GENERAL TERMS AND CONDITIONS OF XIOMEX (“GTCs”)

These General Terms and Conditions of Xiomex (the “GTCs”) govern the rights and obligations related to the use of the services provided by Xiomex, operated by Miralles SC FZ-LLC, offered mainly through the website www.xiomex.fund (the “Website”).

By registering on the Website or using the Services, you declare that you have read, understood and accepted these GTCs. If you do not agree with any of their terms, you must not use the Services.

1. INTRODUCTORY PROVISIONS

1.1. The provider of the Services is Miralles SC FZ-LLC, with registered office at Al Hamra Industrial Zone-FZ, Ras Al Khaimah, United Arab Emirates (hereinafter, “Xiomex”, the “Provider”, “we” or “our”).

1.2. The user of the Services is any natural or legal person who registers for or uses the Services (hereinafter, “you”, the “Client” or the “Trader”).

1.3. By registering on the Website or using the Services for the first time, a contract is concluded between you and Xiomex for the provision of the selected Services. These GTCs form an integral part of that contract.

1.4. The Services are intended exclusively for persons over 18 years of age. By registering, you declare that you are at least 18 years old and have full legal capacity to contract.

1.5. Only residents of countries in which the Services are available may use the Services. Xiomex will not provide Services to any Client who:

• (i) is a national or resident of any Restricted Jurisdiction;
• (ii) is incorporated or established in a Restricted Jurisdiction;
• (iii) is subject to international sanctions; or
• (iv) has a criminal record for financial crimes or terrorism-related offences.

Restricted Jurisdictions shall include, among others, the following: United Arab Emirates, Bangladesh, North Korea, Syria, American Samoa, Grenada, Chad, Belize, Antigua and Barbuda, Cape Verde, Tuvalu, Bouvet Island, Burundi, Cook Islands, Eritrea, Comoros, Fiji, Iran, Afghanistan, Cuba, Sudan, United States of America, Canada, United Kingdom, or any other country subject to international sanctions or applicable regulatory restrictions.

Xiomex may reject, restrict or terminate the Services at any time for Clients included in this clause, and such Clients shall be prohibited from using the Services, including the Client Section and/or the Trading Platform.

1.6. The Services consist mainly of:

• Tools for the simulation of trading in currencies (FOREX) and other financial markets,
• Evaluation accounts and funding programs,
• Instant funding accounts,
• Analytical tools, training materials and educational content.

All trading carried out through the Services is conducted in simulated environments, using fictitious or simulated capital. The Client acknowledges that they do not acquire any rights over such capital, nor any direct right to profits from real market operations.

1.7. Xiomex reserves the right to use internal real accounts and/or to replicate partially or totally the operations of certain Traders at the sole discretion of the Provider. Such use does not grant the Trader any right over real capital or over the Provider’s positions.

1.8. None of Xiomex’s Services constitute an investment service, portfolio management, deposit-taking or regulated financial advice. Xiomex does not recommend instruments, strategies or investment decisions. Any information provided is of an educational or informational nature and must not be interpreted as personalized advice.

1.9. Your personal data is processed in accordance with the Privacy Policy published on the Website.

1.10. The definitions used in these GTCs are set out in clause 19.

2. SERVICES AND CONTRACTING

2.1. The Services are requested through the Website, by completing the registration or order form and selecting the desired product (for example, PRO Account, 1-STEP Challenge, Instant Funding, subscriptions, etc.).

2.2. After registration and/or contracting, Xiomex will provide you with access to the Client Section and, depending on the product, to one or more compatible Trading Platforms.

2.3. Xiomex offers, among others, the following types of products (in their current or future version):

• PRO Accounts (Live PRO)
• 1-phase Challenges (1-STEP)
• Free Exam version (you only pay if you pass)
• Paid Exam version
• Instant Funding Accounts (instant funding)
• Special programs (for example, swing conditions, news restrictions, etc.)
• Recurring subscriptions for access to certain services, content or additional benefits.

The specific characteristics of each product (objectives, drawdown, leverage, profit split, etc.) are detailed on the Website, in the Xiomex App and/or in official communications, and form an integral part of these GTCs.

2.4. All information you provide (in forms, the Client Section, when contacting support, etc.) must be accurate, complete and up to date. You are responsible for its accuracy and undertake to update it when necessary. Xiomex is not obliged to verify the data, but may do so.

2.5. If you provide a tax identification number, registration number or company details, or indicate that you are acting as a legal entity or professional, you will be considered a business user/trader for the purposes of these GTCs, and some specific consumer protections may not apply.

2.6. Xiomex may offer services under individualized conditions (special prices, extensions, discounts, etc.). Individual benefits or discounts are not cumulative unless Xiomex expressly indicates otherwise.

2.7. Xiomex may limit, for risk or operational reasons, the number of active accounts and/or the maximum aggregate notional capital per Client. The maximum simulated capital per Trader (including scaling) shall be as published from time to time, and may reach up to USD 2,000,000 notional capital, unless subsequently modified.

2.8. The contract is formalized in Spanish and is stored electronically by Xiomex. Direct access to the historical signed text is not guaranteed, but the current GTCs will always be available on the Website.

3. PAYMENT TERMS, CURRENCY AND REFUNDS

3.1. Service fees are expressed mainly in United States dollars (USD). If you pay in another currency, the conversion will be handled by your payment provider, under your sole responsibility.

3.2. Published prices include, where applicable, taxes payable by the Provider. The Client will be responsible for declaring and paying any taxes due in their jurisdiction on income or profits they receive (for example, payouts).

3.3. Accepted payment methods may include, among others:

• Payment cards,
• Bank transfers,
• Cryptocurrencies (for example, USDT or others accepted),
• Other electronic means available on the Website.

3.4. Payment by card or other instant methods is deemed made when the payment provider confirms the transaction. In the case of bank transfers, payment is deemed made when the full amount is received in Xiomex’s account.

3.5. Challenges and one-time fee products. Most Challenges and certain products are contracted by means of a single fee, which covers access to the service as described on the product page.

3.6. Free Exam – “You only pay if you pass”. In the Free Exam Evaluation model, the Trader:

• Accesses an evaluation account at no initial cost; and
• Will only be required to pay the applicable fee if they pass the evaluation and decide to activate the funded account or associated product.

The specific conditions (amount, deadline for payment, consequences of non-payment, etc.) will be detailed on the Website for this product.

3.7. Recurring subscriptions. Xiomex may offer products with recurring fees (for example, monthly). In such cases:

• The Client authorizes periodic charges until they cancel the subscription in accordance with the instructions on the Website; and
• Cancellation will prevent future charges, but will not entitle the Client to a refund for periods already started, except as required by applicable law.

3.8. Refunds. As a general rule, fees paid are non-refundable, except in the following cases:

• Valid exercise of the right of withdrawal (see clause 13);
• Technical errors attributable to Xiomex;
• Specific cases provided for certain products, such as Live PRO Accounts, where this is stated in their specific conditions (for example, a possible refund if the Client is not satisfied with the product, as indicated on the Website or App).

3.9. Chargebacks and payment disputes. If the Client files an unjustified claim or requests a chargeback from their bank or payment provider without objective cause, Xiomex may:

• Immediately suspend access to the Services and to the Client Section;
• Cancel evaluation or funded accounts;
• Refuse new contracts in the future.

3.10. The Client is responsible for any fee, cost or exchange rate difference applied by their payment provider and must ensure that Xiomex receives the full amount of the fee due.

4. CLIENT SECTION AND TRADING PLATFORM

4.1. Each individual or entity may, as a general rule, have a single Client Section. Xiomex may link all accounts, products and services to that Section.

4.2. From the Client Section, the Trader may:

• Manage their products (Challenges, funded accounts, instant funding, etc.),
• Access account data and metrics,
• Download or consult documentation,
• Submit requests to support.

4.3. Access to the Client Section and the Trading Platforms is protected by personal credentials. You must keep these credentials secret and secure. You may not share them with third parties or allow others to trade your accounts.

4.4. Xiomex does not allow:

• A single account to be traded by multiple persons;
• Multiple accounts belonging to different Traders to be used in a coordinated way from the same devices or IP addresses where the purpose is to circumvent risk or capital limits.

Violation of these rules may be considered a Prohibited Practice with the consequences set out in clause 5.

4.5. The Services, the Client Section and/or the Trading Platforms may not be available at all times due to maintenance, technical issues, updates or other causes. Xiomex does not guarantee continuous availability and is not liable for damages arising from the inability to access them.

4.6. The Client may request the cancellation of their account by sending an email to the support address indicated on the Website. Cancellation implies termination of the contract and loss of access to all Services. Fees already paid will not be refunded, except as provided in clause 13 or in specific product conditions.

4.7. Xiomex does not apply a fixed expiry period due to inactivity for trading accounts; however, for operational or technical reasons, it may close inactive or historical accounts, while preserving relevant information in the Client Section where reasonably possible.

5. GENERAL DEMO TRADING RULES AND PROHIBITED PRACTICES

5.1 Demo trading and nature of operations

5.1. All trading carried out under Xiomex’s Services is executed on demo accounts or simulated environments using fictitious capital. The Trader’s performance is used solely for internal purposes (evaluation, account assignment, payout calculation, etc.).

5.2. Xiomex and its related entities may access detailed information about your trades and use it for:

• Statistical analysis,
• Improvement of the Services,
• Possible internal risk and execution strategies.

The Client is not entitled to any specific remuneration for the use of their trading data beyond the payouts or agreed conditions.

5.3 Platform availability

The Client Section and the Trading Platforms may be temporarily unavailable. Xiomex will not be liable for losses or damages caused by interruptions, delays, technical failures, errors by third parties or external providers.

5.4 Prohibited trading practices

The following are considered Prohibited Practices, among others:

5.5 Consequences of Prohibited Practices

If Prohibited Practices are detected, Xiomex may, depending on the severity:

• Remove or adjust affected trades;
• Invalidate an evaluation or challenge;
• Cancel a funded account;
• Partially or totally remove profits from a payout cycle;
• Block the Client’s access to future Services;
• Terminate the contract without the right to a refund.

Repeated or serious cases may lead to permanent expulsion from the Services.

6. XIOMEX PROGRAMS: ACCOUNT MODELS AND MAIN CONDITIONS

Note: The specific parameters of each product (exact percentages, DD, objectives, etc.) are always detailed on the Website, the Xiomex App and/or product materials. In case of conflict, the parameters published on those official channels shall prevail over the summary in this clause.

6.1 Main product types

Xiomex offers, among others, the following models:

• PRO Account (Live PRO)
• 1-STEP Evaluation – Free Exam
• 1-STEP Evaluation – Paid Exam
• Instant Funding Account
• Other programs and variations that Xiomex may launch (with their own conditions).

In general:

• Only the PRO Account applies static drawdown.
• The rest of the accounts (evaluations, instant funding, etc.) use trailing drawdown.
• Daily drawdown is calculated on the maximum recorded equity, according to the formula defined in the product conditions.

6.2 PRO Account (Live PRO)

General parameters:

• DD type: static.
• Maximum DD: between 6% and 8%, depending on the type and size of the account.
• Daily DD: 3% or 4%, depending on the account.
• Standard profit split: 70% Trader / 30% Xiomex, unless another split is indicated in the specific offer.
• Consistency rule: the PRO Account may have specific requirements different from the general 20% rule; these will be indicated in the product conditions.

The general rules on risk, news, trading and Prohibited Practices in these GTCs apply.

6.3 1-STEP Evaluation – Free Exam

• The Trader accesses an evaluation account at no initial cost.
• Approximate profit target: from 3% of the initial capital (the exact value will be indicated on the product sheet).
• Maximum DD: up to 8% (trailing), with no daily DD in this specific model, unless updated.

If the Trader meets the evaluation requirements:

• They may choose to activate a funded account; and
• Must pay the specified fee (“you only pay if you pass”) to continue.

Failure to comply with DD limits or other rules results in failure of the evaluation and cancellation of the corresponding account.

6.4 1-STEP Evaluation – Paid Exam

• The Trader pays a Challenge fee upfront.
• Maximum DD: 6% (trailing).
• Daily DD: 3% (on maximum equity).
• Profit target: as set out on the product sheet on the Website.
• Consistency rule: no single day may account for more than 20% of the total profit achieved during the evaluation.

If DD, consistency or any other rules are breached, the evaluation is considered failed and the account is cancelled with no right to a refund of the fee.

6.5 Instant Funding Accounts (instant funding)

• Immediate access to an Assigned Account without prior evaluation phases.
• Maximum DD: 8% (trailing).
• Daily DD: 4% (on maximum equity).
• Standard profit split: Xiomex may apply a profit split, for example, 50% Trader / 50% Xiomex or another percentage specified in the specific product conditions.
• Consistency rule: the best profit day may not account for more than 20% of the total profit generated in the payout cycle.

Failure to comply with DD, news rules, Prohibited Practices or consistency may lead to cancellation of the account and/or loss of profits for the cycle.

6.6 Leverage and instruments

Traders may trade, depending on the product:

• Forex
• Indices
• Gold (XAUUSD)
• Commodities
• Stocks
• Cryptocurrencies

Leverage will be as published by Xiomex for each product, within the following general ranges:

• Forex: between 1:30 and 1:100, depending on the type of account and product.
• Indices, Gold, Commodities, Stocks, Cryptos: normally between 1:1 and 1:50.

Commissions, spreads and other execution conditions are determined by the Trading Platform and/or the underlying technology provider. Xiomex does not guarantee specific fixed costs (unless expressly stated).

6.7 General success and failure criteria

For an evaluation to be deemed successful, the Trader must:

• Reach the profit target corresponding to their model,
• Respect the maximum DD and, where applicable, the daily DD,
• Meet the minimum number of trading days, if applicable,
• Comply with consistency rules and avoid Prohibited Practices.

Failure to meet any of these criteria results in failure of the Challenge or evaluation and cancellation of the evaluation account.

7. FUNDED ACCOUNTS AND RELATIONSHIP WITH THE TRADER

7.1. If the Trader passes the relevant evaluation and meets the conditions (including KYC/KYB), Xiomex may assign a Funded Account (real or simulated, at Xiomex’s discretion).

7.2. The legal relationship regarding funded accounts is directly between the Trader and Xiomex (Miralles SC FZ-LLC), unless otherwise stated for a specific program.

7.3. All capital assigned in funded accounts is the property of Xiomex. The Trader does not acquire any ownership rights over such capital or over real positions that Xiomex may open in the market.

7.4. Profit split. For funded accounts derived from standard evaluation, the typical split may be, for example, 70% in favour of the Trader / 30% for Xiomex, unless a different percentage is specified in the product. For instant funding or other models, the profit split may differ (for example, 50/50), as indicated in the product conditions.

7.5. Payout frequency. As a general rule, profit payouts may be requested every 30 days, provided the Trader meets the established conditions (completed KYC, DD limits respected, no Prohibited Practices, etc.). Some add-ons or models may allow more frequent payouts (for example, every 14 or 7 days), as published at the time of contracting.

7.6. Minimum withdrawal amount. The standard minimum withdrawal is USD 200, unless Xiomex indicates a different minimum for certain accounts or promotions.

7.7. Payouts may be made via:

• International bank transfer,
• Approved cryptocurrencies,
• Other electronic methods made available by Xiomex.

7.8. Xiomex may withhold or cancel payouts if:

• Breaches of these GTCs are detected,
• There are suspicions of fraud, abuse or Prohibited Practices,
• The Trader has not correctly completed KYC/KYB.

8. NEWS TRADING POLICY

8.1. During evaluation. During evaluation phases, trading during high-impact news is, in principle, allowed, unless a specific restriction is indicated for a particular product.

8.2. In funded accounts. In funded accounts, restrictions apply to trading during high-impact news:

• The restricted period is defined as the interval of 5 minutes before and 5 minutes after the event time.
• During this period, it is prohibited to open, close or modify trades, as well as to place, modify or cancel pending orders.

8.3. Definition of high-impact news. High-impact news shall be understood as those marked as such on the economic calendar of Investing.com or any other equivalent source that Xiomex may designate.

8.4. Consequences of violation. Any trade opened, closed or modified within the restricted period may be considered a serious breach. Xiomex may remove the profits from the payout cycle in which the violation occurs and/or take additional measures (including account cancellation) in case of recurrence or serious breach.

8.5. Xiomex may allow, limit or prohibit specific strategies related to news (straddles, strangles, etc.) through additional rules published on the Website or App.

9. KYC / KYB AND VERIFICATION

9.1. Xiomex may require identity verification (KYC) or business verification (KYB) before:

• Activating a funded account,
• The first payout,
• Or at any time it deems necessary for regulatory compliance or risk management.

9.2. Accepted identity types:

• Natural person,
• Self-employed / sole proprietor,
• Legal entity (company).

9.3. Once verification has been requested, the Trader will generally have up to 30 days to complete the process. Failure to provide or obtain approval of the documentation within this period may result in:

• Invalidation of the evaluation,
• Inability to access the funded account,
• Cancellation of pending payouts.

9.4. The entire contractual relationship between Xiomex and the Trader in relation to funded accounts shall be governed by the law of the Emirate of Ras Al Khaimah and the United Arab Emirates, without prejudice to mandatory consumer protection that may apply in other jurisdictions.

10. SCALING PLAN

10.1. Xiomex offers a Scaling Plan for certain funded accounts derived from evaluation processes (as a general rule, not applicable to instant funding models).

10.2. The Scaling Plan rewards the Trader’s profitability and consistency by:

• Gradually increasing the account size (for example, in increments of up to 25%),
• Improving conditions such as profit split (for example, to higher percentages).

10.3. The specific requirements (required profit percentage, positive months, number of withdrawals, etc.) are detailed in the Xiomex App and on the Website. By way of indication, the Trader must:

• Achieve a cumulative profit objective over a given period,
• Close a minimum number of months in profit,
• And make a minimum number of withdrawals.

10.4. The maximum aggregate capital per Trader in the Scaling Plan will generally not exceed USD 2,000,000 simulated or assigned capital, unless later changed.

10.5. Xiomex will periodically assess whether the criteria are met and, if not, the Trader will not be scaled in that cycle, while retaining the possibility of being assessed in future cycles.

11. USE OF THE WEBSITE, CONTENT AND INTELLECTUAL PROPERTY

11.1. The Website, Client Section, Trading Platforms and all content (text, graphics, logos, interfaces, training materials, etc.) are owned by Xiomex or its licensors and are protected by applicable law.

11.2. Xiomex grants the Client a limited, revocable, non-exclusive and non-transferable licence to use the Services and content solely for personal purposes and in accordance with these GTCs.

11.3. The Client may not:

• Reproduce, sell, sublicense, rent, distribute or commercially exploit the content without authorization;
• Reverse engineer, decompile or modify the software;
• Use automated tools to extract data on a massive scale (scraping) or overload the systems;
• Attempt to circumvent security measures or geographic restrictions.

12. LIABILITY, DISCLAIMERS AND FORCE MAJEURE

12.1. The Services are provided “as is” and “as available”. Xiomex does not guarantee results, continuous availability, or that the use of the Services will be suitable for the Client’s specific objectives.

12.2. To the maximum extent permitted by law, Xiomex shall not be liable for:

• Loss of profits or income;
• Loss of data;
• Indirect, special or consequential damages;
• Investment decisions made by the Client outside Xiomex;
• Technical problems of third parties (brokers, liquidity providers, external platforms, etc.).

12.3. Xiomex’s total liability to the Client for any claim related to the Services, where it cannot be excluded, shall be limited to the amount of the fees paid by the Client to Xiomex in the 90 days prior to the event giving rise to the damage.

12.4. Xiomex shall not be liable for failure to provide services when this is due to force majeure (disasters, conflicts, regulatory changes, global infrastructure failures, pandemics, etc.) or decisions by competent authorities.

13. RIGHT OF WITHDRAWAL (CONSUMERS)

13.1. If the Client acts as a consumer, they shall have the right to withdraw from the contract within 14 calendar days from its conclusion, provided they have not started using the paid service (for example, have not opened any demo trades in a paid account).

13.2. The Client may exercise their right of withdrawal by sending an email to the support address indicated on the Website within the stated period.

13.3. If the Client has requested the start of the service before the 14-day period has expired (for example, by opening trades in a paid account), they acknowledge that they lose their right of withdrawal in respect of that service.

13.4. Once a valid withdrawal has been received, Xiomex will refund the Client, within a maximum period of 30 days, the amounts paid for the affected service, provided the service has not been consumed or activated under the stated terms.

14. BREACH OF THE GTCs

14.1. If the Client breaches these GTCs in a way that may harm Xiomex, especially if the Client:

• Accesses the Services in breach of the clauses on age, Restricted Jurisdictions or sanctions,
• Provides false or outdated data,
• Engages in Prohibited Practices,
• Damages Xiomex’s reputation or legitimate interests,
• Attempts to circumvent technical or risk limits,

Xiomex may, at its discretion:

• Suspend or limit their access to the Services,
• Cancel evaluation or funded accounts,
• Prevent new contracts,
• Terminate the contract without the right to a refund.

15. COMMUNICATIONS

15.1. Communications between Xiomex and the Client will be made mainly through:

• The Client Section, and/or
• The registered email address.

15.2. Any electronic communication shall be deemed to have been made in writing for all purposes.

16. AMENDMENT OF THE GTCs

16.1. Xiomex may amend these GTCs whenever it deems necessary (due to legal, technical, commercial or product changes).

16.2. Amendments will generally be notified to the Client at least 7 days in advance, through the Client Section or by email.

16.3. If the Client does not agree with the amendments, they may reject the new GTCs and request termination of the contract before the effective date of the changes. Otherwise, they will be deemed to have accepted the new version.

17. APPLICABLE LAW AND JURISDICTION

17.1. These GTCs and the legal relationships arising from them shall be governed by the laws of the Emirate of Ras Al Khaimah and the United Arab Emirates, without prejudice to mandatory consumer protection that may apply under the law of the Client’s habitual residence.

17.2. Any dispute shall be submitted to the competent courts of Ras Al Khaimah, unless mandatory consumer protection law provides otherwise.

18. TERM AND TERMINATION OF THE CONTRACT

18.1. Except for subscription products, the contract shall be deemed concluded for the period necessary to complete the Challenge, evaluation, funded account or specific service contracted, ending when:

• The evaluation is passed or failed,
• The funded account is cancelled,
• The Client requests cancellation of the Client Section,
• Or Xiomex terminates the contract in accordance with these GTCs.

18.2. For subscription products, the contract shall be automatically renewed according to the indicated periodicity, until cancelled by either party.

18.3. Either party may terminate the contract by giving the other at least 7 days’ notice, without prejudice to acquired rights or amounts already accrued.

19. DEFINITIONS (SUMMARY)

For the purposes of these GTCs:

• Client Section: Private area accessible from the Website where the Client manages their products and data.
• Trading Platform: Third-party electronic interface used to execute demo or simulated trades.
• Simulated capital: Nominal amount chosen by the Client when contracting a product, used solely for simulation and evaluation purposes.
• Restricted Jurisdictions: Countries or territories where Xiomex decides not to provide Services, as indicated in these GTCs and subsequent updates.
• Prohibited Practices: Set of trading or service-use actions described in clause 5.4.

20. Terms & Conditions – Nature of Services

• 20.1 Miralles SC FZ-LLC Is Not a Broker : Miralles SC FZ-LLC does not operate as a broker, financial intermediary, investment firm, trading venue, or market counterparty in any jurisdiction. The Company does not execute, facilitate, match, clear, or process trading orders for clients in any real financial market.
• 20.2 No Custody of Client Funds: Miralles SC FZ-LLC does not hold, safeguard, store, manage, or control client funds, assets, securities, or financial instruments, whether fiat, digital, or otherwise. The Company does not act as a custodian, trustee, nominee, escrow agent, or financial holder of client capital under any circumstances.
• 20.3 No Access to or Operation in Real Markets The services provided by Miralles SC FZ-LLC do not include access to real-market trading or participation in regulated financial markets, including but not limited to: foreign exchange (forex) markets, commodity markets, stock exchanges, derivatives or futures markets, crypto-asset exchanges, liquidity providers or market makers. The Company does not provide trading infrastructure, execution services, market connectivity, or trading accounts of any kind.
• 20.4 No Financial, Investment, or Trading Services: Miralles SC FZ-LLC does not: provide investment advice, manage investment portfolios, execute trades on behalf of clients, offer leveraged or margin trading, engage in proprietary trading, or guarantee profits, returns, or financial results. All services offered by the Company are strictly administrative, operational, or consultancy-related, and must not be interpreted as regulated financial services.
• 20.5 Limitation of Liability: Set of trading or Given the nature of the Company’s services, Miralles SC FZ-LLC shall not be liable for: financial losses resulting from client decisions, market fluctuations, trading activities performed by the client with third parties, any misunderstanding of the Company’s services as investment, trading, or brokerage services. Clients acknowledge and agree that Miralles SC FZ-LLC is not responsible for any financial activity conducted outside the Company’s scope, and that no relationship with the Company implies authorization to act in regulated financial markets.