These Regulations define the procedure used by AMTS Invest (hereinafter referred to as the “Service”) to provide customers with the PAMM service, which allows Investors to attach investment accounts to a special PAMM type account (hereinafter referred to as PAMM).
The “PAMM” service allows Investors to attach investment accounts to PAMMs, and allows Managers to perform trading operations on PAMMs as trustees. The Manager is the Client’s trustee and does not perform the trust management of the Investor’s money as part of the PAMM service.
Any transaction on the PAMM can be performed only by the Manager.
Any non-trading operations on investment accounts can be performed only by the Investor.
All settlements between Investors and the Manager are made exclusively by the Service.
The client of the Service has the right to create PAMMs in unlimited quantities. A client who has created at least one PAMM is called the Manager.
When registering with the Service, the Manager selects a unique alias name. In the future, this alias name is automatically mapped to all subsequent PAMMs created by the Manager.
The creation of PAMM does not require the obligatory contribution of funds by the Manager. The ability to complete transactions on PAMM is activated after depositing the necessary funds to at least one PAMM’s investment account.
Creating a PAMM by the Client is possible only after linking the Client’s account to the client’s cabinet of the broker used to open a trading account. It means that the Client has accepted all the regulations of the relevant broker.
The offer of the manager (hereinafter “the Offer”) is a standardized Manager’s offer to the clients of the Service for investment accounts inclusion into the Manager’s PAMM cluster.
The offer is characterized by a set of numerical parameters used for the Manager's remuneration calculation, and determining other conditions for investment accounts creation.
The manager can create several offers with different investor inclusion conditions, as well as turn on and off the available offers. Acceptance of new funds through a turned off offer is impossible.
A transfer to another offer occurs automatically when the balance of the investment account reaches the threshold value specified in the offer as a result of investor depositing or withdrawing funds; this completes the current Trading Interval. Trading operations do not entail an automatic offer change.
The creation by the Investor of an investment account for a certain Manager’s offer is an order for the Service to perform the corresponding calculations and does not lead to the formation of a separate agreement between the Investor and the Manager.
The Managers’ Offers are published in the PAMM parameters on the website of the Service.
A certain procedure is regularly executed for each PAMM. During this procedure the information of the PAMM in general and its investment accounts is updated, including funds deposition and withdrawal, calculation of the shares of each Investor of the PAMM, as well as calculation and payment of the remuneration. This procedure is called Rollover.
Rollover automatically starts within 1 minute after any actions performed on the investment accounts.
If Rollover was not executed due to technical failure it will be executed immediately after failure causes elimination.
Trading interval (hereinafter “TI") of an investment account begins from the moment of execution of the first order for depositing funds to this investment account.
The duration of the Trading Interval for different investment accounts within the same PAMM may vary.
When creating a PAMM, the Manager indicates the duration of the Trading Interval, which can take the following values: 30 days, 60 days, 90 days, 180 days, and 360 days.
The Investor has the right to prematurely initiate the completion of the current TI in his investment account. Early completion of the TI happens in the nearest rollover.
The completion of a Trading Interval means the beginning of the next Trading Interval.
Funds Deposits and Withdrawals
For non-trading operations, the Client binds a trading account with a broker, which acts as an electronic wallet, to the PAMM or investment account. Investor’s deposit and withdrawal operations are performed by submitting orders from the Client’s Cabinet.
When submitting an application for deposit, funds are debited from the bound trading account with the broker. When submitting an application for withdrawal, funds are credited to the bound trading account with the broker. The currency of the trading account must match the currency of PAMM and the investment account.
Applications for the funds withdrawal from the investment account are subject to execution in the nearest rollover.
Investor cannot cancel submitted applications.
As a result of the execution of the withdrawal application, the balance of the investment account cannot be greater than zero, but less than the minimum balance specified in the Offer. In this case, all funds are fully withdrawn from the investment account..
The procedure for performing settlements and accrual of remuneration
The current state of each investment account is characterized by three main parameters: balance, funds and proportional ratio (“share”).
The execution of each application for depositing funds increases both the balance and investment account funds by the amount of the application.
The execution of each application for withdrawal funds decreases both the balance and investment account funds by the amount of the application.
If the funds of the investment account are greater or equal to the balance, then the execution of withdrawal requests reduces the balance of the investment account by the withdrawn amount.
If the funds of the investment account are less than the balance, the execution of applications for withdrawal reduces the balance in proportion to the decrease in funds.
Transactions made by the Manager lead to a change in the investment account funds by an appropriate share of the total profit (loss), but do not lead to a change in the balance.
After the completion of the trading interval and the transfer of remuneration to the Manager, the balance of the investment account becomes equal to the funds.
The accrual of remuneration of the Managers is performed by the following formula: (С - Б) * П / 100, where С – investment account funds, Б – investment account balance, П – current percentage of the Manager's remuneration for the current offer.
Remuneration shall be paid to the Manager if it is greater than zero, and one of the following events has occurred:
end of a Trading Interval
moving to a next stage of the current offer;
closing of the investment account;;
closing of the PAMM.
Funds transfers to the relevant accounts are performed by the Service in the appropriate rollover.
Closing of a PAMM can be initiated by the Service or the Manager: in the latter case, by submitting an application to close the PAMM.
Closing of a PAMM leads to closing of all investment account included in the PAMM.
If PAMM is closed at the request of the Manager, at the time of filing such an application, PAMM should not have open trading positions and pending orders, otherwise the application will not be accepted. If the closure is initiated by the Service, all open positions are forcibly closed, pending orders are deleted.
When performing any withdrawal operations on a PAMM which has open positions, the built-in system for correcting open transactions and orders (“auto correction”) is automatically activated.
The Manager can, at his discretion, use the auto-correction mechanism also when performing funds transfer operations on PAMM.
The manager can fine-tune the auto-correction mechanism within the proposed options.
In case if the auto-correction procedure was not completed automatically, the Manager is liable for further correction of open positions.
The Service does not disclose to the Manager any information about Investors, with the exception of investment account numbers and funds deposited into these accounts.
The Service does not disclose to Investors any information about the Manager, except for the name, number and statistics of the PAMM, as well as the Manager’s alias name.
The Service does not disclose information about the Managers or Investors to any third parties, unless the disclosure is dictated by the requirements of applicable law.
Obligations, representations and guaranties of the parties
The Manager and the Investor guarantee that:
when registering as a Broker client they provide reliable information about themselves;
by registering and performing activities as the Manager or Investor, they do not violate the requirements of the legislation of the country of residence (including, but not limited to: currency, tax, civil laws);
they carefully read the broker's regulatory documents and these Regulations, understand their meaning and conditions;
they are aware and accept the consequences of their actions in relation to the implementation of these Regulations and the Regulations of the Broker.
In case of violation of any of the above guarantees, the Manager on his own and at his own expense resolves all disputes and settles all claims arising in relation to his activities as Manager.
The Manager and the Investor are responsible for maintaining confidentiality of access to information, including for keeping secret key access data to their accounts and the Client’s Cabinet. Any actions committed using the password of the Manager or Investor are considered committed by these persons. The Service is not responsible for actions committed by third parties as a result of getting of an unauthorized access.
The Manager and the Investor do not have the right to use the logo, company name and trademark of the Service, to make any promises, obligations or guarantees on behalf of the Service, as well as to perform any other actions that could entail the submission of complaints (claims) to the Service by third parties.
The Manager and the Investor shall not be entitled without the prior written consent of the Service to publish announcements regarding the Service, as well as write, send out or facilitate the publication of materials relating to the Service (mailings, notes, articles, letters, messages on Internet boards, including, but not limited to listed) in print or electronic media (Internet portals, boards, blogs, including but not limited to.
If any complaints or claims will be submitted against the Service as a result of the Manager's failure to comply with any of the requirements of these Regulations, the Manager shall fully compensate all expenses incurred by the Service.
Duration and issuing of amendments
These Regulations shall enter into force for the Service Clients from the moment it is accepted on the Service website. The Client cannot be recognized as the Manager or the Investor except after the accepting these Regulations.
The Service has the right to amend the provisions of these Regulations at any time by notifying the Client about them in advance. Amendments enter into force and become binding on the Client from the date specified in the written notice.
A written notice for the purposes of these Regulations is made by one of the following communication methods: email, announcements on the Service website.
In terms of the provided PAMM service, the Service does not bear any responsibility either for the Manager’s actions or of the Investor’s actions.
The Service does not guarantee to either the Manager or the Investor the making of profit as a result of using the PAMM service. Positive trading results obtained in the past in no way guarantee positive future results.
The Investor and the Manager accept all possible financial losses, including both direct losses and lost profits, as a result of the following risks:
the risk of not having the necessary qualifications and knowledge by the Manager;
the risk of intentional non-observance by the Manager of the interests of the Investor, including the risk of committing fraudulent actions in relation to the Investor by the Manager;
the risk of losing control of the PAMM by the Manager and the risk of third parties access to the PAMM management;
the risk of ignorance, misunderstanding or incorrect interpretation of the Regulations by the Investor or the Manager;
the risk of untimely execution of applications for depositing, withdrawing, applications for closing an investment account or closing a PAMM, as well as the risk of unforeseen delays in transferring funds between accounts.
Under no circumstances the company is liable for the occurrence of the above risks and for their consequences.
In relation to a Client of the Service who has registered as a Manager or an Investor, all provisions of the Client Agreement and other regulatory documents of the relevant Broker are apply. In case of a conflict between the provisions of these Regulations and the provisions of other regulatory documents of the Company, the provisions of these Regulations shall be recognized as prevailing.
In case if any provision of these Regulations becomes invalid for any reason, such invalidity does not affect the legal force and validity of any other provision of these Regulations. In this case, these Regulations is applied in full, with the exception of the part recognized as invalid.