These General Terms and Conditions (GTC) govern the business relationship between Aury Crypto AG (hereinafter referred to as the “Company”) and its clients (hereinafter referred to as the “Client”). They apply to all services and transactions provided by the Company, unless otherwise agreed in writing.
Aury offers Custodial Services for Digital Assets.
All Digital Assets credited from time to time to the trading wallet (hereinafter the “Trading Wallet(s)”) or the vault wallet (hereinafter the “Vault Wallet(s)”) of the Client shall be held by Aury on behalf of the Client, who remains the legal and beneficial owner of such Digital Assets.
The Trading Wallet and the Vault Wallet of the Client are hereinafter referred to as the “Custodial Account(s)”.
The Custodial Services allow the Client to (i) transfer Custody Assets to and from their Custodial Accounts, (ii) deposit Custody Assets into their Custodial Accounts, (iii) withdraw Custody Assets from their Custodial Accounts and (iv) benefit from other additional services as may be offered by Aury from time to time. Each such transfer, deposit, withdrawal, or other service as mentioned in this paragraph shall be hereinafter referred to as a “Custody Transaction”.
Notwithstanding the above paragraph, the Client acknowledges that they will not be able to purchase or sell third-party goods or services with Custody Assets through Aury or any of the Custodial Services.
As part of the Custodial Services, or otherwise under these Custody Regulations, Aury shall have no obligation whatsoever to deliver any physical certificate, token or other instrument representing or incorporating Custody Assets.
Aury may in its sole discretion change, delay or discontinue any of the Custodial Services without giving any reason. In addition, Aury may, in its own discretion, refuse in whole or in part acceptance of any Custody Assets for custody and/or in connection with any Custodial Services and/or may, without giving any reason, reject, return or block, temporarily or permanently, in whole or in part, any Custody Assets or amounts received, in particular if Aury identifies or suspects any infringement of, or otherwise ensures compliance with, legal and regulatory requirements, contractual provisions, business or trade practices or internal policies of Aury.
The Client shall comply with any reporting requirements applicable to or associated with any Custody Assets (e.g., as required from issuers or authorities) booked in any of the Custodial Accounts or with any third-party custodians. Aury shall have no obligation to advise the Client with respect to such reporting obligations. If a certain Custodial Service triggers reporting obligations for Aury, Aury shall be entitled to refrain from performing such Custodial Service.
The Custodial Services are available only in connection with those Custody Assets that Aury, in its sole discretion, decides to support. The supported Custody Assets may change from time to time, in Aury’s sole discretion and without giving any reason for such change. In particular, without limitation, Aury may cease to accept certain Custody Assets based on product-specific, legal, regulatory, reputational or other reasons.
Aury may inform the Client by appropriate means before ceasing to support a specific Custody Asset, unless such notification is not allowed pursuant to e.g., a court order, applicable law, regulation or code. Upon such notification, the Client shall instruct Aury in due course about the transfer destination of the relevant Custody Assets or provide other appropriate instructions. In case Aury does not receive appropriate instructions within a reasonable amount of time as defined by Aury, it may liquidate the relevant Custody Assets and disburse the proceeds in accordance with the corresponding provisions of the GTC or perform any other action deemed appropriate in its sole opinion, in each case at the expense and at the risk of the Client.
Prior to initiating a deposit of a certain Custody Asset into a Custodial Account, the Client shall enquire whether, and make sure that Aury offers Custodial Services for that specific Custody Asset. The Client shall not, under any circumstances, attempt to use any of the Custodial Services with respect to Custody Assets of any type that are not supported by Aury. Depositing or attempting to deposit Custody Assets that are not supported by Aury may result in such Custody Assets being irretrievable by the Client and/or Aury. Aury shall assume no obligation or liability whatsoever regarding any unsupported Custody Assets sent or attempted to be sent to it, or regarding any attempt to use the Custodial Services for Custody Assets that Aury does not support. The Client shall enquire whether any specific Custody Assets are supported by Aury by accessing the online services of Aury and carefully consulting the list of supported Custody Assets that can be found therein.
In addition, Aury recommends that the Client deposits a small amount of any specific supported Custody Asset as a test (micro transaction) prior to initiating a deposit of a more significant amount of such Custody Assets. In the event that the Client carries out such a micro transaction, at its own initiative or upon request of Aury, Aury shall have no obligation to credit the relevant Custody Assets on any Custodial Account and shall also have no obligation to transfer back those Custody Assets to the Client.
The Trading Wallet only supports six digits after the decimal point. Therefore, the Client acknowledges that when depositing certain Digital Assets to the Trading Wallet, only six digits after the decimal point will be considered for the Digital Asset amount.
Aury shall have the right to investigate, or to instruct a third-party provider (in Switzerland or abroad) to investigate, any assets to be delivered or already delivered by the Client, or by third parties on behalf of the Client, into any Custodial Account of the Client. An investigation may be carried out at any time, including prior to or after the acceptance of the assets concerned, and in any case without any liability of Aury. An investigation may include e.g., compliance and forensic investigations, or investigations on the origin and/or authenticity of the Custody Assets.
Such investigations may require Aury to share the Trading or Vault Wallet address or any other wallet address of the Client with a third-party provider (in Switzerland or abroad) and the Client expressly authorizes Aury to disclose the wallet addresses of the wallets concerned. For this purpose, the Client hereby expressly releases Aury and its directors, officers, employees, representatives and agents from any obligations of any secrecy or confidentiality under Swiss or any other applicable law(s) which might otherwise preclude the disclosure of such information.
Any and all investigations with respect to any Custody Assets are carried out by Aury or a third- party provider in particular to assess whether Aury can provide any Custodial Services with respect to such Custody Assets. The Client shall not be entitled to obtain any information on any investigation performed by Aury or a third-party provider, nor does the Client have the right to rely on or otherwise benefit from such investigation and any findings or results relating thereto.
Aury shall have no obligation to perform any Custodial Services, execute any Custody Transaction or carry out any further action with respect to any Custody Assets until any investigation deemed appropriate by Aury has been conducted and/or completed in a manner satisfactory to Aury.
Investigations of Custody Assets may delay the execution of orders or instructions given by the Client to Aury or lead to a non-execution of such orders or instructions or to the return of Custody Assets transferred to Aury. Aury assumes no liability in case of any loss or damage arising in such cases and any such loss or damage shall be borne by the Client.
Aury shall be authorized to hold Custody Assets with one or several third-party custodians of its choice, in Switzerland or abroad, in its own name but for the account and at the risk of the Client. Aury shall only be liable for due selection and instruction of such third-party custodian and neither the Client nor its authorised representatives shall have any right to instruct the third-party custodians used by Aury.
Aury shall be authorized to hold the Custody Assets in collective custody. Therefore, Custody Assets of multiple clients may be held collectively in such a way which may result in the inability to individualize and separate the Custody Assets allocated to the Client. In this instance, Aury’s liability shall be limited to the restitution per equivalent of the Custody Asset as further set out in art. 12 of these Custody Regulations. In case the Client instructs Aury to hold the Custody Assets other than in collective custody, the Client may be excluded from being able to use certain of Aury services, including the trading services.
Custody Assets held with a third-party custodian outside of Switzerland may be subject to the laws, regulations and customary practices of the domicile or the place of business of such third-party custodian. These laws, regulations and customary practices may differ from those in Switzerland and in particular not offer the same level of protection or rights e.g., in case of insolvency of the third-party custodian. Third-party custodians may assert rights of lien, liquidation, or set-off in relation to the Custody Assets and it may not be possible to individualise and segregate Custody Assets in case of an insolvency.
Aury only transfers those rights that it receives from a foreign third party. If the applicable law, regulation or contractual provisions makes it difficult or impossible for Aury to return to the Client Custody Assets held abroad or to transfer to the Client the proceeds from the sale of such Custody Assets, Aury is, subject to the existence and assignability of the claim, only obliged to assign to the Client a claim for the return of property or for the payment of the sums involved. Aury’s liability is limited to this obligation.
Custody Assets may be registered or held with third- party custodians either (i) in the Client’s name, (ii) in Aury’s name or in the name of a third party, or
ii) without personalised registration, but in each case for the account of and at the expense and risk of the Client. The Client hereby accepts the disclosure of its name and related information to the third-party custodian in line with the GTC.
When Custody Assets are held in custody with Aury, certain technical features required for the Custodial Services may be provided by third-party providers in Switzerland or abroad. Aury selects and instructs such third-party providers with due care. Neither the Client nor their authorised representatives shall have any right to select or instruct any third-party provider.
Aury shall not be liable for any damage or loss directly or indirectly resulting from an action or omission of, or due to the insolvency, Bankruptcy or similar event affecting any third-party provider.
In case applicable laws, regulations, contractual provisions or any other circumstances prevent or make it difficult for Aury to retrieve Custody Assets or their proceeds from the technical environment of a third-party provider, Aury shall only be obliged to assign to the Client the respective existing rights or claims against the relevant third- party provider (provided that such rights or claims exist and are assignable).
As part of the Custodial Services, Aury may perform standard administrative actions customary in Swiss practice, unless the Client provides other particular instructions. Standard administrative actions may include, without limitation, collecting interests, dividends and principal amounts or other distributions due for payment, monitoring withdrawals, redemptions, as well as conversion, subscription, and similar rights. Faulty, incorrect, or failed distributions or payments credited to any of the Client’s Custodial Accounts may be cancelled at any time.
For the avoidance of doubt, Aury may debit any of the Client’s Custodial Accounts to the extent required for the performance of any administrative action.
Due to technological or other developments relating to any Custody Assets, certain administrative and/or technical actions may be required. In this regard, Aury may, but has no obligation to, follow the latest developments concerning Digital Assets, or review the underlying events triggering the need for such administrative and/or technical actions or have a third party in Switzerland or abroad perform such review. Further, Aury may, in its sole discretion, decide on the actions to be performed in the context of any relevant event, such as an event of a (hard) fork or an event of an airdrop or similar distribution of Digital Assets or any other similar event (hereinafter the “Digital Asset Event(s)”) and Aury may decide in its sole discretion if it wants to support such a Digital Asset Event. Aury shall have no obligation to inform the Client about Digital Asset Events. In case Aury does not proactively inform the Client about any Digital Asset Event, it should be assumed that such a Digital Asset Event is generally not supported by Aury.
If a Digital Asset Event is not or not fully supported by Aury, the Client acknowledges that they may not be able to benefit, or fully benefit from such Digital Asset Event.
Aury shall have no obligation to enable any Custody Transaction for Digital Assets originating from Digital Asset Events and Aury may decide to suspend such possibilities at its sole discretion. Further, Aury may request from the Client that they transfer any Digital Assets related to or arising from a Digital Asset Event and not supported by Aury to an external wallet.
Aury shall have the right to convert Digital Assets originating from Digital Asset Events into fiat currencies or supported Digital Assets.
In case of a hard fork, Aury may decide in its sole discretion if it wants to support either of the forked chains or any Digital Asset(s) thereby newly created or any other consequences based on such hard fork, and whether to take any administrative actions or not.
In particular, Aury may decide to support only a withdrawal of such newly created Digital Asset(s) but not to offer any Custodial Services in relation thereto. In any case, the Client shall have no claim against Aury in connection with any hard fork or similar event.
As determined and communicated to the Client by Aury in its sole discretion or based on technological or other reasons outside the sphere of influence of Aury, terms and conditions, such as waiting periods or deadlines, may apply to withdrawals or disposal of airdropped or newly created Digital Assets, or to any other actions related to any Digital Asset Event. Aury is not liable for any loss or damage arising from the Client’s non-compliance with such terms and conditions and/or with Aury’s instructions.
It is the Client’s sole responsibility to be informed about and to preserve and exercise all rights associated with its Custody Assets (including, without limitation, in connection with any Digital Asset Event) and to take all necessary actions to benefit from these rights, including to instruct Aury accordingly or to participate in any legal or insolvency proceedings.
As part of the Custodial Services, the Client may give Aury instructions to place orders. Except to the extent otherwise agreed in writing, the Client shall be responsible for all investment decisions and related instructions and orders, such as e.g., purchases, sales, subscriptions, transfers, redemptions, or conversions of Digital Assets. All risks and expenses related to such orders and transactions shall be borne by the Client.
Execution of orders and the respective transactions may be dependent upon a variety of internal and external factors such as market conditions, availability of third-party service providers such as liquidity providers, trading days and time of trading venues, compliance requirements, changes to the relevant distributed ledger, other technological or other factors, or other risks and actions of third parties (including stakeholders of the relevant distributed ledger) over which Aury has no control. Therefore, the time period for the execution of transactions may vary and Aury cannot, and does not guarantee execution, or execution within a particular timeframe.
The Client acknowledges that in any case, orders and instructions shall have to be placed with Aury with appropriate advance notice.
The provision of the Custodial Services (including, without limitation, the execution of orders) may be limited or discontinued at any time and at Aury’s sole discretion without giving any reason. Certain specific risks associated with orders and instructions regarding Digital Assets are detailed in particular in Aury’s Digital Assets Risk Disclosure document and in the Terms and Conditions for Trading in Digital Assets and Foreign Currency Conversions, both accepted and acknowledged by the Client and as amended from time to time.
The Client may at any time, subject to their duty to deliver all relevant information deemed necessary by Aury to comply with any such request, as well as subject to, in particular, all applicable internal policies and directives of Aury, notice or waiting periods, legal and regulatory requirements, contractual provisions, business or trade practices, requirements according to the issuer’s corporate documents, and Aury’s rights of lien, rights of retention and other withholding rights, request the delivery of any Custody Assets, or that any Custody Assets be otherwise put at the Client’s disposal. Subject to the terms of these Custody Regulations, Aury shall execute such request within the time period and in the form customary in Swiss practice (if any), in each case corresponding to the type of the relevant Custody Asset.
In the absence of a different agreement with the Client, Aury provides a statement of the Custody Assets on an annual basis to the Client.
Custody Assets valuations shown on the statement are based on market values obtained from sources of information customary in Swiss practice or other sources reasonably determined by Aury. Aury assumes no liability for the accuracy of this information and therefore the accuracy of the Custody Assets valuations.
The custody of Digital Assets performed by Aury includes generating, distributing, administrating and/or storing data which is required to access and/or dispose over addresses in a blockchain or another digital distributed and cryptography-based ledger containing or representing the Digital Assets of the Client. The custody of Digital Assets includes, in particular, the creation of digital ledger addresses and the storage of private keys. The respective distributed ledgers, including the Digital Assets as such, are, unless otherwise communicated to the Client, not operated nor controlled by Aury.
The Client acknowledges that in relation to certain Digital Assets, the custody of Digital Assets may only be performed within the technical environment provided by Aury. In particular, certain Digital Assets may only be held in custody in or transferred to wallets provided by Aury and not in or to external wallets.
Aury may provide the Client with:
i) Client-specific on-chain segregated Vault Wallets controlled and secured by Aury to store certain Digital Assets supported by Aury;
ii) non-segregated Trading Wallets which are on-chain not segregated and which may be controlled by Aury to pool certain Digital Assets supported by Aury for trading purposes.
Custody Assets of the Client held in the Trading Wallet may be pooled in collective custody with Custody Assets of the same kind belonging to other clients of Aury. Therefore, the Client shall have no claim to any specific Custody Assets, but will rather have a claim to, subject to these Custody Regulations and to any applicable laws and regulations, a quantity of Custody Assets of the same kind and amount, or to the corresponding claim for the proceeds of the sale thereof in any other Digital Asset or fiat currency.
For every Vault Wallet, an individual digital ledger address, which is administrated by Aury, is issued to the Client. Digital Assets in any Client’s Vault and Trading Wallet are not treated as general assets of Aury and the Digital Assets remain Client’s property.
According to the relevant applicable laws and assuming that all requirements in this respect are adhered to, Digital Assets held in custody by Aury for the account of the Client, regardless of whether they are held in Vault Wallets or Trading Wallets, are to be considered as deposited assets in the meaning of art. 16 and 37d of the Swiss Banking Act and thus segregated.
Whether the Digital Assets are segregated or not may have a significant impact on the Client’s Digital Assets under custody with Aury:
i) In case the Digital Assets are segregated, the Digital Assets will not fall into the bankruptcy estate of Aury and must (under Swiss law) be returned to the client.
ii) In case the Digital Assets are not segregated, the Digital Assets will fall into the bankruptcy estate of Aury.
Therefore, the Client will be treated as a creditor of Aury and will compete with other creditors during the bankruptcy procedure. It is possible that the Client may, in certain cases, benefit up to a limited amount from the depositor protection scheme contemplated by Swiss law. However, not all and perhaps none of the Digital Assets will be eligible for protection under the depositor protection scheme.
The legal segregation of Digital Assets in a bankruptcy procedure or a similar event depends on numerous factors such as court decisions, accounting rules and standards, regulatory practice, and the characteristics of Digital Assets. The way in which custody is provided by Aury may influence the treatment of Digital Assets in a bankruptcy or similar event. As of the date of these Custody Regulations, it has not been conclusively determined if, and there are no court precedents or established legal practice of regulatory authorities and bankruptcy administrations confirming that, Digital Assets will not fall into the bankruptcy estate of Aury in accordance with Art. 16 and 37d of the Swiss Banking Act in a bankruptcy event of Aury.
For the avoidance of doubt, credit balances on a fiat account constitute a contractual claim of the Client against Aury, unlike any Digital Asset under custody held for the Client on a segregated basis pursuant to these Custody Regulations.
Private keys, which enable the access to and the disposition over the relevant digital ledger addresses for the relevant Digital Assets of the Client are stored using hardware security modules, multi- party computation (MPC) systems or similar technology. Such storage infrastructure used for storage may be operated by Aury or by mandated third-party providers. Aury shall only be liable for due selection and instruction of such third-party providers.
Aury is entitled to debit network fees from the Client’s Custody Assets to process a Custody Transaction to or from any Custodial Account of the Client. Aury will calculate the network fee, if any, in its discretion.
Aury is entitled to credit or debit any Custodial Account or any other account of the Client for the Custodial Services in accordance with the Aury price list or any other separate agreement between the Client and Aury. Any adjustments and amendments to the Aury price list may be made at any time and at Aury’s sole discretion. Such adjustments and amendments will be communicated to the Client by appropriate means and will be effective, unless otherwise agreed, 30 days from the date of notification by Aury.
Aury applies due care in providing the Custodial Services. The storage of Custody Assets involves certain risks including, without limitation, (i) loss of data, (ii) internal or external fraud, (iii) theft of digital and physical data and (iv) hacking and other cyber-attacks. Such risks shall be borne exclusively by the Client. Without prejudice of the previous sentence, Aury shall undertake commercially reasonable efforts to identify and mitigate such risks associated with the Digital Assets of the Client. Risks are further described in Aury’s Digital Assets Risk Disclosure.
The Client acknowledges the limited sphere of influence of Aury in connection with Custody Assets and the Custodial Services. Aury does not guarantee nor warrant the integrity of the Custody Assets for which Custodial Services are provided and the Client acknowledges and agrees to bear any loss or damage that cannot be attributed to non- compliance by Aury with its duty of care. In particular, Aury shall not be liable for loss or damage resulting from events or risks outside the sphere of Aury’s influence, including (without limitation) the risks described above.
Risks in connection with Custodial Services shall be mitigated by Aury in cooperation with the Client. In particular, the Client shall under no circumstances disclose any Client specific and confidential information (including, without limitation, any digital ledger addresses) provided to them by Aury to any unauthorized person or third party. Any costs or damages arising in connection with the violation of such Client’s duties shall be borne by the Client.
Aury’s liability is limited to direct loss or damage caused by Aury’s gross negligence or wilful breach of Aury’s contractual obligations or performance of its services. The limitation as per the previous sentence also applies to any direct loss or damage incurred as a result of, without limitation, (i) accessing Aury’s website or online services including the usage of information provided and services offered thereon, (ii) the inability to access or use any information or services on Aury’s website or online services, (iii) the unavailability of prices or other information concerning Digital Assets, (iv) malfunctions or errors on systems, of hard- or software or of services provided by third parties, (v) non-, partial, or late execution of transactions, (vi) losses caused by hacking, theft, fraud, cyber-attacks or other events or (vii) force majeure events. Any liability of Aury for direct, indirect, or consequential losses, including loss of profit, as well as any loss or damage due to events or actions outside of Aury’s sphere of influence, is excluded.
With regards to any third-party providers, Aury limits its liability to the due selection and instruction of such third-party providers, to the extent legally possible.
In case of any unusual events which may lead to potential loss or damage, such as unexplainable delays on the side of Aury, or inability to access the Aury website or the online services (e.g., due to technical problems), the Client must contact Aury without delay, for example by calling the Aury client services desk.
Should Aury be found to be liable under or in connection with these Custody Regulations, without prejudice of any other provision hereof, Aury’s aggregate liability in connection with the Custodial Services, the Custody Assets and/or any Custody Transaction shall at all times be limited to the proven value of the concerned Custody Assets. When liable in accordance with any of the above provisions, Aury’s liability shall be capped at the lower between (i) the market value of the Custody Assets lost at the time the loss occurred or (ii) the market value of the Custody Assets lost at the time of the written claim by the Client.
Aury does not insure Custody Assets against loss or damage. Any insurance against loss or damage in connection with Custody Assets is the responsibility of the Client.
The Client bears all the economic and legal risks and implications (i) which result of measures taken by any authority of any relevant country or state, as well as by their respective regulatory or self- regulatory bodies, or (ii) resulting from the exercise of consensus or similar mechanisms in respect of any Digital Assets, including, without limitation, any prohibitions or restrictions of payments or transfers, limitations to, suspension or exclusion of convertibility or changes to functionality, which may affect the Client’s Custody Assets or Custodial Account and/or the corresponding assets held by the Client with Aury, in each case except for those implications that are a consequence of any non-compliance by Aury with its duty of care.
If at any time any provision of these Custody Regulations is or becomes illegal, invalid, or unenforceable in any respect under the applicable law, neither the legality, validity, or enforceability of the remaining provisions of these Custody Regulations will in any way be affected or impaired thereby.
Aury may modify and/or amend these Custody Regulations at any time and the Client will be notified about the modifications and/or amendments within a reasonable period in advance and by suitable means.
In the absence of any objection by the Client in writing within 30 days of the date of notification, such modifications and/or amendments shall be deemed to be accepted by the Client and shall be effective and binding upon the Client and Aury.
These custody regulations (hereinafter the “Custody Regulations”) for Traditional Assets (as defined in the General Terms and Conditions, hereinafter the “GTC”) govern the custody, booking and administration provided by Aury Crypto Ltd. (hereinafter “Aury”) to the client (hereinafter the “Client”) of Traditional Assets. These Custody Regulations shall form an integral part of the relationship between the Client and Aury.
Aury shall accept from the Client Traditional Assets for safekeeping, booking and administration. Aury may hold Traditional Assets in the form of securities, uncertificated securities, global certificates, book-entry securities and other securities, and capital market investments not in the form of securities.
Aury may refuse to accept Traditional Assets in whole or in part without giving any reason. The Client has no access to the place of custody.
Aury shall be authorized to check Traditional Assets delivered by the Client or third parties for authenticity and blocking at any time without assuming any liability whatsoever. Aury expressly reserves the right to not accept and/or transfer them back to the originating custodian and/or another appropriate body in the relevant country for such purposes. Aury shall be under no obligation to take any (administrative) action and/or issue a sale order for Traditional Assets until Aury considers the review to be complete.
Aury shall handle the Traditional Assets with due care customary in the business.
The Client may at any time request the transfer of their Traditional Assets. In this case Aury shall perform such delivery within the customary period and in the customary form. The statutory provisions, Aury’s rights of lien and set off, and other contractual agreements such as notice periods, as well as art. 35 “Term and termination of the relationship and liquidation or exempting deposit of assets” (as amended) of the GTC remain explicitly reserved.
In the case of delivery or transfer from a Collective Custody account (as defined below), there shall be no entitlement to specific numbers, pieces or denominations.
The Client shall comply with any reporting obligations (e.g., reporting obligations within the meaning of art. 697j et seq. of the Swiss Code of Obligations, notification obligations and/or the obligation to submit a takeover bid in accordance with the applicable provisions of the Swiss Financial Market Infrastructure Act) for itself or, if applicable, the beneficial owner of the Traditional Assets. The same shall apply if the Client is subject to another reporting or notification obligation or capital market transactions applicable to the Client pursuant to an applicable domestic or foreign stock exchange regulation or legislation. This shall also apply if the Traditional Assets held in custody at Aury or at the third-party custodian are not registered in the Client’s name. Aury shall also not be obliged to draw the Client’s attention to such reporting obligations. Aury shall not be liable for any failure on the part of the Client or the beneficial owner of Traditional Assets to comply with this obligation.
Any acknowledgments and/or confirmations of receipt issued by Aury are neither securities nor are they transferable, pledgeable or tradeable.
In connection with the safekeeping, administration and delivery of the Traditional Assets, Aury shall be entitled to a custody fee in accordance with the applicable price list. In addition, Aury shall be entitled to charge a commission for administrative actions (e.g., collection of capital and earnings, exercise of subscription rights) and for extraordinary efforts and costs as well as third-party fees, taxes and/or duties. Aury reserves the right to unilaterally change the fees or the applicable price list at any time.
Aury shall be entitled to hold Traditional Assets of several Clients in safe custody by third-party custodian, without separating them according to holdings (hereinafter “Collective Custody”). Traditional Assets that shall be held separately due to their nature or for other reasons are excluded from Collective Custody.
Aury shall be entitled to have the Client’s Traditional Assets in custody with a third-party custodian, both in Switzerland and abroad, in its own name but for the account and at the risk of the Client. The Client authorizes Aury to have Traditional Assets held in custody by a domestic or foreign third-party custodian, even if such third- party custodian is not subject to supervision appropriate to its activities.
In the case Traditional Assets are held with a third- party custodian, Aury shall credit to the Client’s custody account the corresponding Traditional Assets which the third-party custodian has credited to Aury’s Traditional Assets’ account. Any further claims of the Client shall be excluded.
In the case of safekeeping abroad, the Traditional Assets held in custody are subject to the laws, rules, regulations and practices of the place of custody (for example, the provisions of Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directives 2002/92/EC and 2011/61/EU do not apply to securities held in custody outside the European Economic Area). If the third-party custody is subject to foreign law, the Client shall acquire rights with the credit entry corresponding to those rights which Aury receives from the third-party custody. If Aury is prevented or impeded from returning Traditional Assets held abroad by foreign legislation or for other reasons for which it is not responsible (e.g., in the event of bankruptcy of the custodian), Aury shall only be obliged to provide the Client with a pro rata claim for return at the place of custody at a correspondent Aury of its choice, provided that this claim exists and is transferable. The Client shall bear all economic, legal, and other consequences which may affect the assets held in custody as a result of official measures or other economic or political events.
Traditional Assets that can be withdrawn can also be held in Collective Custody accounts. Traditional Assets in a Collective Custody account shall follow the corresponding applicable joint ownership provisions.
At Aury’s discretion, all Traditional Assets may be registered in the name of the Client. The Client accepts that in case of custody with a third-party custodian, the third-party custodian shall become aware of Client-related data, particularly the Client’s name. In this case, Aury shall be expressly authorised, but not obliged, to perform the necessary acts of registration on behalf of the Client, including the issuance of transfer powers of attorney. Alternatively, Aury may hold the Traditional Assets registered in its own name or in the name of a third party for the account and at the risk of the Client.
If, based on Client holdings, Aury shall be obliged to make inquiries regarding the holdings of Traditional Assets held in safe custody abroad, Aury may charge the Client for the costs of such inquiries.
Aury may, at its own discretion, set up one custody account for several Clients. If a custody account is set up by several Clients, the applicable provisions with regards to the right of disposal shall be notified to Aury and shall apply for the associated account relationship.
Several Clients shall be jointly and severally liable for claims arising out of or in connection with the deposit.
In the case of Traditional Assets held in custody with deferred, deferrable, or cancelled title printing, Aury shall be entitled, but not obliged:
i) to have Traditional Assets in the form of securities still in existence converted into uncertificated securities;
ii) to carry out the usual administrative actions, to give the necessary instructions to the issuer and to obtain the necessary
information from the issuer during the period in which the Traditional Assets are held in the custody account; and
iii) to demand printing and delivery of the Traditional Assets from the issuer, provided that there is a corresponding right to do so.
In all administrative actions, Aury shall rely on the information it receives through the available information sources customary in the industry, without, however, assuming any responsibility for such information. Aury shall not be obliged to query generally available information sources, such as the internet, for information that could affect the Client’s Traditional Assets account values.
From the day of deposit, Aury shall be entitled, but not obliged, also without the Client’s express order, to perform the usual administrative acts and corporate actions, such as:
i) the crediting of interest, dividends and repayments due and the repayment or drawing of Traditional Assets, if applicable;
ii) the subscription of new coupon sheets and the exchange of interim certificates for Traditional Assets, if applicable.
Unless otherwise agreed, Aury shall be entitled but not obliged, in accordance with the Client’s specific order given in due time, to perform administrative tasks such as:
i) the procurement of conversions. Unless the Client gives other instructions within the set period, the order shall not be renewed, and the amount shall be credited to the Client, if applicable;
ii) arranging deposits on titles that are not fully paid up; and
iii) the exercise or purchase and sale of subscription, conversion, or option Unless the Client has given a different order within the time limit set by Aury, Aury shall be entitled but not obliged to sell the subscription right at best, but if doing so without assuming any responsibility for it.
If instructions from the Client are not received in due time, Aury shall be authorized, but not obliged, to act at its own discretion. The assertion of claims for reimbursement as well as crediting of withholding taxes shall only be made based on express instructions from the Client.
Aury shall periodically send the Client custody account statements of deposited Traditional Assets for review. At the Client’s request, Aury shall issue additional statements, subject to potential additional costs for such statements, as Aury deems appropriate. Valuations of the Traditional Assets are based on prices and market values from information sources customary banking. The valuations shall be regarded as mere guidelines and shall not be binding on Aury. Aury accepts no liability for the accuracy of the valuation or for any information in connection with the Traditional Assets.
The custody account statements shall be deemed to be correct and approved unless the Client objects to their content in writing to Aury within a period of 30 days from the date of dispatch.
Aury shall only inform the Client in the event of significant losses in value if there is a legal or regulatory requirement in this respect and if the Client has concluded an asset management agreement with Aury. Aury may determine the materiality of a loss in value at its own discretion.
The Traditional Assets shall be recorded in the Client’s custody account subject to their delivery and acceptance by Aury.
In case Traditional Assets of the Client are held in custody with third-party custodians, Aury acts with due care in the selection and instruction of the respective third-party custodian. Aury shall not be liable if Traditional Assets are held in custody at the express instruction of the Client with a third- party custodian which was not recommended by Aury for this purpose.
Aury may amend these Custody Regulations at any time and the Client shall be notified about the modifications and/or amendments within a reasonable period of time in advance and by suitable means.
In the absence of any objection by the Client in writing within 30 days of the date of notification, such modifications and/or amendments shall be deemed to be accepted by the Client and shall be effective and binding upon the Client and Aury.
Last updated: 28.06.2025
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Phone: +41 41 123 45 67
Email: info@aury-brokerage.com
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