Please upgrade your browser

We take your security very seriously. In order to protect you and our systems, we are making changes to all HSBC websites that means some of the oldest web browser versions will no longer be able to access these sites. Generally, the latest versions of a browser (like Internet Explorer, Google Chrome, Apple Safari, etc.) and an operating system family (like Microsoft Windows, MacOS) have the most up-to-date security features.

If you are seeing this message, we have detected that you are using an older, unsupported browser. 

See how to update your browser

UK Financial intermediary terms and conditions

Principal Firm and Governing Law
Please find below the HSBC Global Asset Management sites operating this service in the following jurisdictions:

Principal AMG Entity Governing Law Jurisdiction
HSBC Global Asset Management (UK) Limited England and Wales United Kingdom | Ireland | Australia
HSBC Global Asset Management (Bermuda) Bermuda Bermuda
HSBC Global Asset Management (USA) Inc United States of America United States of America

Please be advised if your jurisdiction is not on the above list, we will notify you separately confirming the principal AMG entity and governing law.

This Agreement is governed by and will be construed in accordance with the laws of the jurisdiction named above. Both parties irrevocably submit to the non-exclusive jurisdiction of the courts of that named jurisdiction in respect of any proceedings which may be initiated in connection with this Agreement.

If you have accounts in a different jurisdiction to the above Principal Firms and Governing laws, please contact your Liquidity Client Service contact or relationship manager.

1.1 The Customer wishes to use the Services provided by the Firm via the GLP and the Firm is willing to make those Services available to the Customer.
1.2 The Customer and the Firm agree that the Services shall be supplied to and used by the Customer subject to the terms and conditions contained in this Agreement.
1.3

In this Agreement, the following terms and expressions shall have the meanings ascribed to them as stated below:

Agreement – these portal terms and any supplementary terms for the provision of the Services provided to you as a condition of gaining access to the GLP as may be modified in writing from time to time in accordance with the provisions of this Agreement.
Customer HSBC Net user (also you, your, yours) – the customer named in the section of this Agreement entitled Customer Details.
Customer (also you, your, yours) – the customer named in the section of this Agreement entitled Customer Details.
Customer instruction – any advice, request, instruction or communication which is received by the Firm through the GLP including instructions to purchase or sell shares in the Funds.
E-Channels Letter of Authority – means the letter from theCustomer to the Profile Bank, authorising the Profile Owner toperform certain duties on behalf of the Customer.
Firm (also we, us, our) – the HSBC Global Asset Management entity named on the front page of this Agreement.
Funds – such Funds as notified to the Customer by the Firm from time to time.
GLP – the HSBC Global Liquidity Portal accessed via HSBCnet.
HSBC Group – HSBC Holdings plc and its subsidiary and associate undertakings.
HSBCnet – means HSBC Group’s internet banking platform accessed at www.hsbcnet.com or such other access point or means as may be notified by the Profile Bank or Firm to the Profile Owner or the Customer from time to time.
Materials – any content, tools or materials (other than software) made available to you via the GLP.
Profile Bank – means the member of the HSBC Group that provides HSBCnet to the Profile Owner.
Profile Owner – means the party who has entered into an agreement with a member of the HSBC Group to obtain access to accounts and services, including but not limited to the Services, through HSBCnet.
Services – the services supplied via the GLP.
Software – any software supplied by us for use in conjunction with the GLP.
Transfer Agent – the administrator or custodian of the Funds as identified in the applicable Fund prospectus.
User(s) – means an HSBCnet user that has been entitled by the Customer and, where relevant, the Profile Owner to access the GLP pursuant to the terms of this Agreement.

1.4 In this Agreement, references to the singular include the plural and vice versa and clause headings are included for convenience only and do not affect its interpretation.
2. Services
2.1 Access to the Services is only available via HSBCnet subject to the provisions of Clause 10, if access to the Services via HSBCnet is terminated or revoked, this Agreement shall also be terminated.
2.2 A User may only access the Services if they are entitled to do so by the Customer and, where relevant, the Profile Owner.
2.3 Where the Customer is not the Profile Owner in respect of HSBCnet, the Customer acknowledges and agrees that:
  2.3.1 the Customer must provide to the Profile Bank an E-Channels Letter of Authority; and
  2.3.2 for the avoidance of doubt, the term defined as an “Account Holder” in the E-Channels Letter of Authority shall mean the Customer for the purposes of the Services.
2.4 All transactions carried out under the terms of this Agreement in relation to the Funds are subject to the terms of the relevant Prospectus and Application Form relating to such Funds.
2.5 Subject to you complying with the instructions and procedures set out in this Agreement we will use reasonable efforts to make the Services available to you on the terms of this Agreement.
2.6 From time to time we may make available to you enhancements, improvements and upgrades to the existing Services, which shall be governed by the provisions of this Agreement.
2.7 The Services are provided to you as a corporate customer of the Firm. You are responsible for ensuring that your Users are provided with all relevant GLP systems, software and equipment to enable them to carry out transactions using the GLP including making any appropriate adjustments and supplying any specific additional facilities that they may require.
2.8 It is hereby acknowledged by the Customer (i) that the services provided hereunder are not investment advisory or investment management services and (ii) that neither this Agreement nor the services provided hereunder shall be deemed to create an investment advisory or investment management relationship between HSBC Global Asset Management US Inc and the Customer.
3. Customer instructions
3.1 All apparently valid Customer Instructions received through the GLP shall be treated as instructions properly authorised by you, even if made fraudulently and even if they conflict with the terms of any other instructions or mandates given by you at any time concerning your accounts or affairs. Neither the Firm nor the Transfer Agent shall be under any obligation to check the authenticity of Customer Instructions or the authority of the person or persons giving them.
3.2 The role of the Firm is to pass instructions issued by you to the Transfer Agent. You are responsible for ensuring that Customer instructions are transmitted correctly. Without prejudice to this obligation, the Transfer Agent will use reasonable efforts to despatch an acknowledgement within reasonable period of receipt by it of a Customer instruction. Once a Customer instruction has been issued it cannot be cancelled or rescinded.
3.3 The Services enable you to issue a Customer instruction via the GLP to the Transfer Agent relating to dealings in shares of a Fund including: (a) applying for shares in any and all sub-funds or classes of a Fund; and (b) redeeming shares. Any transfer of shares or cash pursuant to this Agreement will be settled without involvement by us or any member of the HSBC Group, unless the Transfer Agent is a member of the HSBC Group and we will have no responsibility for the receipt or transfer thereof. Where instructed by you, we may transmit certain SWIFT MT101 (or equivalent) messages on your behalf to your bank in order to request settlement of a subscription order, but this will not involve us receiving, holding or taking custody of any shares or cash. You are responsible for providing correct bank account details and ensuring there are sufficient funds in your account.
3.4 We may appoint other parties to provide some or all of the Services under this Agreement. Where we use an agent or any third party in performance of any Service, we shall use reasonable care in any such selection. In any event neither we nor any other member of the HSBC Group shall be liable for any loss (including loss of profit), damage, delay or failure to perform occasioned by the acts or omissions of any such third party or agent whether selected by us or you.
4. Communications with the Transfer Agent
4.1 You (or a Profile Owner on your behalf) may use the GLP to instruct the Transfer Agent to give effect to a Customer Instruction. You acknowledge and agree that we are only responsible for provision of the GLP which passes the Customer Instructions to the Transfer Agent and/or passes information received from the Transfer Agent to you. Neither we nor the Fund nor any other member of the HSBC Group shall be liable for any loss (including loss of profit), damage, delay or failure to perform occasioned by the acts or omissions of the Transfer Agent.
4.2 Where the GLP delivers to you any information supplied by a Transfer Agent, neither we nor the Fund give any warranty as to the accuracy or sufficiency of the information provided by that Transfer Agent.
5. Confidentiality
5.1 We may need to share, store or transmit information about you, your Profile Owner, Users or accounts within the HSBC Group or with any Transfer Agent or third party used by us for the purpose of providing the Services. Subject to Clause 11.2, any such sharing, storage or transmission of such information will be done on a confidential basis and we will endeavour to maintain the strict confidentiality of such information within the HSBC Group unless (a) otherwise required by any applicable law, regulation or request of any public or regulatory authority; or (b) where disclosure is required for the purposes of preventing crime; or (c) we deem disclosure necessary to give effect to a Customer Instruction. In addition, in any situation where you provide confidential information to any member of the HSBC Group on a restricted basis (e.g. price sensitive information), that HSBC Group member has procedures to ensure such restrictions are observed. Nothing in this Clause 5.1 shall apply when the Firm discloses confidential information to a third party as a result of the Firm exercising its rights pursuant to Clause 11.2. Notwithstanding any provision of this Agreement, you acknowledge and agree that we shall be entitled to disclose the provisions of this Agreement to the Transfer Agent for the purpose of providing the Services.
5.2 You must keep all information about the GLP and the Services referred to in this Agreement and all information concerning your access to and use of the GLP and Services confidential. You may only disclose such information to the Profile Owner, Users or other employees or agents and then only to the extent strictly necessary for the proper use of the GLP and Services.
5.3 All parties agree to comply with all applicable data protection and other laws to the same or similar purpose in all relevant jurisdictions. You hereby authorise us to process any information which relates to individuals for the purpose of performing the Services and providing the GLP. Where appropriate, you will ensure that your Users and other relevant individuals are aware of their rights and consent to such processing.
6. Security provisions
6.1 You agree to comply with any reasonable instructions we may issue to you regarding the GLP’s security. You agree it is your responsibility to set-up, maintain and regularly review security arrangements concerning the access to and use of the GLP either by you or a Profile Owner and information stored on your computing and communications GLPs.
6.2 You confirm that you have assessed the security arrangements, and have determined that they are adequate to protect your interests.
6.3 You must notify us as soon as reasonably possible upon becoming aware of any actual or attempted unauthorised access to the GLP and/or any unauthorised transaction or attempt to execute an unauthorised transaction pursuant to this Agreement.
6.4 You must ensure that neither you, your Users, any Profile Owner nor your employees do anything during or after the term of this Agreement which may result in the security of the GLP, or the GLPs or security of any other HSBC Group customers, being compromised.
7. Limited warranties
7.1 We will make all commercially reasonable efforts to ensure that the GLP will perform in substantial conformity to the description in this Agreement. To the extent permitted by law, this is the only performance warranty made by the Firm in respect of the GLP or the Services. We shall have no liability for breach of any implied term including, without limitation, those as to satisfactory quality, merchantability or fitness for any particular purpose of the GLP or the Services.
7.2 We warrant that your use in accordance with this Agreement of the Software or Materials will not infringe the intellectual property rights of any third party.
7.3 We will take all reasonable care to ensure that the information supplied to you through the GLP accurately reflects the information in our computer GLPs or information received from a third party. We do not warrant that the information is accurate, sufficient or error-free, nor that the information on the GLP is current and up-to-date at the time it is accessed.
7.4 In the case of a breach of the warranty in Clause 7.1 above, we will take all reasonable steps to correct defective software and/or retransmit or reprocess any Customer Instruction, at no additional cost to you.
8. Software and materials
8.1 Subject to Clause 8.2, we grant you a non-exclusive, non transferable licence to use the Software and the Materials in conjunction with the relevant GLP for the intended business purpose contemplated by this Agreement. Title to and all rights in the Software and the Materials belong to us or our licensors and, except for the specific rights granted to you by this Agreement, you will acquire no rights whatsoever in relation thereto.
8.2 Your use of certain of the Software and Materials may be subject to additional restrictions. These will be notified to you upon the supply of the Software or Materials or otherwise from time to time. You shall be deemed to have accepted any such additional terms upon any User using any such Software or Materials.
8.3 You undertake not to alter, reverse engineer, copy (other than to the extent necessary for the permitted use), publish or impart to any third party any Software or Materials.
9. Liability and indemnity
9.1 Subject to Clauses 9.2 to 9.4 (inclusive), the Firm and/or the Transfer Agent and/or the Fund or any other member of the HSBC Group shall only be liable for any loss, damage or delay which you suffer or incur as a direct result of the Firm’s or the Transfer Agent’s or the Fund’s or the other HSBC Group Member’s gross negligence or wilful misconduct and shall not be liable for any other loss or damage of any kind.
9.2 Neither the Firm, the Transfer Agent, the Fund nor any other member of the HSBC Group shall in any event be liable to you for any loss of business or profits or data, or indirect, consequential or special loss or damage arising out of your use of the GLP or the Services, whether or not the Firm, the Transfer Agent, the Fund or any other member of the HSBC Group has been advised of the possibility of such loss or damage and whether or not arising out of negligence, breach of this Agreement or otherwise.
9.3 Neither the Firm, the Transfer Agent, the Fund nor any other member of the HSBC Group purports to exclude or limit liability in relation to fraud, personal injury or death.
9.4 The liability of the Firm, the Transfer Agent, the Fund and each other member of the HSBC Group to you due to, under and/or arising out of or in connection with this Agreement shall, in aggregate in any calendar year, not exceed USD 100,000.
9.5 You will indemnify and hold the Firm, the Transfer Agent, the Fund and any member of the HSBC Group harmless from all losses and liabilities incurred by the Firm, the Transfer Agent, the Fund or any member of the HSBC Group as a result of:
  9.5.1 any breach by you of your obligations under this Agreement; or
  9.5.2 the Firm, the Transfer Agent, the Fund or any member of the HSBC Group acting on any Customer Instruction or other communication or notice pursuant to this Agreement, whether or not such Customer Instruction, communication or notice was (a) authorised by you or (b) in an agreed form.
10. Termination
10.1 Either party may terminate this Agreement:
  10.1.1 on not less than 30 days’ written notice to the other party; or
  10.1.2 with immediate effect by written notice to the other if the other party (a) commits a material breach of this Agreement which is not remedied within 14 days of a written notice requiring remedy; (b) becomes insolvent under the laws of any applicable jurisdiction.
10.2 This Agreement will automatically terminate if access to the HSBCNet services is terminated or revoked.
10.3 Upon termination for any reason of any part of this Agreement for which Software or Materials were supplied, any such Software or Materials licence terminates.
10.4 Termination will not affect the rights and remedies of either party accrued to the date of termination nor will it affect any provision of this Agreement (including, without limitation, Clauses 5, 6, 9, 11.2 and 12) which is intended to apply after termination.
10.5 From time to time we may suspend the GLP or some or all of the Services for routine, non-routine or emergency maintenance or for any other reason where we reasonably consider it necessary to do so. In the event of such a suspension, we will where reasonably practicable use reasonable efforts to provide you or the Profile Owner with a reasonable period of notice prior to the suspension.
11. Force majeure and other rights
11.1 Neither we nor the Transfer Agent, the Fund or any member of the HSBC Group will be liable for any loss (including loss of profit), damage, delay or failure in performing any of its duties relating to this Agreement caused in whole or in part by the action of any government or governmental agency, natural occurrence, law or regulation (or any change in the interpretation thereof), injunction, currency restriction, sanction, exchange control, industrial action (whether involving our staff or not), war, terrorist action, equipment failure, or interruption to power supplies or anything else beyond our reasonable control. We will attempt to notify you as soon as is reasonably practicable of the existence of such circumstances.
11.2 The Firm, the Transfer Agent, the Fund and other members of the HSBC Group are required to act in accordance with the laws and regulations operating in various jurisdictions which relate to the prevention of money laundering, terrorist financing and the provision of financial and other services to any persons or entities which may be subject to sanctions. The Firm and/or the Transfer Agent and/or the Fund may take, and may instruct other members of the HSBC Group to take, any action which it, in its sole and absolute discretion, considers appropriate to act in accordance with all such laws and regulations. Such action may include but is not limited to: the interception and investigation of any payment messages and other information or Customer Instructions sent to or by the Customer or on its behalf via the GLP; and making further enquiries as to whether a name which might refer to a sanctioned person or entity actually refers to that person or entity. Notwithstanding any provision of this Agreement, neither the Firm, the Transfer Agent, the Fund nor any other member of the HSBC Group will be liable for loss (whether direct, consequential or loss of profit, data or interest) or damage suffered by any party arising out of:
  11.2.1 any delay or failure by the Firm, the Transfer Agent, the Fund or any other member of the HSBC Group in performing any of its duties under this Agreement or other obligations caused in whole or in part by any steps which any of them, in their sole and absolute discretion, considers appropriate to act in accordance with all such laws and regulations; or
  11.2.2 the exercise of any of the Firm’s, the Transfer Agent’s, the Fund’s or any other member of the HSBC Group’s rights under this clause.
In certain circumstances, the action which the Firm, the Transfer Agent, the Fund or any other member of the HSBC Group may take may prevent or cause a delay in the processing of certain information. Subject to the overriding requirements of any applicable laws and regulations, the Firm or the Transfer Agent will endeavour to notify the Customer of the existence of such circumstances as soon as is reasonably practicable.
12. Miscellaneous
12.1 This Agreement forms the entire agreement between the parties concerning the supply and use of the GLP and Services. It supersedes any pre-existing agreements, communications, representations and discussions between you and us relating to the GLP and Services, which are hereby terminated. Neither party will have a right of action against the other arising from any previous agreement, communication, representation and discussion in respect of the GLP and Services, except in the case of fraud. Any other agreements between us and you, terms of business and/or mandates relating to the conduct of your accounts or our provision of related services shall remain unaffected, save that if any conflict between such terms and the terms of this Agreement arises, this Agreement shall prevail in so far as the conflict relates to the subject matter of this Agreement.
12.2 Any notice to be given under this Agreement must be communicated by post or facsimile to the address most recently notified by the receiving party. Proof of posting or transmission of any notice to the Customer shall be deemed to be proof of receipt of the notice by the Customer at the time when the notice would in the ordinary course be delivered or transmitted.
12.3 If we agree that you may communicate with us or we agree to communicate with you (or any third party) via e-mail, the internet, or any other electronic method, you acknowledge the risks that any such communications may be intercepted, monitored, amended or otherwise interfered with by third parties. We are not responsible or liable to you or any third party in the event of any such occurrence in relation to any communication between us and you (or which appears to have been made on your behalf), or any communication you ask us to enter into with any third party.
12.4 Each party shall take all reasonable precautions to ensure that communications through the GLP are not affected by computer viruses, and other harmful programs or components.
12.5 Each of the terms of this Agreement (including for the avoidance of doubt the exclusions of liability in Clause 9) is severable from the others and if one or more of them becomes void, illegal or unenforceable, the remainder will not be affected in any way.
12.6 The rights of the Firm under this Agreement (a) may be exercised as often as necessary, (b) are cumulative and not exclusive of its rights under any applicable law and (c) may be waived only in writing and specifically. Any delay in the exercise or non-exercise of any such right is not a waiver of that right.
12.7 You may not assign any right or benefit under any provision of this Agreement without our prior written consent.
12.8 We may make immaterial modifications to the terms of this Agreement without notice from time to time. We may make material modifications to this Agreement (other than modifications relating to new Services which shall take effect in accordance with Clause 2.3 above) by publishing notice of such changes on our website with no less than 30 days’ notice or, exceptionally, such shorter period (other than in the case of any variation to our fees/tariffs) as is necessary for the effective operation of the Services.
12.9 No addition to or modification of any provision of this Agreement (other than as set out in Clauses 2.3 and 12.8 above) shall be binding upon either party unless made by a written instrument signed by the respective party’s duly authorised representative.
12.10 Certain jurisdictions may have particular legal or regulatory requirements which require you to agree supplementary terms. Where such supplementary terms are necessary, we will provide those terms together with this Agreement and other relevant documentation, and such supplementary terms shall form part of the Agreement.
12.11 Members of the HSBC Group or the Funds may enforce the terms of this Agreement where such terms are applicable to them and they have been referenced in such terms, (and in the event that this Agreement is governed by English law, subject to and in accordance with the provisions of the Contract (Rights of Third Parties) Act 1999 or if governed by Bermuda law the Contracts (Rights of Third Parties) Act 2016. Except as provided in this clause, a person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act 1999/2016 to enforce any term of this Agreement but this does not affect any right or remedy of a third party which exists or is available apart from that Act).
12.12 In the event of any conflict between the terms of this Agreement and any of its schedules (other than express variations of this Agreement set out in any schedule), these Terms and Conditions shall prevail to the extent of the inconsistency.
13. Authorisation by Customer
13.1 You authorise and instruct us to supply the Services in respect of your accounts notified to us by you or, where relevant your Profile Owner and linked to the relevant HSBCnet profile.
13.2 You may subsequently request and authorise us to provide or withdraw Services in respect of accounts opened at any time in writing signed by a duly authorised person or person(s). The terms of this Agreement shall apply to all Services provided in relation to any accounts.
13.3 Certain Services via the GLP may only be accessed by specified Users. The person(s) nominated in each of the respective schedules are appointed as the initial User(s) for those Services. Such Users are authorised to access and use the relevant Services as set out in the relevant schedules.
13.4 If you instruct the Firm to provide the Profile Owner with access to the GLP or the Services, you must promptly notify the Profile Owner of such instruction details.
14. Law and proceedings
14.1 This Agreement is governed by and will be construed in accordance with the laws of the jurisdiction of the Firm providing the Service as detailed on Page 1 and as set out below: list of entities ‘Principal Firm and Governing Law’. Save that where you are a Hong Kong person or are in Hong Kong when you are receiving Services (“HK Person”), some or all of the Services provided under the terms of this Agreement will be offered, operated and provided to you by HSBC Global Asset Management (Hong Kong) Limited for and on behalf of other members of the HSBC Group. For the avoidance of doubt, HSBC Global Asset Management (Hong Kong) Limited is the entity with whom any HK Person’s Customer Instructions are placed and forwarded to the Transfer Agent for execution. Both parties irrevocably submit to the non-exclusive jurisdiction of the courts of that named jurisdiction in respect of any proceedings which may be initiated in connection with this Agreement.
14.2 You agree that any of the Services provided by us to you shall be deemed to be provided in the jurisdiction named pursuant to Clause 14.1, irrespective of the location in which the User accesses the GLP or uses the Services (if such access or use is in a different jurisdiction).