Transcription
Terms of Business for InvestmentServices from RBC Europe Limitedand Custody Services from RoyalBank of Canada (Channel Islands)LimitedRBC Europe LimitedandRoyal Bank of Canada (Channel Islands) LimitedEffective date: 1 February 2022RBC Wealth Management
Wealth Management 2Contents1.INFORMATION ABOUT US AND OUR SERVICES 32.RBCEL’S SERVICES 53.CUSTODY SERVICE 84.THE BASIS ON WHICH WE PROVIDE OUR SERVICES 115.SUITABILITY 136.COMMUNICATIONS BETWEEN US (INCLUDING HOW YOU CAN INSTRUCT US) 147.COMMISSION AND NON-MONETARY BENEFITS 168.PROVISION OF INSTRUCTIONS BY RBC EUROPE LIMITED TOROYAL BANK OF CANADA (CHANNEL ISLANDS) LIMITED 169.CONFLICTS OF INTEREST AND MATERIAL INTERESTS 1610.CARRYING OUT TRANSACTIONS 1711.MARKET ABUSE 1812.REPORTING TO YOU 1813.COMPLAINTS 1814.COMPENSATION 1915.THE EXTENT OF OUR RESPONSIBILITY AND LIABILITY 1916.THE EXTENT OF YOUR RESPONSIBILITY AND LIABILITY 2017.RISKS 2018.JOINT CLIENTS 2219.FEES 2320.TAX 2321.TERMINATION 2522.CANCELLATION RIGHTS 2723.ASSIGNMENT 2824.EXCLUSION OF SUPPLY OF GOODS AND SERVICES (JERSEY) LAW 2009 2825.NOTICES ISSUED UNDER THE COMPANIES ACT OF THE UNITED KINGDOMAND ANALOGOUS LEGISLATION OF OTHER JURISDICTIONS 2826.RIGHTS OF THIRD PARTIES 2927.CHANGES TO THESE TERMS 2928.DELEGATION AND USE OF AGENTS 2929.OUR RIGHTS AND DEFAULT REMEDIES 2930.INTERPRETATION 3031.GOVERNING LAW 3032.MONEY LAUNDERING 3033.BRIBERY 30SCHEDULE 131SCHEDULE 234
Wealth Management 3TERMS OF BUSINESS1.INFORMATION ABOUT US AND OUR SERVICES1.1.RBC Europe Limited1.1.1RBCEL’s full name is RBC Europe Limited.1.1.2RBCEL is incorporated in England & Wales undernumber 995939 and its registered office is at100 Bishopsgate, London, EC2N 4AA. RBCEL’stelephone number is 44 (0)20 7653 4000 and itsfax number is 44 (0)20 7329 3482.1.1.3RBCEL is authorised by the PrudentialRegulation Authority and regulated by theFinancial Conduct Authority and the PrudentialRegulation Authority. RBCEL is entered on theFinancial Services Register with Firm ReferenceNumber 124543. The Financial Conduct Authoritycan be contacted at 12 Endeavour Square,London E20 1JN, and the Prudential RegulationAuthority can be contacted at 20 Moorgate,London EC2R 6DA. The services RBCEL isauthorised to provide include investment advice,discretionary investment management, custodyand dealing services.1.1.4RBCEL provides the services listed in Clause 2.As part of the account-opening procedures youindicate, in the Account Opening Documents,which service(s) you require and you also havethe opportunity to state limits and restrictionsthat you wish us to observe. If at any time youwish to change the services we provide, or anyof the limits and requirements you impose, youshould contact us in one of the ways referredto in Clause 6 below. We may ask you foradditional information to the information youprovide in the Account Opening Documentsat any time in order to provide our services.We rely on information you provide to us inresponse to such requests, or in the AccountOpening Documents, when providing you withour services so please ensure all informationis accurate and up-to-date and that relevantdetails and information (and changes to it) arenot withheld. Where we merely explain the termof an investment product or its performancecharacteristics, this does not constitute adviceon the merits of a transaction in the investmentproduct.1.2.Royal Bank of Canada (Channel Islands) Limited1.2.1RBCCI’s full name is Royal Bank of Canada(Channel Islands) Limited.1.2.2RBCCI is a company incorporated in Jersey(registered company number 139048) and hasan office at Gaspé House, 66-72 Esplanade, St.Helier, Jersey, Channel Islands, JE2 3QT and alsoa branch in Guernsey at Dorey Court, AdmiralPark, St. Peter Port, Guernsey, Channel Islands,GY1 3BQ. RBCCI is regulated by the JerseyFinancial Services Commission in the conductof deposit taking, fund services and investmentbusiness in Jersey and is also regulated by theGuernsey Financial Services Commission inthe conduct of deposit taking and investmentbusiness and to act as a custodian/trustee ofcollective investment schemes in Guernsey.RBCCI is not authorised under the FinancialServices and Markets Act 2000.1.2.3RBCCI provides the Custody Service described inClause 3.1.2.4RBCCI reserves the right, at its absolutediscretion, to determine which office of RBCCIshall provide the Custody Service to you.1.3.Definitions and Interpretation1.3.1In this document the following words have themeanings set against them below:“Account Opening Documents” means theaccount opening documents you must completeand sign in order to become a client;“Agreement” means the documents listed inClause 4.3 as (in each case) amended fromtime to time which together form the terms of alegally binding agreement between you and us;“Associate” means any company in the RoyalBank of Canada (RBC) group of companiesand the directors and employees of any suchcompany;“Business Day” means a weekday on whichthe clearing banks in the City of London arenormally open for business (and, in respect ofthe Custody Service, such term shall also meana weekday which is not a public holiday in Jerseyor Guernsey);“Cash Account” means (solely in the context ofthe Custody Service) an account forming part ofthe Custody Account that is used to hold cashin connection with the operation of the CustodyAccount and to settle transactions and receivedividends and other related payments (for theavoidance of any doubt, a Cash Account is nota standard bank account and cannot be usedto make payments to third parties that are notdirectly related to the purchase of securitiesor any other assets that are eligible to be heldin a Custody Account and such account is notsubject to the bare trust which otherwise appliesto Property held under the Custody Service);“CIFO” means the Channel Islands FinancialOmbudsman;
Wealth Management 4“Client Risk Profile Form” means the clientrisk profile form we agree with you, in writing,in relation to the provision of our ManagedAdvisory Investment Service and our NonManaged Advisory Investment Service;“Custody Account” means an account openedwith RBCCI to which Property held by RBCCIunder the Custody Service is recorded;“Custody Service” means the custody servicedescribed in Clause 3 below;“Designated Markets” means markets whichhave been identified as being high risk anddesignated as Designated Markets by RBCCI andspecified in the Designated Markets Schedule asmay be amended by RBCCI from time to time;“Designated Markets Schedule” means theschedule issued from time to time by RBCCIreflecting details of the markets which RBCCIhas identified as being high risk;“Discretionary Investment ManagementService” means the discretionary investmentmanagement service described in Clause 2.4below;“Effective Date” means the date on which wesend you written acceptance of your applicationafter we have received your fully completedand signed Account Opening Documents orin the case where we only provide you withRelationship Management Services, the date westart providing you with that service (if earlier);“Execution-only Service” means the nonadvised service described in Clause 2.3 below;“FCA” means the Financial Conduct Authority of12 Endeavour Square, London E20 1JN;“FCA Rules” means the FCA Handbook ofrules and guidance as amended, replaced orsupplemented from time-to-time;“Fee Tariff” means each of our tariffs of feesand charges in respect of the Managed AdvisoryInvestment Service, the Custody Service, theDiscretionary Investment Management Service,the Execution-only Service and the NonManaged Advisory Investment Service (each isa “Fee Tariff” and together “the Fee Tariffs”) asthe case may be and provided to you, as may beupdated from time to time in accordance withClause 19.1;“FOS” means the Financial Ombudsman Service;“FSCS” means the Financial ServicesCompensation Scheme;“GFSC” means the Guernsey Financial ServicesCommission;“Independent Advice” means advice andrecommendations RBCEL may give you afterRBCEL has assessed your needs. These willbe based on a sufficient range of relevantproducts available on the market that aresufficiently diverse with regard to their type andissuers or product providers and not limitedto relevant products issued or provided byRBCEL or RBCEL’s Associates or other entitieswith which RBCEL has close legal or economicrelationships. This is to prevent a risk ofimpairing the independent basis of the adviceprovided;“Investment Policy Statement” means theinvestment policy statement RBCEL agrees withyou, in writing, in relation to the provision ofRBCEL’s Discretionary Investment ManagementService;“Investment Professional” means theindividual(s) appointed by RBCEL from timeto time and notified to you as your investmentprofessional in relation to your Portfolio;“JFSC” means the Jersey Financial ServicesCommission;“Liabilities” means liabilities, losses, damages,costs, claims and expenses of any kind;“Literature” means any brochure or any otherliterature describing the Custody Service, issuedor supplemented from time to time and providedto you;“Managed Advisory Investment Service”means the managed advisory investment servicedescribed in Clause 2.1 below;“Non-Managed Advisory Investment Service”means the non-managed advisory investmentservice described in Clause 2.2 below;“Permissible Commission” means anycommission (both initial and recurring) thatis allowed by the applicable law, rules andregulations in Jersey or elsewhere;“Portfolio” means the money and investmentsin relation to which RBCEL provides theManaged Advisory Investment Service, theDiscretionary Investment Management Serviceand/or the Execution-only Service, as applicable;“Professional Clients” means clients who areclassified as professional clients under the FCARules;“Property” means any securities or assetswhich are held by RBCCI as nominee and baretrustee for you using the Custody Service, otherthan cash or investment contracts bookeddirectly in your name;
Wealth Management 5“RBC” means the Royal Bank of Canada and/ordirect and indirect subsidiaries;1.3.3A reference to “you” or “your” refers to therelevant client entering into these Terms uponacceptance as a client for the relevant serviceapplied for, and refers to either or both clients inthe case of joint clients. It also refers to agents,attorneys or others you properly delegateauthority to in order to act on your behalf inrespect of these Terms and the relevant servicebeing provided to you in respect of notices,communications and carrying out transactionsin respect of these Terms.1.3.4A reference to a statutory provision includesa reference to such provision as amended,restated or replaced from time to time.1.3.5Words and expressions not defined in theseTerms but which are defined in the FCA Ruleshave the same meanings as in the FCA Rules.1.3.6Reference to the singular will where the contextallows include the plural.1.3.7References to clause or paragraph numbersare to clauses or paragraphs in the Terms orSchedules in which they appear.1.3.8Reference to any gender or neuter includes theother genders.1.3.9Headings are used for reference only and do notaffect the meaning of the clause or paragraphs“Regulatory System” means:(a) in respect of RBCEL, the arrangementsunder which the FCA regulates RBCEL’sactivities under the Financial Services andMarkets Act 2000; and(b) in respect of RBCCI, the arrangementsunder which the JFSC or the GFSC (asappropriate) regulates RBCCI’s activities;“Relationship Manager” means the individualwho is appointed by us from time to time andnotified to you in writing as your relationshipmanager in relation to the relevant servicesprovided to you under these Terms and/orprovided by our Associate;“Relationship Management Services” meansthe limited services provided to you by yourRelationship Manager (or anyone who actsfor us in that capacity) as described below atClause 2.5;“Restricted Advice” means advice andrecommendations RBCEL may give you afterRBCEL has assessed your needs but which doesnot constitute Independent Advice;“Retail Clients” means clients who areclassified as retail clients under the FCA Rules;“Systematic Internaliser” means an investmentfirm which on an organised frequent systematicand substantial basis, deals on its own accountwhen executing client orders outside a regulatedmarket, a multilateral trading facility, or anorganised trading facility without operating amultilateral system;“Terms” means the terms of business set out inthis document (as amended from time to time inaccordance with Clause 27);“Trading Venue” means a regulated market, amultilateral trading facility, an organised tradingfacility, a Systematic Internaliser, a marketmaker, and other liquidity providers;“Valuation” means a custody statement ofassets, asset listing or valuation prepared byRBCCI for you in respect of the Custody Service.1.3.2In these Terms a reference to “we”, “us” or“our” refers to both RBCEL and RBCCI unlessa particular clause or paragraph is expressedto be applicable to one or other of RBCEL andRBCCI, in which case such a reference in thatclause or paragraph shall refer to that companyonly.1.3.10 Reference to a time of day shall be construed asa reference to London time.1.3.11 Any reference to the term “written” or “inwriting” shall include email.1.3.12 Any phrase introduced by the terms “including”,“include”, “in particular” or any similarexpression is to be construed as illustrativeonly and does not limit the sense of the wordspreceding those terms2.RBCEL’S SERVICESIn this Clause 2 a reference to “we”, “us” or “our”shall refer to RBCEL only.2.1.Managed Advisory Investment Service2.1.1When we provide this service we makerecommendations to you and provide adviceconsistent with your risk profile (as set out inthe Client Risk Profile Form) and objectives. Wewill assess suitability both in relation to eachindividual transaction and in relation to yourPortfolio as a whole. You may accept or rejectour recommendations.2.1.2Clients investing through the Managed AdvisoryInvestment Service should note that we provideRestricted Advice. The range of investments
Wealth Management 6we may recommend to you include those listedin Clause 2.6. Our advice is Restricted Advicebecause it is limited to advice on investmentsfrom a limited selection of investment productproviders, which includes RBC. We will adviseand make a recommendation to you after wehave assessed your needs. We offer advice onlimited types of products (which we offer froma limited number of companies) aligned to ourareas of expertise. A list of the companies andproducts we offer advice on is available uponrequest.2.1.3Please refer to Clause 17 for general andspecific risks that you should consider carefully.Our Managed Advisory Investment Servicemay not be suitable for all investors. Thereare additional risks specific to the ManagedAdvisory Investment Service that you shouldalso consider carefully:(a) you should only invest money that youare willing to and able to put at risk andyou should seek advice from us or a thirdparty professional advisor about whatlevel of commitment is right for you beforereceiving any advice under the ManagedAdvisory Investment Service;that we have recommended is suitable for youbased on the mix or strategy of your Portfolio.2.2.22.2.3 Please refer to Clause 17 for general and specificrisks that you should consider carefully. OurNon-Managed Advisory Investment Servicemay not be suitable for all investors. There areadditional risks specific to the Non-ManagedAdvisory Investment Service that you shouldalso consider carefully:(a) you should only invest money that youare willing to and able to put at risk andyou should seek advice from us or a thirdparty professional advisor about whatlevel of commitment is right for you beforereceiving any advice under the NonManaged Advisory Investment Service;(b) under the Managed Advisory InvestmentService we will not advise you on how tosatisfy your wider financial needs; and(b) the Non-Managed Advisory InvestmentService may result in you having aconcentrated portfolio of assets.Concentrated portfolios may result inrelatively high short-term volatility. Shortterm volatility could be comparativelyhigher for a concentrated portfoliocompared to a less-concentrated portfolio;(c) an investment strategy that invests in highrisk investments over a short period of timemay result in significant losses includingyour entire investment.2.2.Non-Managed Advisory Investment Service2.2.1The Non-Managed Advisory Investment Serviceis a “focused” advice service. Under the NonManaged Advisory Investment Service, whenyou request it, we will provide you with adviceon a per transaction basis that is strictlylimited to addressing your specific request. Theinformation we will require from you in orderfor us to determine whether an investmentis suitable for you will vary depending on thetype of investment you want advice on. Ouradvice will also be restricted to the types ofinvestments that you have asked us to provideadvice on. For example, if you asked us toprovide you with a personal recommendationfor a European equity, we may recommend aEuropean equity that we reasonably believe issuitable for you based on your risk profile andobjectives. In this case, however, in responseto your request we would not recommend aNorth American equity, even where one may beavailable that is more suitable for you. We wouldalso not consider whether the European equityWe will not provide you with ongoing reviews,information or advice on our own initiativein respect of any transaction, investment oryour Portfolio unless you specifically requestadvice in respect of a particular transaction orinvestment (in which case the provision of suchadvice will be subject to the terms of this Clause2.2). We will also not advise you in relation toyour Portfolio or any segments of that Portfolioor your investment mix or strategy for yourPortfolio.(c) under the Non-Managed AdvisoryInvestment Service we will not adviseyou on how to satisfy your wider financialneeds; and(d) an investment strategy that invests in highrisk investments over a short period of timemay result in significant losses includingyour entire investment.2.3.Execution-only Service2.3.1When we provide the Execution-only Service,we deal, on receipt of written instructionsfrom you, as riskless principal, or on yourbehalf as agent in a transaction to buy or sellinvestments. We will not advise you about themerits of the transaction or the suitability ofthe execution-only transaction. In relationto non-complex instruments (for example,shares traded on a regulated market suchas the London Stock Exchange and someUCITS funds), this means that you will not
Wealth Management 7benefit from any of the requirements relatingto our assessing the appropriateness of thetransaction for you; you will instead rely onyour own judgement and you will need to assesseach transaction on your own and we will notassist you in that assessment. In addition,unless we have provided you with research inconnection with the transaction, by enteringinto the transaction on an execution-only basis,you expressly confirm that we have not madeany representations, recommendations, orsuggestions to you and you have not relied onany research or information you have receivedfrom us or any of our Associates in connectionwith that transaction.2.3.2 Some investments are categorised as “complex”(for example a derivative, an instrumentthat gives rise to a contingent liability or astructured UCITS fund) and in that case weare required under the FCA Rules to assesswhether the transaction is appropriate for youby reference to your experience, knowledgeand understanding of the risks involved. If weconsider on the basis of the information we haveabout you that the execution-only transaction isnot appropriate for you we will warn you aboutthis. If despite our warning(s) you instruct usto proceed with the transaction we reservethe right not to do so having regard to thecircumstances.2.3.3 Where a transaction is executed on anexecution-only basis, we assume no financialresponsibility for the transaction and as aresult, we will not be responsible to you if thetransaction is not adequately covered by thefunds in your account. We will not monitor ornotify you of any movements in your accountand you are solely responsible for settling anytransactions which are executed before the dateour relationship with you is terminated.2.3.4 In accordance with Clause 4.11 below, pleaselet us know as soon as possible if there are anychanges to the information you have provided uswith as we will use this information in relation totransactions involving “complex” instruments todetermine whether an investment or transactionis appropriate for you.2.4.Discretionary Investment Management Service2.4.1When we provide this service we exercisediscretion over the contents of your Portfolio(subject to the limits and requirements of theInvestment Policy Statement, or which you notifyto us in writing from time to time) and we dealon your behalf in a transaction to buy or sellinvestments for your account in accordance withour decisions.2.4.2 We will agree with you an appropriate methodof evaluation and comparison if you are aDiscretionary Investment Management Serviceclient to assist you in assessing the performanceof your Portfolio. We do not guarantee that yourPortfolio will perform in line with any chosenbenchmark or other measure. If we do agreea benchmark we will provide you with thespecification of this benchmark. However, thisdoes not mean that your Portfolio will be basedon the investments which make up the indicesin the benchmark or will necessarily follow theirasset allocation or performance.2.4.3 We will also agree an Investment PolicyStatement with you, which will include yourinvestment objectives, the level of risk to bereflected when we exercise our discretion andany constraint on our discretion. Subject tous exercising our discretion in line with yourinvestment objectives and the restrictionswe have agreed with you we may provideDiscretionary Investment Management Servicesin relation to the investments listed in Clause2.6.1 below.2.4.4 Please note that our ability to exercisediscretion over your Portfolio in accordancewith such limits and requirements could beaffected by events or circumstances that wecannot reasonably control, such as marketmovements which affect the price or value ofassets in your Portfolio. In such a case yourinvestment restrictions could be breached andwe will take such action as we think appropriatein the circumstances. Please note that we arenot responsible for any breaches in relation toyour investment objectives or restrictions as aresult of such circumstances, unless (and to theextent that) it results from our negligence, wilfuldefault or fraud.2.4.5 Clients for this service will use the CustodyService provided by RBCCI, unless we expresslyagree otherwise in writing.2.4.6 We will, acting as your agent, and subject to anyrestrictions you impose:(a) have complete discretion over yourPortfolio and manage it with a view toachieving your investment objectives;(b) without prior reference to you buy, sell,retain, exchange or otherwise deal withinvestments and other assets, makedeposits, subscribe to issues and offersfor sale, accept placings, underwritingsand sub-underwritings of any investmentsand execute transactions and arrangetransactions on any markets (subject to ourexecution policies);
Wealth Management 8where we have been negligent, wilfully at fault oracted fraudulently, your Relationship Manager isnot responsible for the provision of products orservices provided by our Associates and, instead,the RBC entity with which you have accountsor from whom you directly or indirectly receiveservices will have the regulatory responsibilityfor the operation or delivery of such accountsand services. There is no charge for the servicesof the Relationship Manager in this role.(c) negotiate and execute documentationrequired in connection with any transaction;(d) take all routine or day to day decisions andotherwise act as we judge appropriate,subject always to our obligations underthe FCA Rules including those regardingsuitability and best execution.2.4.7We will not commit you to supplement the fundsin your Portfolio either by borrowing money orassets on your behalf or by committing you to acontract the performance of which may requireyou to supplement the funds in your Portfolio.2.6.Investments2.6.1We may provide our services in relation to thefollowing types of investment:2.4.8 Subject to your investment objectives andrestrictions we may commit you to underwriteany issue (which means that you may beresponsible for a portion of such an issue ofsecurities) or offer for sale of investments,including where an Associate is leading oradvising on the issue.(a) equities, exchange traded funds, Americandepository receipts and global depositoryreceipts;(b) convertible, commercial paper, government,sovereign, agency and corporate bonds;(c) foreign exchange (FX) spot, forwards,options, non- deliverable-forwards and FXlinked deposits;2.4.9 Clients investing through the DiscretionaryInvestment Management Service should notethat we may invest your Portfolio in collectiveinvestment schemes. Where we do this we usea restricted panel of investment managers andoffer discretionary management in a restrictedrange of funds and fixed income products. A listof the managers, products and services we useis available on request.(d) open-ended and closed-ended funds andother collective investment schemes;(e) warrants to subscribe for investments;(f) structured notes, certificates, options, minifutures;2.5.Relationship Management Services(g) over-the-counter derivatives;2.5.1Your Relationship Manager will assist you withrelevant services provided to you under theseTerms and/or provided by our Associates. Wherethe services are provided by our Associates (orany of them) alone and you elect not to have anyother business relationship with us, these Termsshall continue to apply to the limited activitiesof the Relationship Manager including where:(h) commodities; and(a) you provide personal and other informationto your Relationship Manager;(i) cash.2.6.2 All investments carry risks – Clause 17 containsfurther information regarding certain keyinvestment risks.3.CUSTODY SERVICE3.1.RBCCI offers the Custody Services from itsoffice in Jersey and its branch in Guernsey. TheCustody Service is provided in accordance withthe regulatory requirements of the JFSC (where itis provided from RBCCI’s office in Jersey) and theGFSC (where it is provided from RBCCI’s branchin Guernsey). RBCCI will not provide the CustodyService until such time as RBCCI has receivedduly completed Account Opening Documentsfrom you, completed to RBCCI’s satisfaction, andsuch other documentation and information asRBCCI may require.3.2.You will be required to specify (in the AccountOpening Documents) the currency in which allProperty held in your account is to be expressedin when Valuations are prepared by RBCCI foryou (the “Base Currency”).(b) the Relationship Manager is involved withassisting with a review of the services youhave with our Associates (in which casethe Relationship Manager may rely oninformation about you provided to us by ourAssociates); or(c) your Relationship Manager arrangesadditional services, in each case subject toand in accordance with the FCA Rules, asapplicable.2.5.2Any information exchanged between yourRelationship Manager and our Associates willbe used in accordance with the privacy and/ordata protection provisions set out in the termsof business of the relevant Associate. Except
Wealth Management 93.3.Property held in your account will normallybe valued at mid-market close of businessquotations as supplied by an external source orat cost where there is no established market,unless otherwise agreed in writing. Propertyvalued in currencies other than the applicableBase Currency will be nominally converted,for reporting purposes, to the designatedBase Currency based upon RBCCI’s prevailingexchange rate at the time of conversion.RBCCI’s duties in respect of valuing the Propertyshall not extend beyond the obligationsdescribed above, and for greater certainty, RBCCIshall be under no obligation (under contract,tort, or any other applicable analogous law ofobligations) to conduct any diligence to verify orconfirm any information or quotations providedby a third party, and you shall waive to thefullest extent permitted by applicable law anyliability of RBCCI in respect of any information orquotations provided by a third party.3.4.The Custody Service allows you to hold a widerange of assets and investments (includingfor example equities and bonds, amongothers) as permitted by RBCCI from time totime and specified in the Literature relatingto the Custody Service. Charges are levied inaccordance with the Fee Tariff.3.5.Cash Accounts to hold cash pursuant to theCustody Service will be opened as requestedfrom time to time by you.3.6.3.7.Valuations are provided quarterly (as at March31, June 30 etc.) or on the frequency agreed withyou.Valuations produced by RBCCI and providedto you from time to time may include marketprice information (“Market Price Data”) that hasbeen provided to and used by RBCCI under alicence agreement granted by a third party. Youacknowledge and accept that you may only usesuch Market Price Data for your own internalpurpose. You also warrant that you will not(i) copy the Market Price Data; (ii) distribute,disclose, disseminate or communicate theMarket Price Data to any third party by anymeans whatsoever, for any reason; or (iii) createany derivative works from the Market Price Dataor remove any proprietary markings from theMarket Price Data.3.8.You acknowledge that RBCCI will hold anyProperty as nominee and bare trustee foryou and that RBCCI w
Investment Service, the Custody Service, the Discretionary Investment Management Service, the Execution-only Service and the Non-Managed Advisory Investment Service (each is a "Fee Tariff" and together "the Fee Tariffs") as the case may be and provided to you, as may be updated from time to time in accordance with Clause 19.1;
