Common use of Spain Clause in Contracts

Spain. If you are a permanent resident or a subject of the Kingdom of Spain, on the basis of the latest requirements of the Spanish National Securities Market Commission (“CNMV”) for enhancing the protection of retail investors in the territory of Spain, trading in CFDs, we are required to obtain the following disclaimer for the first two trades: “This product may be difficult to understand. CNMV considers that, in general, it is not appropriate for retail investors”. We are under an obligation to keep records of the above written statements and of all steps taken to achieve compliance with our obligations as stated above. You hereby acknowledge and accept that we keep such records. You further acknowledge and accept that in the case in which you do not take all steps necessary for achieving compliance with the above, we shall not be able to provide or continue to provide you with services in respect of the above-mentioned instruments and investment products.