Social Trading Programme Agreement

THIS SOCIAL TRADING PROGRAMME AGREEMENT (THE “AGREEMENT”) IS A LEGAL CONTRACT. PLEASE READ IT CAREFULLY

INTRODUCTION

1.1. COMPANY INFORMATION AND REGULATORY STATUS

Daman Securities LLC (“Daman”) a company incorporated with limited liability and existing under the laws of the United Arab Emirates, under registration number 2112794 and is licensed and regulated by the Securities and Commodities of the United Arab Emirates (“SCA”) to conduct brokerage trading of over-the-counter derivatives and currencies in the spot market under license number 604020, having its principal place of business at World trade Center, Dubai, United Arab Emirates. 
Daman Markets is the designated name for Forex and CFD’s trading services provided by Daman Securities LLC. The domain www.damanmarkets.com is owned by Daman Securities LLC, and it serves as the primary platform through which we offer our services. It’s noteworthy that the Forex and CFD products of Daman Securities LLC are available through the website www.damanmarkets.com, ensuring a seamless and integrated experience for our clients.

1.2. OVERVIEW OF THE SOCIAL TRADING PROGRAMME

The Social Trading Programme (the “Programme”) involves the sharing by a client of the Company trading strategies, and the real-time flow of trades carried out based on such client’s choices (the “Strategy Provider) which allows other clients of the Company to replicate the transactions carried out the (the “Following Traders”), subject to the terms of this Agreement.

1.3. AGREEMENT SCOPE AND LEGAL DISCLAIMER

This Agreement is between you (“Strategy Provider”, “you”, “your”, “yours”) and Daman (“Company”, “we”, “us”, “our”, “ours” “Daman”), and supplements and shall be interpreted by the Terms of Business of the Company. Participation in the Programme constitutes your acceptance of this Agreement and any other Addendum and/or Schedule relevant to the Programme. The Company reserves the right to amend this Agreement should this be deemed necessary for the wider fairness and beneficial functioning and/or success of the Programme, and under no circumstances shall the Company be held liable for such amendment. This Agreement is personal to you and shall not be capable of assignment by you or of being transferred to you. You may not in any way assign or transfer your rights, obligations, or interests under this Agreement or in any transaction or funds held by the Company for you in any way. 
THE PROGRAMME DOES NOT CONSTITUTE AN ASSET MANAGEMENT TOOL AND UNDER NO CIRCUMSTANCES SHALL IT BE CONSIDERED AS PORTFOLIO MANAGEMENT OR INVESTMENT ADVICE.

PARTICIPATION IN THE PROGRAMME

2.1 ELIGIBILITY CRITERIA FOR PARTICIPATION

The Programme is open to all aged 18 or over and who:

(a) have a registered live trading account with the Company by providing the necessary documentation;
(b) are eligible to trade as per the Company’s onboarding policies and procedures;
(c) have their own trading strategy; and
(d) have agreed to this Agreement.

2.2 INELIGIBLE PARTICIPANTS

The Social Trading Programme is not intended for any person who:

(a) is under the age of 18 years old or is not of legal competence or of sound mind;
(b) resides in any country where such participation would be contrary to local law or regulation to which you are subject;
(c)who is a resident of a jurisdiction on the Company’s blocked jurisdiction list; and /or
(d) who is an employee, director, relative, or otherwise connected to the Company.

2.3 RIGHT TO REFUSE OR REVOKE PARTICIPATION

The Company reserves the right, in its sole discretion, to decline or revoke your application to become a Strategy Provider without providing any explanation or justification.

2.4 ACCOUNT ACCESS AND SECURITY RESPONSIBILITIES

The Company shall supply you with a username and password to use as a security mechanism during login to your trading account.  You shall ensure that the username and password do not become known by a third party not authorised to access or use the account.  You should notify us immediately if you become aware that unauthorised users are in possession of your username or password.  We accept no responsibility for any liability that arises in connection with the theft or unauthorised use of your username or password by third parties.

2.5 TRANSACTION UNAUTHORISATION AND USER ACCOUNTABILITY

The Company will assume that you authorized any and all transactions using your username and password.  If you believe a transaction is incorrect or fraudulent, please contact our support team immediately.  We are not responsible for any claim for unauthorised or incorrect transactions unless you have notified us immediately.

2.6 INVESTMENT RISK DISCLOSURE AND DISCLAIMER

All investments are subject to risk and the degree of risk is a matter of judgment and cannot be accurately pre-determined.  You acknowledge and agree that you shall access and use the Company’s services and the Programme at your own risk.  We give no warranty as to the performance or profitability of your account with the Company or your investments or any part thereof.  For more information on the risks involved please read our General Risk Disclosure available on our website.

STRATEGY PROVIDER’S WARRANTIES AND REPRESENTATIONS

3.1. ACKNOWLEDGEMENT OF INTERNET-BASED TRADING RISKS

By participating in the Programme, you acknowledge that you understand and accept the risks associated with internet-based trading services, and accept that:

   (a) the services provided by the Company may not be free of bugs or errors and that the existence of bugs or errors shall not constitute a breach of this Agreement:
   (b) you remain responsible for your own hardware, trading activity and all activity associated with your account;
   (c) we accept no responsibility for any loss or damage arising out of any virus or other malicious code; and
   (d) we accept no responsibility for any liability that arises in connection with anyone else unlawfully obtaining access to your account in order to abuse the nature and intent of the account.

3.2 NO GUARANTEE OF COMPATIBILITY WITH THIRD-PARTY SOFTWARE OR EQUIPMENT

The Company does not promise that the Services rendered via the Programme will be uninterrupted or error- free, or compatible with third-party software or equipment.

3.3 LIMITATION OF LIABILITY FOR EXTERNAL MODIFICATIONS AND THIRD-PARTY ISSUES

The Company shall not be liable, nor be required to fix, any problem arising from:

(a) any modification made by anyone other than us without our express prior written consent; or
(b)any defect or error wholly caused by any equipment or third-party software used in connection with the Programme.

ACKNOWLEDGMENT OF RISKS

4.1 By participating in the Programme, you acknowledge that you understand and accept the risks associated with internet-based trading services, and accept that:

(a) the services provided by the Company may not be free of bugs or errors and that the existence of bugs or errors shall not constitute a breach of this Agreement;
(b) you remain responsible for your own hardware, trading activity and all activity associated with your account;
(c)we accept no responsibility for any loss or damage arising out of any virus or other malicious code; and
(d)we accept no responsibility for any liability that arises in connection with anyon else unlawfully obtaining access to your account in order to abuse the nature and intent of the account.

4.2 The Company does not promise that the services rendered via the Programme will be uninterrupted or error-free, or compatible with third-party software or equipment.

4.3 The Company shall not be liable, nor be required to fix, any problem arising from:

(a) any modification made by anyone other than us without our express prior written consent; or
(b) any defect or error wholly caused by any equipment or third-party software used in connection with the Programme.

PERFORMANCE FEE

5.1 Subject to this Agreement, the Strategy Provider will be credited into its trading account with the Company with the amount applicable, asset forth in Schedule 1 thereto.

5.2 The Company is entitled to vary the remuneration structure, frequency and entitlement criteria at any time in its sole discretion, by providing the Strategy Provider with two (2) days’ notice.  The notice shall outline the general nature of the changes and enclose a copy of the updated commission structure.  The Strategy Provider’s continuing participation in the Programme following the expiry of the notice period shall be taken as acceptance of the changes.

5.3 All payments made to the Strategy Provider under this Agreement are and are deemed to be inclusive of any VAT and any other similar taxes, charges and duties payable in respect thereof.  The Strategy Provider shall account for any VAT or any other similar taxes, charges and duties due or payable in relation to any remuneration and indemnify the Company and hold it harmless in relation to such VAT or any other similar taxes, charges and duties due or payable and any other similar taxes, charges and duties due or payable and any other liability arising in relation thereto.

5.4 In the event of termination of this Agreement, no commissions shall be payable to the Strategy Provider in respect of trading conducted after the date of termination.

HOLDOVER

6.1 Notwithstanding any other provision of this Agreement, the Company may in its sole and absolute discretion, withhold, delay or deny remuneration of the Strategy Provider in any of the following events;

(a) the Company has reason to suspect that the Strategy Provider’s activity is in breach of this Agreement and/or not in compliance with any applicable laws or regulations:

(b) the Strategy Provider has failed to provide any document as may be demanded by the Company or has entered into misleading and/or false information to the Company;

(c ) the Strategy Provider has infringed intellectual property rights;

(d) the Company deems suspicious, in its sole and absolute discretion, any activity in the Strategy Provider’s account, or in any account which appears to be controlled or managed by the Strategy Provider;

(e) the Company determines that the Strategy Provider’s activity constitutes  fraud; and/or

(f) the Company determined that the Strategy Provider is involved, whether directly or indirectly, in fraudulent, deceptive, manipulative, or otherwise illegal activity connected to the Strategy provider’s account, or in any account which appears to be controlled or managed by the Strategy Provider.

6.2 The Strategy Provider irrevocably waives its rights to and shall indemnify the Company for any claim or demand made against the Company, its directors, officers, shareholders, employees or against the Company’s website(s) in respect of the exercise by the Company of its rights in this clause.

LIABILITY AND INDEMNIFICATION

7.1 The Company shall not be liable for:

(a) any loss, expense, cost, or liability of any kind or nature suffered or incurred by the Strategy Provider unless such loss, expense, cost or liability of any kind or nature is suffered or incurred as a result of the Company’s gross negligence or fraud and/or the intended failure of the Company’s obligations under this Agreement;

(b) any conflict or dispute arising between the Strategy Provider and a following Trader which has resulted from their participation in the Programme;

(c ) for any obligation of the Company arising under any term, express or implied under statute or common law.

7.2 Except to the extent prohibited under applicable law, you agree to defend, indemnify and hold harmless the Company, its affiliates, directors, officers, employees, agents, representatives, and their representative successors and assigns, from and against all claims, liabilities, damages, judgments, awards, losses, costs, expenses and fees (including legal fees) arising out of or relating to your use of the Programme or the Company’s services or from violation of this Agreement.

CONFIDENTIALITY AND DATA PRIVACY

8.1 The Company shall be under no duty to disclose to you or in making any decision or taking any action in connection with the provision of the Programme or its services to take into account any information or other matters that come to the Company’s notice or the notice of any of the Company’s employees, directors, agents or associates where this would or the Company reasonably believes that it would be a breach of any duty or fidelity or confidence to any other person.

8.2 The Company obtains personal information from you during the course of our relationship.  Any such data provided by you will be controlled by the Company, and we will process your personal data only in accordance with our Privacy Policy and our Terms of Business.

FORCE MAJEURE

9.1 Whilst the Company endeavours to comply with its obligations in a timely manner, we will incur no liability whatsoever for any partial or non-performance of our obligations because of any cause beyond our reasonable control including but not limited to any communications, systems or computer failure, market default, suspension, failure or closure or the imposition or charge of any law or governmental or regulatory requirements (“Force Majeure”) and we shall not be held liable for any loss you may incur as a result.

9.2 If we are prevented or delayed in the performance of any of our obligations under this Agreement by Force Majeure, we shall:

(a) promptly and/or as soon as practicable, service notices in writing specifying the nature and extent of the circumstances giving rise to Force Majeure and the measures we are taking to remedy and/or mitigate the effects;

(b) use all reasonable endeavours without being obliged to incur any expenditure to mitigate the effects of Force Majeure and/or bring the Force Majeure event to a close, or to find a solution by which the Terms may be performed despite the continuation of the Force Majeure event;

(c ) have no liability (save for the service of notice pursuant to the provisions of this paragraph) in respect of the performance of such of our obligations as are prevented by the Force majeure events during the continuation of such events; and

(d) upon cessation of the Force Majeure event, use our reasonable endeavours to recommence our affected operations in order for us to fulfil our obligations.

TERMINATION

10.1 The Strategy Provider may opt out of the Programme at any time by providing five (5) days’ written notice.  Such termination shall be:

(a) without prejudice to and shall not affect any accrued rights or outstanding obligations or any contractual provision intended to survive termination; and

(b) without penalty or other additional payment save that you will pay any losses necessarily realised in settling or conducting outstanding obligations.

Upon providing notice for termination, the Company shall be entitled to inform the Clients of the intention of terminating this Agreement.  During the abovementioned notice period, the Strategy Provider shall close all opened positions of the Clients Accounts and shall not be entitled to open any new positions for the existing Clients not accepting any new Clients.

10.2 The Company reserves the right to refuse to allow you to enter into any new orders or transactions, cancel pending orders, or suspend your trading account from all trading activity (in which case you agree to contact us to manage existing open positions).  Your Strategy Provider account will be closed as soon as all open positions are closed and/or all orders are cancelled and your obligations to the Company are discharged.  The Company may suspend or permanently terminate the access and use of the Programme and/or your Strategy Provider account where:

(a) you involve, or are at risk to involve, the Company in any type of fraud or illegality or breach of applicable law;

(b) we suspect that you are engaged into money laundering activities, terrorist financing, fraud, or other criminal activities;

(c ) we reasonably suspect that you performed abusive trading;

(d) you breach, fail to observe or perform any provisions of this Agreement; or

(e) we consider it necessary or desirable for our protection or to prevent what we reasonably consider to be or might be a violation of any applicable law or good standard of market practice, or any action is taken, or event occurs which we consider might have a material adverse effect on your ability to perform your obligations under this Agreement.

MISCELLANEOUS

11.1 Each Strategy provider can qualify for the Programme once.

11.2 The Company is not responsible for any problems or technical malfunction of any telephone network or lines, computer online systems, servers, or providers, computer equipment or software, failure of any email or entry to be received on account of technical problems or traffic congestion on the internet, telephone lines or at any website, or any combination thereof, including any injury or damage to participants or any other person’s computer or mobile telephone related to or resulting from participation in the Programme.

11.3 If any provision of this Agreement shall be determined to be invalid or unenforceable under any rule, law or regulation of any local, state, or federal government agency, such provision to the greatest extent possible under any applicable law and the validity or enforceability of any other provision of these Terms shall not be affected.

11.4 This Agreement shall be governed by, and construed in accordance with, the laws of the United Arab Emirates without regard to the choice-of-law provisions thereof.  Any dispute which may arise between the parties under this Agreement with respect to any matter or thing governed hereby, will be settled by binding arbitration in accordance with the Courts of the United Arab Emirates.