General business terms

By these General business terms are regulated mutual rights and liabilities of the brokerage house VIP Broker Diler AD, Podgorica (hereinafter: Broker) and Investors in securities, but also are described some risks related to realization of certain actions in regards of securities. General business terms represent short excerpt from Rules of business of authorized participant at the capital market of Montenegro VIP Broker Diler AD Podgorica (hereinafter: The Rules of the Broker). The Rules of the Broker elaborate in details regulation from General business terms.

By signing the contract about representation in trade of securities (hereinafter: The Contract) , the Investor expresses concordance that Broker, in his name and on behalf of Investor, can perform necessary actions for purchasing or selling of securities according to the Contract. Actions necessary for purchasing and selling of securities include legal, financial and technical actions, which are necessary to be performed prior to any transaction, all in accordance with regulations stipulated for this business area.

Each client of Broker, after signing contract with Broker, can realize all instructions related to the purchasing or selling of securities, but also any subsequent change of earlier instructions, by submitting of order. Order is unilateral statement of Investor’s will versed to broker. Order can be versed orally (direct or by telephone), in written form (including telefax) or in electronic form.

Broker provides to the Investor information about turnover and prices of all securities that are subject of trade at Montenegro Stock Exchange, through web pages (www.vipbroker.net and www.vipbroker.co.me ), directly in office or through other forms of communication. Besides, broker provides data regarding bid and ask, and other available information necessary for decision making regarding purchase, i.e. selling of securities. Broker is held responsible for accuracy of provided data in the extent of accuracy of his available sources. Information and advices given to the Investor upon his/hers request are based on information available to the Broker and in accordance with ethical principles.

Broker is not responsible for accuracy of data included in foreign data basis (stock exchange base, securities editor’s base, etc.), used in his processing’s. Also, Broker is not responsible for updating of current affairs due to force majeure (loss of electricity, non-functioning of telecommunication system, interruption in work of the stock exchange and similar influences of force majeure).

Data and information given by Broker, but also pieces of advice requested by the Investor and given by Broker, do not represent Broker’s persuasion of Investor to purchase, i.e. to sell securities, since they are given in order to help Investor to make his decision. Given information and pieces of advice are also referring to potential transaction risks. However, decision in regards of purchase or selling securities is made by the Investor and he solely takes the risk for his/her decisions. Broker does not have liability for eventual slipped winnings or losses caused by the Investor’s management of his/her portfolio.

Broker keeps book of contracts in special program (back office), in electronic form. Also, all contracts, as well as orders are marked with appending ordinary number and chronologically arranged and keep in special place. By entering the received order into book of orders (contracts), it is considered that Broker has accepted the order. Sequence of performing orders is determined by its ordinary number and price of security from the order.

All instructions for changing of orders, their recalls and data in regards of order realization are entered in the book of orders. Instructions for change or recall of order can be issued in the manner same as in case of giving of order. Orders can be changed and recalled up to date of conclusion of transaction. If the transaction has been already concluded, the Investor cannot change or revoke the order.

Broker is obligated, upon Investor’s request, to provide to Investor confirmation of order’s revoke, which is in relation to contract concluded with Investor.

Broker is not obligated to start realization of the order for purchasing securities if the Investor did not pay monetary means in his account, in the amount of transaction, increased for calculated commission. Likewise, Broker is not obligated to start realization of the order of selling securities, prior of registration of securities in the depository of Central Depository Agency (hereinafter referred to as: CDA). Broker is not obligated to realize order, if there are indications that realization is related with any crime act form area of money laundry.

Commission, which represents the transaction expense for the Investor, merges commission of the brokerage house, stock exchange and CDA, and it is determined with price list for services of brokerage house VIP Broker Diler and it is given at Internet pages (www.vipbroker.net and www.vipbroker.co.me ) and in office of Broker.

Monetary means of the Investor, are kept at special account, all in accordance with regulations. The Investor is responsible for efficient usage of those means. The interest is not calculated for those monetary means.

Means of the Investor do not enter into property of brokerage house, nor its liquidation or bankruptcy mass neither it could be used for liability payments of brokerage house.

Broker performs payment of sold securities at account of the Investor in term determined by regulations (transaction date plus three working days – (T+3). Immediately after balancing by CDA, brokerage house issues order for payment of monetary means at account of the Investor, in the amount corresponding to the amount of transaction, decreased for the amount of transaction expenses.

Without delay, the Broker informs the Investor about realized transaction, and provides him with report about transaction in written form or in electronic form. Report for transaction calculation contains analytical detail data survey about realized transaction.

If the Investor uses our services through the Internet (sending order in electronic form), it is also necessary to pay us advance payment in the amount of transaction, increased for commission expenses. During selling of securities payment of monetary means in the account of the Investor, brokering house performs after received instruction from the Investor and in account which he/she requires.

Ownership over bought non-materialized securities is obtained by date of balancing in accordance with regulations of CDA (T+3).

Data about the Investor, about balances at his accounts, businesses that brokerage house performs for his, same as other data found out by Broker during the realizing affairs for the Investor, is considered as secret and is treated as such by Broker’s side. Availability to third persons to such data is possible only in cases prescribed by the Law.

Services of brokerage house VIP Broker Diler can be divided on next:
• Providing of data, information and analyses about securities;
• Helping services for decision making;
• Mediation services related with trading of securities and direct realization of client’s order;
• Services of portfolio management.
All of clients will have access to all current and historical data and analyses performed by our brokerage house and displayed at official web presentation of brokerage house. Broker reserves the right to display one part of information and analyses at protected part of web presentation that can be accessed only by clients of Broker. The Investor shall access to data by using his/her user name and password, assigned after signing the Contract and depositing certain amount of the advance payment at our account. All information and analyses are free, including those that are displayed through protected part of web presentation, but all additional and more detailed analyses made for clients and at their demand, together with services of investment consulting are charged extra.

The Investor is solely determining his/her user name for accessing to the protected part of web presentation, in accordance with criteria notable with accessing form on Web pages of brokerage house. Starting password is sent to the Investor on his/her e-mail address by Broker.

User name and password are secret, and the Investor is obligated to preserve it from availability and insight of third persons. The Investor is able at any time to change password through web page. In order to change password it is necessary to have the old one.

User of our services can become any physical or legal entity, domestic or foreign.

Conditions related with meditation services in securities trading and direct realization of clients’ orders are described above, but rules related with services of portfolio management are defined by The Rules of the Broker and special contract concluded between Investor and Broker.

Broker performs his services in accordance with laws of Montenegro, rules of the Montenegro Stock Exchange and rules of Central Depositary Agency and Rules of the Broker , and it is subject of control and monitoring of Security Commission of Montenegro, in accordance with the Law.

VIP Broker Diler AD, Podgorica is the member of Montenegro Stock Exchange.

These General Terms of business and price list of services are displayed at official web pages (www.vipbroker.net and www.vipbroker.co.me ) and in offices of the Broker, and as such are available for insight to all investors.


VIP Broker AD
Podgorica

Director:
Ivan Šćepanović

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