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Code of Business Practice

Thank you for choosing Regency to be your Financial Advisor. Please be assured that we shall do everything possible to ensure a long and mutually rewarding business relationship.

Regency heads the field as a world leader in offshore financial advice. This is a position we aim to maintain and continue to improve upon, thereby retaining our high standard of service to you.

In order to strengthen the mutual understanding between Regency and you, our Client, we are attaching details of our Code of Business Practice that affects you directly. This outlines our contractual relationship and procedures as well as the high standards of quality and conduct we demand of our Consultants.

Our Service

The Products

Our Consultants are fully independent and research the market to recommend to you the product which they believe best suits your needs. We will only recommend investments that are managed by reputable financial institutions and that are authorised by an appropriate regulator. Regency has established relationships with a large number of institutions in order that we can offer you products to cover most aspects of financial planning.

The Charges

Regency earns standard brokerage fees for the introduction of contracts to various banks, investment management and insurance companies. There will be no additional charges to Clients in those circumstances as our commission represents part of the contractual spread which is paid in all cases by investors.

For the management of Portfolio Bonds, which is on a discretionary basis, there will be a charge which will be discussed with you, but which is usually no greater than 1.5% per annum of the value of the portfolio, this can be in addition to any commission payable to Regency by the investment providers in respect of the investments held.

General Assistance

Where specialised accountancy or legal advice is sought and we are unable to provide an in-house service, we will place you in contact with other advisors, such as accountants or lawyers.

In the unusual event that Regency is unable to provide you with the services of a Consultant, we will ensure that you have all the relevant information to enable you to contact and deal directly with the financial institutions that you are invested with. We will communicate on your behalf with the financial institutions of your choice free of charge. While we will endeavour to communicate your instructions, we are under no liability for the consequences should these not be possible.

Our Commitment to You

Standards of Service

As part of our commitment to you we ensure our Consultants are of the highest calibre and are well trained and informed about the products and investments they work with.

It is their role to recommend to you the products and investments appropriate to your personal needs. It is therefore of paramount importance that you provide your Consultant with as much information as possible about your financial and personal circumstances as well as your expectations and future plans. This will enable your Consultant to form an objective view upon which he/she will base his/her recommendations.

If you are in any way dissatisfied with the service provided or advice given, please feel free to contact the Manager of your local Regency office who will ensure that your matter is dealt with in the appropriate manner and in accordance with our Client Compliance procedure.

Confidentiality

All information that Regency holds on behalf of its Clients is confidential, and will not be released without the express knowledge and consent of the Client, unless required to do so by law.

Ongoing Service

We require our Consultants to conduct regular reviews with their clients and our Sales Support team are committed to keep records of all clients current in order to provide an ongoing quality service. To assist us, we would ask you to keep us informed if you are considering changes to your investments or personal circumstances so that we may amend our records accordingly.

Your Best Interests at Heart

Application For Investments

We take the safeguard of your money very seriously. As clients are often based in parts of the world where communications are not always easy or immediate, Regency adheres to the following strict rules for placing any form of investment:

• All payments must be made payable by you directly to the institution with which the investment is being made.
• Regency's Consultants are not entitled to accept cash, bearer cheques, bank drafts or any other cash instrument in settlement of payment for investments.
• Under no circumstances may a Consultant accept cheques or any other monetary transfers made payable to Regency or to themselves.

In order for Regency to comply with the regulations against Money Laundering we may need to carry out certain checks on the identity of our clients and the source of the money that is to be invested.

Legalities

Regency operates in many countries around the world. The advice that is given will always be within the boundaries of the relevant country as we understand those laws to be at that time. Whilst we make every effort to ensure that the advice given is correct, Regency cannot be held responsible for interpretation, errors or future changes in legislation. It is therefore the best course of action for you to satisfy yourself as to your own legal status and to inform us should you be considering a major change to your financial affairs, changing country of residence or correspondence address.

Regency's Consultants are not permitted to draft or provide legal documentation and testamentary dispositions. Furthermore, both Regency and it's Consultants are unable to act as trustee for a client or accept any power of attorney from a client and vice versa.

Understanding Your Savings & Investments

Investments should only be made on the basis of the relevant official prospectus and accompanying marketing material and these should be read by you prior to selecting any investment. You should not rely on any representation or warranty made by a Consultant, whether made orally or in writing, unless it is contained in the relevant product particulars. Any such warranty made will not be binding on Regency.

Having read and understood the brochure and any relevant accompanying literature, you should be satisfied with both the nature of the investment and any charges inherent in such an investment. Similarly, should you elect to make further investments, the literature accompanying this should always be read so as to determine the suitability of additional investments.

Due to the general nature of investments, markets and possible exchange and interest rate fluctuations, please bear in mind that the value of investments and the yields from them may go down as well as up. Past performance is not a guarantee of future returns. Also bear in mind that savings plans and retirement plans can be of a long term nature. Please consider the term of the plan carefully as long term savings plans are wholly unsuitable for short term savings.

If you require projections on the potential returns of your investments the institutions we recommend are able to provide you with a quotation which you should request from your Consultant or the institution directly. However, any projection should be viewed only as indicative and it is not usual industry practice to use an assumed growth rate in excess of 12% per annum.

When you receive your certificate, contract note, statement or policy document following the placing of your investment, please read the information provided and the terms set out to ensure that the information given reflects your intentions and the product suits your personal needs. Should you find any discrepancies or if you have any queries, please ensure that you inform your Consultant in writing within 4 weeks after receipt of your investment documentation as we shall otherwise be entitled to assume that you have understood and are satisfied with your investment.

Documentation

All the institutions that we recommend issue certificates, contract notes, statements or policy documents confirming both the contract you have entered into and details of your investments.

Regency undertakes to deliver all applications, documents, bank instruction letters and cheques to the relevant investment institution as given to us by yourself. We also will deliver all certificates, documents and redemption money cheques in the event of a withdrawal to you, as sent to Regency by the financial institution. In all cases we will endeavour to deliver these in the most efficient and safe manner but we cannot be held responsible or liable for consequences with respect to any loss, whether direct, indirect or consequential which may occur because of actual loss of any documents or any delays whatsoever.

Should you provide Regency with a written request to retain documentation on your behalf, while exercising all usual care we are unable to accept responsibility for any loss or damage to this documentation.

In order for Regency to instruct switches from one fund to another on your behalf you must sign a switch form which we will then forward to the relevant institution.

To redeem an investment, you are required to complete and sign the relevant documents required by the particular institution. Regency may not accept authority to redeem money on your behalf. Should redemption money be requested to be paid into an account other than your own account, the institution would usually require an indemnity form to be signed by you before monies can be released.

Our Legal Understanding

Entire Agreement

This Agreement constitutes the entire agreement and undertaking between us and supersedes all oral or written agreements, understandings or arrangements between us relating to the subject matter of this Agreement. Neither party shall be entitled to rely on any agreement, understanding or arrangement which is not expressly contained in this Agreement. Regency reserves the right to change its business practices from time to time and you will receive written notification of such changes at least 4 weeks before they are due to take effect.

Termination

This Agreement may be terminated by either party at any time provided 14 days' written notice is given. In case of termination of our business relationship we would return to you any documents held on file on your behalf. However, please note that it is not Regency's usual practice to release either original or copy client files.

E-mail us for further information : info@raml.net
Regency Asset Management Ltd
Praha City Center
Klimentska 46
110 02 Praha 1
Czech Republic
Phone: +420 2 2185 2012
Fax: +420 2 2185 2052