Common use of Dealing Clause in Contracts

Dealing. 2.1 The Broker shall be authorized but not bound to act on an instruction given by the Client or the Authorized Person (if any) to carry out a Transaction (whether directly or through other dealer or otherwise). The Broker may at any time and from time to time impose any limits including position limits on any Account and the Client agrees not to exceed such limits. If any of the said limits are or to be exceeded, The Broker may decline such an instruction and/or is 1. 遵守法律及規則 1.1 所有有關交易，應受本協議以及（就進行有關交易的該等交易所和∕或結算所而言）相關的有關交易所和 ∕或結算所的不時修訂章程、規則、規例、慣例、程序及行政要求的規限（尤其是就在聯交所進行的有關交易而言，應受聯交所及中央結算的規則、規例、慣例、程序及行政要求的規限）以及受不論是對客戶或經紀實施的一切不時修訂適用法律的規限。當經紀認為適當時，所有有關交易也應受涉及處理有關交易的經紀或其他人士的商業條款所規限。 1.2 與聯交所及中央結算的規則、規例、慣例、程序及行政要求所提供的保護水平及種類相比，如客戶的有關交易在聯交所以外的巿場達成的話，則客戶可能就該等有關交易享有明顯不同程度及種類的保障。 1.3 客戶確認： (a) 如果（i）本協議與（ii）任何有關交易所及／或結算所的章程、規則、規例、慣例、程序及行政要求及法律（總稱「該等規則」）之間發生任何衝突，須以後者為準； (b) 經紀可採取其認為合適的任何行動或按其認為合適者不採取任何行動，以確保遵守該等規則，包括但不限於調整任何有關帳戶、不理會任何未被執行的買賣指示或撤銷任何已執行的有關交易； (c) 按此適用的該等規則以及按此採取的一切該等行動 應對客戶具有約束力；及 (d) 客戶應負責事先取得並維持為客戶簽立本協議或經紀達成與本協議有關的任何有關交易而需要的任何政府同意或其他同意。 1.4 本協議在本協議解除、免除或限制客戶在香港法律或任何其他有關法律下任何權利或經紀在上述法律下任何義務的範圍內並無效用。如果本協議的任何條文與聯交所、中央結算、聯交所期權結算所和∕或任何有關交易所和∕或任何結算所或對本協議的事項具有司法管轄權的任何其他有關主管當局或團體的任何現行或將來的法律、規則或規例不一致或成為不一致，則該等條文應被視為已按照任何上述法律、規則或規例予以刪除或修改。本協議應在一切其他方面持續並仍然具有十足效力及作用。 2. 交易 2.1 經紀獲授權但無義務應客戶或獲授權人（如有）的指示進行有關交易 (不論是直接或是透過其他交易商或其他人進行)。經紀可隨時或不時對任何有關帳戶施加任何限制，包括持倉限額，而客戶同意不超逾該限制。如任何該等限制已經或將會超逾，經紀可拒絕有關指示，及∕或將有關未完成的有關交易進行平倉。 entitled to close the open position of the Transactions concerned. The Broker may in its absolute discretion refuse to act on any of the instructions received from the Client without giving any reason, in particular for sell order without evidence of sufficient securities, or buy order without evidence of sufficient funds or compliance with the margin requirements (applicable to Margin Account). The Broker is not in any circumstances liable in any way for any loss of profit or gain, damage, liability or cost or expense suffered or incurred by the Client arising from or in connection with The Broker’s refusal to act on such instruction or omitting to notify the Client of such refusal. 2.2 The Broker shall act as an agent of the Client and not as a principal in relation to any Transactions undertaken by The Broker under this Agreement except where The Broker gives notice (in the contract note for the relevant Transaction or otherwise) to the Client to the contrary. 2.3 The Client shall inform The Broker when a sell order in respect of securities which the Client does not own (that is, a short sale) and, where required, shall provide The Broker with the assurance in accordance with the SFO. 2.4 Because of physical restraints on any Exchange or the very rapid changes in the prices of securities that frequently take place, there may, on occasions, be a delay in making prices or in dealing. The Broker may not always be able to trade at the prices or rates quoted at any specific time or “at best” or “at market”. The Broker shall not be liable for any loss howsoever arising by reason of its failing, or being unable, to comply with the terms of any limit order undertaken on behalf of the Client or under the circumstances contemplated in this Clause. Where The Broker is for any reason whatsoever unable to perform the Client’s order in full, it may in its discretion effect partial performance only. The Client shall in any event accept and be bound by the outcome when any request to execute orders is made. 2.5 The Client acknowledges that it may not be possible to cancel or amend its instructions once given. The Client agrees to exercise caution before giving any instruction and accept full responsibility for the Transactions partially or fully executed prior to the processing of the Client’s cancellation or amendment. 2.6 The Client hereby acknowledges that The Broker and M&F Asset Management and their directors, employees and/or their associates may from time to time trade on their own accounts. Furthermore, the Client acknowledges the existence of The Broker’s interest, relationship or arrangement that is material in relation to any instruction received or Transaction effected for the Client. In particular, The Broker may, without informing the Client: (a) effect Transactions through the M&F Asset Management; (b) (subject to Clause 2.2) effect Transactions with the Client as principal for account of The Broker and its related parties including but not limited to any M&F Asset Management Company or its employees, or directors; (c) take position opposite to the order of the Client either for its own account or others; (d) match the Client’s orders with those of other clients of The Broker; and/or (e) combine the Client’s order with orders of The Broker or of M&F Asset Management Company or other clients of The Broker for execution; and neither The Broker nor its related parties shall be obliged to account to the Client or any third party for any profits or benefits received in connection therewith. In event of insufficient securities to satisfy orders so combined as mentioned in the above paragraph (e), The Broker may in its absolute discretion allocate the transactions between clients, The Broker and M&F Asset Management Company, having due regard to market practice and fairness to the concerned clients. The Client acknowledges and accepts that such combination and/or allocation may on some occasions operate to the Client’s advantages and on other occasions to the Client’s disadvantages. 2.7 All orders shall be made by the Client orally either in person or by telephone, or in writing, delivered by post, by hand or transmitted by facsimile or through Electronic Media (applicable to Account with Electronic Trading Service) at the Client’s risk. The Broker may act on such instructions which The Broker believes to come from the Client without any duty to verify the capacity of the person giving the instruction. The Broker shall not be responsible for the non-performance of its obligations hereunder by reason of any cause beyond The Broker’s control, including, without limitation, transmission or computer delays, errors or omissions, strikes and similar industrial action or the failure of any dealer, Exchange or Clearing House to perform its obligations. The Client hereby confirms and agrees that the Client shall be responsible to The Broker for all engagements, indebtedness and any other obligations made or entered into in 經紀可行使其絕對酌情權拒絕執行客戶的任何指示，並毋須提供任何原因，尤其當有賣盤時，缺乏持有足夠證券的證據，或遇買盤時，缺乏持有足夠資金的證據或未能遵守保證金規定(適用於保證金賬戶)。無論如何，經紀無須就因或與經紀拒絕執行該等指示或不向客戶作出相關通知，而引起或有關之利益損失，或招致客戶損害、責任或支出，而承擔任何責任。 2.2 就根據本協議進行的有關交易，經紀應以客戶的代理人身份行事，而非主事人身份，但經紀向客戶提供相反的通知以表不同(買賣單據上列明或以其他方式表示)除外。 2.3 如沽售指示的有關證券並非客戶擁有（即賣空），客戶須通知經紀；如有需要，客戶須向經紀提供證券及期貨條例規定的保證。 2.4 由於任何有關交易所的實質限制或由於經常發生非常急促的證券價格變化，在某些情況下提供價格或進行買賣時可能會出現延誤。經紀可能不能經常按於任何特定時間報出的價格或費率或按「最佳價」或按「巿價」進行交易。經紀毋須就其沒有或未能遵守其代表客戶承擔的任何限價指示的條款或在本條款預期發生的情況下而引起的任何損失承擔任何責任。如果經紀因任何原因未能全部履行客戶的買賣指示，其可酌情決定只履行部分指示而已，當客戶作出執行買賣指示的要求，其在任何情況下均應接受經紀執行買賣指示的結果並受該結果的約束。 2.5 客戶明暸當指示一經作出之後客戶未必能取消及更改該指示。故此客戶在發出指示時，應審慎行事，並願承擔就處理其取消或更改指示時，已經部份或全部執行之有關交易所引致的所有責任。

Dealing. 2.1 The Broker shall be authorized but not bound to act on an instruction given by the Client or the Authorized Person (if any) to carry out a Transaction (whether directly or through other dealer or otherwise). The Broker may at any time and from time to time impose any limits including position limits on any Account and the Client agrees not to exceed such limits. If any of the said limits are or to be exceeded, The Broker may decline such an instruction and/or is 1. 遵守法律及規則 1.1 所有有關交易，應受本協議以及（就進行有關交易的該等交易所和∕或結算所而言）相關的有關交易所和 ∕或結算所的不時修訂章程、規則、規例、慣例、程序及行政要求的規限（尤其是就在聯交所進行的有關交易而言，應受聯交所及中央結算的規則、規例、慣例、程序及行政要求的規限）以及受不論是對客戶或經紀實施的一切不時修訂適用法律的規限。當經紀認為適當時，所有有關交易也應受涉及處理有關交易的經紀或其他人士的商業條款所規限。 1.2 與聯交所及中央結算的規則、規例、慣例、程序及行政要求所提供的保護水平及種類相比，如客戶的有關交易在聯交所以外的巿場達成的話，則客戶可能就該等有關交易享有明顯不同程度及種類的保障。 1.3 客戶確認： (a) 如果（i）本協議與（ii）任何有關交易所及／或結算所的章程、規則、規例、慣例、程序及行政要求及法律（總稱「該等規則」）之間發生任何衝突，須以後者為準； (b) 經紀可採取其認為合適的任何行動或按其認為合適者不採取任何行動，以確保遵守該等規則，包括但不限於調整任何有關帳戶、不理會任何未被執行的買賣指示或撤銷任何已執行的有關交易； (c) 按此適用的該等規則以及按此採取的一切該等行動 應對客戶具有約束力；及 (d) 客戶應負責事先取得並維持為客戶簽立本協議或經紀達成與本協議有關的任何有關交易而需要的任何政府同意或其他同意。 1.4 本協議在本協議解除、免除或限制客戶在香港法律或任何其他有關法律下任何權利或經紀在上述法律下任何義務的範圍內並無效用。如果本協議的任何條文與聯交所、中央結算、聯交所期權結算所和∕或任何有關交易所和∕或任何結算所或對本協議的事項具有司法管轄權的任何其他有關主管當局或團體的任何現行或將來的法律、規則或規例不一致或成為不一致，則該等條文應被視為已按照任何上述法律、規則或規例予以刪除或修改。本協議應在一切其他方面持續並仍然具有十足效力及作用。 2. 交易 2.1 經紀獲授權但無義務應客戶或獲授權人（如有）的指示進行有關交易 (不論是直接或是透過其他交易商或其他人進行)。經紀可隨時或不時對任何有關帳戶施加任何限制，包括持倉限額，而客戶同意不超逾該限制。如任何該等限制已經或將會超逾，經紀可拒絕有關指示，及∕或將有關未完成的有關交易進行平倉。 entitled to close the open position of the Transactions concerned. The Broker may in its absolute discretion refuse to act on any of the instructions received from the Client without giving any reason, in particular for sell order without evidence of sufficient securities, or buy order without evidence of sufficient funds or compliance with the margin requirements (applicable to Margin Account). The Broker is not in any circumstances liable in any way for any loss of profit or gain, damage, liability or cost or expense suffered or incurred by the Client arising from or in connection with The Broker’s refusal to act on such instruction or omitting to notify the Client of such refusal. 2.2 The Broker shall act as an agent of the Client and not as a principal in relation to any Transactions undertaken by The Broker under this Agreement except where The Broker gives notice (in the contract note for the relevant Transaction or otherwise) to the Client to the contrary. 2.3 The Client shall inform The Broker when a sell order in respect of securities which the Client does not own (that is, a short sale) and, where required, shall provide The Broker with the assurance in accordance with the SFO. 2.4 Because of physical restraints on any Exchange or the very rapid changes in the prices of securities that frequently take place, there may, on occasions, be a delay in making prices or in dealing. The Broker may not always be able to trade at the prices or rates quoted at any specific time or “at best” or “at market”. The Broker shall not be liable for any loss howsoever arising by reason of its failing, or being unable, to comply with the terms of any limit order undertaken on behalf of the Client or under the circumstances contemplated in this Clause. Where The Broker is for any reason whatsoever unable to perform the Client’s order in full, it may in its discretion effect partial performance only. The Client shall in any event accept and be bound by the outcome when any request to execute orders is made. 2.5 The Client acknowledges that it may not be possible to cancel or amend its instructions once given. The Client agrees to exercise caution before giving any instruction and accept full responsibility for the Transactions partially or fully executed prior to the processing of the Client’s cancellation or amendment. 2.6 The Client hereby acknowledges that The Broker and M&F Asset Management and their directors, employees and/or their associates may from time time- to time - t i m e trade on their own accounts. Furthermore, the Client acknowledges the existence of The Broker’s interest, relationship or arrangement that is material in relation to any instruction received or Transaction effected for the Client. In particular, The Broker may, without informing the Client: (a) effect Transactions through the M&F Asset Management; (b) (subject to Clause 2.2) effect Transactions with the Client as principal for account of The Broker and its related parties including but not limited to any M&F Asset Management Company or its employees, or directors; (c) take position opposite to the order of the Client either for its own account or others; (d) match the Client’s orders with those of other clients of The Broker; and/or (e) combine the Client’s order with orders of The Broker or of M&F Asset Management Company or other clients of The Broker for execution; and neither The Broker nor its related parties shall be obliged to account to the Client or any third party for any profits or benefits received in connection therewith. In event of insufficient securities to satisfy orders so combined as mentioned in the above paragraph (e), The Broker may in its absolute discretion allocate the transactions between clients, The Broker and M&F Asset Management Company, having due regard to market practice and fairness to the concerned clients. The Client acknowledges and accepts that such combination and/or allocation may on some occasions operate to the Client’s advantages and on other occasions to the Client’s disadvantages. 2.7 All orders shall be made by the Client orally either in person or by telephone, or in writing, delivered by post, by hand or transmitted by facsimile or through Electronic Media (applicable to Account with Electronic Trading Service) at the Client’s risk. The Broker may act on such instructions which The Broker believes to come from the Client without any duty to verify the capacity of the person giving the instruction. The Broker shall not be responsible for the non-performance of its obligations hereunder by reason of any cause beyond The Broker’s control, including, without limitation, transmission or computer delays, errors or omissions, strikes and similar industrial action or the failure of any dealer, Exchange or Clearing House to perform its obligations. The Client hereby confirms and agrees that the Client shall be responsible to The Broker for all engagements, indebtedness and any other obligations made or entered into in 經紀可行使其絕對酌情權拒絕執行客戶的任何指示，並毋須提供任何原因，尤其當有賣盤時，缺乏持有足夠證券的證據，或遇買盤時，缺乏持有足夠資金的證據或未能遵守保證金規定(適用於保證金賬戶)。無論如何，經紀無須就因或與經紀拒絕執行該等指示或不向客戶作出相關通知，而引起或有關之利益損失，或招致客戶損害、責任或支出，而承擔任何責任。 2.2 就根據本協議進行的有關交易，經紀應以客戶的代理人身份行事，而非主事人身份，但經紀向客戶提供相反的通知以表不同(買賣單據上列明或以其他方式表示)除外。 2.3 如沽售指示的有關證券並非客戶擁有（即賣空），客戶須通知經紀；如有需要，客戶須向經紀提供證券及期貨條例規定的保證。 2.4 由於任何有關交易所的實質限制或由於經常發生非常急促的證券價格變化，在某些情況下提供價格或進行買賣時可能會出現延誤。經紀可能不能經常按於任何特定時間報出的價格或費率或按「最佳價」或按「巿價」進行交易。經紀毋須就其沒有或未能遵守其代表客戶承擔的任何限價指示的條款或在本條款預期發生的情況下而引起的任何損失承擔任何責任。如果經紀因任何原因未能全部履行客戶的買賣指示，其可酌情決定只履行部分指示而已，當客戶作出執行買賣指示的要求，其在任何情況下均應接受經紀執行買賣指示的結果並受該結果的約束。 。 2.5 客戶明暸當指示一經作出之後客戶未必能取消及更改該指示。故此客戶在發出指示時，應審慎行事，並願承擔就處理其取消或更改指示時，已經部份或全部執行之有關交易所引致的所有責任。 2.6 客戶特此承認，經紀及其董事、僱員或其相關聯人士可不時以他們本身的帳戶進行交易及(如屬經紀) 以渼豐資產管理的帳戶進行交易。並且，客戶承認就收取任何指 示或代客戶進行的交易，經紀可能存在重大利益、關 係或安排。尤其是經紀可在無須知會客戶的情況下： (a) 透過渼豐資產管理為客戶進行有關交易； (b) (受制於第 2.2 條的規定)以主事人身份為經紀及其相 關人士（包括但不限於任何渼豐資產管理、其僱員或董事）與 客戶進行有關交易；

Dealing. 2.1 The Broker shall be authorized but not bound to act on an instruction given by the Client or the Authorized Person (if any) to carry out a Transaction (whether directly or through other dealer or otherwise). The Broker may at any time and from time to time impose any limits including position limits on any Account and the Client agrees not to exceed such limits. If any of the said limits are or to be exceeded, The Broker may decline such an instruction and/or is 1. 遵守法律及規則 1.1 所有有關交易，應受本協議以及（就進行有關交易的該等交易所和∕或結算所而言）相關的有關交易所和 ∕或結算所的不時修訂章程、規則、規例、慣例、程序及行政要求的規限（尤其是就在聯交所進行的有關交易而言，應受聯交所及中央結算的規則、規例、慣例、程序及行政要求的規限）以及受不論是對客戶或經紀實施的一切不時修訂適用法律的規限。當經紀認為適當時，所有有關交易也應受涉及處理有關交易的經紀或其他人士的商業條款所規限。 1.2 與聯交所及中央結算的規則、規例、慣例、程序及行政要求所提供的保護水平及種類相比，如客戶的有關交易在聯交所以外的巿場達成的話，則客戶可能就該等有關交易享有明顯不同程度及種類的保障。 1.3 客戶確認： (a) 如果（i）本協議與（ii）任何有關交易所及／或結算所的章程、規則、規例、慣例、程序及行政要求及法律（總稱「該等規則」）之間發生任何衝突，須以後者為準； (b) 經紀可採取其認為合適的任何行動或按其認為合適者不採取任何行動，以確保遵守該等規則，包括但不限於調整任何有關帳戶、不理會任何未被執行的買賣指示或撤銷任何已執行的有關交易； (c) 按此適用的該等規則以及按此採取的一切該等行動 應對客戶具有約束力；及 (d) 客戶應負責事先取得並維持為客戶簽立本協議或經紀達成與本協議有關的任何有關交易而需要的任何政府同意或其他同意。 1.4 本協議在本協議解除、免除或限制客戶在香港法律或任何其他有關法律下任何權利或經紀在上述法律下任何義務的範圍內並無效用。如果本協議的任何條文與聯交所、中央結算、聯交所期權結算所和∕或任何有關交易所和∕或任何結算所或對本協議的事項具有司法管轄權的任何其他有關主管當局或團體的任何現行或將來的法律、規則或規例不一致或成為不一致，則該等條文應被視為已按照任何上述法律、規則或規例予以刪除或修改。本協議應在一切其他方面持續並仍然具有十足效力及作用。 2. 交易交 易 2.1 經紀獲授權但無義務應客戶或獲授權人（如有）的指示進行有關交易 (不論是直接或是透過其他交易商或其他人進行)。經紀可隨時或不時對任何有關帳戶施加任何限制，包括持倉限額，而客戶同意不超逾該限制。如任何該等限制已經或將會超逾，經紀可拒絕有關指示，及∕或將有關未完成的有關交易進行平倉。 entitled to close the open position of the Transactions concerned. The Broker may in its absolute discretion refuse to act on any of the instructions received from the Client without giving any reason, in particular for sell order without evidence of sufficient securities, or buy order without evidence of sufficient funds or compliance with the margin requirements (applicable to Margin Account). The Broker is not in any circumstances liable in any way for any loss of profit or gain, damage, liability or cost or expense suffered or incurred by the Client arising from or in connection with The Broker’s refusal to act on such instruction or omitting to notify the Client of such refusal. 2.2 The Broker shall act as an agent of the Client and not as a principal in relation to any Transactions undertaken by The Broker under this Agreement except where The Broker gives notice (in the contract note for the relevant Transaction or otherwise) to the Client to the contrary. 2.3 The Client shall inform The Broker when a sell order in respect of securities which the Client does not own (that is, a short sale) and, where required, shall provide The Broker with the assurance in accordance with the SFO. 2.4 Because of physical restraints on any Exchange or the very rapid changes in the prices of securities that frequently take place, there may, on occasions, be a delay in making prices or in dealing. The Broker may not always be able to trade at the prices or rates quoted at any specific time or “at best” or “at market”. The Broker shall not be liable for any loss howsoever arising by reason of its failing, or being unable, to comply with the terms of any limit order undertaken on behalf of the Client or under the circumstances contemplated in this Clause. Where The Broker is for any reason whatsoever unable to perform the Client’s order in full, it may in its discretion effect partial performance only. The Client shall in any event accept and be bound by the outcome when any request to execute orders is made. 2.5 The Client acknowledges that it may not be possible to cancel or amend its instructions once given. The Client agrees to exercise caution before giving any instruction and accept full responsibility for the Transactions partially or fully executed prior to the processing of the Client’s cancellation or amendment. 2.6 The Client hereby acknowledges that The Broker and M&F Asset Management SOLOMON and their directors, employees and/or their associates may from time to time trade on their own accounts. Furthermore, the Client acknowledges the existence of The Broker’s interest, relationship or arrangement that is material in relation to any instruction received or Transaction effected for the Client. In particular, The Broker may, without informing the Client: (a) effect Transactions through the M&F Asset ManagementSOLOMON; (b) (subject to Clause 2.2) effect Transactions with the Client as principal for account of The Broker and its related parties including but not limited to any M&F Asset Management SOLOMON Company or its employees, or directors; (c) take position opposite to the order of the Client either for its own account or others; (d) match the Client’s orders with those of other clients of The Broker; and/or (e) combine the Client’s order with orders of The Broker or of M&F Asset Management SOLOMON Company or other clients of The Broker for execution; and neither The Broker nor its related parties shall be obliged to account to the Client or any third party for any profits or benefits received in connection therewith. In event of insufficient securities to satisfy orders so combined as mentioned in the above paragraph (e), The Broker may in its absolute discretion allocate the transactions between clients, The Broker and M&F Asset Management SOLOMON Company, having due regard to market practice and fairness to the concerned clients. The Client acknowledges and accepts that such combination and/or allocation may on some occasions operate to the Client’s advantages and on other occasions to the Client’s disadvantages. 2.7 All orders shall be made by the Client orally either in person or by telephone, or in writing, delivered by post, by hand or transmitted by facsimile or through Electronic Media (applicable to Account with Electronic Trading Service) at the Client’s risk. The Broker may act on such instructions which The Broker believes to come from the Client without any duty to verify the capacity of the person giving the instruction. The Broker shall not be responsible for the non-performance of its obligations hereunder by reason of any cause beyond The Broker’s control, including, without limitation, transmission or computer delays, errors or omissions, strikes and similar industrial action or the failure of any dealer, Exchange or Clearing House to perform its obligations. The Client hereby confirms and agrees that the Client shall be responsible to The Broker for all engagements, indebtedness and any other obligations made or entered into in 經紀可行使其絕對酌情權拒絕執行客戶的任何指示，並毋須提供任何原因，尤其當有賣盤時，缺乏持有足夠證券的證據，或遇買盤時，缺乏持有足夠資金的證據或未能遵守保證金規定(適用於保證金賬戶)。無論如何，經紀無須就因或與經紀拒絕執行該等指示或不向客戶作出相關通知，而引起或有關之利益損失，或招致客戶損害、責任或支出，而承擔任何責任。 2.2 就根據本協議進行的有關交易，經紀應以客戶的代理人身份行事，而非主事人身份，但經紀向客戶提供相反的通知以表不同(買賣單據上列明或以其他方式表示)除外。 2.3 如沽售指示的有關證券並非客戶擁有（即賣空），客戶須通知經紀；如有需要，客戶須向經紀提供證券及期貨條例規定的保證。 2.4 由於任何有關交易所的實質限制或由於經常發生非常急促的證券價格變化，在某些情況下提供價格或進行買賣時可能會出現延誤。經紀可能不能經常按於任何特定時間報出的價格或費率或按「最佳價」或按「巿價」進行交易。經紀毋須就其沒有或未能遵守其代表客戶承擔的任何限價指示的條款或在本條款預期發生的情況下而引起的任何損失承擔任何責任。如果經紀因任何原因未能全部履行客戶的買賣指示，其可酌情決定只履行部分指示而已，當客戶作出執行買賣指示的要求，其在任何情況下均應接受經紀執行買賣指示的結果並受該結果的約束。 2.5 客戶明暸當指示一經作出之後客戶未必能取消及更改該指示。故此客戶在發出指示時，應審慎行事，並願承擔就處理其取消或更改指示時，已經部份或全部執行之有關交易所引致的所有責任。

Dealing. 2.1 The Broker shall be authorized but not bound to act on an instruction given by the Client or the Authorized Person (if any) to carry out a Transaction (whether directly or through other dealer or otherwise). The Broker may at any time and from time to time impose any limits including position limits on any Account and the Client agrees not to exceed such limits. If any of the said limits are or to be exceeded, The Broker may decline such an instruction and/or is 1. 遵守法律及規則 1.1 所有有關交易，應受本協議以及（就進行有關交易的該等交易所和∕或結算所而言）相關的有關交易所和 ∕或結算所的不時修訂章程、規則、規例、慣例、程序及行政要求的規限（尤其是就在聯交所進行的有關交易而言，應受聯交所及中央結算的規則、規例、慣例、程序及行政要求的規限）以及受不論是對客戶或經紀實施的一切不時修訂適用法律的規限。當經紀認為適當時，所有有關交易也應受涉及處理有關交易的經紀或其他人士的商業條款所規限。 1.2 與聯交所及中央結算的規則、規例、慣例、程序及行政要求所提供的保護水平及種類相比，如客戶的有關交易在聯交所以外的巿場達成的話，則客戶可能就該等有關交易享有明顯不同程度及種類的保障。 1.3 客戶確認： (a) 如果（i）本協議與（ii）任何有關交易所及／或結算所的章程、規則、規例、慣例、程序及行政要求及法律（總稱「該等規則」）之間發生任何衝突，須以後者為準； (b) 經紀可採取其認為合適的任何行動或按其認為合適者不採取任何行動，以確保遵守該等規則，包括但不限於調整任何有關帳戶、不理會任何未被執行的買賣指示或撤銷任何已執行的有關交易； (c) 按此適用的該等規則以及按此採取的一切該等行動 應對客戶具有約束力；及 (d) 客戶應負責事先取得並維持為客戶簽立本協議或經紀達成與本協議有關的任何有關交易而需要的任何政府同意或其他同意。 1.4 本協議在本協議解除、免除或限制客戶在香港法律或任何其他有關法律下任何權利或經紀在上述法律下任何義務的範圍內並無效用。如果本協議的任何條文與聯交所、中央結算、聯交所期權結算所和∕或任何有關交易所和∕或任何結算所或對本協議的事項具有司法管轄權的任何其他有關主管當局或團體的任何現行或將來的法律、規則或規例不一致或成為不一致，則該等條文應被視為已按照任何上述法律、規則或規例予以刪除或修改。本協議應在一切其他方面持續並仍然具有十足效力及作用。 2. 交易 2.1 經紀獲授權但無義務應客戶或獲授權人（如有）的指示進行有關交易 (不論是直接或是透過其他交易商或其他人進行)。經紀可隨時或不時對任何有關帳戶施加任何限制，包括持倉限額，而客戶同意不超逾該限制。如任何該等限制已經或將會超逾，經紀可拒絕有關指示，及∕或將有關未完成的有關交易進行平倉。 entitled to close the open position of the Transactions concerned. The Broker may in its absolute discretion refuse to act on any of the instructions received from the Client without giving any reason, in particular for sell order without evidence of sufficient securities, or buy order without evidence of sufficient funds or compliance with the margin requirements (applicable to Margin Account). The Broker is not in any circumstances liable in any way for any loss of profit or gain, damage, liability or cost or expense suffered or incurred by the Client arising from or in connection with The Broker’s refusal to act on such instruction or omitting to notify the Client of such refusal. 2.2 The Broker shall act as an agent of the Client and not as a principal in relation to any Transactions undertaken by The Broker under this Agreement except where The Broker gives notice (in the contract note for the relevant Transaction or otherwise) to the Client to the contrary. 2.3 The Client shall inform The Broker when a sell order in respect of securities which the Client does not own (that is, a short sale) and, where required, shall provide The Broker with the assurance in accordance with the SFO. 2.4 Because of physical restraints on any Exchange or the very rapid changes in the prices of securities that frequently take place, there may, on occasions, be a delay in making prices or in dealing. The Broker may not always be able to trade at the prices or rates quoted at any specific time or “at best” or “at market”. The Broker shall not be liable for any loss howsoever arising by reason of its failing, or being unable, to comply with the terms of any limit order undertaken on behalf of the Client or under the circumstances contemplated in this Clause. Where The Broker is for any reason whatsoever unable to perform the Client’s order in full, it may in its discretion effect partial performance only. The Client shall in any event accept and be bound by the outcome when any request to execute orders is made. 2.5 The Client acknowledges that it may not be possible to cancel or amend its instructions once given. The Client agrees to exercise caution before giving any instruction and accept full responsibility for the Transactions partially or fully executed prior to the processing of the Client’s cancellation or amendment. 2.6 The Client hereby acknowledges that The Broker and M&F Asset Management and their directors, employees and/or their associates may from time time­ to time ­ t i m e trade on their own accounts. Furthermore, the Client acknowledges the existence of The Broker’s interest, relationship or arrangement that is material in relation to any instruction received or Transaction effected for the Client. In particular, The Broker may, without informing the Client: (a) effect Transactions through the M&F Asset Management; (b) (subject to Clause 2.2) effect Transactions with the Client as principal for account of The Broker and its related parties including but not limited to any M&F Asset Management Company or its employees, or directors; (c) take position opposite to the order of the Client either for its own account or others; (d) match the Client’s orders with those of other clients of The Broker; and/or (e) combine the Client’s order with orders of The Broker or of M&F Asset Management Company or other clients of The Broker for execution; and neither The Broker nor its related parties shall be obliged to account to the Client or any third party for any profits or benefits received in connection therewith. In event of insufficient securities to satisfy orders so combined as mentioned in the above paragraph (e), The Broker may in its absolute discretion allocate the transactions between clients, The Broker and M&F Asset Management Company, having due regard to market practice and fairness to the concerned clients. The Client acknowledges and accepts that such combination and/or allocation may on some occasions operate to the Client’s advantages and on other occasions to the Client’s disadvantages. 2.7 All orders shall be made by the Client orally either in person or by telephone, or in writing, delivered by post, by hand or transmitted by facsimile or through Electronic Media (applicable to Account with Electronic Trading Service) at the Client’s risk. The Broker may act on such instructions which The Broker believes to come from the Client without any duty to verify the capacity of the person giving the instruction. The Broker shall not be responsible for the non-performance non­performance of its obligations hereunder by reason of any cause beyond The Broker’s control, including, without limitation, transmission or computer delays, errors or omissions, strikes and similar industrial action or the failure of any dealer, Exchange or Clearing House to perform its obligations. The Client hereby confirms and agrees that the Client shall be responsible to The Broker for all engagements, indebtedness and any other obligations made or entered into in 經紀可行使其絕對酌情權拒絕執行客戶的任何指示，並毋須提供任何原因，尤其當有賣盤時，缺乏持有足夠證券的證據，或遇買盤時，缺乏持有足夠資金的證據或未能遵守保證金規定(適用於保證金賬戶)。無論如何，經紀無須就因或與經紀拒絕執行該等指示或不向客戶作出相關通知，而引起或有關之利益損失，或招致客戶損害、責任或支出，而承擔任何責任。 2.2 就根據本協議進行的有關交易，經紀應以客戶的代理人身份行事，而非主事人身份，但經紀向客戶提供相反的通知以表不同(買賣單據上列明或以其他方式表示)除外。 2.3 如沽售指示的有關證券並非客戶擁有（即賣空），客戶須通知經紀；如有需要，客戶須向經紀提供證券及期貨條例規定的保證。 2.4 由於任何有關交易所的實質限制或由於經常發生非常急促的證券價格變化，在某些情況下提供價格或進行買賣時可能會出現延誤。經紀可能不能經常按於任何特定時間報出的價格或費率或按「最佳價」或按「巿價」進行交易。經紀毋須就其沒有或未能遵守其代表客戶承擔的任何限價指示的條款或在本條款預期發生的情況下而引起的任何損失承擔任何責任。如果經紀因任何原因未能全部履行客戶的買賣指示，其可酌情決定只履行部分指示而已，當客戶作出執行買賣指示的要求，其在任何情況下均應接受經紀執行買賣指示的結果並受該結果的約束。 2.5 客戶明暸當指示一經作出之後客戶未必能取消及更改該指示。故此客戶在發出指示時，應審慎行事，並願承擔就處理其取消或更改指示時，已經部份或全部執行之有關交易所引致的所有責任。 2.6 客戶特此承認，經紀及其董事、僱員或其相關聯人士可不時以他們本身的帳戶進行交易及(如屬經紀) 以渼豐資產管理的帳戶進行交易。並且，客戶承認就收取任何指 示或代客戶進行的交易，經紀可能存在重大利益、關 係或安排。尤其是經紀可在無須知會客戶的情況下： (a) 透過渼豐資產管理為客戶進行有關交易； (b) (受制於第 2.2 條的規定)以主事人身份為經紀及其相 關人士（包括但不限於任何渼豐資產管理、其僱員或董事）與 客戶進行有關交易； (c) 為經紀或其他人的帳戶，進行與客戶的買賣盤相反的交易； (d) 將客戶的買賣盤與經紀的其他客戶的買賣盤進行配對；及∕或 (e) 將客戶與經紀本身、渼豐資產管理或經紀的其他客戶的買賣 盤，合併一起，以便執行； 以及經紀或其相關人士不需就與其上述事項有關取得 的任 何利潤或利益向客戶或第三者作出交代。如上述 (e)段中， 達成交易的證券不足以應付所有經合併的 買賣盤，經紀在 適當地考慮市場慣例及客戶的公平後，有絕對酌情權在有 關客戶、經紀及渼豐資產管理之間 分配該等交易。客戶確認和同意 上述合併及/或分配 會在若干情況下對客戶可能產生有利 的情形而在其 他情況下對客戶可能產生不利的情形。 2.7 一切買賣指示須由客戶當面或電話口授、或以書面用郵寄、親手遞送或透過傳真或電子媒介(適用於附有電子交易服務的有關賬戶)的傳送而作出的，其風險概由客戶承擔。經紀有權根據其有理由相信來自客戶的指示行事，並無責任查證發出指示的人士的身份。對於經紀因其不能控制的任何原因 (包括但不限於傳送或電腦) 延誤、錯誤或遺漏、罷工及類似的工業行動或任何交易商、交易所或結算所沒有履行其義務，而沒有履行在其本協議下的義務，經紀無須負責。並且客戶特此確認並同意，其應就以客戶名義作出或訂立的一切允諾、債務及任何其他義務向經紀負責，不論該等允諾、債務及任何其他義務是以書面或口頭形式發出和以何種方式傳達及宣稱已按上述情況發出。倘若 the Client’s name whether in writing or orally and howsoever communicated and purporting to be given as aforesaid. In addition, in the event of receipt of conflicting instructions, The Broker may refuse to act on any of such instructions until The Broker receives unequivocal instruction(s). 2.8 The Client understands and confirms its agreement that The Broker may record conversations with the Client whether conducted on the telephone or through any other media or otherwise by tape or electronic means for security, control or record purposes. 2.9 All instructions relating to purchase or sale of securities or otherwise given hereunder which may be executed on more than one Exchange may be executed on any Exchange The Broker selects. The Broker may also in its discretion direct the instructions of the Client to other dealers for execution without giving any notification to the Client. 2.10 All the trading orders placed by the Client are good for the day and will be automatically cancelled at the close of business of the relevant Exchange to the extent not yet executed unless the Client has indicated to The Broker to the contrary. 2.11 Following execution of the orders of the Client, The Broker will send trade confirmations of the Transactions effected and relevant statements summarizing Transactions and securities and cash positions in the Account subject to Clause 2.7 of Additional Terms for Electronic Trading Services. Such trade confirmations and statements shall be conclusive and binding on the Client if not objected to in writing sent by registered mail to The Broker’s office within five business days after transmission of the information contained in such confirmations and statements to the Client. The Broker may not provide the Client with monthly statements in relation to the Account in case during the relevant period there is no transaction or revenue or expense item and no outstanding balance or holding securities position in the Account. 2.12 Subject to the applicable laws and regulations, The Broker may in its absolute discretion determine the priority in the executions of the orders received from its clients, having due regard to the sequence in which such orders were received and the Client shall not have any claim of priority to another client in relation to the execution of any orders received by The Broker. 2.13 If the services provided by The Broker to the Client in relation to derivative products, including options, The Broker shall provide to the Client upon request product specifications and copies of prospectus and any other offering document relating to such products. 2.14 The Client shall make the Client’s own independent judgment and decision with respect to each instruction given to The Broker. The Broker is under no liability whatsoever in respect of any information or suggestion given by The Broker or any of its directors, officers, employees or agents irrespective of whether or not such information or suggestion is given at the Client’s request.