Guernsey Gold Terms and Conditions
GUERNSEY GOLD LIMITED TERMS & CONDITIONS
Guernsey Gold Limited (or ‘Guernsey Gold’) is incorporated in Guernsey, Company registration number 50667, whose registered office is at NatWest House, Le Truchot, St. Peter Port, Guernsey, GY1 1WD. Guernsey Gold is registered as a Non Financial Services Business by the Guernsey Financial Services Commission for the conduct of bullion dealing in Guernsey.
‘Associate’ is a company related to Guernsey Gold or any subsidiary thereof.
‘The Client’ or ‘the Customer’ is the person(s), corporation or fiduciary entity named as such in the Mandate. In this regard the legal meaning of ‘Client’ is the same as ‘Customer’.
The market maker, broker, bank, intermediary or any other party with or through whom Guernsey Gold may conduct transactions in investments for the Client.
Our legal relationship with you is governed by this document which sets out the basis on which we provide our services to you which consists of the Terms and Conditions.
3. Customer Due Diligence
We are required by anti-money laundering regulations to obtain and maintain sufficient client information to satisfy ourselves as to the identity, nationality, residence, source of funds and source of wealth of all customers. This diligence is an on-going process and we may therefore at any time be required to obtain specific compliance-related information. We may also request external verification of authorised signatories (for example by the notarisation of specimen signatures) before we can accept instructions. These requirements may apply to all principals connected to the account (e.g. trustees, beneficiaries, settlors, directors, partners, etc).
An account in the name of two or more persons will be set up jointly and for the survivor. This means that upon the death of one account holder, the bullion is passed to the surviving account holder(s). If you have a joint account, all joint account holders are bound by these Terms and each account holder will be jointly and severally liable for the account. This means that you are bound by and liable for both your own actions and the actions of all the other account holders and we may at our discretion pursue any one or any number or all of the joint account holders for any debts or other liabilities.
No payment or transfer instructions may be made by Guernsey Gold to pay away money or assets to any third party. All monies will be returned to the same bank from whence they came.
5.1 Guernsey Gold will act in good faith and with due diligence but, subject thereto, neither Guernsey Gold nor any Associate shall be liable:
(i) For any taxation assessed upon or payable directly or indirectly by the Client or any loss or expense suffered by the Client in connection with any such assessment. If either Guernsey Gold or an Associate is assessed to taxation in respect of or in connection with the assets, income,
activities or residence of the Client (including, without limitation, any claim for recovery of monies paid to or for the Client in excess of the amount(s) which should properly have been paid), the Client undertakes to indemnify the party concerned in respect of the relevant taxation together with all expenses (including, without limitation, legal fees properly incurred in connection with the defence or settlement of any such assessment). Guernsey Gold or the Associate may, at the sole expense of the Client, undertake and control the defence and/or settlement of any such assessment, including the selection of legal adviser and the Client agrees to co-operate fully in this connection
(ii) For any loss or expense suffered by the Client under or in connection with this Agreement (including, without limitation, any occasioned by the insolvency or other default of any Counterparty) unless such loss or expense arises from its or their respective negligence, wilful default or fraud. Any action taken by Guernsey Gold or an Associate to minimise any such loss or expense (including, without limitation, legal costs incurred by Guernsey Gold or such Associate in connection with any such action) will be at the sole expense of the Client. Neither Guernsey Gold nor any Associate will be under any obligation to take any such action.
5.2 Without prejudice to the sub-section above the Client shall indemnify Guernsey Gold and any Associate(s) against any cost, loss, liability or expense whatsoever which may be suffered or incurred by all or any of them directly or indirectly in connection with or as a result of any service performed or action permitted under this Agreement except to the extent that it is due to gross negligence, wilful default or fraud on the part of Guernsey Gold or any Associate.
5.3 Guernsey Gold gives no warranty as to the performance or profitability of the bullion or its suitability for the Client or the ability of the asset to secure a particular level of capital gain.
5.4 Guernsey Gold will not be responsible for any loss of opportunity whereby the value of the bullion could have been increased, nor for any decline in the value nor for any loss arising from errors of fact or judgement or any action taken or omitted to be taken, however arising and whether direct, indirect, financial or consequential loss and caused by negligence or otherwise, except to the extent that any such error, act or omission is caused by Guernsey Gold’s gross negligence, wilful default or fraud.
5.5 Guernsey Gold will not be responsible for anything done by it in good faith in accordance with or in pursuance of any instructions or guidelines given by or on behalf of the Client.
5.6 The Client and any professional tax adviser of the Client are solely responsible for the management of the Client’s affairs to the best advantage for tax purposes. Guernsey Gold accepts no responsibility for any tax consequences of anything done within the scope of its authority. If the Client is in doubt about their tax position, or if the Client does not have tax expertise, they are strongly recommended to consult a professional tax adviser.
6. Voice recording
Guernsey Gold reserves the right to record telephone conversations with Clients. In the event of any dispute concerning any transaction with or concerning the Client, Guernsey Gold’s recording will be accepted by the Client as conclusive evidence of the contents of such conversation.
7. Unsolicited calls
The Client agrees that Guernsey Gold or any Associate may make unsolicited calls to the Client at any time and under any circumstances.
8. US residents
It is our usual policy, not to undertake business for persons who are resident in the United States.
You should be aware, in particular if you are a UK resident, that we are not subject to the
Financial Services and Markets Act 2000 (‘FSMA’) and therefore clients will not be afforded the protections provided by the FSMA or the UK Financial Services Authority.
Guernsey Gold does not accept, pay out or handle physical cash for any transaction.
If we make any amendments to these Terms we will notify you by e-mail and the Terms will be published on our web-site www.guernsey-gold.com. Such changes will become effective on the date to be specified in the notice which will be not less than 7 days after the notice is sent to you. If you wish to initiate any amendments to these Terms then you must convey your requirement to us in writing. Such amendments will be conditional upon our agreement and will become effective upon our written confirmation to you. No amendment will affect any outstanding order or transaction or any legal rights which may have previously arisen.
12. Force Majeure
Guernsey Gold shall not be liable to the Client for any failure, delay or interruption in the performance of its obligations which result from any occurrence not reasonably within Guernsey Gold’s control. This shall include, but not be limited to, any act of God, fire, act of Government or supranational bodies or authorities or state, war, civil commotion, insurrection, act of terrorism or threat thereof, embargo, industrial dispute, inability to communicate with bullion suppliers for whatever reason, unanticipated dealing volumes, failure of any telecommunication, computer system, prevention from or hindrance in obtaining any energy or other supplies, labour disputes of whatever nature, late or mistaken delivery or payment by any bank or counterparty or any other reason beyond our control. If such an event happens we will do what we reasonably can to mitigate its effect on our ability to perform our obligations to you.
Guernsey Gold shall have no responsibility of any kind for any loss or damage thereby incurred or suffered by the Client. In any such case, all amounts due to Guernsey Gold hereunder shall continue to be paid as and when due, Guernsey Gold’s remaining obligations shall continue in full force and effect and all Guernsey Gold obligations shall be performed or carried out as soon as legally and practicably possible after the cessation of such events or circumstances.
If any provision (or part of any provision) of these Terms becomes invalid, void, voidable or unenforceable, or contravenes any applicable regulations, that provision (or part) will to such extent be deemed not to form part of these Terms. The remaining Terms will not be affected.
14. Terms for our benefit
No single or partial exercise of a right, power or remedy provided by law or under these Terms will preclude the exercise of any other right, power or remedy.
15. Governing Law
The Mandate between the Client and Guernsey Gold including these Terms and Conditions shall be governed by the laws of the Island of Guernsey and the Client and Guernsey Gold hereby agree to submit to the jurisdiction of the Royal Court of Guernsey.
The following statements describe our policies for the production and distribution of research:
16.1 Research is provided for your information only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument other than precious metals.
16.2 Whilst every effort is made to ensure that the information published in our research is accurate and not misleading at the time of publication, we do not make any representation about its accuracy or completeness thereafter. Opinions expressed are our current opinions as of the date appearing only and will be based on assumptions that we consider appropriate at the time. Our expressed opinion is not a representation that an event will or is likely to occur. We endeavour to update the content of reports on a timely basis, but regulatory compliance or other reasons may prevent us from doing so.
16.3 Third party research provided to you is obtained from sources we believe to be reliable, but cannot be guaranteed. Guernsey Gold makes no guarantee, representation or warranty & accepts no responsibility/liability for the accuracy/completeness of third party research.
16.4 Any research provided to you does not take into account your particular investment objectives, financial situation or needs. As such, all research should be viewed in the context of your particular circumstances and, if necessary, you should seek professional advice.
16.5 Any specific disclaimers and disclosures attached to individual research pieces should be read in conjunction with this agreement.
16.6 All research provided to you is for your information only and should not be passed on to third parties.
16.7 Any non-impartial research (research that is exposed to a potential conflict of interest) produced by Guernsey Gold will state this fact in the supporting disclaimer, specifically highlighting that it is not an objective piece of research. All other research is classified as impartial as there is no conflict of interest in its production.
Should have cause for complaint then you are requested to put this in writing and address it to The Compliance Officer, Guernsey Gold Limited, PO Box 666, St. Peter Port, Guernsey, GY1 3SL. A written response will be provided by the Compliance Officer in a timely manner.
18.1 Guernsey Gold may terminate the relationship by giving thirty days written notice to the Client. Suitable arrangements will be made to transfer, deliver, post or collect bullion in storage.
18.2 The Client may terminate the relationship at any time without penalty by giving written notice to Guernsey Gold, such notice to take effect when received. Termination shall not affect accrued rights, existing commitments or any contractual provision intended to survive termination.
18.3 Guernsey Gold shall be permitted to complete any transactions initiated prior to receipt of notice of termination from the Client. On receipt of the instruction Guernsey Gold will only effect further transactions at the Client’s request. Notice of termination by the Client must be addressed to Guernsey Gold Limited, NatWest House, Le Truchot, St. Peter Port, Guernsey, GY1 1WD. Telephone: +44 7781 136 534. Notice given by Guernsey Gold will be sent to the Client’s last notified address.
19. Other Features
For any other aspect of our service are not covered in these Terms and Conditions, the explanations on the web-site (www.guernsey-gold.com) will be taken as the agreed procedure.
20. Storage Fees
In the event of a refusal or nil response to pay storage fees, Guernsey Gold reserves the right to sell a portion of your bullion to pay for that storage for a period of 12 months. The balance of the funds will be re-invested into smaller denominations of bars and the customer will bear the costs involved in such a transaction between the selling price and repurchase price of that bullion.
21. Receipt of Funds Prior to Purchase
Guernsey Gold will not purchase precious metals on credit nor on a promise to pay funds in future. Any losses incurred by Guernsey Gold in such circumstances due to adverse price moves will be invoiced to the customer if funds for whatever reason are not forthcoming.