4.1 To execute a transaction the Client gives an Order to the Broker which should contain the Essential Terms of Transaction. The Order may also contain specification of any Order type defined in these Terms, as well as time restrictions (Time In Force, abbreviated TIF, expressed in days or “good till cancelled”). Where the type of the Order is not specified, it shall be deemed a Market Order. Where the TIF is not defined, the Order is in force until the closing of the first Trading Session begun at the time or after placing of the Order in the given TS.
4.2 The transactions out of the funds of the Client shall be executed based on Orders containing the Essential Terms of Transaction, completed in form and manner defined under the bank’s internal regulations and bylaws related to brokerage services (an exhibit of the form is posted to the Broker’s official website), when in hard copy, or sent by e-mail, other electronic communication means, or communicated to the Broker by phone or submitted via My Invest.
4.3 Where the Client chooses the e-mail option of placing orders, the Client understands that, due to technical and other reasons beyond control of the Broker, the Order might not reach the Broker or might be delayed in reaching, or sent by non-authorized persons or otherwise become known to such persons due to, among others, system failures, unauthorized access or unauthorized use of passwords, etc. Hereby the Parties agree that the Broker shall not be held liable for any loss incurred by the Client as a result of circumstances defined above. The Parties also agree that any Message received from the Client’s e-mail address specified in the Agreement shall be considered by the Broker an Order duly received from the Client.
4.4 Where the Order has been placed via electronic channels, the Client can check whether or not the Broker has received it by calling the authorized person of the Broker. During the phone conversation the authorized person shall confirm or deny the receipt of electronic Order with the Essential Terms of Transaction. The receipt of the electronic message may be also confirmed by the system operator if the Client requests the delivery receipt in which case, however, the Broker shall be not held responsible for the accuracy of the receipt confirmation service.
4.5 The Broker shall record the Orders placed by the Client by phone. Hereby the Client agrees to the recording of their communication with the Broker. If the Order is placed by phone, the authorized employee of the Broker may ask the caller questions to verify their identity, including one or any of the codes of the secure card provided to the Client, Agreement details, etc. The Order shall only be accepted if the Client has been properly identified based on the answers received.
4.6 When placing the Order over the phone, the Client shall articulate the terms defined under clause 4.1, which shall be repeated by the authorized person. If the terms are repeated correctly, the Client will confirm them by saying ‘I confirm’.
4.7 If on paper, the Order shall be submitted to the Broker personally in 2 copies. One copy shall remain with the Broker, the other shall be returned to the Client with ‘Accepted’ note and the Broker’s signature on it.
4.8 If the Client (i) does not have a Secure Card, and/or (ii) does not have the Secure Card at hand at the time of placing of the Order, the Broker shall generate a one-time code, which shall be automatically sent to the Client’s e-mail address and/or phone number specified in the Agreement executed with the Client.
4.9 The Client shall take all necessary measures and ensure proper oversight to prevent access to its official emails or other communication means/channels and/or the personal secure card and/or My Invest system by any person not so authorized (unauthorized persons). Accordingly, the Broker shall not be held liable for any case when the information on the Client and/or the Client’s Orders has become available to unauthorized persons and/or the Order or other communication have been provided on the Client’s behalf by persons not authorized so, and have been executed by the Broker, provided that Broker has taken reasonable measures stipulated in clause 10.5 of the Terms to identify and verify the identity of the Client/person acting on the Client’s behalf, as well as to check their authorities. In all cases, all legal risks and consequences arising from unauthorized or illegal access to the specified channels of communication and/or secure card and/or one-time code and/or My Invest (including the risk of abuse of authority) shall be borne by the Client.
4.10 The Broker has the right to reject accepting, transmitting or executing the Client’s Order in the following cases:
1) absence of the Client’s or their authorized representative’s ID and other identification data, or suspicion of inaccuracy or inconsistency of such data,
2) not placing the Order in accordance with the form and substance defined under clauses 4.1-4.8; non-compliance of the Order with the Republic of Armenia legislation and these Terms,
3) if it is actually impossible for the Broker to transmit or execute the Order for any reason, including the absence of contractual relations with the Agents, refusal of the Agents under the existing contractual relations to accept and transmit the Orders, etc.
4.11 The Client may recall the submitted Order or change its price, quantity/value, term or fees by sending a corresponding Message subject to clauses 4.1-4.8 of these Terms. The Message shall be accepted for execution provided the offer or order for execution of the transaction has not been executed or accepted by the Broker yet. The recall Message shall be considered to have been accepted at the time it reaches the Broker’s representative. If the transaction has been executed in the period between the receipt of the Client’s recall Message by the Broker and recall confirmation by the corresponding TS, the recall order is not executed.
4.12 If the value of the Transaction specified in the Order given by the Client exceeds 1,000,000 US dollars or its equivalent in another currency, the Client shall notify the Broker of the intention to place such an Order at least 3 business days prior to placing the Order. Otherwise, the Broker shall have the right to reject accepting the Order.
4.13 The Client can submit a Margin Trading order and receive financing or securities loan from the Broker, if the Client has executed a supplementary Covenant with the Broker and subject to the terms and conditions of such Covenant.
4.14 The Broker has the right to reject the received Order, if after its receipt it appears that there is no sufficient amount on the Client’s Account to execute the transaction (except for Margin Trading) and charge the fees. Hereby the Broker reserves the right to charge amounts to the Client’s Account without further notice during or any time after execution of the transaction. The Order might also be rejected, if the Funds available on the Client’s Account are encumbered with third party rights or blocked.
4.15 In case of rejection of the Order, the Broker shall give immediate notice to the Client by e-mail or phone.
4.16 The Broker has the right to reject/not execute the Order submitted by the Client or the Order recall message depending on the market type (exchange, OTC, regulated or not) and location, nature of the transaction, timing of execution, time frames necessary to ensure the depositing processes and/or the cutoff timing (if any) for submission or withdrawal of the Order by the Broker. In any case, the Broker shall inform the Clients about any restrictions, barriers and details known to the Broker in connection with execution of the Orders and respective deadlines, by posting an announcement on its official website and informing the Client via communication method chosen by the latter.
4.17 Any restrictions set by TSs or the Bank’s partners with regard to the minimum quantity/value of bought/sold securities per order refer also to the Client’s orders. It is the responsibility of the Broker to keep the Client informed about such restrictions.
4.18 The Client acknowledges that the types of tradeable securities, trade value and Order submission deadlines are limited to the list of eligible securities, volume restrictions and Order submission or execution cutoff dates set by the Agents and TSs ensuring execution of Orders. In any case, the Broker shall accept all Orders during Operational Day. Any Market Order submitted after completion of the Trading Session in the TS shall not be executed or routed for execution until the beginning of the next Trading Session.