Mardica Accounts - Online Currency and Card Management System
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Terms and Conditions
“Agreement ” means these Terms and Conditions, which cover the operation of Your PCFT Mardica Gold Account.
“Account” is your PCFT Mardica Account where your gold is held.
“Available Funds” means at any given time any funds from the
proceeds of the sale of the gold held in your PCFT Mardica Card
Account, which is available to pay for transactions and fees and
charges payable under this Agreement.
“Commencement
Date” means the date you apply for your
PCFT Mardica Gold Account and have Your “KYC” documentation
verified.
“We
”, “Us
” or “Our
” means Power Capital Financial Trading Limited.
“Business Day” means any day other than a Saturday, Sunday or
national public holiday on which banks are open for business in the
UK.
“You” or “Your” refers to the account holder.
“Website” means our website at www.Mardica.com.
1. INFORMATION ON WHO WE ARE AND THIS AGREEMENT
1. 1 POWER CAPITAL FINANCIAL TRADING (UK) LTD. LEGAL ENTITY
Power Capital Financial Trading Limited (PCFT) is a UK incorporated company with company number 07363659 and with registered office at 16-18 Monument Street, London, EC3R 8AJ,
United Kingdom. PCFT is authorised and regulated by the Financial Conduct Authority (FCA) in the United Kingdom, FCA Register number 531771.
Mardica Pte Ltd is a company incorporated in Mardica and manages the Mardica program.
PCFT acts as custodian for the customers of Mardica Gold whose gold and currency is held in independent vaults. The gold is regularly verified against the ownership register.
2. Registration and Acceptance of Terms and Conditions
You become a new Customer of Mardica by registering for a Gold account online. In becoming a Customer you are deemed to accept that PCFT’s Terms and Conditions define the entire business relationship between PCFT and you.
These are Mardica Terms of Business as of 1st January 2015.
By giving thirty days’ notice of modifications Mardica may from time to time modify its Terms and Conditions. For modified Terms and Conditions to become effective they must be published on the Mardica website and must also send an advice to the email address provided as a contact point by you. During a thirty day notice period you have the right to terminate the relationship under the previous terms and conditions. This can be effected by selling your bullion and withdrawing your money under the previous Terms and Conditions. If you do not terminate the relationship in this way you are deemed to accept the new Terms and Conditions. New Customers opening accounts within the thirty day notice period accept the Terms and Conditions then in effect and accept that they will be bound by the new Terms and Conditions which come into effect at the end of the stated 30 day notice period.
Please note if your account does not get validated the money you used to deposit and buy Gold will be sent back to the client minus the bank charges.
3. The purpose of our business relationship
You have chosen to become a Mardica Customer in terms for trading in and storing gold, silver bullion and currency. You expect to enjoy efficient and substantially automated service, and pay competitive levels of commission and competitive levels of custody charges by comparison with alternate mechanisms for buying, holding and selling gold and silver bullion. In order to deliver against your expectations, Mardica offers a service designed for high levels of automation across the internet and expects to earn a profit from the commissions and custody fees it charges.
4. Data about you
To provide the service Mardica needs to retain on its computers information about you and you permit Mardica to do so. Mardica undertakes not to disclose data about you to third parties except:
5. Use of Cookies
Mardica uses cookies. By using our websites and applications, you consent to the use of cookies in accordance with the terms of our policy.
6. Recording the source of your incoming money
Where supplied by your bank on your incoming payment you permit Mardica to both record your banking details and to check them against identity documents you submit.
7. Identifying yourself
You undertake to identify yourself upon registration for your account, and according to the identity verification procedures required by Mardica.
You authorize Mardica to make such enquiries as it may feel necessary to satisfy itself about the validity of your identity.
You undertake to provide a minimum of one accepted form of government issued photographic identity.
You understand and accept that where an ownership interest is shared you may be required to provide additional photographic identities of the sharing owners, and/or institutional documentation – for example copies of trust deeds, or incorporation documents.
You undertake to provide clear evidence of the single bank account from which your Mardica deposits originate and to which your money will be returned. This evidence, which will usually be visible on the top page of your bank statement, will detail:
...and for accounts outside of the USA and UK:
You accept that your documents should be written in English, or any other language that Mardica actively supports. Where this is not so you undertake to provide certified translations along with your documents, at your expense.
8. Power Capital Financial Trading Limited Custodian for Mardica funds
Your funds will be held in safe custody by Power Capital Financial Trading Ltd. PCFT receives and holds your funds in each nominated currency in a customer segregated accounts. PCFT is authorized and regulated by the Financial Conduct Authority to hold client monies.
9. Setting your linked bank account
By comparing the details you submit with the details submitted by your bank on your funds transfer to Mardica, we will set your linked bank account, and email you that we have done so. You are responsible for checking the details, and notifying Mardica immediately if the details are incorrect.
Mardica will always present to you the current details of your linked bank account at the time you request a funds withdrawal, which you will do via a logged-in session on the Mardica website. When you accept those bank account details you agree that you are requiring Mardica to remit the funds you withdraw to your linked bank account. Mardica will not be responsible for any loss where you have accepted the banking details presented to you and they have turned out to be incorrect.
10. Modifying your linked bank account
Ordinarily your Mardica account will be permanently associated with your linked bank account. However your link may be changed should your bank fail, or for other reasons.
Your formal request to change your linked bank account will be accepted only via a logged-in session on the Mardica website.
Where you seek a change to your linked bank account you accept that your new bankers, or an alternative and qualified professional, who can be contacted by Mardica, will be required by Mardica to endorse the continuity of your identity by agreeing to send us a standard letter, the text of which we will provide you with – on request – when you contact us.
Where you request a change to your linked bank account, you accept that the new bank account must be held in exactly the same name(s) as the old bank account.
Where you change your name you will re-validate your old linked bank account on your new name. You accept that Mardica cannot accept a simultaneous change of name and a change of bank account number.
Mardica undertakes to acknowledge a change to your linked bank account, via email, to your registered email address.
Where Mardica operates according to these above procedures you accept that it has applied an appropriate degree of diligence and care with regard to such changes. A failure by Mardica to operate according to these above procedures controlling changes in your linked bank account, and resulting in subsequent loss to you, is the financial responsibility of Mardica, subject to the provisions of these Terms and Conditions.
You accept that Mardica is entitled to charge you an administration cost for changing your linked bank account, according to its published Tariff.
Where these procedures cannot for any reason be met but where, for whatever reason, your original linked bank account cannot be used for the return of your money from Mardica, then Mardica is entitled to use an appropriate process and/or seek appropriate insurance cover against identity fraud, all at your expense. Under these circumstances Mardica is also entitled to charge you on a time and materials basis according to the published Tariff.
11. If you fail to validate your account
You understand and accept that Mardica will ordinarily refuse to pay monies requested for withdrawal from an un-validated account. You understand and accept that a persistent failure by you to validate your account, after having received reminders, may incur penalty charges. Mardica acknowledges that no such penalty charge will be applied where it is clear you are making a genuine effort to validate your account, but are being prevented from doing so by circumstances beyond your reasonable control.
You understand and accept that were you to fail to validate your account in suspicious circumstances then Mardica would be legally obliged to notify anti-money-laundering authorities, without notifying you.
You hereby indemnify and keep indemnified Mardica against any and all losses and costs which arise out of your failure to identify yourself and validate your account promptly.
12. Your Mardica MasterCard
Mardica cards will be issued according to the jurisdiction of the account holder. We currently have two card programs.
Mardica Card is issued by Mardica pursuant to a license from MasterCard International Incorporated. Mardica is regulated and authorised by the Mardica, Mardica. Registered Office: MardicaX. Registered No. Mardica. At all times the card remains the property of Mardica.
This Agreement and all communications between us and you shall be in the English language.
In some cases, the Mardica Gold MasterCard will be distributed by one of our commercial partners. Whilst our commercial partner may distribute the card, this agreement is separate and distinct from any agreement you may have with our commercial partner.
13. Cards
The Mardica card is a Mardica card which may be used to access your gold and pay for goods and services at participating retailers that accept MasterCard. It is designed for use in shops and retail locations where you are physically present and for online purchases. Like any payment card, we cannot guarantee that a particular retailer will accept the card – please check with the retailer before attempting the transaction if you are unsure. The card is an electronic money (“e-money”) product, regulated in the country of issue. It is a debit card not a credit card and is loaded from your gold account. You must ensure that you have sufficient gold in your account when sold at today’s market rate to load the card in order to pay for each purchase, payment or cash withdrawal using the card. The card gives you access to the value of your gold and is intended for use as a means of payment.
When you receive your card, it will be issued to you in an inactive state. You will need to activate in accordance with the cards Terms and conditions.. If you don’t activate your Card, any transactions that you attempt to carry out may be declined.
14. Customer Services
Our Customer Services team are normally available Mardica to Mardica Monday to Friday. Our Customer Services helpline is available XX hours Monday to Sunday. During these hours we will endeavour to resolve all enquiries immediately, however please note that certain types of enquiry can only be resolved during normal business opening hours. You can contact our Customer Services team by the following methods:
Our business opening hours are Mardica to Mardica, Xam to Xpm. Correspondence received after the close of business on a particular day will be treated as having arrived on the following business day.
If you are not satisfied with any element of the service you receive, any complaints should also be made to our Customer Services team using the contact details above. Calls may be monitored or recorded.
If, having exhausted our complaints procedure, you remain unhappy, you may complain to the Financial Ombudsman Service, South Quay Plaza, 183 Marsh Wall, London E14 9SR, United Kingdom, e-mail complaint.info@financial-ombudsman.org.uk, web www.financial-ombudsman.org.uk
15. Changes to these Terms and Conditions
These Terms and Conditions may be changed or amended by us at any time for legal, regulatory, commercial or security reasons or to enable the proper delivery of or to improve the delivery of the card scheme.
If any changes are made they will be publicised on our website X months before the changes take effect (unless the law requires or permits us to make a more immediate change or in the event of a change to the exchange rate). Copies of the most up-to-date version of the Terms and Conditions will be made available on our website at all times and will be available on request.
It is your responsibility to check the website regularly for changes to our Terms and Conditions. We will assume that you have done so, and will be entitled to assume you have accepted any changes to these Terms and Conditions if you have not notified us that you do not accept the change prior to the date the change takes effect and continue to use the card. If you do not accept a change, you may end this Agreement.
16. Law and Courts
The laws of England apply to these Terms and Conditions and to our dealings with you and you and will be subject to the jurisdiction of the courts of England.
17. Assignment
We may assign the benefit and burden of this Agreement to another company at any time by giving you 2 months’ notice of this. If we do this, your rights will not be affected
18. Contact Details
Mardica maintains contact details for you at an email address and optionally at:
You accept a duty to keep your contact details held by Mardica up to date and accurate, which you can do via the website. Mardica is entitled to rely on the accuracy of the contact details supplied.
Mardica accepts an obligation to notify changes to your contact details to your contact email address, and a further obligation to notify changes to your contact email address itself to both your old and new contact email addresses.
You accept that your failure to maintain your contact details correctly may negate some of the protections you seek in Mardica. You hereby indemnify and keep indemnified Mardica against losses which arise out of your failure to maintain your contact details correctly.
19. What details of your activity are publicly visible?
In the interest of transparency and good marketplace practice certain information is made freely available to users:
20. Security
Passwords
Your personal and financial data held at Mardica are protected from unauthorized access by a password and other access data which you have a duty to keep secret.
You accept that in order to provide reliable customer access Mardica must have a robust procedure for re-issuing forgotten passwords. You accept the details of this password reset process.
You accept that the re-issue of a password entitles Mardica to suspend your right to immediate withdrawal for a period not exceeding six weeks.
21. Communication between us
You accept that the primary means of communication with Mardica is via the Internet.
22. Transmissions
You accept that during a logged-in session on Mardica all data which pass between you and Mardica, in either direction, are passed across the internet using the https protocol, which incorporates a level of security widely accepted as offering extremely reliable privacy and accuracy in data transmission.
23. Email
You accept that Mardica will send off-line information to you by email, including – but not limited to – acknowledgements of changes to your key account settings, login notifications, order confirmations, execution advices, contracts, monthly statements, and changes to Terms and Conditions. You may not unsubscribe from emails relating to your account and its administration. Mardica may also send you general information regarding updates to its products and services. You may unsubscribe from these general updates by following the instructions included in such emails. The Mardica system records all outward email transmissions.
It is your responsibility to ensure that you have a reliable email service provider that allows messages from Mardica and properly displays them to you in a timely fashion.
Mardica is entitled to rely on your receipt and acceptance of the content of an email if within 3 calendar days of the transmission no response from you has been received by Mardica.
In the event that you communicate an issue with content of an Mardica email after this date any resolution will be considered in the context of the delay, which you accept may have a bearing on the value of any resolution proposed either by Mardica management, or through complaints arbitration.
You understand and accept that email is not encrypted and that it operates with a similar degree of privacy as physical post, in that a network engineer, like a postman, has the ability to see email and attachments if he chooses to open your mail. You accept and understand that easily comprehended open format feedback to a known and used address is appropriate for reporting your completed business to you, off-line, and after the event.
24. SMS
Mardica may use voice or SMS on mobile phones as a means of contacting you rapidly.
Mardica is entitled to rely on your receipt and acceptance of the content of SMS communications if within five minutes of the transmission no rejection of the information has been received by PCFT. Mardica is entitled to rely in this regard on the accuracy of its own transmission records when backed up by the independent confirmation of its telecommunications provider's records.
Mardica is responsible for initiating SMS messages correctly according to the settings on your account, and ensuring that they are received by its SMS technology provider. But Mardica is not responsible for losses you may incur as a result of an SMS message not being delivered in circumstances beyond Mardica’s direct control. This might occur if your mobile phone was switched off, or was operating in a zone or on a service technology which was not reachable via the SMS technology providers employed by Mardica.
If your account diminishes in size below a level at which it is reasonable to communicate via SMS then Mardica reserves the right to suspend SMS outputs.
25. Mail
Mardica may send information to you by mail to your address on Mardica records. Mardica is entitled to rely on your receipt and acceptance of the content of posted communications if within 7 calendar days of the communication being sent no rejection of the information by you has been received by Mardica.
If your account diminishes in size below a level at which it is reasonable to communicate via the mail then Mardica reserves the right to suspend posted outputs.
26. Special measures for your extra protection
Account feedback
You are entitled to rely on Mardica sending you emails in confirmation of any changes to the contact details, and the linked bank account settings on your Mardica account.
A failure by Mardica in these obligations, and resulting in loss to you, is the financial responsibility of Mardica, subject to the provisions of these Terms and Conditions.
27. Care of your money - Custodian
Pooled Accounts
You accept that PCFT is authorized and regulated by the Financial Conduct Authority is acting as Custodian to look after your cash and gold balances. PCFT operates through customer segregated accounts with the banks which it does banking transactions.
The Custodian accepts a duty to place funds received from you directly into segregated client accounts maintained for multiple currencies at the bank for the express purpose of pooling un-invested Mardica customer money.
PCFT confirms that the bank has acknowledged and accepted in writing that the money on Mardica’s Client Accounts is held by PCFT as trustee. The bank has further acknowledged and accepted that it is not entitled to combine these accounts, or to exercise any right of set off or counterclaim against money in this account in respect of any money owed to the bank on any other PCFT account.
On your behalf PCFT is permitted to manage your money on the segregated client account exclusively for the following purposes:
Mardica undertakes to maintain at all times within the segregated client account sufficient funds to pay back the gross credit balances of all Mardica Customers, and to have that money held at call for return, if required, within one business day.
Mardica undertakes to operate robust internal controls such that payments of Customer money at withdrawal get authorized only when at least 2 senior officers of PCFT have inspected and approved the payment instructions.
The client account statement from the bank shall be fully reconciled to Mardica 's own records every London banking day, and so far as is practicable the reconciliation shall be published on that day on the Mardica website and shall be accessible via the DAILY AUDIT link on Mardica 's front page.
You acknowledge that the Custodian is entitled to act in good faith according to instructions given by Mardica’s officers.
You accept and acknowledge that interest is not payable to you on any uninvested cash balance held in your Mardica account.
28. Acceptable ways of making deposits
You agree to fund your Mardica account from your linked bank account or by personal debit card associated with your bank account.
Your money deposits are acceptable only through recognized banking channels which may change from time to time according to the details on Mardica’s website.
Whether depositing through a physical paper transaction, or by electronic transfer, you understand that your bank will be expected to identify standard banking data on each incoming payment to Mardica including (i) your bank name (ii) your branch identifying code, (iii) your account name (iv) your bank account number and (v) your Mardica user name (as the payment reference).
You accept that a failure by your bank to identify the source of your money may delay your Mardica account being credited. Then PCFT will place your money safely in suspense, pending your contact with us, at which time your advice of the correct remittance details will cause the money to be placed directly into your Mardica account where it will be capable of being used to buy bullion immediately.
You accept that where you have provided us with necessary details independently of the actual bank transfer on which your money was received Mardica is entitled to suspend your right to immediate withdrawal for a period not exceeding 60 days.
29. Your deposit and your linked bank account
You agree that you will not merge funds belonging to different parties within a single Mardica account.
You agree that you will not deposit in any way which obscures the source of your funds. For example, you will not deposit cash, bankers' drafts or make anonymous/unreferenced credits at a counter. All your deposits must come from a clearly identifiable source.
You accept that where Mardica is not satisfied about the source of funds it may return the funds, where possible, via the procedures of the banking system, to the source. Whenever this occurs you accept that Mardica is entitled to apply a fee according to the published Tariff for a return of deposits from a bank account which has not been validated as yours.
Nevertheless PCFT may exercise its discretion to allow the funds to be applied to your Mardica account, provided it is our reasonable belief, supported by evidence you provide, that the deposit has come from you. PCFT may also seek additional information concerning the deposit's source, which you agree to provide.
You hereby indemnify and keep indemnified Mardica against any and all losses which arise out of your failure to fund your Mardica account directly and identifiably from your linked bank account.
30. Reversible international deposits
Mardica recommends that wherever possible you deposit funds by wire.
Where you do not fund by wire (for example, where you deposit by check, by BillPay, or by e-check from the USA) you acknowledge that PCFT may apply special security procedures before processing any subsequent withdrawal request.
Under some jurisdictions (e.g. in the USA) there is a right to repudiation by your bank of a fraudulent check debited to your bank account. Instead of accepting the loss itself your bank transmits the cost internationally, in this case to PCFT, exercising a unilateral right to debit Mardica 's bank accounts with funds previously paid to us by check, and duly cleared. This right does not apply to funds remitted to us by wire, because you and your bank are deemed sufficiently protected from fraud when using wire transfers.
Accordingly if you have deposited money in Mardica by a method on which this repudiation right applies, and if you seek to withdraw within the period of possible repudiation (e.g. 60 days from the USA), then we will require formal notice from your bankers that your earlier deposit will not be repudiated. You will therefore be required to provide details to us of a named staff member at your bank who can provide this notice. Otherwise you accept that the repudiation delay will expire before you will be allowed to withdraw.
You accept that Mardica is entitled to charge according to the published Tariff for contacting your bank in these circumstances.
31. Unidentifiable deposits
Where we are unable to identify the Mardica account to be credited, and it is not possible to return the funds to their source, client funds remaining in our suspense account for a period of 5 years or more may – at PCFT's discretion – be accumulated and irrevocably contributed in a single payment to a recognized children's charity, on Customers' joint behalf.
32. Withdrawing your money
Subject to your previous and correct verification of your identity, and to the irrevocable clearance of your deposited funds, you may make withdrawals of your available money balance to your linked bank account.
You undertake to re-check the details of your linked bank account presented to you as you make your withdrawal request during a logged-in session, and you undertake to confirm your withdrawal only if you are satisfied with the linked bank details presented to you. Provided that it is satisfied with the security of your withdrawal request Mardica will instruct PCFT to remit funds to your linked bank account via SWIFT (international), CHAPS, BACS or other banking system generally considered appropriate to the payment.
Mardica is entitled to subtract bank transfer costs from the sum to be remitted.
If your withdrawn funds are to be received outside the UK and your bank is not itself a SWIFT participant you accept that a correspondent bank – being a bank in your country which receives money via the international SWIFT transfer system, and which routes it to your bank – may deduct from the money sent a fee consistent with normal international banking practice.
You accept that Mardica may need to perform additional security checks and there may be some delay prior to sending you your money. Any delay will depend both on the recent operation of your Mardica account and on other circumstances of the withdrawal. Where your Mardica account was promptly validated, and where your linked bank account has been long-standing and stable, you have the right to expect your money to leave the Mardica Client Custody account by the end of the business day following a request for payment received before midnight GMT.
33. How we treat small cash balances
Because of the cost of bank-to-bank transfers, Mardica will not pay residual account balances of less than $100 or other currency equivalent.
Ordinarily sums below this threshold will be retained for account re-activation except that after an account has been empty of bullion and inactive for 2 years or more and remained beneath a currency equivalent balance of $20, this small balance may – at Mardica's discretion – be accumulated and irrevocably contributed in a single payment to a recognized children's charity, on Customers' joint behalf. Mardica may then close the account.
Where a small balance arises from an Mardica promotion, and the account has neither been funded nor had the account holder's identity verified according to Mardica's identity verification procedure, then after any period of inactivity exceeding 3 months the balance may be returned to Mardica's own resources as an unclaimed promotion.
Mardica reserves the right to claim back promotional balances where it reasonably believes the account has been set up to abuse the promotion.
34. Unsettled charges
If you retain a bullion balance but do not have a sufficient available money balance to settle your custody charges accrued, then Mardica has the right to redeem its entitlement by a sale of your bullion but only to the extent needed, and to the nearest gram of bullion.
Mardica accepts a duty to inform you by email a minimum of 7 days prior to selling your bullion for this reason. Provided you remit sufficient funds in the intervening period Mardica will not sell any of your bullion.
If you withdraw an amount while you have unsettled charges, Mardica is entitled to deduct from the amount withdrawn the amount of the outstanding charges.
Where unsettled charges exceed the value of holdings within an account then subject to providing you with 7 days’ notice Mardica has the right to sell any remaining bullion and close the account.
35. Account suspension and closure
Where Mardica reasonably believes your security or the security of Mardica is at risk, it reserves the right to suspend or close any account without prior warning, but never to the extent that it would amount to an expropriation of your property.
36. Confidentiality, money laundering, and the linked bank account
Mardica is designed to be a very secure home for legally acquired wealth. It is not a useful or secure resource for money launderers.
For reasons relating to both security and anti-money-laundering legislation Mardica requires deposits to come from a single bank account, or, after prior approval by Mardica when the account was first set up, from a second bank account listed under identical name(s) and address as the linked bank account.
For reasons relating both to security and anti-money-laundering legislation Mardica will monitor and when required obtain supporting information for the exit of funds.
Mardica recognises your right to confidentiality where your identity has been validated. However where for whatever reason Mardica becomes suspicious of an attempt at money laundering Mardica actively assists the appropriate authorities in their efforts to detect it. Mardica also keeps comprehensive records of cash and bullion dealing activity in order to assist the authorities in this regard.
37. Care of your bullion
Form and location
You are entitled to expect that Mardica takes assayed bullion bars as good delivery from recognized market professionals, and according to the practices which exist in the local market.
Bullion which you buy through Mardica remains in the location which was selected by you on your order.
This bullion is held as weighed and numbered bars in a form generally acceptable in settlement of local bullion markets sales.
Gold bars constitute investment gold bullion (as defined by UK Customs and Excise 701/21) being not less than 99.5% purity and of a weight and manufacturer accepted by the bullion markets.
Mardica accounting units of gold, in line with standard bullion-market practice, are expressed in fine gold content. The fine gold content of each bar is its weight multiplied by its purity. The resulting units of gold applied on your Mardica account are LBMA good delivery of not less than 99.5% pure gold, and are denominated in kilograms and grams.
Silver bars are not less than 99.9% pure and of a weight and manufacturer accepted by the bullion markets.
Mardica accounting units of silver, in line with standard bullion-market practice, are expressed in gross weight, not fine. They are denominated in kilograms and grams.
Warranted bullion content
Mardica warrants that:
Any breach of this warranty shall be remedied by Mardica itself arranging a replacement through the procedures of the professional bullion markets, or, failing that, by replacing any shortfall, or substandard material out of its own funds.
38. Vault Operators
A Vault Operator is a professional organization of the highest reputation which is in the business of managing the receipt, storage and re-delivery of bullion bars according to the practices of a local professional bullion market.
You accept the Vault Operator(s) engaged by Mardica for each metal and storage location.
Each Vault Operator has warranted to Mardica that its status within the bullion industry permits bullion stored within its vaults to retain the high levels of integrity expected by the professional bullion market.
39. Your bullion is held as a bailment
Your bullion is held in vaults controlled by each Vault Operator pursuant to a Storage Agreement (the "Storage Agreement") executed between Mardica’s Custodian and each Vault Operator.
In each Storage Agreement, the Vault Operator acknowledges that your bullion is the subject of a bailment.
Mardica undertakes to pay fees to the Vault Operator on your behalf to cover the costs of storage and insurance of your bullion, and thereby evidence the bailment nature of the storage service provided by the Vault Operator.
Mardica confirms that your bullion safekeeping is structured as a bailment for the purpose of arranging the strongest and simplest legal protection for your bullion within a professional bullion vault, and for no other reason.
40. Bailments in Mardica
You agree that when your purchase of bullion is transacted within the Mardica system, the bullion purchased is to be delivered by the seller within the Vault Operator’s premises, so as to become a bailment of your property, according to your instructions submitted exclusively to Mardica.
From that point forward the Vault Operator has agreed to act as physical custodian of your bullion until the bailment is terminated at your instruction, again submitted exclusively via PCFT/Mardica.
You agree that when your sale of bullion is transacted within the Mardica system, the bullion sold is to be delivered to the buyer, within the Vault Operator’s premises, on your behalf, terminating your bailment to the extent sold, as per your instructions submitted exclusively to Mardica/PCFT.
You agree that the record keeping of the creation and termination of the bailment is to be performed by Mardica according to these Terms and Conditions, while the bullion rests throughout with the Vault Operator.
You acknowledge that your ownership does not necessarily relate to a specific bar but to a specific quantity of bullion in a specific vault. Mardica acknowledges that the bullion you own exists, is in the vault, is yours, and that being physical it is ultimately capable of being sub-divided into measurable amounts of material which you could take into your possession, subject to paying the physical withdrawal fee according to the Tariff.
41. Your right of individual bar ownership
Mardica allows you to own specific whole bars of gold or silver outright.
When you have within one vault an available balance of gold or silver which matches or exceeds in fine gold or gross silver content the smallest unreserved gold or silver bar in that vault, then you may elect to have individual bar(s) reserved exclusively to you as your property.
You will undertake the reservation process online. When you do so the specific bar(s) you select becomes your property.
The bar you own in this way will be eliminated from the pool of liquidity on Mardica – meaning no-one, including you, can sell it while it is reserved.
You may pledge the reserved gold to a financial institution as collateral against a loan.
You will be able to release this bar, which you will again be able to do online, and thereafter you will be able to sell it through the Mardica system after the lien from the financial institution has been removed
You accept the charges applied for individual bar ownership according to the published Tariff.
42. Mardica's Storage Agreement(s) with the Vault Operator(s)
You authorize Mardica to act as your agent for arranging custody of your bullion through PCFT with the relevant Vault Operator. Mardica confirms to you that in each "Storage Agreement" it is acknowledged by the Vault Operator that the bullion stored under the agreement is allocated and is the property of PCFT/Mardica Clients.
Mardica confirms to you that in each "Storage Agreement" it is acknowledged by the Vault Operator that this allocated gold and silver shall be specifically identified, and physically segregated at all times.
Mardica/PCFT confirms to you that in each "Storage Agreement" the Vault Operator accepts responsibility for the bullion from the time of full custody and control of the consignment, through transportation and storage, until the custody and control has been relinquished by the Vault Operator to a third party, according to PCFT's instructions for making a withdrawal.
Mardica/PCFT confirms to you that in each "Storage Agreement" the Vault Operator undertakes that prior to executing any authorized withdrawal of bullion from a vault, the Vault Operator will, independently of the Custodian, satisfy itself:
(i) that Mardica has publicised the withdrawal on the
Mardica website; and
(ii) that the holder identified has a sufficient
gold or silver balance according to the website's Daily Audit;
and
(iii) that, for gold, the withdrawal does not cause more than
both 25 kilograms and 5% of the gold in the vault to be withdrawn on
any one day;
(iv) that, for silver, the withdrawal does not cause
more than both 1 tonne and 5% of the silver in the vault to be
withdrawn on any one day.
Mardica/PCFT confirms to you that a minimum of 12 months’ notice from a Vault Operator is required to terminate the "Storage Agreement". In the event that such notice has been received by Mardica/PCFT, and if no alternate storage solution has been put in place in the intervening period, then a minimum of 3 months prior to the termination of the storage service Mardica undertakes to inform you of the situation, thereby allowing you such time as you may need to arrange an alternate mechanism for owning and storing your bullion.
Mardica /PCFT undertakes that your bullion will not be subject to any kind of lending, collateral, hypothecation, or derivative transaction of any type and will remain your property in the safekeeping the Vault Operator(s) until sold or withdrawn according to your instructions received via Mardica/PCFT.
43. Insurance
Mardica undertakes to ensure your bullion is insured against theft and damage according to the accepted insurance standards of the bullion industry, and at a cost which is included in the charge you pay to Mardica in respect of custody of your bullion.
Mardica/PCFT confirms to you that in each "Storage Agreement" the Vault Operator undertakes to provide documentary Evidence of Insurance.
Mardica undertakes to you to make available the Evidence of Insurance for each Vault Operator to be viewable on Mardica's website by Mardica Clients who have an interest in the insurance cover provided.
44. Ownership records
Mardica maintains the master copy of ownership records. Mardica agrees with you that in so far as they relate to you these records shall only be modified upon the execution of your valid instructions, made according to these Terms and Conditions.
Mardica ensures that at least two widely separated data storage sites receive duplicates of the full Mardica database.
45. How we treat small bullion balances
Where a small bullion balance arises from an Mardica promotion, and the account has neither been funded nor had the account holder's identity verified according to Mardica's verification procedure, then after any period of inactivity exceeding 3 months the balance may be returned to Mardica's own resources as an unclaimed promotion.
Mardica reserves the right to claim back promotional balances where it is believed that the account has been set up to abuse the promotion. Mardica reserves the right to stop a promotion at any time and without prior warning.
46. Your right to trade on local bullion markets
Where your cash balance or bullion holding enables you to settle either:
On the local bullion market, you have a right to trade gold directly on the local professional spot bullion market, but only via bullion dealers which Mardica itself has a regular dealing relationship with.
The local good delivery unit for gold is usually a 400 troy oz bar (about 12.441 kg).
The local good delivery unit for silver in London is usually a 1,000 troy oz bar and they are processed on sealed pallets of usually 32 bars, being approximately one tonne.
If you use this right you will pay Mardica's normal commission rates, and the Armoured Transportation fee according to our published Tariff.
Where you elect to take up this right Mardica will act as your agent in the transaction.
To exercise this right you will need to contact Mardica directly by telephone during London office hours and you will be provided with the prevailing details of the procedure.
47. Your right of withdrawal
You have a right of withdrawal of your gold and silver from Mardica, but you acknowledge Mardica is not designed primarily as a service for those who wish to take physical possession of bullion.
Your wish to withdraw gold will be accommodated only for quantities above 50 grams and in the form of whole numbers of appropriate gold bars of varying sizes and of generally accepted gold bullion coins to be selected at Mardica's discretion.
Your wish to withdraw silver will be accommodated only in the form of whole numbers of 1,000 troy oz bars.
You understand and accept that Mardica charges withdrawal fees according to its published Tariff.
By using standard bullion products of its choice Mardica undertakes to meet your withdrawal request to the nearest 10 grams, and to debit your Mardica account to the nearest gram of the actual delivery made. It further undertakes that to the extent that rounding in whole grams favours either party, through the acquisition or disposal of partial grams of gold or silver, Mardica will adjust the monetary balance on your account to within $2 of the value of the partial gram so acquired or disposed.
To make physical withdrawals you will be required to provide reliable forms of identification and may in addition be required to indemnify Mardica against identity fraud through the purchase of appropriate insurance.
You understand that you cannot claim withdrawal directly from a Vault Operator. Your right to withdrawal is to be effected through Mardica/PCFT who have the means and responsibility for identifying you reliably. Depending upon the quantity withdrawn you may be required to identify a local bank or equivalent institution to which your bullion can be delivered.
Upon withdrawing bullion you accept that you may lose anonymity where these transactions are monitored by appropriate authorities.
Upon withdrawing bullion you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit Mardica to deduct those taxes appropriately.
48. Your right of transfer to an alternate vault
Where international law permits it you have a right of transfer of bullion within Mardica from one vault location to another, but only in the form of entire and appropriate bars. Transfers of this kind are performed through accredited bullion couriers. Vault and courier charges are variable, are payable by you, and can be quoted at the time.
If it is not possible for transferred bars from one location to be accepted as good delivery in the alternate location of your choice there may be additional charges to cover either the selling of your bullion and its replacement with a locally acceptable form, or its refining and manufacture into a locally acceptable form.
Upon transferring bullion you accept that you may lose anonymity where these transactions are monitored by appropriate authorities.
Upon transferring bullion you accept that you may become liable to taxes which you would otherwise not become liable to, and you permit Mardica to deduct those taxes appropriately.
You accept the charges as stated.
Procedures for bullion withdrawal from a vault
Mardica/PCFT accepts responsibility for implementing security procedures which prevent the unauthorized removal of bullion from a vault.
Excepting only duly authorized shipments to another Mardica storage location – such as might be requested by customers in response to an international crisis – Mardica undertakes that on no single day shall any amount exceeding both 25 kilograms and 5% of the gold, or 1 tonne and 5% of the silver vaulted at a Mardica location be authorized for removal.
Where from time to time Mardica/PCFT needs to authorize removal of up to 25 kilograms or 5% (whichever is the larger) of gold from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of its website at http://www.auxonline.com and it shall link conspicuously to details explaining both the quantity of gold due to be removed and the published nickname of the user(s) whose gold is to be removed.
Where from time to time Mardica needs to authorize removal of up to 1 tonne or 5% (whichever is the larger) of silver from a given vault, for example to settle a main market sale, it accepts an obligation openly to declare the fact on the front page of its website at http://www.auxonline.com and it shall link conspicuously to details explaining both the quantity of silver due to be removed and the published nickname of the user(s) whose silver is to be removed.
These public notices shall appear not later than the business day before removal is scheduled and shall remain visible to all visitors of the Mardica website until the bullion has been delivered out of the vault.
The declaration is an obligation on Mardica/PCFT known to each Vault Operator and Mardica/PCFT confirms that each of the Vault Operators is contractually bound to check adherence to the publication of the withdrawal declaration when clearing gold or silver for withdrawal.
The withdrawing customer having been publicly identified by nickname Mardica undertakes to ensure that this customer has sufficient bullion to cover the withdrawal – as publicly evidenced on the Daily Audit.
Checking that the customer has sufficient bullion is an obligation on Mardica/PCFT known to each Vault Operator and Mardica/PCFT confirms that each Vault Operator is also contractually bound independently to check that the nicknamed investor has sufficient bullion to cover the withdrawal, according to Mardica's published Daily Audit.
49. How your orders are processed
You acknowledge your competence to trade having read and understood relevant aspects of the operation of the Mardica system from the online help system accessed from http://www.auxonline.com
You understand that you may enter orders to buy and sell bullion on the Mardica Order Board, at quantities, prices and physical locations under your control, but only when having sufficient resources already at Mardica to effect immediate settlement. You understand that you may enter orders to buy or sell at the London Fix at quantities or values under your control, but only when having sufficient resources already at Mardica at the time the order is submitted.
You agree that your orders are to be submitted to Mardica's servers by yourself via the internet.
50. Order validation
Mardica will ordinarily accept your orders to buy bullion in any vault offered for that metal, provided the purchase limit price is specified in a currency in which you have sufficient available funds to settle the entire purchase.
Mardica will ordinarily accept your orders to sell bullion from a given vault for any currency offered, provided the quantity specified is currently stored and available on your behalf in the vault specified.
Mardica accepts your orders within 10% above and below prices broadly consistent with current market prices.
If your order does not comply with the terms of the order type, or one or more of the above conditions are not met your order will be rejected.
51. Order matching
Order board
Your Order Board orders on Mardica are always limited as to price. Purchase limits place a maximum buying price on your purchase orders. Sale limits place a minimum selling price on your selling orders.
Your orders are also limited as to quantity of bullion (measured in kilograms).
On receipt of your order the Mardica system automatically attempts to match the order with another customer's prior and opposing order denominated in the same currency and location, and subject to both customers' limits. The system will trade at the most attractive prices for your new order, achieving lowest possible price within the limit for purchases, and highest possible price above the limit for sales.
Any pre-existing order posted on the Order Board against which a new order is matched will achieve exactly its limit price.
To the extent that an order can be executed against pre-existing limit orders posted by other Mardica users the order is executed immediately, and to as great an extent as possible (i.e. the smaller quantity of the two orders) before any other order received subsequently is processed. To the extent that it cannot be executed it may – at your request – be itself posted as a limit order on the Mardica Order Board until it expires through age, cancellation or otherwise.
Your order ranks behind all valid limits past or future which offer a more attractive price. It ranks ahead of all valid orders past or future which offer a less attractive price. It ranks behind all valid orders at the same price, received by Mardica before it, and ahead of all valid orders at the same price received by Mardica after it.
52. Order removal
Order board
You have the right at any time to transmit a request to remove an unexecuted element of any open order you placed on the Order Board. Upon receipt Mardica must respond by removing your order such that it will not match with any subsequently received order.
You understand and accept that where another user has entered an opposing and matchable order instruction, which arrived at Mardica before your request for removal, then the match will occur, and to the extent that the match occurred your order will have matched and will not be capable of removal, although any remaining open element of the order will be removed.
Mardica may at its discretion remove from the Order Board your unexecuted purchase and sale orders where they are both (i) older than one week and (ii) where they are limited at prices which for sales exceed 110% of the prevailing price of bullion, or which for purchases are less than 90% of the prevailing price of bullion.
Where Mardica removes your orders from the Order Board it accepts an obligation to send an email to your registered email address.
53. Dealing Advice and Contract
Mardica will acknowledge executed orders and parts thereof to you via email shortly after each execution occurs.
The completion of an order – either through deal executions or order cancellation when only part executed – will result in Mardica sending you, via email, a formal contract after settlement in respect of the complete amounts traded as a result of the original order.
54. Settlement
Order Board Trades
You authorise Mardica to accept your Order Board order as an instruction to settle immediately in the event that your order executes, whether in whole or in part. Mardica accepts full responsibility for the ability of executed orders to settle. It stands as guarantor behind any purchase that the seller is able to deliver bullion to the purchaser in the quantity purchased. It stands as guarantor behind any sale that the purchaser is able to pay currency to the seller for the consideration of the sale.
Settlement of an Mardica Order Board transaction happens instantaneously at the point of trade.
The inward delivery of bullion for a buying customer is always matched exactly with a simultaneous but opposite outward delivery of bullion for a selling customer. No material changes arise at the vault as a result of instantaneous settlement of your bullion trade.
All Trades
Upon settlement a buyer receives and becomes the owner of bullion and a seller is credited with money held in trust, net of trading expenses. Similarly a buyer is debited with money previously held in trust, net of expenses, and a seller makes delivery of bullion.
The delivery of bullion in settlement is effected by book entry within the Mardica system. Your resulting bullion custody balance represents outright ownership of bullion held at the relevant vault.
Mardica instructs each Vault Operator in Mardica's capacity as your agent.
The payment of money is effected by book entry within the Mardica system. Your resulting Mardica money balance represents your currency assets of segregated Client money held at the relevant bank in trust.
Mardica instructs the bank in Mardica's capacity as your agent.
Mardica guarantees that the settlement of funds occurs simultaneously with the delivery of bullion.
Your overall balance is composed as the sum of your custody balance and your unsettled balance. An overall balance is maintained for each of the currencies and classes of Bullion you hold.
Your settled balance of Bullion is held for you in custody by the Vault Operator. Your settled balance of cash is held for you in trust by the bank.
Your unsettled balance is applied to your custody balance when your trade settles.
You can see your new custody bullion and trust money balances on the Mardica system immediately after settlement occurs.
Each business day Mardica undertakes, so far as is practicable, to publish online a full customer by customer reconciliation of bullion and money to the underlying currency statements from the bank, and bar lists from the vault, in both cases as at the close of business on the previous business day.
55. Risk Warnings
The following lists indicate such risks as Mardica considers material. It does not constitute a statement of all possible risks.
Risks which are not a Mardica responsibility
Gold and silver price movements — You are exposed to the risk of potential loss arising from a falling bullion price during the time in which you own bullion. This risk is not an Mardica responsibility.
Money politics — Governments and other agencies seeking currency stability, or for other reasons, might seek to constrain or tax the ownership of bullion to the disadvantage of its owners. Mardica provides for multiple locations from which you may choose one or more. The actuality or fear of government action might affect the value of bullion stored in a given location. This risk is not a Mardica responsibility.
Bank insolvency — Your cash balances at Mardica are held in custody in segregated accounts at a highly rated bank, but your money's safety is dependent on bank integrity. All banks are subject to possible failure. Depending on a number of factors in the event of bank failure you might be entitled to receive compensation from appropriate authorities, but the terms of such compensation are complex and the timescale for receiving compensation might be long. This risk is not a Mardica responsibility. [Note that when your money is used to buy bullion your exposure to bank insolvency ceases.]
Identity theft — If your Mardica account number and password are compromised, you are at risk of unauthorized access to your account. Any change of your account details would be acknowledged to you. Any withdrawal resulting from use of a compromised password would only be to your linked bank account. As a result the most serious risk arising from the theft of a password are (i) loss of privacy and (ii) the entering of mischief orders on Mardica – which would execute at market prices and thereby potentially switch you between bullion and money – or vice versa – at prevailing values but not according to your wishes. An attempt to bleed your account of value in favour of another account would be reversed whenever advised in reasonable time, and would of course lead to detection and prosecution of any criminal activity without gain. In these ways Mardica seeks to minimise the risks to you associated with identity theft but these are not an Mardica responsibility unless the breach of security can be shown to have occurred because of Mardica's error.
Liquidity risk — The risks associated with a lack of immediate liquidity are not an Mardica responsibility.
System availability — Mardica's computerized machinery, which is accessed by you across the Internet, might become inaccessible for periods of time. This could prevent you from executing a transaction which you would otherwise have made. This risk is not an Mardica responsibility.
Insurance exclusions — As your property your bullion is subject to insurance exclusions imposed by insurance underwriters in line with established insurance practice regarding the physical protection of your bullion. These excluded risks are presented on the evidence of insurance published on the Mardica site and include events like nuclear war. These risks are not an Mardica responsibility and are risks you undertake with respect to your bullion, except that no exclusion absolves Mardica in undertaking its correct duties of care in arranging the security of your property to levels considered commercially acceptable.
Force Majeure — The risks described under Force Majeure are not Mardica responsibilities.
Risks which are an Mardica responsibility
Mardica accepts it has duties of care with regard to aspects of risk to your property and undertakes to manage risks so as to contain them at minimal levels, consistent with best business practices.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Mardica accepts liability for failing in this duty.
Physical bullion theft — Your bullion could conceivably be stolen from a vault by determined thieves. It is the Vault Operator which accepts a duty to retain sufficient security measures, and to maintain cover against such an eventuality either in terms of its own resources or its insurance policies. Mardica/PCFT accepts a duty to regularly monitor the Vault Operator to ensure the maintenance of a limit sufficient to cover at least the value of the bullion stored.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Mardica accepts liability for failing in this duty.
Theft of Customer money — Money held in the segregated Client accounts could be illegally transmitted through the banking system by a determined thief, or thieves, operating within Mardica.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Mardica accepts liability for failing in this regard.
Mardica segregation management — A failure by Mardica's system to prevent a customer from over-purchasing beyond his cash balance, or over-selling beyond his bullion balance would render a segregated account temporarily incapable of meeting its obligations to other customers. All Mardica software is designed to eliminate this eventuality. Moreover Mardica checks its accounts daily for such eventualities. The risk of material loss is extremely small, because any such over-trading would be substantially offset by a surplus in the opposite segregated account.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Mardica accepts liability for failing in this duty.
Mardica record keeping — a risk in all business record keeping systems is that internal records may show a position which satisfies the organization's officers but does not represent the real world, and where the problems only come to light when it is too late. The risk rises with increasing complexity of transactions and the availability of credit, neither of which apply to Mardica. For all businesses the record keeping risk is statutorily addressed by annual audit. In addition Mardica controls its record set by voluntarily submitting its daily reconciliations of Customer property to public inspection on the web.
Subject to the provisions for Exclusions and Limits of liability in these Terms and Conditions Mardica accepts liability for failing in this duty.
Mardica insolvency — Unforeseen events could conceivably damage the financial strength of Mardica rendering it insolvent. The insolvency of Mardica would not affect your property rights with regard to money or bullion in an Mardica account, but it would be likely to create some inconvenience and delay for you in taking hold of that property.
Disastrous data loss — Mardica's system contains data in electronic form which could conceivably be lost in a widespread and catastrophic machinery failure. Mardica operates a redundant machinery policy which means that every component of its data storing capability is protected by both local and remote data duplication. The likelihood of a simultaneous loss of all data copies is extremely low. However, in addition to this the system sends an encrypted copy of full ownership records to remote data vaults identified to Mardica’s auditors, Custodian and Vault Operators, ensuring that data loss is a temporary inconvenience, not a disaster. Moreover you can save the published reconciliation of your property on your own computer, thereby duplicating that part of the records which relates to your own property.
56. In the event of your death or incapacity
In the event that you become incapacitated you permit Mardica to allow your account to be maintained on your behalf by your duly authorized attorney.
In the event of your death there are different procedures depending on the jurisdiction in which you die.
Mardica undertakes to process your Mardica account in accordance with the instructions of your authorised executors or administrators.
You permit Mardica to seek legal advice in the jurisdiction of your estate’s administration, at the expense of your account but limited to the relevant charges detailed in the Tariff.
57. API and trading robots
You agree to abide by terms for using the Mardica API. You acknowledge that these terms may be amended from time to time. Mardica reserves the unilateral right to suspend or switch off your access to the API and remove all orders should you be in breach of these terms.
Mardica takes no responsibility for the performance of any unofficial product making use of the API.
58. Affiliate Sales
Mardica runs an affiliate programme which allows Mardica clients to earn a portion of the commission charged on trades made by customers they have referred to us.
By becoming an affiliate, you consent to the Terms and Conditions of our referral programme.
59. Tariff
The prevailing Mardica Tariff is published on the Mardica website.
Charges are ordinarily settled out of your cash resources on Mardica. In the event that charges are outstanding because you have neither paid money in, nor raised cash by selling bullion, Mardica has the right to sell bullion to raise money sufficient to pay the charges.
60. System availability and downtime
The system is scheduled to operate continually except where planned software updates and maintenance is necessary, usually carried out on weekends. Mardica will always provide an advance warning notice via the website for planned downtime. There may also be planned service interruptions at other times where maintenance requires urgent action which cannot wait until a weekend. Such service interruptions will where possible be planned at times of lower public demand for the service.
Where service interruption is planned and you have an open order your order will ordinarily survive the service interruption.
When an unscheduled service interruption occurs and you have an open order your order will ordinarily survive. However, in some instances these orders may be removed at the resumption of the service and any un-traded element of the order will be treated as cancelled.
We will endeavour to keep you informed via email when you have open orders during a period of unscheduled service interruption, but you accept that the nature of the service interruption may make it impractical for us to do this.
You accept that service interruption is an unavoidable event on networked computers. You accept our terms for handling service interruption vis-a-vis your open orders. You understand that leaving a firm order on the Order Board can expose you to risks which are increased in the event of a service interruption, and you accept those risks.
External regulation of Mardica
Mardica is a Singapore Private Limited Company regulated by Singapore Law which covers well established Western principles of statutory property rights and statutory company law.
All customer monies and assets are held in custody by Power Capital Financial Trading (UK) Limited,(PCFT) a UK registered company authorised and regulated by the UK Financial Conduct Authority. All purchase and sale of assets both Bullion and currency for both Mardica and customers is conducted by PCFT.
In addition to the Financial Conduct Authority regulatory responsibility rests on three mutually independent arms of law enforcement: (i) the investigating authority, (ii) the prosecuting authority and (iii) the Criminal Courts.
There is no cost to you in reporting a crime and it is the duty of the above authorities to bring before the courts a case against Mardica or its officers arising from a breach by Mardica or its Custodian of statute law.
In addition you have recourse to the civil law, which would rule on disputes between you and Mardica arising when either alleges against the other a damaging breach of these stated Terms and Conditions. Bringing and defending a case under civil law would ordinarily incur costs.
You understand and acknowledge that together with the whole of the London bullion market, Mardica's regulatory status is markedly different from the financial services industry.
Modern financial services businesses throughout Europe, Asia and America tend to be companies which deal in paper based instruments generally called 'securities', and these are subject to increasing legal sophistication and regulation.
Because Mardica offers a credit-free environment, and because it deals in the absolute ownership of physical metal acquired on the spot market, and not paper based contractual rights extending beyond the normal settlement period of the spot market, it falls outside the defined scope of formal financial services regulation, as does the rest of the spot physical bullion industry in London.
The London bullion market – which is the biggest in the world – is instead regulated by traditional English property law, and not by the United Kingdom's Financial Conduct Authority.
61. Correction or Errors
Record Keeping Error
In the event of administrative error Mardica is entitled after the event to make appropriate adjustments to records of your account.
Trading System Error
Neither Mardica nor you have the right to make profits from trading system failures.
The Mardica system is designed to protect all users from clear trading errors by rejecting orders priced substantially away from the prevailing bullion price. This protection depends on receiving currency and bullion market price data from a variety of digital sources. The effectiveness of this protection is to an extent out of Mardica's reasonable control. In the event of a failure to protect participants in this way both Mardica and you accept that reasonable adjustments may be made after the event in order to ensure the marketplace operates fairly to all participants.
62. Exclusions and Limits of Liability
(a) The following provisions set out the entire financial liability of Mardica (including any liability for the acts or omissions of its employees, agents and sub-contractors) to you in respect of:
(i) any breach of these Terms and Conditions; and
(ii) any representation, statement or tortious act or omission including negligence arising under or in connection with these Terms and Conditions.
(b) All warranties, conditions and other terms implied by statute or common law (save for the conditions implied by section 12 of the Sale of Goods Act 1979) are, to the fullest extent permitted by law, excluded here from.
(c) Nothing in these Terms and Conditions excludes or limits the liability of Mardica:
(i) for death or personal injury caused by Mardica's negligence; or
(ii) under section 2(3), Consumer Protection Act 1987; or
(iii) for any matter in which it would be illegal for Mardica to exclude or attempt to exclude its liability; or
(iv) for fraud or fraudulent misrepresentation.
(d) Subject to paragraphs (b) and (c) above:
(i) Mardica's total liability in contract, tort (including negligence or breach of statutory duty), misrepresentation, restitution or otherwise, arising in connection with the performance or contemplated performance of these Terms and Conditions shall be limited to the value of your cash balance and/or bullion from time to time deposited with or by Mardica; and
(ii) Mardica shall not be liable to you for any pure economic loss, fall in the value of your bullion or currency, loss of profit, loss of business, depletion of goodwill or otherwise, in each case whether direct, indirect or consequential, or any claims for consequential compensation whatsoever (howsoever caused) which arise out of or in connection with these Terms and Conditions.
63. Tax
You are responsible for paying such local taxes as are or may be applied on bullion purchases, bullion sales and bullion custody, and on any associated charges, and such taxes are added to charges where appropriate.
64. Force Majeure
Mardica shall not be liable to you for any delay or failure by it to perform its obligations if such delay or failure arises from any unforeseeable causes beyond its reasonable control including, but not limited to, acts of God, floods, lightning, earthquakes, labor disputes, shortages, rationing, utility failures, war, terrorism, riot, embargoes, and actions of any government agency or subdivision thereof.
Language
You are entitled to consider that reasonable care has been taken by Mardica in the translation into different languages of Mardica's procedural and operational material, and that these translations fairly reflect the underlying meaning of an original document in the reference language of Mardica, which is English. In the event of any differences between the English version of these Terms and Conditions and any non-English versions, the English version shall prevail.
You can contact Mardica in any language in which the Mardica site is published.
You can make informal complaints in any language in which the Mardica site is published.
You can make formal complaints in any language in which the Mardica site is published.
You will provide a translation into English to enable the adjudicating council to assess your complaint fairly in words submitted by you or your translator.
Dispute resolution shall take place in English and communicated to you in English, and in as far as possible, in the language of your complaint.
65. Law
The law governing the provision of the Mardica service to the Customer is the laws of England and any disputes arising in respect hereof shall be governed exclusively by the courts of England.