Eligible Contract Participant (ONLY for customers based in the United States)

If you are based in the United States, we are only able to open a live account for you if:

• you are an "Eligible Contract Participant" as defined in Section 1a (12) of the Commodities and Exchanges Act ("CEA") and provide evidence to prove your status; and
• you sign and send to us the Eligible Contract Participant Notice in addition to other documents specified on the "Open a live Account" webpage.

An "Eligible Contract Participant" is:

• 1. a financial institution;
• 2. a regulated insurance company, foreign or domestic;
• 3. a regulated investment company, foreign or domestic;
• 4. a regulated commodity pool with total assets in excess of $5,000,000, foreign or domestic;
• 5. a corporation, partnership, proprietorship, organisation, trust, or other entity:
  • a) that has total assets exceeding $10,000,000;
  • b) the obligations of which under the agreement, contract, or transaction are guaranteed or otherwise supported by certain entities (but not by individuals);
  • c) that has a net worth exceeding $1,000,000 and that enters into the agreement, contract, or transaction in connection with the conduct of its business or to manage the risk associated with an asset or liability owned or incurred in the conduct of its business;
• 6. a certain type of an ERISA plan, foreign or domestic;
• 7. a certain type of a governmental entity, foreign or domestic;
• 8. a broker-dealer (other than an individual) registered under the Exchange Act;
• 9. a futures commission merchant subject to regulation under the CEA;
• 10. a floor broker or floor trader subject to regulation under the CEA; and
• 11. an individual who has total assets in an amount in excess of
  • a) $10,000,000; or
  • b) $5,000,000 and who enters into the agreement, contract, or transaction in order to manage the risk associated with an asset owned or liability incurred, or reasonably likely to be owned or incurred, by the individual.

The definition of Eligible Contract Participant also includes other persons that the CFTC designates from time to time as well as persons described in clause (i), (ii), (iv), (v), (viii), (ix), or (x) above when acting as brokers or investment advisers to persons who would be Eligible Contract Participants, if they acted for their own account.

Definitions:

• "CEA" means the Commodity Exchange Act;
• "CFTC" means the Commodity Futures Trading Commission;
• "commodity pool" means a commodity pool that (I) has total assets exceeding $5,000,000 and (II) is formed and operated by a person subject to regulation under the CEA or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the commodity pool or the foreign person is itself an "eligible contract participant");
• "financial institution" means -
  • a) a corporation operating under the fifth undesignated paragraph of section 25 of the Federal Reserve Act (12 U.S.C. 603), commonly known as an agreement corporation;
  • b) a corporation organised under section 25A of the Federal Reserve Act (12 U.S.C. 611 et seq.), commonly known as an Edge Act corporation;
  • c) an institution that is regulated by the Farm Credit Administration;
  • d) a Federal credit union or State credit union (as defined in section 101 of the Federal Reserve Credit Union Act (12 U.S.C. 1752));
  • e) a depository institution (as defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813));
  • f) a foreign bank or a branch or agency of a foreign bank (each as defined in section 1(b) of the International Banking Act of 1978 (12 U.S.C.3101 (b)));
  • g) any financial holding company (as defined in section 2 of the Bank Holding Company Act of 1956);
  • h) a trust company; or
  • i) a similar regulated subsidiary or affiliate of an entity described in an of subparagraphs (A) through (H);
• "insurance company" means an insurance company that is regulated by a State, or that is regulated by a foreign government and is subject to comparable regulation as determined by the CFTC, including a regulated subsidiary or affiliate of such an insurance company;
• "regulated investment company" means an investment company subject to regulation under the Investment Company Act or a foreign person performing a similar role or function subject as such to foreign regulation (regardless of whether each investor in the investment company or the foreign person is itself an “eligible contract participant”).

References above are to US regulation and legislation.