Before you can proceed you need to complete your profile with the following items:
GENERAL CONDITIONS
governing the relations between Swister and its clients (September 24th 2021) Definition of Swister
Whenever reference is made to “Swister”, it can either* mean:
1. Swister LP1, a limited partnership (LP) registered in 9F/33 Des Voeux Road Central, Hong Kong,with certificate number 520 (issued by the Registrar of Money Lenders)
2. A wholly or partially owned subsidiary of Swister LP1
3. A third party that acts on behalf of any of the former, should Swister decide to outsource some of its activities and/or duties
4. Another entity that results from a merger with or acquisition of Swister by a third party
5. A third party to which Swister’s assets and/or client portfolio, in whole or in part, has been transferred for reasons other than provided for under the previous, for instance, sale of the customer base
6. A combination of the previous.
*Where the legal form can not be specified, the entity is simply referred to as “Swister”.
In order to legally operate within the Swiss market, Swister is affiliated to Camerlinckx SA, a Swiss company registered in Via Trevano 15, 6900 Lugano under company number CHE-319-692-884. The latter is entitled under Swiss Finma regulations to accept public deposits, albeit subject to certain limitations**. Swister will therefore operate under the wings of Camerlinckx SA in what must be considered a joint-venture between both entities. This joint-venture might be limited in time as Swister might decide to operate independently of Camerlinckx SA or switch to another partner.
**See Finma regulations on fintechs and/or sandboxes.
Art. 1: Language
1.1. The official language of this and other documents that govern the contractual relationship between Swister and its clients, now and in the future, unless otherwise required by the competent authorities of a specific jurisdiction, is English and any translation in another language shall be considered to have informational value only. By signing or accepting the general conditions and by extension all other commitments, the client automatically declares to have full understanding of the English language.
1.2. Words importing the singular number shall include the plural and vice versa and words importing the masculine shall include the feminine and neuter and vice versa. Verbs importing the present or future tense – and by extension phrases and/or situations referring to the present or future – shall include the past or present to provide for adjournments to this present agreement that result from activities and/or events that have occurred since the adoption of this present agreement.
Art. 2: Nature of Swister’s activities
2.1. Swister provides financial services that are governed by the Swiss Financial Market Supervisory Authority (FINMA) and operates in accordance with the latter’s (partially
revised) circulars 2008/3 “Public deposits with non-banks” and 2013/3 “Auditing”, including amendments, as well as provisions concerning the so-called sandbox.
Therefore, the client accepts that Swister may adopt more relaxed requirements relating to risk analyses and audit strategy compared with larger or more complex institutions.
Furthermore, the client accepts that his transaction and/or current account does not generate a return that is the result of the so-called interest rate differential business and that deposits are not covered by the depositor protection scheme. The client will also not benefit from preferential treatment in the event of bankruptcy as in the case of licensed Swiss banks.
2.2. Swister has the right to invest clients’ deposits in accordance with the provisions allowed for by FINMA.
2.3. Swister’s online technology might permit its users to engage in business and conduct financial interactions outside Swister/Camerlinckx SA’s jurisdiction(s) of incorporation. Should the client engage in such out-of jurisdiction interactions, it is his responsibility to check whether or not they are legal in his country of residence or the country from where the interaction is being conducted.
2.4. It is Swister’s right to transfer its headquarter(s) and activities to another state or country, also if that new state or country has a lower credit rating than the previous one. See also art. 5.
Art. 3: Personal information
3.1. Becoming a client of Swister requires the completion of a questionnaire, a KYC (Know Your Customer) and AML (Anti Money Laundering) check and subsequent acceptance by the Swister administrator or a third party assigned thereto by the latter. Swister reserves the right to repeat this process periodically over time after the client has been accepted. In case the client is a legal person or association or similar organization, the checks and subsequent assessment(s) may be extended to its legal representative(s), reference shareholder(s) and/or other persons (both physical and legal) that, according to Swister, are deemed to be associated with the former. Swister and/or third parties assigned by Swister may have insight in the client’s criminal records (including pending cases), as well as records regarding political exposure.
3.2. The personal data of the clients may be communicated to the Swiss authorities or to the competent authorities of any other (future) jurisdictions where Swister/Camerlinckx SA is registered or conducting business, should the governing laws or ordinances require so. This may also include the authorities of the client’s country of residence or domicile, whether current or previous, and all other authorities that issue an adequate court order. Should this disclosure of personal data to the aforesaid authorities be in violation of the privacy policy of the Swister apps (including future and affiliated systems, whether or not web-based), the respective privacy policy can be overruled without the client’s authorization. It is possible that, whenever legislation requires so, the client will have to provide additional (personal) information. It is possible that, if the requested further information is not provided, the client’s account will be temporarily blocked until the data have been provided and verified. The same measure can be applied to clients who, when requested to do so, fail to provide adequate evidence that they are not, individually or as part of an organization, involved or have been involved in money laundering, corruption,
misappropriation of public funds or high degree crimes such as, but not limited to, terrorism, exploitation of humans, arms trafficking, drugs, rape or child abuse.
3.3. All above information may be stored, to the extent of reasonableness, for an undetermined period of time.
Art. 4: Procedures and liabilities
4.1. The client recognizes that the various procedures and security measures of all the systems provided by Swister related to the storage of the client’s deposits and investments and the execution of financial transactions such as, but not limited to, incoming and outgoing money transfers, the purchase and transfer of shares, as well as prevention of fraud by third parties, are adequate. Subject to the previous, he accepts that Swister bears no liability whatsoever for losses that result from nonchalant use or loss of his electronic devices and/or storage or sharing of credentials connected thereto, as well as thoughtless sharing of identity documents and similar negligence by the client.
4.2. Swister may not be deemed liable for losses suffered by the client that result from force majeure or other extraordinary events or circumstances of a social, political or economical nature beyond the control of Swister that could heavily impede or halt Swister’s services and activities, whether or not temporarily. This includes hacking and armed robbery.
4.3. The client must accept that some of the orders given by him to Swister such as, but not limited to, outgoing money transfers and transfer of shares to third parties, as well as the execution of incoming transfers or other credits in his favour, may require several working days. In case that execution of the aforesaid transactions exceeds a reasonable period and the delay is attributable to negligence by Swister, the client will be entitled to compensation. This compensation corresponds with and is limited to the official late payment interest rate that applies in the competent jurisdiction at that given time. Swister may not be deemed liable for other losses that result from this delay.
4.4. Should the client’s account be erroneously credited, whether or not as a result of a mistake by Swister, Swister has the right to reverse that transaction at all times, as well as all direct and indirect consequences that may have resulted from that error such as, but not limited to, correction of interest rates or cancellation of outgoing transfers or investments that would otherwise not have been possible. The reverse principle applies to erroneous debits.
4.5. When ordering Swister to execute a transaction, the client must make sure that he provides all required information correctly and he shall verify the status of execution and all subsequent notifications related thereto. Whenever requested to do so, he shall provide corrected or additional information to Swister as soon as reasonably possible.
4.6. The client must allow for discrepancies between the time of execution of a transaction as indicated by Swister (for instance, as shown on transaction account statement) and the actual time of execution. The client must also accept that the status of execution of certain transactions might anticipate the successful execution of the transaction (for instance, the
IBAN code of the beneficiary erroneously appears to be valid).
4.7. The standard method adopted by Swister for accepting orders from the client is electronic. Electronic orders will be considered valid only if they have been carried out by the client by means of those instruments thereto provided on the respective sections of the official Swister website or apps. All non-electronic orders that are not covered by an
indisputable authentic document and signatures of both the client and Swister are at the exclusive liability of the client who will bear the responsibility of possible errors and misunderstandings.
Art. 5: Fees
5.1. Swister will charge a fee for its services, which may consist of interest, a fixed or variable commission, own or third party transaction costs, application of exchange rates in favour of Swister or a combination of all previous.
5.2. Swister is permitted to debit all fees from the client accounts, both transaction and investment accounts.
5.3. The fees can change at any time. It is the client’s responsibility to verify the respective amounts and rates.
Art. 6: Termination and succession of commercial relations
6.1. Within the scope of such agreements between Swister and the client for which no long term commitments have been taken by the former or for which no duration has been specified, Swister may terminate the commercial relationship with the client at any given time without explanation. Should however the client display a lack of cooperation or be guilty of offences as outlined under paragraph 3.2 or display behaviour that puts at risk Swister either economically or reputation-wise, Swister may terminate the commercial relationship with the client with immediate effect, irrespective of whether or not Swister’s commitments have matured. In this case all the client’s obligations will immediately become due.
6.2. In case of the death of a client, his transaction and/or investment account(s) will be transferred to his heir(s) at the latter’s request in accordance with the following procedures:
• The request must be filed by a notary public of the jurisdiction where Swister is registered at the time of the request and must include a certified copy of the death certificate as well as a complete list of the heirs, their respective share of heritage and personal data in accordance with Swister’s registration requirements, irrespective of whether they are natural or legal persons.
• Each of the client’s accounts will be replaced by a (single) joint, indivisible account (irrespective of the number of heirs). The admistration of the new account(s) and subsequent assignment of powers are to be agreed by the heirs.
• The completion of this operation will be subject to the provisions made under article 3 and paragraph 6.1.
• The completion of this operation involves a single fixed fee, irrespective of the number of accounts involved, of EUR 500,00 in favour of Swister plus all costs that may arise therefrom.
Art. 7: Third party
7.1. Swister may, without the client’s approval, in whole or in part, sell its customer base to a third party, as a result of which the client will automatically enter into a contractual and business relationship with that third party, albeit subject to the terms and conditions of this present agreement.
Art. 8: Governing law and severability
8.1. Subject to the provisions made under article 8.2, conflicts related to this agreement are governed and construed in accordance with the laws of Switzerland or of the jurisdiction where Swister (see definition) is registered at the time the conflict is filed.
8.2. Unless Swister objects thereto, conflicting parties will by default settle the conflict before the International Court of Arbitration (ICA), provided that the respective jurisdiction is a member state of the ICA.
8.3. Every provision of this agreement is intended to be severable. If any term or provision hereof is illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity of the remainder of this agreement.
Art. 9: Updates and amendments
9.1. Swister is entitled to add, remove or modify clauses to/from this present agreement, provided that they do not negatively affect the rights of those - and only those - rights of the client that are directly related to obligations taken by Swister within the scope of long-term commitments, in which case the affected clients will be exempt from that – and only that – part of the newly introduced, cancelled or modified clauses.