Client Agreement
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Opening of Account Agreement
Beirut Brokerage Corporation opens an account for the "client" and records in its books all the movable financial amounts that the client wishes to deal with or manage. The "client" authorizes Beirut Brokerage Corporation to make transactions on his account in accordance with the instructions given to the company for trading in financial markets on his behalf, including the sale and purchase of future contracts, options, foreign currencies, commodities, shares, indicators or any other financial instrument. The "client" stated that he agreed and accepted in advance that the company would act as an intermediary in carrying out such activity in accordance with the following articles:
Article 1
Under this agreement, it is expressly agreed that the company shall provide the client with trading services in the financial markets, particularly for the sale and purchase of future contracts, options, foreign currencies, commodities, shares and indicators or any other financial instrument. Noting that the company does not execute and transaction from company’s account in client’s favor.
Article 2
Beirut Brokerage Corporation manages client’s account based only on instructions provided verbally or in writing by the client in person or by an agent as per official power of attorney. The company is entitled to register its communications with the client.
Article 3
The company accepts client instructions to execute deals and trading in financial markets by means of telephone or e-mail. The company confirms the instructions, operations, and deals by means of text messages on the telephone or by e-mail, as per the communication section. These means constitute "final proof of the validity of the execution of the instructions and transactions made by the company in favor of the "client" and its approval of all operations in his account and the waiver of the right to challenge their contents unless he objects in writing within two weeks of receipt of the notification.
Article 4
The company may not execute the client's orders if they are not clear or if they are not in accordance with the laws, BDL, and the Capital Markets Authority circulars which the company is directly supervised by.
Article 5
The "client" states that he is economic right owner and is personally the beneficiary of the deposits in the account and all the profits resulting from the operations in this account, and that he is solely responsible for the risks and losses resulting from his investment and operations options in his account.
Article 6
This agreement shall remain valid between the parties unless it is terminated by Beirut Brokerage Corporation and/or the Client, and either parties have the right to amend or terminate this agreement, provided that to commit to all pending or closed deals, i.e. unless there are opened positions or ongoing operations in the account, or if there are amounts due from either party to the other. The provision of this agreement remains valid, even after account closure, on any dispute or other issues involving the client's relationship with Beirut Brokerage Corporation. After the closure of the trading account, the customer remains liable towards Beirut Brokerage Corporation for any payment of any obligation or debt owed to the company, in addition to the interest and fees provided in the Commissions and charges document signed by the client.
Article 7
Upon receipt of agreement termination notice, all funds and rights due shall be delivered to the "client" or his heirs in the event of his death, after deducting all amounts due such as commissions or other expenses, fees provided for in this Agreement or closing fees for contracts that have not yet reached maturity.
Beirut Brokerage Corporation shall be relieved from their obligations in respect of this Agreement upon termination of this agreement and upon payment of debts, rights and all amounts due.
Article 8
Beirut Brokerage Corporation shall not be liable towards client for any funds invested in Lebanon or outside Lebanon in case of a force major preventing the company from collecting back the funds. The company shall be automatically relieved from its obligations towards client once related funds are transferred to the "client" or to any beneficiary designated by the latter, after informing the client “in writing” of the name of the foreign depositary, or the secondary foreign depositary whose assets will be deposited at.
Article 9
The company shall not be liable for any total or partial loss in the client's brokerage account unless the loss is the result of a mistake made by the company as in contravention of the instructions given to the company by the client.
Article 10
The company sends monthly statements of the client's account or accounts opened at the company to the address specified in the details of the client's information. If the "client" does not perform any operation or activity in the account, the company must provide client with statements every three months.
If the account is closed, "the company" must send the customer a statement of account closure, confirming that "the company" no longer carries any assets or guarantees.
Article 11
The company has the right to sell client assets, or to close or liquidate his financial positions as a result of the latter's failure to settle a deal, to secure payment from the account, or to refrain from providing the essential requested information.
Article 12
Client agrees and commits to maintain his account, at the date of the opening of the account with the company, at a minimum of $/15,000/ fifteen thousand USD or its equivalent financial instruments and keep on maintaining said balance unless having an event of a decrease resulted from investment losses.
Any amount of money that the company collects from client should be in the form of a cheque, a certified bank cheque, a bank transfer, or an electronic transfer.
The company is entitled to receive payments or financial benefits paid by a third party relating to transactions or operations made in favor of the "client," under the condition of written disclosure.
Article 13
The company collects commissions, fees and financial expenses from the "client" for the execution of trading transactions for in his favor at the financial markets and for the account maintenance services as per the commission and charges document signed by client.
Article 14
This agreement and all its annexes are binding for both parties and their heirs from the date of their signature. Any legal disputes resulting from the implementation of this Agreement can be settled in the Beirut courts, Lebanon.
Article 15
This agreement is governed by the provisions of Act No. 234/2000 of the regulation of the financial brokerage profession and applicable regulations, as well as regulations issued by the Capital Markets Authority, which requires signing an agreement with the client.
Opening of Account Contract
Beirut Brokerage Corporation SAL Account Opening Principles
Beirut Brokerage Corporation SAL, opens an operating account for the client after the client agrees to the following principles:
1. Opening of Account Agreement
This opening of account agreement replaces any prior agreement made between Beirut Brokerage Corporation SAL and the client. This account is subject to no investment restrictions other than the commitment to margins.
2. Receipt of Margin Document
Client receives the Margin Risk document from Beirut Brokerage Corporation for review and signature after full understanding and acceptance of all the terms and risks associated with margin trading, types of financial markets, including foreign currencies, futures contracts, commodities, and options.
3. Client Classification
If the customer states that he is a professional, he must prove to the company that he has the minimum net investable assets in accordance with the requirements of the Capital Markets Authority, and that he has at least five years of continuous experience in investing in financial markets. In this case, the company must verify and document this information. Accordingly, the professional client must agree in writing to his classification by signing the form issued by the company, which contains the list of related applicable regulations, and it is up to the client “Professional Client” to determine whether he wants to be classified as client upon obtaining the approval or at any other time in the future.
If the client wants to be classified as a counterparty, the company conducts the necessary inquiries to ensure that the customer meets all the requirements for a counterparty. in this case the company informs the client in writing that he will be treated as a counterparty as per Authority’s regulations.
The company keeps a classification record of each client, which contains sufficient information on the review performed to verify the classification.
4. Margin Call
I “Client” hereby agree that Beirut Brokerage Corporation SAL can set the prices for margin purchase/sale of future contracts, options or other financial instruments. I also agree that requirements of the required margin may be adjusted at any time .
I “Client” acknowledge that the Capital Markets Authority, BDL, European Markets, Stock markets of futures contracts, or other regulatory agencies may impose minimum requirements for the margin of futures, forex, and options. Beirut Brokerage Corporation may impose stricter terms on the margin in order to comply with the requirements of the Capital Markets Authority and BDL. I “client” hereby commit to maintain the recommended margin and to provide any recommended margin level by the Capital Markets Authority in cash on account or in the form of fully paid financial positions within five days of demand.
5. Position Liquidation and Automatic Displacement
Client grants Beirut Brokerage Corporation the right to liquidate all his account positions without warning or request upon margin call release. Client does not hold Beirut Brokerage Corporation liable to any costs, losses, claims, obligations, or damages resulting from such displacement
The company calls margins by means of telephone, e-mail, or fax. Noting that the client already acknowledged the of such means “agreed upon with the company” noting that he bears the sole responsibility of using those means.
Beirut Brokerage Corporation may sell any corresponding positions in its valuation in any stock market.
Beirut Brokerage Corporation has the right to exercise any of these rights at any time, in order to avoid any losses that may incur from margin trading positions, and to protect the "client" from any indebtedness to Beirut Brokerage Corporation in accordance with regulations issued by the Capital Market Authority
6. Commissions and Charges
I "client" hereby, and after acknowledging all related account commissions and charges. I agree to pay a percentage of any transaction that would deduct from the balance of my account with the Beirut Brokerage Corporation and any execution transaction, whether via the Internet, by telephone or by personal request.