The Traders Union Legal Department’s Regulations and Services
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The services of the legal department are free of charge for all registered clients of the Traders Union.
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The legal department considers claims only on matters of controversy between a broker and a trader on an account that was opened via the TU website and after the account has been successfully registered on the Traders Union platform.
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Issues relating exclusively to the work on the trading accounts of brokerage companies shall be accepted for consideration. These include: the operation of the trading platform, the opening and/or closing of trading orders, the accuracy of quotes, the quality of trading services provided by the company, which is directly related to the client’s trading activities.
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Issues not considered by TU’s legal department are: claims related to the shortfall in profits or lost profits of the client, controversies regarding the deposit or withdrawal of funds, claims for compensation for non-pecuniary damage, commission fees set by the brokerage company, account verification rules, issues involving payment details.
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Claim consideration begins from the moment all materials requested from the client are submitted. If the client doesn’t provide assistance and/or doesn’t provide all the necessary materials for the consideration of the issue in controversy within 14 (fourteen) calendar days from the date of filing the claim, the Traders Union Legal Department reserves the right to dismiss the client’s claim.
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The minimum period for claim consideration is 7 (seven) business days.
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The maximum consideration period is 3 (three) calendar months. This period can be extended by 3 (three) months if it is necessary to consider new facts and materials on an issue provided by the client, the brokerage company, or the Traders Union Legal Department, which were not provided at the moment of the initial application.
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The Traders Union Legal Department shall not consider claims regarding the spread short-received from the Union if the partner remuneration for the client was canceled by the brokerage company under the terms of the Partnership Agreement between the brokerage company and the Traders Union and the Offer Agreement accepted by the client.
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An appeal on the competing claims can be submitted only if new materials and relevant evidence of the wrongful act of one of the parties are found, and no later than 1 (one) calendar month from the date of an official response from the Legal Department has been received by the parties.
Regulations for payments from the Traders Union Compensation Fund
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1
The Traders Union Compensation Fund compensates for loss or damage to the Union's clients if a broker doesn’t comply with its obligations to traders or violates the fixed regulations.
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Payment from the Compensation Fund shall be made only after the legal department has fully considered the case, the illegal actions of the brokerage company have been sufficiently demonstrated, and the broker has refused to assist in resolving the issue.
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3
Every client of the Union having a dispute with a brokerage company that is a Traders Union partner on an active trading account opened through the website of the Union can bargain for a cash payment from the Traders Union Compensation Fund.
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Traders Union may or may not — in its sole discretion —award compensation to a client, in part or in full, where the brokerage company ceases or has ceased to do business. The Traders Union shall be liable for all obligations only within the limits of the Compensation Fund.
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The amount of compensation payment shall be recognized only after the deliberations of the controversy and a thorough review of all materials relevant to each case have been completed.
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Where a decision to award payment from the Traders Union Compensation Fund in favor of the trader has been made, the trader shall submit a signed application to the Traders Union director, indicating that he agrees with the decision and that he has no third-party or other claims against the Union.
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Payment from the Traders Union Compensation Fund shall be made within 7 (seven) business days after the decision to compensate has been made and the parties have agreed on the financial resolution in all particulars.
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The maximum amount of payment from the compensation fund is US$5,000 (five thousand US dollars).