Trade with a true
LIMITED POWER OF ATTORNEY LEGAL CONDITIONS
The Account Holder hereby constitutes and appoints the Attorney named above, personally and without right of substitution, to represent him legally in dealings and operations with tegasFX. The signature and all declarations and actions made or taken by the Attorney shall be fully binding upon the Account Holder for all legal effects. This power of attorney applies to the account/portfolio mentioned here above and to all its related logins/sub-account(s).
The Attorney is authorized to effect all banking investments worldwide (in established markets as well in emerging markets) and to sell and replace existing investments. The Attorney is in particular empowered to give orders to buy, sell and trade spot and forward foreign currencies and precious metal, to acquire, sell or write all these investments in any combination thereof and to execute on behalf of the Account Holder any national and international master agreement for OTC derivative financial instruments that may be required for such purpose, as well as any confirmations pertaining to transactions effected under such agreements. The Account Holder expressly agrees that the Attorney may also engage in short selling for this purpose and acknowledges that the commitments resulting from such transactions may substantially exceed the margin requirements and/or the total value of his assets with tegasFX.
The Attorney is authorized to request for leverage specific setups on the Account Holder logins.
The Attorney is not authorized to transfer or cause to be paid or delivered to himself or other parties any money, securities, precious metals and other assets held in the above-referenced account, except the delivery of securities against payment to banks/brokers and vice-versa. Pledging shall be admissible only with regard to the liabilities of the Account Holder created by the Account Holder himself.
tegasFX may transmit Account Holder data to the Attorney by electronic means, using tegasFX own or third-party networks (including the Internet). tegasFX is also authorized to grant the Attorney electronic access through such networks to the Account Holder data stored in tegasFX’s own computer system and to allow the Attorney to place order by electronic means.
The Account Holder agrees that the Attorney, under a cooperation agreement, should receive form tegasFX fees based on the volume of assets and/or transaction-related fees on any Account Holder transactions that the Attorney routes through. The Account Holder acknowledges exchange rates offered to him may differ from the standard rates offered by tegasFX. The Account Holder accepts the difference shall be accepted by the Attorney as a premium and acknowledge such payments can be in conflict with his interests and/or can constitute churning risks. For further information on this point, the Account Holder should exclusively contact the Attorney.
All act performed by the Attorney under this limited Power of Attorney shall be fully binding upon the Account Holder. The Account Holder hereby releases tegasFX fully and in advance from any responsibility and liability for any of the Attorney’s act and/or omission. In particular, tegasFX is under no obligation to examine the instructions of the Attorney with respect to their appropriateness, suitability, frequency or extent. No liability shall accrue tegasFX in respect of any investment decisions made by the Attorney and the Account Holder hereby expressly releases tegasFX from any obligation to provide any advice, information or warning whatsoever in relation to the acts or omissions of the Attorney.
In particular, the Account Holder confirms having appointed the Attorney on his own request. No advice or guarantee is given by tegasFX about the Attorney. The Account Holder furthermore confirms being aware of the risks related to foreign exchange and financial products leverage trading. The Account Holder confirms being aware that past performance is no guarantee for future performance. In particular, the Account Holder is aware that no guarantee exists in any way for future performance by the Attorney.
The Account Holder confirms having expressly solicited the Attorney to be provided with the Attorney’s services (so called “reverse solicitation”).
In case of revocation of the present Limited Power of Attorney, it might be necessary to close and re-open all running orders. The Account Holder expressly acknowledges that the order may be re-opened in a consolidated way.
This Limited Power of Attorney shall not expire upon the death of the Account Holder or one of the Account Holders or his being legally declared missing and presumed dead or in the event of his incapacity to act or bankruptcy. The Power of Attorney shall remain valid towards tegasFX until receipt by tegasFX of a written revocation. In case of the Account Holder demise, the power of Attorney can be revoked by a legitimate heir at any time.
This Limited Power of Attorney shall be governed by Vanuatu law. The place of performance and the place of jurisdiction for any proceedings whatsoever, including for the Account Holder domiciled abroad, is PORT VILA, Vanuatu. However, tegasFX retains the right to file an action in the country of domicile of the Account holder or before any other competent court, in which case Vanuatu law will still apply.