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Banking and Custody Services Pictet & Cie (Europe) S.A., London Branch Terms and Conditions Banking and Custody Services 1 July 2021 Introduction and Important Information Thank you for choosing Pictet. Our aim is to help you meet all your private banking and wealth management requirements. These Terms and Conditions are an important legal document and set out the terms upon which Pictet & Cie (Europe) S.A. (“Pictet”, “we” or “us”) will provide services to you. We may provide services from our head office (“Pictet Luxembourg”)1 or from our London Branch (“Pictet London”). By signing the Account Application Form, you agree for yourself (and any successors and personal representatives) to be bound by these Terms and Conditions (as amended from time to time). These Terms and Conditions are legally binding and supersede any earlier agreement provided in respect of the same services. You have selected us to provide you with custody and banking services, which will be provided by Pictet London. Another Pictet Group Company may provide you with investment services in relation to your Account from time to time. The provision of those services would be governed by a separate agreement between you and the relevant Pictet Group Company. Where you have appointed an Independent Asset Manager to provide discretionary investment management services in relation to your Account(s), the Special Terms contained in Section 6 of these Terms and Conditions shall also apply. Please read these Terms and Conditions carefully together with the Account Application Form and any other related agreement that may be entered into between you and us from time to time. These are important legal documents forming part of the contractual agreement between you and Pictet. If you have any questions on these Terms and Conditions or you would like to speak to someone about our services generally, please contact your relationship manager at Pictet London at our registered office: Pictet & Cie (Europe) S.A., London Branch, Stratton House, 6th Floor, 5 Stratton Street, London W1J 8LA, UK. How to find the terms that relate to your service These Terms and Conditions comprise General Terms applicable to our entire relationship with you. The General Terms are supplemented by Special Terms in respect of banking and custody services, and where relevant to you, Independent Asset Manager services. To the extent you do not engage Pictet to provide a particular service, the Special Terms relevant to such service will not apply to you. Please see the Contents page for a quick reference guide. Key Points To the extent that the services we provide to you relate to designated investments (as defined in the FCA Handbook), you should be aware that there are certain risks involved. Accordingly, we would like to draw your attention to the Risk Warnings in Appendix 4 of these Terms and Conditions. You should read these carefully and you should not deal in investments unless you understand their nature and the extent of your exposure to risks and potential loss. No person in any territory other than the United Kingdom may enter into the Mandate (as defined below) unless, in the relevant territory, such an agreement can lawfully be entered into by that person without contravention of any registration or other legal or regulatory requirements. Any person outside the United Kingdom proposing to enter into the Mandate must satisfy themselves that to do so would be fully compliant with any applicable laws or regulations, and that any necessary governmental or other consents have been obtained. 1 Pictet & Cie (Europe) S.A.: 15A, avenue J.F. Kennedy, L-2016 Luxembourg: R.C.S. Luxembourg B 32.060 docondcusGBRen_v3.2a_17082021BP 1/73 TAGD000TTT TAGO000TTT TAGA000TTT TAGB000TTT TAGRA01TTT Interpretation of these Terms and Conditions Unless otherwise expressly stated, all terms forming part of these Terms and Conditions are supplemental to each other. In the event of any inconsistency and unless otherwise stated in the relevant Special Terms or the context otherwise requires, the provisions of the General Terms shall prevail over the corresponding provisions of the Special Terms. Words and expressions in these Terms and Conditions have the meanings given to them in the Definitions section. References in these Terms and Conditions to the singular include the plural and vice versa. Reference to any document or agreement (including these Terms and Conditions) shall be deemed to include reference to such document or agreement as amended, novated, supplemented or replaced from time to time. Reference to provisions of ordinances, statutes, rules or regulations shall be deemed to include reference to such provisions as amended, modified or re-enacted from time to time. Headings used in these Terms and Conditions are solely for convenience and shall not affect the interpretation of these Terms and Conditions. Legal and Regulatory Information Pictet & Cie (Europe) S.A. is a société anonyme (public limited liability company) incorporated in Luxembourg and registered with the Luxembourg Registre de Commerce et des Sociétés (RCS no. B32060). Its head office is at 15A, avenue J.F. Kennedy, L-2016 Luxembourg. Its London branch is registered as a UK establishment with Companies House (establishment number BR016925) and its UK establishment office address is Stratton House 6th Floor, 5 Stratton Street, London, W1J 8LA. Pictet & Cie (Europe) S.A. is authorised and regulated by the Commission de Surveillance du Secteur Financier (CSSF) in Luxembourg. Pictet London is also deemed authorised by the Prudential Regulation Authority (PRA) and is subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority. Please note that the nature and extent of consumer protections, in particular in relation to services provided from Pictet Luxembourg, may differ from those for firms based in the UK, Details of the Temporary Permissions Regime, which allows EEA-based firms to operate in the UK for a limited period while seeking full authorization, are available on the Financial Conduct Authority’s website. The address of the CSSF is 283, route d’Arlon L-1150 Luxembourg and the address of the Prudential Regulation Authority is 20 Moorgate, London, EC2R 6DA. The address of the Financial Conduct Authority is 12 Endeavour Square, London, E20 1JN. Pictet is on the FCA/PRA Register with firm reference number 610444. All services provided to you under these Terms and Conditions are provided on the basis that you are a Retail Client (unless otherwise agreed in writing) within the meaning of the FCA Handbook. Please refer to Clause 1 of the General Terms for further details. All transactions entered into in relation to Investments, Cash and/or other assets under these Terms and Conditions shall be subject to any applicable constitution, rule, regulation, custom and usage of the relevant exchange or market (and any clearing house) and all applicable laws, rules and regulations of government authorities and regulatory bodies (the Applicable Law). If there is a conflict between these requirements and the provisions of these Terms and Conditions, then such requirements will prevail over the provisions of these Terms and Conditions. Nothing in these Terms and Conditions shall exclude or restrict any duty or liability which we incur to you in your capacity as our client and which arises under the UK or Luxembourg regulatory system. docondcusGBRen_v3.2a_17082021BP 2/73 Contents Page Section 1: Definitions 4 Section 2: General Terms 8 Section 3: Banking and Custody Special Terms 24 Part A: General 24 Part B: Custody Services 25 Part C: Banking Services 28 Part D: Payment Services 32 Section 4: Pictet Connect Special Terms 37 Section 5: Electronic Communications Special Terms 39 Section 6: Independent Asset Manager Special Terms 40 Appendix 1: Inducement Policy 45 Appendix 2: Conflicts of Interest Policy 47 Order Execution Policy 49 Annex 1 to the Order Execution Policy 52 Annex 2 to the Order Execution Policy 54 Appendix 4: Risk Warnings Relating to Trading in Financial Instruments 55 Appendix 5: Depositor Information Sheet 65 Appendix 6: Exclusions List 67 French Language Summary of the SILL 68 Appendix 7: Pictet Group Privacy Notice ..........................................................................................................................................69 docondcusGBRen_v3.2a_17082021BP 3/73 Section 1: Definitions Account: a Cash or Custody Account opened in your name with Pictet London for the purposes of the Mandate. Account Application Form: the account application form completed by you (as may be replaced and amended from time to time). Account Information Services: includes, but is not limited to, businesses that: provide users with an electronic “dashboard” where they can view information from various payment accounts in a single place; or use account data to provide users with personalised comparison services supported by the presentation of account information. Account Information Service Provider or AISP: a company that provides Account Information Services. Affiliate: in relation to a person, an undertaking in the same group as that person. Applicable Law: all applicable law and regulations, including, but not limited to, the rules, regulations, requirements, determinations, practices and guidelines of any governmental or self-regulating organisation of which we or (if applicable) a Pictet Group Company is a member or is subject, including those of the FCA, the PRA, the CSSF and also rules and customs of the exchange or market and/or any clearing house through which transactions are executed or settled, in each case, for the time being in force. Authorised Person: a person identified in the Account Application Form as the person authorised to give Instructions on the Mandate, including, where relevant, an Independent Asset Manager. Balance Threshold: means, in respect of a particular currency, the threshold specified for that currency at https://www.group.pictet/eu-information/london (identifier: PictetLondon2014), above which we reserve the right to charge a negative interest rate in accordance with Clause 22 of the Banking and Custody Special Terms.
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