Plans Terms and Conditions
1.1. Lenno Global Advisory JSC is a licensed Investment intermediary regulated in accordance with Directive 2014/65/ЕС (MIFID II). The company is licensed and regulated by the Financial Supervision Commission (FSC) with registration number RG-03-188, hereinafter referred to as „II“. The II’s relations with the Client are governed by the Applicable Law.
1.2. This document constitutes the Plans Terms and Conditions offered by the II in connection to the applicable fees and commissions at the Client’s expense under the Agreement for provision of investment services through the Trading platform (hereinafter referred to as the “Agreement”), which are called below the “Terms”.
1.3. These Terms are legally binding for the II and the Client and this is why it is important that they are read carefully. If there is something in the Terms, which the Client does not understand, he should contact the II as quickly as possible or he should seek independent consultation.
1.4. The Terms apply to all Clients of the II with an existing Contract. These Terms are indefinite and come into force for the II and the Client until the Agreement is terminated.
1.5. For the purposes of these Terms, a reference to a particular item is to be considered a reference to the relevant item under the current Terms. Reference to the terms is considered for reference to these Terms, as the same are amended, supplemented and updated or the rights under which have been transferred so far.
2. Definitions and Interpretation
2.1. Unless if it is mentioned otherwise in these Terms, the defined terms will have the same meaning as specified in the Agreement and the relevant annexes thereto.
2.2. In the Terms the following words and phrases have the following meanings and can be used in singular or plural form as appropriate, unless the context requires otherwise:
„Standard“ means a Plan which is applied by default for all Clients. The Plan‘s Parameters are the standard terms listed on the Website and the trading Platform.
„Premium” means a Plan which is applied with a specific request from the Client according to the Terms. The Plan’s Parameters are listed on the Website at https://lenno.com/en/accounts and can be seen in the trading Platform, only after the Plan has been activated for the Client.
„Infinity” means a Plan which is applied with a specific request from the Client according to the Terms. The Plan’s Parameters are listed on the Web Site at https://lenno.com/en/accounts and can be seen in the trading Platform, only after the Plan has been activated for the Client.
„Party“ means the II or the Client, while „Parties“ mean the II and the Client together.
„Price“ means the monthly or annual fee, which the Client owes for using the Premium or Infinity Plan. The Price for each Plan is listed at all time with the Plan’s details on the Website at: https://lenno.com/en/accounts.
3. General information
3.1. The II offers the following Plans
3.2. By default II applies the Standard plan for all Clients. All terms and conditions listed on the Website or the trading Platform (except the Plans themselves) are the standard conditions of the Standard Plan. The Premium and Infinity Plans offer special conditions listed for the plan, which modify the standard. For all other parameters, which are not modified expressly in the Premium and Infinity Plans, the Standard terms and conditions are applied. In order to avoid any doubt, in the case that Premium or Infinity Plan has been applied for the Client, the Client acknowledges and understands that the terms specified in the Plan are prioritised over all standard terms specified on the Website.
3.3. The client has the right to request a Plan different than the Standard by following the instructions on the Website or the Website with limited access.
3.4. The II provides the selected by the Client Plan after the price for it has been paid and under the terms that the Client’s Account has been activated according to paragraph 34.3 from the Agreement.
3.5. The II can change at any time the parameters of each Plan and the Terms. For clients that are not using the Premium or Infinity Plans, the change enters into force with its publishing on the Website. For Clients which are already using the Premium or Infinity Plan, the change enters into force with one month notice. The notice period starts with publishing the change on the Website. During the notice period these Clients have the right not to accept the changes in the form of explicit statement and in this case the changes won’t be applicable to them. Otherwise, the changes enter into force after the one month notice period.
4. Choosing a plan
4.1. Upon signing an Agreement for the provision of investment services through the trading Platform, the Client automatically starts benefiting from the Standard plan. The Client on its own initiative can ask for a change of the current plan at any time by submitting a request for changing the plan via the Website or the Website with limited access or by filling in a template written request provided by the II. With the request the Client must chose the method of payment of the Plan’s Price – by monthly or annual instalments.
4.2. Reviewing the request for changing the Plan is reviewed within 3 working days of the receipt of the request for change. In case, the client doesn’t receive reply within this period and the Plan hasn’t been changed according to the request, the Client agrees that this is an implied rejection. Although the II will make every effort to give feedback for the reasons behind the rejection, the II is not obliged to do so.
4.3. At any time before reviewing the request, the Client can change his mind. In this case, it is assumed that such request was never submitted.
4.4. At any time before the request is reviewed, the Client can submit a new request. In this case the last request is being reviewed and it is assumed that all previous requests are cancelled.
5. Period, price and switching to a different plan
5.1. The minimum period of the Plans is 12 months. After this period the Plan is renewed automatically for another 12 months.
5.2. The Client can cancel his Plan at any time without prior notice by submitting a request for changing his plan. In this case when reviewing the request the period from Section 4 Choosing a plan shall be applied. At any time the Client can switch to a higher plan in case he pays the Price for it. At any time the Client can request switching to a lower plan, while with monthly instalments the transition takes place after the last day of the calendar month for which it is paid while with annual instalments after the end of the annual period for which it is paid. To avoid any doubt contributions paid are non-refundable.
5.3. The Price for each Plan is paid by the Client to the II by debiting the Client’s Account. In this regard, the Client understands and acknowledges that he is required to maintain positive balance in the respective Account at all time, in order to have enough to pay the corresponding contributions to the applicable Plan. The II has the right to set off claims against the Client with funds, which the II keeps on behalf of the Client.
5.4. The Price of the Plan is paid by monthly or annual instalments.
(a) With monthly instalments the Price for the following month is paid on the last business day of the previous month. In case of switching to a different Plan, the Price for the remaining days of the current month shall be paid upon approval of the request in size proportional to the remaining days until the end of the month.
(b) With annual instalments the Price for the succeeding year period until the respective day next year is paid on the respective day of approval or renewal of the Plan.
5.5. Switching to a higher Plan
(a) Switching to a higher Plan is done straight after approval;
(b) With monthly instalments the Client pays the Price of the new Plan in the amount calculated proportionally to the remaining days from the current calendar month less the unused part of the Price paid for the previous Plan in the amount calculated in proportion to the remaining days until the end of the month.
(c) With annual instalments the Client pays the Price of the new Plan in full less the unused part of the paid Price for the previous Plan in the amount calculated in proportion the remaining days until the end of the year period of the previous plan.
5.6. In the case that the Client doesn’t have enough enough positive balance in his Account to pay the respective instalments from the applicable Plan, the II cancels the Plan and the Account is changed to the Standard Plan.
5.7. The II has the right to change the applicable Plan to an Account at any time or to deny a request for switching to another Plan at its discretion and without any notice. In this case the II owes a refund of the Price paid for the Plan in the amount calculated in proportion to the remaining days.
6.1. Under the Terns the Price of each Plan is paid by the Client to the II by debiting the Client’s Account. This means that on the maturity day of the installment for a chosen Plan, the balance of the respective Account will be reduced with the respective Price for this Plan. This may affect the Open positions and the available Margin and in some cases may trigger automatically closing of the Open positions.
6.2. The client is obligated to monitor risks according to the preceding paragraph, as well as all other risks arising from the Terms, in his own discretion.