«PAMM - ACCOUNT» service Regulations

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  General provisions.

  • 1.1. These Regulations determine terms and conditions under which the Company provides «PAMM-ACCOUNT» service to customers.
  • 1.2. These Regulations, the Terms of Business (hereinafter – the Terms of Business), Regulations for Non-Trading Operations (hereinafter – Regulations for NTO), the Risk Disclosure and the Telephone Etiquette are to be carefully read by the Customer since they determine all the terms and conditions under which the Company provides «PAMM-ACCOUNT» service to customers.
  • 1.3. Terms and conditions of these Regulations are binding for each customer of the Company from the moment the Customer accepts the terms and conditions of the Customer Agreement. Each operation on a Managed Account made by the Investor and each operation on a PAMM-account (an account or the «alpari.pamm» type) made by the Manager, becomes the subject of these Regulations, the Customer Agreement, the Terms of Business, Regulations for NTO and the Risk Disclosure.
  • 1.4. Trading operations on the PAMM-account and on Managed accounts, within the PAMM-account of the Manager, are made by the Manager in accordance with these Regulations, the Customer Agreement, the Terms of Business, Regulations for NTO and the Risk Disclosure.
  • 1.5. The Manager is an agent of the Investor in relation to the Managed account and does not carry out trust management of the Investor’s funds.
  • 1.6. The Company does not act as an agent on behalf of the Manager in relation to any trading operation on the PAMM-account and, accordingly, on the Managed accounts.
  • 1.7. The Manager bears full and direct responsibility for fulfillment of any obligations related to complete trading operations. If the Manager acts on behalf of somebody, except Investor of the Managed account in question, then regardless of the fact, whether this person is identified or not, the Company does not accept this person as the Manager and/or Investor of the Managed account in question and does not bear any responsibility to him, excluding the cases when this is specifically agreed and stipulated.
  • 1.8. TThe Company does not guarantee the Investor, that for the moment the Investor agrees with the Manager’s Offer, the Manager has the required capacity to make operations on PAMM-account. Also the Company does not guarantee the Investor that the Manager has relevant education, experience, qualification and knowledge, required for carrying out operations on the PAMM-account. Testing professional knowledge of the Manager is outside the Company’s competence. Should in the course of carrying out operations on the PAMM-account it be revealed that the Manager does not have enough capacity or does not have relevant education, experience, qualification and knowledge required for carrying out operations on the PAMM-account, the Company does not bear any responsibility to the Investor and does not compensate to Investor losses and/or lost profit resulted from this.
  • 1.9. The Company does not guarantee gaining profit. Positive trading results in the past do not guarantee positive trading results in the future.
  • 1.10. All trading operations on the Managed account may be carried out only by the Manager. Terms and conditions of Manager’s trading operations on a Managed account are specified in these Regulations.
  • 1.11. Only Investor may deposit/withdraw funds to/from the Managed account by submitting a request for deposit/withdrawal of the funds. The Manager is informed about such requests. The Manager does not have a possibility to influence the execution of the submitted requests for deposit/withdrawal.
  • 1.12. All settlements as a result of trading operations on the Managed account are made by the Company.
  • 1.13. The Investor agrees that he/she may not raise any claims to the Company in case of failure to fulfill or improper fulfillment of any obligations of the Company to the Manager. Only Manager may raise claims to the Company in relation to failure to fulfill or improper fulfillment of any obligations related to trading operations on the Managed account.
  • 1.14. The Company may refuse to provide «PAMM-account» service to the Manager for any reason and without explaining the grounds.
  • 1.15. The Manager retains the Customer status after these Regulations are accepted.
  • 1.16. Clause 26 defines the Terms used in these Regulations.
  • 1.17. As for the rest, the Company and the Manager act under the Customer Agreement.
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  «PAMM — ACCOUNT» service purpose.

  • 2.1. «PAMM-ACCOUNT» service is aimed to manage the Managed accounts of Investors on the foreign currency exchange market and Contracts for Difference (CFDs). The Company provides the Investor with the system of Managed accounts under the terms and conditions specified by the Company in order to pass Managed accounts to the Manager to make transactions on financial markets pursuing interests of the Investor.
  • 2.2. «PAMM-ACCOUNT» service is provided to the Manager by opening a trading PAMM-account (an account or the «alpari.pamm» type) to make trading operations and providing a Manager’s Area in the Personal area of the Customer for carrying out non-trading operations.
  • 2.3. PAMM-account is aimed to join Investors’ Trading accounts into a single trading account for Management.
  • 2.4. Manager’s area is aimed for submission of an application for opening a PAMM-account, Manager’s Offers management, giving orders to increase the Manager’s Capital and liquidate a PAMM-account, viewing information on Investors’ Managed accounts and for other functions available in the Manager’s area.
  • 2.5. All settlements on PAMM-account and Managed accounts, transfer of all types of remuneration to the Manger is made by the Company.
  • 2.6. Deposit/withdrawal of funds to/from the Managed accounts is made only from/to trading accounts of the Company’s Customers.
  • 2.7. Besides the PAMM-account and the Manager’s Area the Company may provide additional services, a part of which or all may be obligatory for participation of the Manager. Such services include the following:
    • a. a personal thread in the Company’s forum so the forum members could discuss conditions and results of PAMM-account management by the Manager;
    • b. public monitoring of the results of the PAMM-account management;
    • c. PAMM-accounts’ rating on the Company’s website;
    • d. Information reviews on the Company’s website and in other mass media;
    • e. other services aimed for the Customers of the Company so they could receive information about activity of the Managers.
  • 2.8. Conditions of PAMM-account trading operations comply with the terms and conditions of the trading operations indicated in the Contract Specifications for «pamm.mt4» type of accounts at the Company’s web-site, unless otherwise specified in the Regulations.
  • 2.9. The Manager has the same rights for making trading operations on the PAMM-account as the Customer for making trading operations on «pamm.mt4» type of a trading account, except from the right for funds deposit and withdrawal.
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  PAMM-account features.

  • 3.1. «Confidential Customer Information to open PAMM-account» form contains PAMM-account features:
    • a. Description;
    • b. Forum login and password;
    • c. Telephone password;
    • d. Capital of the Manager;
    • e. Trading interval;
    • f. Frequency of publishing Statements
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  Registration of a Customer as the Manager and PAMM-account Registration.

  • 4.1. Under the terms and conditions hereof the Company registers the Customer as the Manager. The Customer submits a filled-in «Confidential Customer Information to open Personal/Corporate PAMM-account» form to the Company and thus confirms his/her agreement with the terms and conditions contained in the filled-in form.
  • 4.2. To register a PAMM-account it is required to:
    • a. available amount on the Client’s trading account not less then necessary amount to open a PAMM-account indicated on the Company’s web-site;
    • b. indicate Login and relevant password on the Company?s forum.
  • 4.3. Should conditions specified in clause 4.2. be not observed, the application for PAMM-account registration is rejected.
  • 4.4. Upon PAMM-account registration funds are debited from the Manager’s trading account in the amount of the Manager’s Capital and are credited to the Capital Account of the Manager.
  • 4.5. PAMM-account name consists of the forum Login, Trading platform Login and Description.
  • 4.6. After PAMM-account is created the Manager receives a message with the PAMM-account data.
  • 4.7. To trade PAMM-account the Manager may use telephone communications under conditions similar to «alpari.classic» type of accounts. To authorize it is required to use telephone password assigned upon PAMM-account creation.
  • 4.8. After PAMM-account is created the following features may be changed:
    • a. Capital of the Manager (can only be increased);
    • b. Telephone password.
  • 4.9. Simultaneously with registration of the PAMM-account a special thread on the Company’s forum is created to discuss this particular PAMM-account. This PAMM-account is added to the public monitoring of the PAMM-accounts on the web-site.
  • 4.10. The Company does not oblige the Manager to make Manager’s Offers, the Manager has a right to use PAMM-account service and other PAMM-account support services without attracting Investors for unlimited time.
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  Capital of the Manager.

  • 5.1. As a guarantee of Investors’ interests observance the Manager may also be the Investor of his/her own PAMM-account having contributed Capital of the Manager. The Company reserves the right not to provide PAMM-account service or provide it with limitation for Managers with Capital of the Manager less than stipulated by the Company. The minimum amount of Capital of the Manager is published on the Company’s website.
  • 5.2. Upon PAMM-account registration the Capital of the Manager of transferred from the personal trading account of the Customer to the Capital Account of the Manager.
  • 5.3. Remunerations for the Capital Account of the Manager are not calculated and are not payable.
  • 5.4. When the trading interval ends, funds from the Capital Account of the Manager, over the amount of the Capital of the Manager, are transferred by the Company to the trading account of the Manager.
  • 5.5. The ending balance of the Capital Account of the Manager is returned to the Manager only upon the PAMM-account liquidation.
  • 5.6. The Manager may credit funds, over the Capital of the Manager, to the Capital Account of the Manager.
  • 5.7. The Manager may change the «Capital of the Manager» parameter only upward.
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  Trading interval.

  • 6.1. Trading interval may be equal to:
    • a. a calendar month (start dates of intervals: 01.01, 01.02, …, 01.12)
    • b. a calendar quarter (start dates of intervals: 01.01, 01.04, 01.07, 01.10)
  • 6.2. If the start date of the Trading Interval is Sunday or Monday, then the start date of the Interval and the expiration date of the trading month is considered to be the date of the preceding Saturday.
  • 6.3. The end of a Trading Interval means the beginning of the following Trading Interval.
  • 6.4. The Manager has a right to have open positions upon Trading Intervals change.
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  Manager’s Offers.

  • 7.1. Manager’s Offer is a proposal of the Manager addressed to Customers of the Company and consisting of a set of parameters that the Company uses to calculate the sums of the Manager’s remuneration, and also defining other conditions of creating Managed Accounts within the PAMM-account. If the Investor accepts Manager’s Offer, it does not bind the Manager and the Investor with contractual obligations and under no circumstances leads to a contract conclusion.
  • 7.2. Manager’s Offer means proposal to potential Investors to create Managed accounts within the PAMM-account of the Manager.
  • 7.3. Manager Offer consists of the following parameters:
    • a. Profit-share remuneration of the Manager;
    • b. Remuneration of the Manager for management;
    • c. Commission for deposit of funds;
    • d. Penalty for early withdrawal of funds;
    • e. Minimum sum of investments;
    • f. Minimum sum for deposit;
    • g. Minimum remaining balance.
  • 7.4. In order to open an Offer the Manager should.
    • a. provide the documents, confirming the PAMM-account opening by the person indicated at the moment of the registration of the corresponding trading account;
    • b. availabilty of the minimum Manager's Capital on the PAMM-account which is necessary to open an Offer;
  • 7.5. Minimum Manager's Capital necessary to open an Offer and the documents confirming the PAMM-account opening are published on the Company's web-site.
  • 7.6. When the Offer is made, a relevant Monitoring of the Offer, that includes figures calculated on the basis of the data of PAMM-account Monitoring from the start of PAMM-account operation, is carried out. Thus, Monitoring of the Offer at any time reflects the figures that would have been in this Offer, if it was created at the same time as the PAMM-account.
  • 7.7. The Manager may suspend the possibility to submit requests for funds deposit to the Managed accounts under any Manager’s Offers, at the same time creation of Managed accounts under these Offers will also be suspended.
  • 7.8. The Manager does not have any possibility to obstruct funds withdrawal from the Managed accounts under any Manager’s Offers.
  • 7.9. Manager’s Offers are not deleted.
  • 7.10. Maximum amount of Manager’s Offers on one PAMM-account is determined by the Company and is published on the Company’s web-site.
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  Registration of a Customer as an Investor and Managed account registration.

  • 8.1. TThe Company registers each Customer as an Investor upon accepting Manager’s Offer. The Customer accepting the terms and conditions of the Customer agreement also confirms and guarantees to the Company that he/she:
    • a. Indicated authentic personal information upon registration as the Customer of the Company and user of PAMM-account service, as well as upon registration of all the documents related to these Regulations;
    • b. read and understood all the Regulations;
    • c. fully understands the subject and conditions of the Regulations;
    • d. fully understands the meaning and consequences of his/her actions in relation to the Regulations conclusion and execution;
    • e. has all the rights and authority required for execution of the Regulations;
    • f. confirms that management by the Manager of the Investor’s account under these Regulations does not infringe and does not involve infringement of any rights of the Investor and /or the third parties, as a result of which the Investor assumes obligations and liability in accordance with the requirements stipulated by these Regulations.
  • 8.2. Managed account registration is made when Investor accepts Manager’s Offer and submits a request for funds deposit to the Managed account. Should Investor refuse from submitting the request for funds deposit to the Managed account, the Managed account is not registered.
  • 8.3. Upon Managed account registration the Investor is sent an email with information about the opened Managed account.
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  Managed account Factor.

  • 9.1. Managed account factor determines what part of trading operations on the PAMM-account shall be assigned to the relevant Managed account.
  • 9.2. Managed accounts’ Factors calculations are made at PAMM-accounts Rollover.
  • 9.3. Managed account Factor is a ratio of Investor’s Balance to PAMM-account Equity, calculated on the basis of day-bars close price on the last trading day.
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  PAMM-accounts Rollover.

  • 10.1. After each trading day PAMM-accounts Rollover (hereinafter - Rollover) procedure is carried out on all PAMM-accounts. Rollover starts at 00:00 server time and may take a few minutes.
  • 10.2. Current Rollover is understood as a Rollover that shall take place at the end of the current trading day.
  • 10.3. Should, as a result of a technical failure, Rollover procedure be not made at 00:00, then it may be made later, after the causes of the failure are removed.
  • 10.4. During Rollover the following happens:
    • a. Stop Out level changes to 0%.
    • b. Fixation of the PAMM-account trading result for all trading positions at relevant quotes of the last day-bars close of the trading platform (PAMM-account liquid assets («Equity») fixation and fixation of floating profit/loss on open positions).
    • c. Update of Managed accounts’ balances.
    • d. Update of Statements.
    • e. Update of PAMM-accounts’ monitoring and rating.
    • f. Calculation of remuneration for management.
    • g. Calculation of Profit-share Remunerations for Managed accounts where the trading interval is over or an early request for withdrawal is processed.
    • h. Calculation of Penalties for early withdrawal of funds.
    • i. Preparation of requests for withdrawal of funds.
    • j. Preparation of requests for deposit of funds.
    • k. Calculation of commission for deposit of funds.
    • l. Carrying out relevant transfers between accounts of the trading platform.
    • m. Fixation of Managed accounts factors for the new Trading day.
    • n. Transfers within the trading platform.
    • o. At 00:30 server time: Change of Stop Out level to 20%.
  • 10.5. During Rollover transactions on the PAMM-account in the trading platform are not reopened, but all the transactions on the Managed accounts are reopened. Upon re-open:
    • a. the close price of transactions on Managed accounts always equals the price of the following opening of the relevant transactions;
    • b. numbers of the orders agree with the number of relevant order in the trading platform;
    • c. payment for transfer of open positions («Storage», «Swap») for the passed Trading day is calculated in a separate column;
    • d. positions volume on the Managed accounts upon reopen may change in accordance with updated factors of Managed accounts.
  • 10.6. Managed Account Factor does not change within a Trading Day. Positions’ volume, trading profit, commission and Storage fee for the Trading Day are proportionate to the Factor of the Managed account for this Trading day.
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  Deposit of funds to the Managed Account.

  • 11.1. To deposit funds to the Managed account the Investor submits a request for deposit of funds via Investor’s area. The sum in the request for deposit may not be less than:
    • a. Minimum sum of investments (when the Investor has a zero balance);
    • b. Minimum sum of additional funds (when the Investor has a positive balance).
  • 11.2. When a request for funds deposit is submitted, the relevant sum is blocked on the trading account of the Investor. Should the currencies of the Managed account and trading account of the Investor differ, they are converted at the rates of the Company. Exchange rates are published in the Personal area.
  • 11.3. A request submitted before 12:00 server time is executed during the current Rollover. A request submitted after 12:00 server time is executed during the next Rollover.
  • 11.4. Only the Investor and only before 12:00 server time on the day of the request execution may withdraw the request. In case of the request withdrawal the sum blocked earlier becomes fully de-blocked.
  • 11.5. The moment the deposit request is executed, Commission for deposit is withdrawn to the benefit of the Manager, the remaining sum is credited to the Managed account.
  • 11.6. The Manager may submit requests for deposit to the Capital Account of the Manager via the Investor’s area.
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  Withdrawal of funds from the Managed account.

  • 12.1. To withdraw funds from the Managed account the Investor submits a request for withdrawal via the Investor’s area. Requests for withdrawal may be of the following types according to the time of execution:
    • a. Planned – a request for withdrawal of funds at the end of the Trading interval.
    • b. Early - a request for withdrawal of funds before the end of the Trading interval
  • 12.2. A Planned request is executed during the last Rollover of the Trading Interval.
  • 12.3. An Early request, submitted before 12:00 server time, is executed during the Current Rollover; a request submitted after 12:00 server time is executed during the next Rollover. Before funds are withdrawn under the Early request, Remuneration for Management, Profit-share Remuneration and Penalty for early withdrawal of funds are deducted to the benefit of the Manager. Only all funds may be withdrawn from the Managed account under an Early request.
  • 12.4. Planned requests may be of the following types according to the sum of withdrawal:
    • a. Withdrawal of all funds. When such a request is submitted, all funds, excluding the sums due to the Manager according to these Regulations, are withdrawn.
    • b. Withdrawal of a specified sum. When such a request is submitted the Investor specifies the sum for withdrawal at the end of the Trading interval. In this type of a request the Investor must specify additional conditions of the request execution, in case the remaining balance of the Managed account after withdrawal of the indicated sum is less than the Minimum Balance:
      • a) Withdraw all the funds
      • b) Withdraw only the sum over the Minimum Remaining Balance
      • c) Cancel the request and not withdraw this sum.
    • c. Withdrawal of profit. When submitting this request the Investor specifies the sum he/she wants to leave on the Managed account after the withdrawal, but not less than the Minimum Remaining Balance. Funds, over the specified sum, will be withdrawn at the end of the trading interval.
  • 12.5. After the request for funds withdrawal from the Managed account is submitted and until it is executed or canceled the possibility to submit other requests for withdrawal of funds from the Managed account is blocked.
  • 12.6. The request may be canceled only by the Investor and only before 12:00 server time on the day of the request execution.
  • 12.7. A request for withdrawal of funds, over the Capital of the Manager, is submitted automatically to the Capital account of the Manager at the beginning of each trading interval. Should Capital of the Manager change, the sum in the request for funds withdrawal is also adjusted. The Company does not provide any other method of funds withdrawal from the Capital account of the Manager except as indicated in this clause or upon PAMM-account liquidation.
  • 12.8. The Company transfers funds from the Managed account to the trading account of the Investor during a Rollover of funds withdrawal request execution.
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  Calculations and transfers on PAMM-account and Managed accounts.

  • 13.1. Balance of the Investor is calculated by the Company each day during Rollover by the formula:

    balance + profit*F – fees – out + in
    where
    balance – Balance of the Investor for the preceding day;
    profit – trading result of the PAMM-account for preceding Trading day;
    F – Managed account factor for preceding Trading day;
    fees – remuneration paid from the Managed account during Rollover;
    out – sum of the funds withdrawn during Rollover;
    in - sum of the funds deposited during Rollover;

  • 13.2. Managed Investor’s funds is the amount of funds calculated by the following rules:
    • a. upon each deposit of funds to the Managed account, Managed Investor’s funds are increased for the sum of the deposited funds and Commission for deposit;
    • b. after each withdrawal of Remuneration from the profit, Managed Investor’s funds are equated to the sum of the Investor’s balance after withdrawal of Profit-share Remuneration
    • c. upon each withdrawal of funds from the Managed account Managed Investor’s funds are calculated by the following formula:

    capital * (1 – money / balance),
    where
    capital – managed Investor’s funds before withdrawal of funds;
    money – funds withdrawn;
    balance – Investor’s balance before funds withdrawal.

  • 13.3. Profit-share Remuneration of the Manager is calculated by the Company by the following formula:

    (balance - capital)* fee / 100,
    where
    balance – Investor’s balance;
    capital - managed Investor’s funds;
    fee – Manager’s Profit-share Remuneration under relevant Manager’s Offer.
    When the figures are positive Profit-share Remuneration of the Manager is paid in the following cases:

    • a. During the last Rollover of the trading Interval on all Managed accounts.
    • b. Directly before calculation of the Fine for early withdrawal of funds upon execution of the request for early withdrawal of funds.
    • c. During Rollover of PAMM-account liquidation.
  • 13.4. Manager’s Remuneration for management is calculated by the Company each Rollover by the formula:

    balance * fee / 100 / 260,

    where
    balance – Investor’s balance;
    fee – Manager’s Remuneration for management under relevant Manager’s Offer.
    In case of positive figures Manager’s remuneration for management is paid each Rollover.

    13.5. Commission for deposit is calculated by the Company simultaneously with depositing funds to the Managed account upon execution of the request for deposit of funds. Commission for deposit of funds is calculated by the formula:
    money * fee / 100,
    where
    money – deposited sum
    fee - commission for deposit under relevant Manager’s Offer.

  • 13.6. Penalty for early withdrawal of funds is calculated by the Company directly before execution of the request for early withdrawal of funds. The sum of the Penalty for early withdrawal of funds is calculated by the Company by the formula:

    money* fee / 100,
    where
    money - funds withdrawn (after Remuneration for management and Manager’s Profit-share Remuneration are deducted);
    fee – Fine for early withdrawal of funds under relevant Manager’s Offer.
    Should execution of the request for early withdrawal of funds coincide with the end of the trading interval of the relevant PAMM-account, the Penalty is not deducted.

  • 13.7. Managed Investor’s funds is the amount of funds calculated by the following rules:The value of the Remuneration is rounded up if the Remuneration amount of the Manager is within the range from 0 (not including) to 0,01. The Remuneration of 0,01 in the currency of the PAMM-account deposit is written off the Managed account.
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  Obligations of the Manager.

  • 14.1. The Manager bears responsibility for the following:

    a. compliance with legislation, including (but not limited to the following) currency, tax and other legislation of the country of residence including full responsibility for commercial activity under lucrative management of the Investor’s accounts;
    b. authenticity of the information he/she indicated upon registration with the Company and authenticity of guarantees and assurance of the Manager contained in these Regulations. In relation with this the manager guarantees, that:

    • a) upon registration as a Customer of the Company and also in the process of preparing all the documents related to these Regulations, he/she indicated authentic personal information;
    • b) he/she read and understood all the provisions of the Terms of Business and the Regulations for NTO and has practical experience in trading operations on the foreign currency exchange market and contracts for difference (CFDs).
    • c) he/she fully understands the subject and conditions of the Regulations, the Terms of Business and Regulations for NTO;
    • d) he/she fully understands the meaning and consequences of his/her activity in relation to the Regulations and obligation to observe Investors’ interests.
  • 14.2. Should the foregoing guarantee be breached, the Manager agrees to resolve disputes and settle claims of the third parties resulted from his/her management of the Investor’s accounts at his own expense and using his own resources.
  • 14.3. The Manager guarantees that he has all the rights and authority required for the Regulations fulfillment.
  • 14.4. Management of the Investors’ account by the Manager does not infringe and does not involve infringement of any rights of the Investors.
  • 14.5. The Manager agrees that the Management is carried out by the Manager and is based on interests of Investors and consideration of justified risk. The aim of the Management is to increase the funds of Investors on Managed accounts. The Manager understands that his/her actions by any reasons may lead to decrease of Investors’ funds on the managed accounts, that is why he/she uses his/her most possible resources to increase and prevent decrease of Investors’ funds on the Managed accounts. Should the Company have doubts on the matter of Investors’ interests observance by the Manager, the Company may inform Customers of the Company about possible non-observance of Investors’ Interests by the Manager and also liquidate the PAMM-account.
  • 14.6. The Manager is to control the state of a PAMM-account. Should the Manager not carry out management operations within a long term (at the Company’s discretion), the Company may send a request to the Manager so he/she explained the reasons for the lack of Management operations. Should the Manager not answer to the request within two calendar days or should the Company consider the explanation ungrounded, the Company may send a notification informing about the lack of Management operations to Investors, that have Managed accounts within this PAMM-account, and place the relevant information on the website of the Company.
  • 14.7. The Manager does not have a right to provide the third parties with the registration data (login and password) required for authorization in the Personal area and agrees to keep them secure and confidential. Within the terms of the Regulations all actions related to the execution of the Regulations and/or to the usage of login and password of the Manager are considered to be executed personally by the Manager. The Company does not bear responsibility for unauthorized use of the registration data of the Manager by the third persons.
  • 14.8. The Manager does not have a right to:
    • a. assume responsibility on behalf of the Company or put the Company under any obligations;
    • b. use the Company brand name and/or trademark ;
    • c. publish or assist in any publications related to the Company in mass media; also publish and distribute any articles and letters related to the Company or assist in writing of such articles and letters in any newspapers, magazines and other periodicals, Internet blogs and forums;
    • d. give any guarantees and/or promises, make any claims in relation to any payments on behalf of the Company or with use of the brand name and/or trademark of the Company.
    • e. make any other actions that may cause any damage to the Company or raising any claims to the Company from the third persons.
  • 14.9. Should as a result of the Manager’s failure to comply with the conditions of the Regulations (including requirements of clause 14.8. hereof) there be filed lawsuits (claims) against the Company, all the losses suffered by the Company are to be compensated by the Manager in the full scale.
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  Obligations of the Investor.

  • 15.1. The Investor agrees to pay out Remuneration set under the Manager’s Offer: Profit-share Remuneration of the Manager, Remuneration of the Manager for management, Commission for deposit, a Penalty for early withdrawal of funds in case of early withdrawal of funds from the Managed account.
  • 15.2. The Investor is fully responsible for:
    • a. compliance with the legislation, including (but not limited to the following) tax and currency legislation of the country of residence including full responsibility for the invested funds, including their source, and other actions carried out by him/her as an Investor.
    • b. authenticity of the information provided by him/her upon registration with the Company and authenticity of the guarantees and assurances of the Investor contained in these Regulations. As a result of this the Investor agrees, using his own resources and at his own expense, resolve disputes and settle claims of the third persons in relation to the Funds, in relation to the placement and/or other use of the funds on the Managed account, or compensate all losses suffered by the Company as a result of such claims and lawsuits.
  • 15.3. The Investor does not have a right to provide the third parties with the registration data (login and password) required for authorization in the Personal area and agrees to keep them secure and confidential. Within the terms of the Regulations all actions related to the execution of the Regulations and/or to usage of login and password of the Investor are considered to be executed personally by the Investor. The Company does not bear responsibility for unauthorized use of the registration data of the Investor by the third persons.
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  Manager's Partner.

  • 16.1. The Company’s Client is registered as a Manager’s Partner (hereinafter Partner) if:
    • 16.1.1. The Company’s Client agrees to participate in the Partner’s program of the «PAMM-ACCOUNT» service in the Partner’s Area.
    • 16.1.2. The Manager added the Partner’s login and set the partnership parameters in the Manager’s Area.
  • 16.2. After the registration of the Manager’s Partner the e-mail with the information about the registration of the Partner and Remuneration terms is sent.
  • 16.3. There are two types of the Remuneration:
    • 16.3.1. Partner’s Remuneration for acquisition, including an interest of:
      • a. Manager’s Remuneration of Profit;
      • b. Manager’s Remuneration for Management;
      • c. Commissions for deposit.
      The interest of the Penalty for the early withdrawal is not included into the Partner's Remuneration for acquisition.
    • 16.3.2. Shared Remuneration of the Partner –is an interest of all the Remuneration types of the Manager.
  • 16.4. The Manager is entitled to determine and set the type and the amount of the Partner’s Remuneration (in persentage).
    • 16.4.1. If the Manager changes the Remuneration parameters the Partner is e-mailed with the notification.
    • 16.4.2. The Manager can enable the Partner to confirm the new parameters of the Remuneration. The Manager can allow the Partner to:
      • a. confirm only the Remuneration for acquisition;
      • b. confirm only the Shared Remuneration;
      • c. confirm both types of the Remuneration at the same time.
    • 16.4.3. The changed parameters of the Remuneration come into force:
      • a. at the beginning of the new Trading Interval, if the Partner doesn't confirm the new parameters of the partnership according to clause 16.4.2.;
      • b. at the current Rollover, if the Partner confirms the new parameters of the partnership according to clause 16.4.2.
    • 16.4.4. When adding the new Partner or changing the parameters of the Remuneration of the current Partner the Manager must keep in mind that:
      • a. the Manager can't set the Partner's Remuneration above his own maximum remaining Remuneration in the current or next Trading Interval.
      • b. the Manager can't set Partner's Remuneration above 50%.
  • 16.5. If during the registration of the Managed Account the Investor indicated the Partner's login using one of the ways described on the Company's web-site:
    • 16.5.1. The Investor is considered to be drawn by this Partner.
    • 16.5.2. The Partner will get the Remuneration for acquisition from this Managed Account.
    • 16.5.3. The interest of the Remuneration for acquisition for this Managed Account will be fixed and equal to the current amount of the Remuneration for acquisition fixed for this Partner.
  • 16.6. The Partner’s Remuneration is calculated by the Company according to the fixed parameters of the partnership of the Partner and the Manager. The Partner’s Remuneration is calculated at the moment of the withdrawal of the Manager’s Remuneration according to the Offer accepted by the Investor as follows:
    • 16.6.1. At first the Partner’s Remuneration for acquisition is paid. The Remuneration for acquisition is calculated as follows:
      money * fee / 100,
      where
      money – the amount withdrawn from the Managed account (the Manager’s Remuneration according to the Offer);
      fee – an interest of the Remuneration for acquisition fixed for the Partner (at the moment of the registration of the Managed account);
      The penalty for the early withdrawal as the Remuneration for acquisition is not paid.
    • 16.6.2. The Shared Remuneration is paid from the remaining amount.
      • a. the Shared Remuneration of the Manager’s Remunerations for management, Commission for deposit, the Penalty for the early withdrawal, paid to each Partner of the Manager, is calculated as follows:
        (money - fee_p) * fee / 100,
        where
        money – the Remuneration amount paid by the Investor according to the Manager’s Offer.
        fee_p - the Remuneration amount for acquisition calculated according to clause 16.6.1.
        fee – the fixed interest of the Shared Remuneration of the Partner;
        All the kinds of the Manager’s Remuneration are paid as the Partner’s Shared Remuneration.
      • b. the Shared Remuneration of the Manager’s Remuneration from profit is calculated as follows:
        (money - fee_p) * fee / 100 * rp / rm,
        where
        money – the amount of the Remuneration paid by the Investor according to the Manager’s Offer.
        fee_p - the amount of the Remuneration for acquisition calculated according to clause 16.6.1.
        fee – fixed interest of the Shared Remuneration of the Partner;
        rp - number of Rollovers on the Managed Account after the Partner was added and before the Remuneration was written off;
        rm – number of Rollovers on the PAMM-account from the beginning of the Trading Interval.
    • 16.6.3. The amount remaining after the Remunerations were paid to the Partners is written off to the Manager’s account. The calculation of the Manager’s Remuneration is made as follows:
      money - fee_p - fee_ps,
      where
      money – the Remuneration amount paid by the Investor according to the Manager’s Offer.
      fee_p - the amount of the Partner’s Remuneration for acquisition.
      fee_ps – the amount of all the Shared Remunerations of the Partners.
    • 16.6.4. If the amount of the Partner’s Remuneration is below 0,01, this value is rounded down and the Partner’s Remuneration equals 0.
  • 16.7. In the Partner’s Area the Partner can watch:
    • a. the current and new parameters of the Remuneration, fixed by the Manager;
    • b. all the Investors drawn to the given PAMM-account;
    • c. a Statement of the Partner’s Remuneration payments;
    • d. all the deposit/withdrawal requests at the given PAMM-account, if the Manager included this option for the Partner.
  • 16.8. The Partner is not entitled to:
    • 16.8.1. contract any liabilities on behalf of the Company or put the Company under any obligations;
    • 16.8.2. use the Company name and/or the brand mark of the Company;
    • 16.8.3. publish or contribute releases of any announcements concerning the Company as well as make, mail any notes (articles, letters) to any newspapers, magazines or any other periodicals, blogs, Internet forums, concerning the Company;
    • 16.8.4. make any warranties and/or promises, make any statements regarding any payments on behalf of the Company or using the Company’s name and/or the brand mark.
    • 16.8.5. perform any other acts involving any damage or claims to the company from the third parties.
• Read Close 17

  Bonuses of IB and Web-Representative.

  • 17.1. In accordance with these Regulations the Company’s Customer who accepted the terms of partnership with the Company provided in IB Regulations and/or Web-Representative Regulations (hereinafter the Partner of Company) is entitled to attract new Customers (hereinafter Customers) for the Company under the terms and conditions of these Regulations.
  • 17.2. Each month the Company pays bonuses to the Partner of Company for every single Managed account of attracted Customer in accordance with the schedule of Remunerations of Company’s Partners published on the Company’s web-site. The Bonuses are credited to the trading account of Company’s Partner.
  • 17.3. Bonus is calculated for each complete transaction (open-closed position), made on the Managed account of attracted Customer. If the position is still open at Rollover the calculation will be made for the first 24 hours during Rollover. This position is not taken into account when making the calculation for the next 24 hours.
  • 17.4. Settlement period is understood as a calendar month. The Remuneration is credited and the Statements for the previous month are sent at the second Rollover of the next calendar month.
  • 17.5. The Partner of Company is entitled to claim his bonus amount at any time within a month after the Remuneration was credited. The request must be sent from the Personal Area on the Company’s web-site. The request is executed within 2 (two) business days from the moment of receipt in accordance with the terms of bonus withdrawal, specified on the Company’s web-site.
• Read Close 18

  Transfers.

  • 18.1. Funds transfers to relevant accounts are made by the Company on the settlement day, unless otherwise specified herein.
• Read Close 19

  Mailing and publication of Investors’ Statements.

  • 19.1. The Company sends Statements for the preceding month to the Investor’s address at the beginning of each month provided the Investor’s balance within the specified month was above zero.
  • 19.2. The Company publishes Investors’ Statements in the Investor’s area according to the interval determined by the Manager for publishing the Investors’ Statements.
• Read Close 20

  Partial close, Opposite close and Multiple close by opposite positions.

  • 20.1. Partial close on PAMM-accounts differs from analogous function on «alpari.classic» type of accounts and is executed by means of complete close of the order and opening of the new order with end volume and open price equal to the close price of the closed order.
  • 20.2. Opposite close is not available on PAMM-accounts.
  • 20.3. Multiple close by opposite position is not available on PAMM-accounts.
• Read Close 21

  Confidential information.

  • 21.1. The Company keeps Investors’, Managers’ and Partner’ information confidential from the third persons.
  • 21.2. The Company identifies authenticity of the Manager’s personal information specified in the «Confidential Customer Information to open Personal/Corporate Account» form of the relevant trading account.
  • 21.3. The Company does not provide Investors with any information about the Manager except a PAMM-account number and a forum login.
  • 21.4. The Company does not provide the Manager with any information about the Investor except the Investor’s login.
• Read Close 22

  PAMM-account liquidation.

  • 22.1. A PAMM-account liquidation leads to liquidation of all Managed accounts within this PAMM-account.
  • 22.2. A PAMM-account liquidation at Manager’s initiative.
    • 22.2.1. To liquidate a PAMM-account the Manager submits a request to the Company about a PAMM-account liquidation. A PAMM-account liquidation request is submitted only via the Manager’s Personal area. At the moment when the request is submitted there must be no open positions or pending orders on the PAMM-account. Otherwise the request is rejected.
    • 22.2.2. After the Company receives the request:
      • a. The possibility of the Manager to trade on the PAMM-account is blocked (the Company switches PAMM-account to non-trading mode)
      • b. All Investors' orders for funds deposit are rejected;
      • c. Manager's Offers are liquidated;
      • d. Notifications about PAMM-account liquidation are sent to Investors;
      • e. Relevant information is published on the Company?s website.
    • 22.2.3. A PAMM-account liquidation date is the trading day following the day the request is received by the Company. On the PAMM-account liquidation day the Company makes settlements and transfers Investors’ and Manager’s funds to their trading accounts.
    • 22.2.4. A PAMM-account is considered to be liquidated after the Company has carried out all settlements and sent statements about PAMM-account liquidation to the addresses of Investors and the Manager.
  • 22.3. PAMM-account liquidation at the Company’s initiative.
    • 22.3.1. The Company reserves the right to liquidate the PAMM-account with the negative level of the Profit Indicator according to the Monitoring. The negative level of Profit which can be the reason of the PAMM-account liquidation is published on the web-site.
    • 22.3.2. The Company has the right to liquidate a PAMM-account if there is no trading activity on this account within the period of time exceeding time limits specified at the web-site.
    • 22.3.3.The Company may liquidate a PAMM-account at any time without assigning any reasons.
    • 22.3.4. A PAMM-account liquidation at the Company’s initiative is carried out in the following way:
      • a. All trading positions are closed at the current market price (or last price for session-traded instruments);
      • b. All pending orders are cancelled;
      • c. Possibility of the Manager to trade on the PAMM-account is blocked (the Company switches PAMM-account to non-trading mode);
      • d. All Investors’ orders for funds deposit are rejected;
      • e. Notifications about PAMM-account liquidation are sent to Investors and the Manager;
      • f. Relevant information is published on the Company’s website;
      • g. Distribution and withdrawal of Investors’ funds from the PAMM-account is carried out during current Rollover.
• Read Close 23

  Terms and amendments.

  • 23.1. These Regulations come into force for the Customers of the Company from the moment they are accepted in the Personal area and cease to be effective from the moment the Customer Agreement terminates.
  • 23.2. TThe Customer acknowledges that the Company has a right to introduce amendments to the provisions of these Regulations at any time having notified the Customer in a written form about the planned changes 7 (seven) calendar days in advance. Such amendments shall come into force and become binding for the Customer from the date specified in the notification.
  • 23.3. For the purpose of these Regulations the following means of communication are considered to be a written notification:
    • a. e-mail;
    • b. posting;
    • c. announcements in the “Company news” column on the Company’s website.
• Read Close 24

  Investment risks.

  • 24.1. The Investor accepts possible financial losses like direct losses or lost profit resulted from the following risks:
    • a. the risk that the Manager does not have qualification and knowledge required for Investors’ funds management;
    • b. the risk that the Manager does not observe Investors’ interests or carries out fraudulent operations in relation to Investors’ funds;
    • c. the risk that the Manager may lose control over the PAMM-account;
    • d. the risk that the third persons may get access to the management of the PAMM-account;
    • e. the risk that the Investor or the Manager may misunderstand or misinterpret the Regulations;
    • f. the risk that claims may be submitted untimely, in accordance with clause 8 of the Terms of Business, by the Manager to the Company in relation to trading operations execution on the Managed account of the Investor;
    • g. the risk of unforeseen delays upon funds transfer between the accounts;
    • h. the risk of PAMM-account liquidation;
    • i. the risk that Remuneration for management and/or Commission for deposit will be paid when the Manager does not fulfill his/her obligations properly;
    • j. the risk that funds are transferred to the new Trading interval as a result of untimely submission of the request for funds withdrawal because of technical or other problems.
  • 24.2. Under no circumstances the Company bears responsibility for such risks occurrence and their consequences for the Investor.
• Read Close 25

  Miscellaneous.

  • 25.1. All types of agreements that the Company concludes with the Customers executing the terms and conditions of these Regulations may be concluded by interchange via post, e-mail, facsimile or any other communication facility allowing to identify with certainty that the document comes from the Company or the Customer.
  • 25.2. Should one or more provisions hereof become invalid, null and void by any reason, it shall not effect validity of any other provision hereof.
• Read Close 26

  Interpretation of Terms.

  • In these Regulations the following terms and expressions shall have the following meaning:

    Balance of the Investor

    total amount of funds that belong to the Investor on the Managed account for the specific date, in the currency of the Managed account. Calculation formula is provided in clause 13.

    Manager's Remuneration for management

    the Manager’s Offer feature determining the percentage from the Investor’s Balance that will be daily assigned to the Manager.
    Defined in per cent per annum and a sum 260 times less is daily withdrawn. Calculation formula is provided in clause 13.

    Partner’s Remuneration for acquisition

    an interest of the Manager’s Remuneration of Profit, Manager’s Remuneration for managing, Commissions for deposit, paid to the Partner by the Manager only for the investors drawn by him (Partner).

    Profit-share Remuneration of the Manager

    the Manager’s Offer feature determining the percentage from Investor’s Profit that will be assigned to the Manager upon distribution of profit. Calculation formula is provided in clause 13.

    Shared Remuneration of the Partner

    an interest of all the Manager’s Remuneration (Manager’s Remuneration of Profit, Manager’s Remuneration for managing, Commissions for deposit, Penalty for early withdrawal), paid to the Partner by the Manager for any services.

    Investor

    a Customer of the Company registered as an Investor for PAMM-account service.

    Investor’s area

    Part of the Customer’s Personal area for trading on Investor’s Managed accounts.

    Manager’s area

    a part of the Customer’s Personal area for trading on the Manager’s PAMM-account.

    Capital of the Manager

    funds that the Manager transfers to the Capital account of the Manager as a guarantee that Investors’ interests will be observed.

    Customer

    a Customer of the Company under the current Customer Agreement, provided he/she has an active trading account.

    Commission for deposit

    Manager’s Offer feature determining the percentage from the Investor’s deposited funds that will be assigned to the Manager upon execution of the request for fund depositing. Calculation formula is provided in clause 13.

    Managed account Factor

    a Managed account parameter that is calculated daily and determines a PAMM-account trading result share, that will be assigned to the relevant Managed account. Calculation formula is provided in clause 9.3.

    Minimum sum of investments

    Manager's Offer feature specifying the Minimum sum of the Investor's funds available for depositing to the Managed account with the Investor's zero balance.

    Minimum sum for deposit to the Managed account

    the Manager's offer feature specifying the minimum sum of the Investor's funds available for depositing to the Managed account with the Investor's balance above zero.

    Minimum remaining balance

    the Manager’s Offer feature determining the minimum possible remaining balance of the funds on the Investor’s balance in case the funds are withdrawn upon at the end of the Trading interval.

    PAMM-account Monitoring

    public monitoring of management results of the PAMM-account on the website of the Company.

    Manager’s Offer

    an Offer of the Manager consisting from a set of parameters used by the Company for calculation of the Manager’s Remuneration, and also determining other conditions of Managed accounts creation within the PAMM-account.

    PAMM-account (an account of the «alpari.pamm» type)

    a trading account that consists of one or several Managed accounts joined into one register in the trading platform, trading operations on which are made only by the Manager.

    Manager’s Partner

    a Company’s Client, receiving an interest set by the Manager of the PAMM-account basing on any partnership between the Manager and the Partner.

    PAMM-account Rollover

    daily procedure of execution of requests for funds deposit/withdrawal, Remuneration deduction, Calculation of Managed accounts factors, updates and mailing of the Investors’ statements and execution of other actions required for settlement in accordance with «PAMM-account» service.

    Managed funds of the Investor

    the Investor’s funds in ratio to which the Manager’s profit-share remuneration is calculated. The formula is provided in clause 13.

    Capital account of the Manager

    managed account that belongs to the Manager and is used for deposit of Capital of the Manager.

    Trading interval

    time period determined by the Manager at the moment of a PAMM-account registration, during which the management is carried out and at the end of which a Manager’s profit-share remuneration is calculated.

    Statement

    Statements about transactions made by the Manager on the Investor’s Managed account sent by the Company to the Investor’s address.

    Management

    trading operations of the Manager on Managed accounts when managing a PAMM-account in the interest of the Investor.

    Managed account

    a trading account of an Investor trading operations on which are made only within the PAMM-account and under conditions determined for a PAMM-account and Managed accounts.

    Manager

    a Customer of the Company registered as a Manager of the PAMM-account.

    Penalty for early withdrawal of funds

    Manager’s Offer feature determining the percentage from the Investor’s withdrawn funds that will be assigned to the Manager upon request for early withdrawal of funds. Calculation formula is provided in clause 13.

    Active Managed account

    a Managed account is understood as active if it’s balance is above zero.