account data, details of loans and other financial services as well as information relevant under tax or due diligence law. In order to provide its services and to safeguard its legitimate claims, it may be necessary for the company to disclose customer data subject to confidentiality protection to third parties in Switzerland or abroad. The Customer expressly releases the Company from confidentiality protection with regard to the Customer Data and authorises the Company to pass on Customer Data to third parties in Switzerland or abroad. The Customer Data may also be passed on in the form of documents which the Company has received from the Customer or from third parties in connection with the business relationship or which it has created itself. The company may therefore pass on customer data in the following cases in particular:
The disclosure of client data to the company is ordered by an authority or a court, based on the law, supervisory law and/or international agreements.
Compliance with the domestic and foreign legal provisions applicable to the company requires the disclosure (e.g. reporting of transactions in accordance with MiFIR).
The company takes a position on legal action that the client threatens or initiates against the company (also as a third party) in Switzerland or abroad.
The company takes a position on legal action taken by third parties against the company on the basis that the company has provided services for the client.
The Company shall take debt enforcement action or take other legal steps against the Client.
The Company shall comment on allegations made by the Client against the Company in public, in the media or before domestic or foreign authorities.
Service providers of the company receive access to customer data within the framework of concluded contracts.
The company outsources individual business areas (e.g. printing and dispatch of documents, compliance function, risk management function, internal audit, due diligence officer, investigating officer, marketing) in whole or in part. In order to fulfil statutory due diligence obligations, the company is also entitled in individual cases to commission third parties in Switzerland and abroad to carry out the necessary clarifications and to transmit the corresponding customer data.
In order to provide its services, it may be necessary for the company to authorise employees of the company or of agents who have undertaken to maintain strict confidentiality to access client data from Switzerland or abroad by means of remote access.
The product-specific documents of a securities account (e.g. securities or fund prospectus) provide for the forwarding of client data.
The company is obliged or authorised by domestic and foreign legislation to disclose customer data in the context of trading or managing securities accounts, or the disclosure is necessary for the execution of a trading transaction or management. The latter may be the case, for example, if trading centres, collective deposit centres, third-party custodians, stock exchanges, brokers, banks, issuers, financial market supervisory or other authorities, etc. are obliged to require the company to disclose customer data. The company may disclose client data in individual cases upon request, but also on its own initiative (e.g. when completing the documents required for the trading transaction or administration). Requests may also be made after the conclusion of a trading transaction or administration, in particular for monitoring and investigation purposes. By placing an order to trade or manage financial instruments, the client also expressly authorises the company to disclose any client data. The Client acknowledges that the Client Data will be processed by the Company and third parties for the fulfilment of the purpose and may no longer be covered by confidentiality protection after disclosure. This applies in particular in the case of disclosure abroad, and it is also not guaranteed that the level of protection abroad corresponds to that in Liechtenstein. Domestic and foreign laws and official orders may oblige third parties to disclose the client data they have received, and the company no longer has any influence over any further use of the client data. The company is not obliged to inform the client that client data has been passed on.
Termination
The Company is authorised to terminate existing business relationships at any time at its own discretion and without giving reasons. Even if there is a period of notice or an agreed fixed date, the Company is entitled to terminate the business relationship immediately if the Customer is in arrears with a service, if his financial situation has deteriorated significantly, if enforcement proceedings are taken against him or if criminal proceedings are pending against him which jeopardise the reputation of the Company.
Public Holidays
Liechtenstein public holidays and Saturdays shall be treated as Sundays in business transactions.
Language
The authoritative language for the business relationship is German. In the case of foreign-language texts, the German-language text shall serve as an aid to interpretation.
Place of fulfilment
The registered office of the company is the place of fulfilment for the mutual obligations.
Severability clause
Should one or more provisions of the GTC become ineffective or invalid or should the GTC contain a loophole, this shall not affect the validity of the remaining provisions. The invalid provisions shall be interpreted or replaced in such a way that they come closest to the intended purpose.
Applicable law
The legal relationship between the customer and the company is subject to the law of the Principality of Liechtenstein.
Place of jurisdiction
The place of jurisdiction is Vaduz. The customer submits to the same place of jurisdiction for all proceedings. However, he may also be sued at his domicile or before any other competent court or authority.
Amendments
The Company is authorised to amend the above provisions at any time. They shall be notified to the customer in writing or by other suitable means and shall be deemed to have been approved without objection within one month.
Validity
These GTC enter into force on 01.02.2024.