Provided by Flash Partners Pty Ltd (ABN 30 607 885 941)
Australian Financial Services Licence No. 480834
Issue Date: 18th May 2023

1. Introduction

This Wholesale Client Information Statement (“this Statement”) provides you a general description of the key risks associated with spot FX contracts and forward FX contracts which are issued by Flash Partners Pty Ltd (ABN 30 607 885 941) (“Flash Payments”, “us”, or “our”) and other important information that you should consider when deciding whether to open an Account with Flash Payments as a Wholesale Client.

This Statement does not explain all the risks involved in trading or how the risks relate to your personal circumstances. It is important that you read our Wholesale Client Terms and Conditions and other relevant documentation to fully understand the risks involved and consider whether you understand how FX trading works.

It is important you remain aware of the risks involved in FX trading and have adequate financial resources to bear such risks and you monitor your positions diligently. Trading is not suitable for everyone and may result in losses that are greater than your deposits. You should only trade with money you can afford to lose.

Wholesale Clients are not afforded the protections that are offered to Retail Clients in Australia. We recommend that you seek independent advice if you are unsure of the risks of trading our products or if you need more information about what it means to be classified as a Wholesale Client.

Any examples in this Statement are provided for informational purposes only, and are not a recommendation or endorsement by us to acquire any financial product. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the financial products discussed in this Statement are appropriate for your particular circumstances.

This Statement may only be used by persons who receive it in Australia. The information in this Statement does not constitute an offer in any jurisdiction. The distribution of this Statement in jurisdictions outside Australia is limited and may be restricted by law. Persons who come into possession of this Statement who are not in Australia should seek advice on any such restrictions that apply.

The information in this Statement is subject to change and is up to date at the date of this Statement only. Where new information is materially adverse, we will issue a new Statement or supplementary Statement. However where the information is not materially adverse, we will not issue a new Statement or supplementary Statement but you will be able to find the updated information on our website https://flash-payments.com .

2. About Flash Payments

Flash Payments holds an Australian Financial Services Licence (AFSL 480834). We are authorised to deal in, make a market in, and provide general financial product advice on foreign exchange contracts and non-cash payments to Retail and Wholesale Clients. We buy and sell currency.

We are registered as an international remittance dealer by the Australian Transaction Reports and Analytics Center (AUSTRAC).

We are not authorised under our AFSL to provide you with personal financial product advice which is advice that takes into account your personal objectives, financial situation or needs. We can provide you with factual market information and general advice about the financial products discussed in this Statement.

3. Wholesale Client categorisation

The financial products and services which we provide to Wholesale Clients do not necessarily have the same investor protection available to Retail Clients. We will not provide a Product Disclosure Statement or Financial Services Guide to Wholesale Clients. We do not have the same obligations to Wholesale Clients under Chapter 7 of the Corporations Act that we would have if the product or service were provided to a Retail Client.

The Australian Financial Complaints Authority has discretion to exclude complaints from Wholesale Clients.

We may, from time to time, voluntarily provide some of the Retail Client protections to you, at our absolute discretion, and the provision of such protections at any particular time does not create any entitlement for you to their continued provision and does not affect our right to treat you as a Wholesale Client.

4. Eligibility

We will require appropriate evidence to support your eligibility as a Wholesale Client.

Flash Payments can categorise you as a Wholesale Client pursuant to section 761G(7) of the Corporations Act 2001 (Cth) (Wholesale Client) if you provide us with a copy of a certificate from a Qualified Accountant (within the meaning of that term given by section 88B of the Corporations Act 2001) that states that:

The certificate is valid for two years from the date of issue.

You must inform Flash Payments if you no longer meet the criteria to be considered a Wholesale Client.

5. The Account

To be able to enter into FX contracts with us, you must establish and hold an online Account with us. You can only hold one Account at any given time. The Account will be the facility from which you will be able to benefit from our services, which includes depositing funds (including from overseas accounts) in the Account, using funds that have cleared in the Account to enter into FX contracts and, if you elect, making foreign currency transfers to recipients overseas. By establishing an Account, you agree to be bound by this Statement, the General Terms and any other applicable Transaction Documents. The General Terms form part of the facility we provide to you, and are incorporated by reference into this Statement. If there is any inconsistency between these terms and the General Terms, the General Terms will prevail to the extent of the inconsistency.

To open an Account, you must enter the details we request on our website. Prior to opening the Account, you must ensure that you satisfy the Eligibility Criteria which are set out in the General Terms. You must also provide us with information or documents we request to verify your identity for the purposes of AML-CTF Laws and to otherwise comply with our legal obligations.

Until we are satisfied with these checks and you have provided us with the information we require, the Account will be open but not activated which means that you will be able to view the Account but not deposit any funds into the Account or enter into FX contracts. The Account will only be activated after we are satisfied with these checks. If we are not satisfied with the checks or consider that you are not a fit and proper person, we will not activate the Account.

To access the Account, you will need to enter your username and password. Your username is the email address that you have nominated. You should always keep the password confidential and update it regularly. We recommend that you enable our two-factor authentication solution to increase the security of your Account. It is your responsibility to safeguard the security of your Account. You agree and acknowledge that we are authorised to act on any instructions received via your Account and that we are under no obligation whatsoever to verify the accuracy or validity of any such instructions.

The Account does not bear interest. The proceeds contained in the Account are held in a bank account nominated by us from time to time. Those proceeds are segregated from our funds and are otherwise managed in accordance with our obligations under the Corporations Act 2001 (Cth).

Key features of the Account

The key feature of the Account is that it is the only facility from which our services can be accessed. These services include entering into FX contracts with us and transferring foreign currency to overseas recipients.

Other features of the Account are:

Significant benefits and risks

The significant benefits of the Account include:

· No costs to operate the Account

No costs are payable in respect of opening and holding the Account. However you will incur costs in entering into FX contracts and transferring currency to (for inbound transfers) or from (for outbound transfers) the Account. See more in sections 7 and 8 of this Statement.

· Access our services

You must hold an Account in order to access any of our services, including to enter into a FX contract with us and transfer foreign currency to an overseas recipient. You must also hold an Account if you wish to transfer funds from an overseas location to the Account for the purposes of entering into an FX contract with us.

· Flexibility and convenience

Subject to any breakdown or scheduled maintenance, the Account will be available at all times, which provides you with the flexibility to enter into FX contracts and transfer currency to (for inbound transfers) or from (for outbound transfers) the Account at any time.

The significant risks of the Account include:

· No interest

We are entitled to any interest that accrues on the balance held in your Account at any time. You receive no interest from the proceeds that are held in the Account.

· Unauthorised access

There is a risk of unauthorised access to your Account. Under the General Terms which primarily govern the Account, you will be liable for any transactions conducted on your Account, even if they were not initiated or authorised by you. You should not provide your username or password to anyone, and you should regularly update your password.

· Cyber security risk

The Account is only available online. Thus, there is a risk that your Account may be hacked or accessed by an unauthorised person. We recommend that you enable our two-factor authentication solution to increase Account security and confidentiality.

Like with most services that are provided online, there is also a risk that your device from which you access the Account will be exposed to a virus, worm, trojan horse or other harmful component. You agree and acknowledge that we are not liable in any way whatsoever (whether direct or indirect) to you for any loss that you suffer as a result of your Account being hacked or accessed by an unauthorised person, or being affected by any virus, worm, or other harmful component. You are entirely responsible for the safety and security of your Account.

· Operational risk

The Account’s availability is dependent on the internet and other IT infrastructure. While we have established business continuity plans and risk management systems, there is a risk that the Account will not be accessible due to a breakdown, cyber-attack, operational failure, scheduled maintenance or other similar causes.

· Eligibility risk

There is a risk that you may fail to meet, or to continue to meet, the Eligibility Criteria (set out in the General Terms) which includes the requirement that you are not named on any official government lists created for the purposes of sanction laws and are not subject to any counter-measure under the AML-CTF Laws. In these circumstances we may be required to undertake various actions, including suspending or terminating your Account.

· Legal risk

By opening and holding an Account, you have agreed to comply with the Transaction Documents (as defined in the General Terms). There is a risk that you may be unable to comply with the Transaction Documents, in which case you will be in breach of those terms. If you breach the Transaction Documents, we may enforce our rights against you, which may include terminating the Account, setting off any amount we owe you against any amount you may (now or in the future) owe us, closing any open transactions you have with us or taking action to recover amounts of money that we have lost, incurred or are otherwise entitled to claim from you.

Costs

There are no costs associated with acquiring the Account. However, see sections 7 and 8 of this Statement for costs incurred when entering into FX contracts.

6. FX contracts We Offer

We offer two types of FX contracts: spot FX contracts and forward FX contracts. Section 7 is about spot FX contracts. Forward FX contracts are discussed at section 8 of this Statement.

7. Spot FX Contracts

A spot FX contract is an agreement to exchange one currency with another currency at an agreed effective exchange rate, where settlement occurs in two Business Days (T+2) or less (spot FX contract).

We exchange one currency for another at an agreed effective exchange rate and assist to facilitate the transfer of the foreign currency to the person you have nominated.

A spot FX contract is entered into each time we exchange currency with you within the timeframe discussed above (T+2). The effective exchange rate is the rate at which you sell the currency to us and purchase the exchange currency from us. The effective exchange rate is affected by market fluctuations and other macro-economic factors as well as our margin.

We can also facilitate the transfer of the foreign currency that has been converted to the person you have nominated overseas for outbound instructions, or locally for inbound instructions.

Spot FX contracts are not entered into on an authorised exchange, such as the ASX. There is no official benchmark exchange rate for currency. The foreign exchange market is referred to as an over-the-counter market.

Spot FX: Outbound transfer

To enter into a spot FX contract and transfer foreign currency to a person overseas, you must:

Our quote to you amounts to an ‘invitation to treat’ or an invitation to form a contract on the terms of the quote. If you confirm the quote, your confirmation amounts to an irrevocable offer to us to enter into a spot FX contract on the terms of the quote. We can then accept or reject your offer in our absolute discretion. If we accept your offer (being your confirmation of our quote), then the spot FX contract becomes immediately binding on you and us and we will immediately convert the pre-conversion currency amount to the foreign currency at the effective exchange rate indicated in the quote. Where you have indicated that you wish to send the foreign currency amount overseas, we will be bound to facilitate the transfer of the foreign currency to the overseas recipient that you have nominated as soon as practicable. You agree and acknowledge that our quote to you remains valid for the period indicated in the quote only. After this time, the quote lapses, and you will need to request a new quote.

Example

You wish to exchange 5,000 AUD to GBP today and send those funds to Joe Flash. You hold an Account that contains at least 5,000 AUD.

* Note that settlement and receiving banks and other intermediaries may charge administrative fees for facilitating the transfer of funds to the overseas recipient, which will be deducted from the amount the recipient receives. This has not been factored into the above example.

In the example above, the effective exchange rate is the exchange rate we have quoted less the margin. Note that the estimated exchange rate may be different from the effective exchange rate which is ultimately the rate at which one currency is converted to another currency.

Spot FX: Inbound transfer

You may transfer funds located in an overseas account to the Account for the purposes of entering into a spot FX contract. We can facilitate such transfer provided you comply with the procedures we prescribe from time to time.

We do not transfer currency (whether inbound or outbound), but merely facilitate the transfer and for this purpose we will choose (and you authorise us to choose) the payments infrastructure and networks that we consider the most appropriate, in our absolute discretion, through which the transfer will be made. We exercise reasonable care in choosing payments infrastructure and networks. However you agree and acknowledge that we are not responsible or liable (directly or indirectly) for any loss, costs, damages, liabilities, expenses or otherwise that you incur or suffer in relation to transferring funds, whether into or out of the Account.

Spot FX contracts: Key features

Key features of spot FX contracts are:

Spot FX Contracts: Significant benefits and risks

The significant benefits of spot FX contracts are:

· Exchange of currency

Spot FX contracts enable you to exchange one currency for another at an agreed effective exchange rate.

· Transfer of funds

By entering into a spot FX contract, and if you elect, we will also help facilitate the transfer of the currency which has been exchanged to the recipient that you have nominated. The currency is processed and transferred separately to the spot FX contract through various payments infrastructure and networks that we consider (in our absolute discretion) are appropriate.

The significant risks of spot FX contracts are:

· Market risk

One currency is converted to another currency under a spot FX contract at an agreed effective exchange rate, which fluctuates all the time. These fluctuations are caused by various market and macro-economic factors, which are beyond our control. There are various risks present including:

This means that the amount of foreign currency converted that you or the overseas recipient receive may not be as much as you or the recipient could have received if the above risks did not apply.

Please refer to 9 of this Statement for information about significant risks that apply to all FX contracts (including spot FX contracts).

Spot FX contracts: Fees and costs

The revenue we generate is based on a margin. The margin is a difference between the wholesale exchange rate we obtain and the exchange rate we offer you. The margin may be impacted by a number of factors:

(a) More frequent trading sometimes reduces the margins;

(b) Highly liquid currency pairs typically have lower margins;

(c) Low market volatility may reduce margins; and

(d) Larger transactions may reduce margins.

In contrast:

(a) Infrequent trading may increase the margin;

(b) Exotic, less liquid currencies have higher margin;

(c) High market volatility increases the margin; and

(d) Smaller transactions increase the margin.

We will charge you a margin for every spot FX contract we enter into with you. The margin is not fixed, and depends on the variables listed above. The margin will not be disclosed to you in the quote we send you and again at the time you enter into a spot FX contract.

The margin will be payable to us in the pre-converted currency, and will be deducted by us before we exchange that currency to the other currency. This will be deducted from the amount you receive, or if you elect to send the foreign currency overseas, the overseas recipient receives.

We may charge you a transaction fee in connection with the spot FX contract, which will be disclosed to you in the quote we send you before you confirm your offer to enter into the spot FX contract. The transaction fee will be payable to us in the pre-converted currency, and will be deducted by us before we exchange that currency for the other currency. This will be deducted from the amount you receive, or if you elect to send the foreign currency overseas, the overseas recipient receives.

If we refuse to enter into a spot FX contract with you, we may also charge you an administration charge, which will be set out on our website at https://flash-payments.com. You can obtain a free copy of information about this from us upon request. The administration charge will be deducted from the amount that is returned to your Account.

We do not charge you any other costs or fees. However, receiving and settlement banks which facilitate the transfer of currency to (for inbound transfers) or from (for outbound transfers) your Account may charge their own additional fees and charges, which we may not be aware of and cannot prevent. For example, they may impose fees and charges:

· for facilitating the transfer of funds to, or from, the Account; or

· if they refuse to transfer funds to, or from, the Account because of incorrect payment details, regulatory requirements or any other valid reason.

These charges will be automatically deducted from the funds which are returned to you, deposited in your Account or transferred to the recipient.

Example

You wish to exchange 5,000 AUD to GBP today and send those funds to Joe Flash. You hold an Account that contains at least 5,000 AUD. You log in to the Account and the estimated effective exchange rate quoted is 0.5615 GBP per 1 AUD which includes a margin of 1.50% (the exchange rate quoted is 0.5700 GBP per 1 AUD). You proceed to obtain a quote and the effective exchange rate is the same. You confirm that you wish to proceed.

The exchange rate is 0.5700 GBP per 1 AUD. The effective exchange rate is 0.5615 GBP per 1 AUD which is equal to the exchange rate quoted (0.5700 GBP per 1 AUD) less the margin (1.50%). At this rate, the 5,000 AUD is converted to 2,807.5 GBP, which is calculated by 5,000 x 0.5615. Flash receives the margin in AUD which is 75 AUD.

8. FX Contracts: Forward FX Contracts

A forward FX contract is an agreement to exchange one currency with another currency at an agreed effective exchange rate, where settlement occurs in more than two Business Days (>T+2) (“forward FX contract”).

Forward FX contracts are often used by businesses or individuals who would like to fix the exchange rate for settlement on a future date (of more than 3 Business Days and typically up to 2 years). This provides the ability to manage cash flow and exposure to currency movements.

The significant benefits of forward FX contracts

The following are some of the significant benefits of a forward FX contract:

The significant risks of forward FX contracts

The following are some of the significant risks of a forward FX contract:

· A forward FX contract fixes a currency exchange rate and a delivery date or period. This means it does not allow you to take advantage of a favorable movement in the prevailing spot exchange rate.

· If you use a forward FX contract to cover an obligation that ceases to exist, or that changes prior to the delivery date, then the contract may need to be closed out (i.e. brought to an end). This means you may incur a loss as you will be liable for any loss incurred by, and/or fees due to, Flash Payments as a result of the termination or closure of the contract.

· A relatively small initial amount as collateral on booking the forward FX contract (“Initial Margin”) is required to be paid by you to enter into a forward FX contract. The Initial Margin only represents a small percentage of the transaction: the market value will be determined by the full amount of the transaction. That is, small movements in the market could lead to large losses or gains. This means there could be a significant impact on the funds you have deposited and you may be required, on short notice, to respond to a margin call and provide additional funds to cover your position. Margin call amounts will vary depending on, but not limited to, notional value, currency pair and market volatility. A failure to meet the margin call is a default by you under the General Terms. You should read the consequences of such a default in the General Terms carefully. It can result, amongst other things, in the forced liquidation of your position as well as additional losses which can include your initial deposit and previous margin payments.

· Termination risk. If we exercise our rights to terminate the forward FX contract prior to the Value Date, you may incur loss.

Please refer to section 9 of this Statement for information about further significant risks that apply to all FX contracts (including forward contracts).

How do forward FX contracts work?

A forward FX contract can be for a fixed term or for delivery on a fixed date or period.

To enter into a forward FX contract, you will need to:

We will then quote you a forward FX rate and tell you the amount of the Initial Margin you will need to pay to us in order to enter into the forward FX contract. The rate we quote will depend on matters such as your chosen Value Date, the current prevailing spot exchange rates, and the other currency involved in the transaction. Our quote to you is an ‘invitation to treat’ or an invitation to you to enter into a forward FX contract on those terms. By confirming our quote, you offer to enter into a contract with us on the terms set out in the quote (and in the Transaction Documents). We may accept or reject your offer in our absolute discretion. If we accept your offer, then you will be bound to the transaction, and a contract arises:

· if you book the transaction by email, at the point in time we process your email offering to enter into a forward FX contract on the terms contained in our quote;

· if you book the transaction by phone after agreeing to the terms in our quote, at the point in time when the telephone call concludes; or

· if you select a link on the Dashboard or in your Account which indicates your offer to enter into a forward FX contract on the terms of the quote, at the point in time when you click that link (if we provide such functionality).

We will send you a confirmation notice for each transaction by email or by some other method.

You must ensure your Account holds cleared and settled funds at least equivalent to the agreed Initial Margin before Flash Payments can agree to any forward FX contract.

You must ensure the cleared and settled balance of your Account is at least equivalent to the balance of the forward FX contract on the Value Date.

On receipt of your cleared and settled funds, we will make the currency conversion at the agreed foreign exchange rate on the Value Date, based on the forward exchange rate agreed to when the forward FX contract was entered into. We then arrange for the purchased currency to be sent on the Value Date to the beneficiary account you have nominated.

For example, you contact Flash Payments via telephone or email and advise that you need to secure USD 200,000 for the purchase of goods in exchange for AUD; however, you do not need these funds for another 6 months. Flash Payments advises that the current rate of exchange on a forward contract due in 6 months, inclusive of our margin, is 0.7482. Therefore, you would need to pay AUD 267,308.20 on the forward contract value date 6 months from now to complete this contract. If you find this acceptable, you would instruct Flash Payments to conclude the trade on your behalf. At this point, if Flash Payments has confirmed the booking then the contract has started. Flash Payments will then send you a forward contract as confirmation and this contract will have to be signed and returned the same Business Day. If it is not, the forward contract is subject to cancellation and any losses will be your responsibility.

Margin amounts for forward FX contracts

We may require you to pay Initial Margin (typically 10% of the forward FX contract) before entering into the transaction. Any such requirement will be assessed on a case-by-case basis, and we may consider your credit rating and history with us in deciding whether to request Initial Margin, and (if so) the amount.

We may also, in our sole discretion, require you to make one or more payments to us during the life of the forward FX contract prior to its maturity, regardless of whether we require you to pay Initial Margin. This is known as a “margin call”. Our General Terms set our more information about margin calls.

You will need to pay any margin amount required by us within 24 hours of us making a margin call. Failure to do so will constitute a default of the terms of the forward FX contract, a default of the General Terms and means the forward FX contract will be cancelled or terminated. You will be liable for any costs associated with the termination of the contract. This may include the forced liquidation of your position as well as additional losses (such as administration and cancellation fees), which can include your initial deposit and previous margin payments. It may also include any amount of the margin that you fail to pay in full to us. After any such default, we may take any of the actions specified in the General Terms, including closing out all or any of your open positions, setting off any amount we owe you against any amount you owe us, withdrawing from your Account any money that you owe us.

We may require further margin amounts if there is an adverse movement in the relevant currency pair. Margin call amounts will vary depending on, but not limited to, notional value, currency pair and market volatility. Please read the General Terms carefully in relation to Margin Calls.

For example, if you agreed to buy USD 200,000 at a forward exchange rate of 0.7482 USD per AUD and the exchange rate has moved up to 0.8043 USD per AUD (equivalent to an increase of 7.5%), Flash Payments may ask you for additional collateral through a margin call. This is to ensure the collateral held by Flash Payments always covers any adverse movements in the exchange rate in the event where this forward exchange contract will need to be unwound. Flash Payments will not allow any forward exchange contracts that are not fully covered by the collateral held by Flash Payments .

If we refuse to enter into a forward FX contract with you or the terms of the offer that we provide to you lapse before you accept the same, we may also charge you an administration charge, which will be set out on our website at https://flash-payments.com. You can obtain a free copy of information about this from us upon request. The administration charge will be deducted from the amount that is deducted from your Account.

Receiving and settlement banks which facilitate the transfer of currency to (for inbound transfers) or from (for outbound transfers) your Account may also charge their own additional fees and charges, which we may not be aware of and cannot prevent.

For example, they may impose fees and charges:

· for facilitating the transfer of funds to, or from, the Account; or

· if they refuse to transfer funds to, or from, the Account because of incorrect payment details, regulatory requirements or any other valid reason.

These charges will be automatically deducted from the funds which are returned to you, deposited in your Account or transferred to the recipient.

9. FX Contracts in General

The significant risks of all FX contracts

The following are some significant risks of all FX contracts we issue, including both spot FX contracts and forward FX contracts:

· IT risk

The ability to enter into a FX contract depends on the Account’s availability, which in turn is dependent on the internet and other IT infrastructure. While we have established business continuity plans and risk management systems, there is a risk that the Account will not be accessible due to a breakdown, cyber-attack, operational failure, scheduled maintenance or other similar causes.

· Operational risk

Operational risk is the risk of delay or loss resulting from inadequate or failed technological systems or processes. We are reliant on our own processes and systems to fulfill our obligations under each FX contract. Disruptions in those processes may lead to delays in us fulfilling our obligations under the FX contracts, and delays in the settlement of the FX contracts, and where you wish to transfer foreign currency funds overseas, delays in the subsequent transfer of funds to the overseas recipient.

· Legal risk

By entering into a FX contract, you have agreed to comply with the Transaction Documents. There is a risk that you fail to comply with the Transaction Documents, in which case you will be in breach of those terms. If you breach the Transaction Documents, we may enforce our rights against you, which may include taking action to recover amounts of money that we have lost, incurred or are otherwise entitled to claim from you.

· Other types of foreign exchange

There are different types of FX contracts that are available on the market, such as spot contracts (discussed in section 7 of this Statement) and forward contracts (discussed in section 8 of this Statement), value today contracts, value tomorrow contracts and foreign exchange options. You should ensure that a particular FX

contract is appropriate to your circumstances and objectives.

10. General

How we handle your money

We will notify you of a nominated bank account that we operate, to which you should transfer your money. This account is owned by us but held in your name, but used solely as a segregated client account, separate to Flash Payments own operating accounts. We have processes in place to govern how that money is handled.

We have the right to retain any interest on funds deposited in our segregated client account. Individual client accounts are not separated from each other but are pooled together. The money is held in trust for you until you withdraw the money or otherwise provide us with a legal right to that money because of open FX contracts, outstanding fees owed to us or in such other circumstances as referred to in the General Terms or any other Transaction Documents.

There is a counterparty risk that you may lose some or all of your money if there is a deficiency in the designated segregated account. See below for more information concerning counterparty risk.

· Counterparty risk

By opening an Account or entering into a FX contract, we both have contractual obligations to each other. Counterparty risk is the risk that the other party may default on their contractual obligations.

When you deposit funds into your Account, you will have an ongoing credit exposure to us until:

· we have performed our obligations under any FX contract you enter into; and

· if your Account holds a balance not allocated to any FX contract, you withdraw that balance.

· Tax implications

Using FX contracts can create tax implications. We are not authorised to provide you with taxation advice. You should discuss any taxation questions you may have with your tax advisor before using our products or services.

Taxation laws are complex. Generally, if you make a gain attributable to an exchange rate or price fluctuation then that part of the gain is included in your assessable income. Conversely, if you make a loss attributable to an exchange rate or price fluctuation then that part of the loss is deducted from your assessable income.

· Cooling-off rights

No cooling-off rights apply to the products discussed in this Statement.

However, unless we have suspended the Account, you can withdraw the available funds at any time.

Once you have confirmed that you wish to enter into a FX contract, you cannot reverse or cancel the FX contract.

· Legal terms and conditions

The terms of the FX contracts are set out in the General Terms, which can be accessed at https://flash-payments.com. You should read and understand these terms before entering into a FX contract as they primarily govern the legal relationship between you and us. You can request a free electronic copy of the General Terms by contacting us. A summary of the key concepts contained in the General Terms is included in section 11 of this Statement.

11. Applicable laws and Terms

Privacy

We are committed to complying with the Australian Privacy Principles established under the Privacy Act. Our Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by us.

Our Privacy Policy is available at https://help.flash-payments.com/en/articles/1000013-privacy-policy.

You may request a copy of our Privacy Policy in hard copy.

Our Privacy Policy sets out:

· the purposes for which we collect your personal information;

· the consequences if you don’t provide your personal information to us;

· the third parties to which we disclose your personal information;

· how to access and seek correction of your personal information;

· how to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and

· whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.

AML-CTF Laws

The AML-CTF Laws require us to collect and verify certain identification information about you. We will collect personal information from third parties to verify your identity for this purpose as well.

We may be required to disclose certain information about you to AUSTRAC. We may not be permitted to tell you when this occurs. We may also be prohibited from fulfilling our obligations to you, such as finalising an FX contract or helping facilitate an overseas transfer of foreign currency. We may also be required by the AML-CTF Laws to delay, suspend or terminate your Account and any FX contracts that you have entered into with us.

General Terms

The General Terms primarily govern your relationship with us in relation to the Account and FX contracts. Key concepts addressed in the General Terms are:

· when you can open an Account and enter into FX contracts;

· our rights to terminate or suspend the Account;

· our rights to ask you for information and when we will not activate the Account;

· your liability for unauthorised transactions conducted on the Account;

· how you can deposit and withdraw funds from the Account;

· how you can enter into an FX contract, and where you elect, transfer currency and our responsibility and liability with respect to these services;

· how you can transfer funds from an overseas location to the Account for the purposes of entering into an FX contract and our responsibility and liability with respect to these services;

· the rules of the FX contract and our involvement in facilitating the transfer of funds to, and from, the Account;

· our right to refuse to enter into an FX contract;

· your obligations with respect to use of the Account and FX contracts;

· the fees and costs that you may be charged to enter into an FX contract;

· your obligations with respect to margin calls;

· when an event of default occurs with respect to you;

· what happens if you default on an FX contract;

· the fees and costs that you may be charged to transfer currency to, and from, the Account;

· intellectual property rights;

· representations and warranties that you give to us;

· representations and warranties that we give to you, including representations and warranties that we have specifically excluded;

· our limitation of liability with respect to your use of our services; and

· the circumstances where you indemnify and release us from liability and claims.

The above dot points are a summary of the key terms in the General Terms and not a substitution for the General Terms. We strongly encourage you to read and understand the General Terms, the Flash Terms and any other applicable Transaction Documents before acquiring the Account and any FX contract.

Referral Program Terms

We may implement a referral program which entitles customers to receive a referral fee if they refer others to establish an Account. Eligibility criteria, the referral fee and restrictions on how the referral fee can be redeemed are contained in the Referral Program Terms. We encourage you to read and understand the Referral Program Terms before participating in any referral program.

12. Contact us

You can contact us at:

Email: support@flash-payments.com

Address: Level 26, 1 Bligh Street

Sydney NSW 2000

13. Definitions and interpretation

In this Statement, unless indicated below, defined terms have the meaning given in the General Terms:

Account means the account that you create on our website.

AML-CTF means the Anti-Money Laundering and Counter Terrorism Financing Act 2006 (Cth).

Business Day has the meaning given to that term in the General Terms.

Eligibility Criteria means the eligibility criteria set out in the General Terms.

Flash Terms means the General Terms, Website Terms and the Privacy Policy as amended from time to time and available at https://flash-payments.com.

General Terms means the terms which relate to the products and services we offer as amended from time to time and which are available at: https://help.flash-payments.com/en/articles/999916-general-terms-conditions.

Privacy Policy means our privacy policy as amended from time to time and available at: https://help.flash-payments.com/en/articles/1000013-privacy-policy.

Retail Clients has the meaning give to that term in the Corporations Act 2001.

Trade Date has the meaning given to that term in the General Terms.

Transaction Documents means this Wholesale Client Information Statement, the General Terms, the Website Terms and the Privacy Policy (together with the Product Disclosure Statement for Retail Clients);

Value Date has the meaning given to that term in the General Terms.

Website Terms means the terms which relate to the use of our website, as amended from time to time and which are available at: https://help.flash-payments.com/en/articles/999985-website-terms-conditions .