Terms of Use

Legal Notice

AK Jensen Group, Limited ("AKJ") owns the website and reserves the right, at its discretion, to modify these Terms of Use at any time and any such modification will be effective immediately upon posting the modification. You should check these Terms of Use periodically for modifications. If you use the website after we post modifications, then you will be bound by such modifications. These terms are in addition to any other agreements between you and AKJ or its affiliates, including any customer or account agreements and any other agreements that govern your use of products, services, content, tools and information available on the website.

US Disclaimer

For clients in the USA, please note that AKJ's US brokerage, AK Jensen, Inc., accepts responsibility for the contents of this material. Any orders resulting from this publication should be placed through AK Jensen, Inc. and not with the AKJ’s UK brokerage subsidiary, AK Jensen Limited.

This website is distributed in the United States by AK Jensen, Inc. and is intended for distribution in the United States to institutional investors only. AK Jensen, Inc. is a broker-dealer registered with the U.S. Securities and Exchange Commission and is a member of the FINRA/SIPC. US persons seeking more information about any of the services discussed in this website should contact AK Jensen, Inc. at Ocean Centre, Montagu Foreshore East Bay Street P.O Box SS-19084 Nassau, New Providence Bahamas, telephone (441) 297 5904.

To the extent required by applicable U.S. laws and regulations, AK Jensen, Inc. accepts responsibility for the contents of this website. Investment products provided by or through AK Jensen, Inc. are not FDIC insured, may lose value and are not guaranteed by AK Jensen, Inc., AK Jensen Limited, or AKJ. Investing in non-US securities may entail certain risks. The securities of non-US issuers may not be registered with or subject to SEC documenting and other requirements. The information available about non-US companies may be limited, and non-US companies are generally not subject to the same uniform auditing and documenting standards as US companies. Fluctuations in the values of national currencies, as well as the potential for governmental restrictions on currency movements, can significantly erode principal and investment returns. Market rules, conventions and practices may differ from U.S. markets, adding to transaction costs or causing delays in the purchase or sale of securities. Securities of some non-US companies may not be as liquid as securities of comparable US companies.

As an agency broker, AK Jensen, Inc. does not come between its clients and the best price. AK Jensen, Inc. does not commit capital, make markets or make profits on spreads. System response times may vary for a number of reasons including market conditions, trading volumes and system performance. AK Jensen, Inc. , member FINRA/SIPC, offers brokerage services under the brand name AKJ.

General Guidelines

By accessing and using this website, your use indicates your agreement with the terms of this Policy. If you do not agree with this Policy, please do not use this website.

AKJ will use reasonable efforts to include accurate and up-to-date information on the website but AKJ makes no warranties or representations as to its accuracy or fitness for a particular purpose.

Certain links on this website lead to resources located on servers maintained by third parties over whom AKJ has no control. As such, AKJ makes no representation or warranty as to the accuracy or any other aspect of the information contained on such servers.

If you give any feedback to AKJ, it shall be deemed that the content is not confidential. AKJ shall be free to use any ideas, concepts, know-how or techniques contained in your feedback for any purpose and to reproduce and disclose the information to third parties without limitation.

Your usage of AKJ's electronic publication is recorded. AKJ shall be free to use this information for statistical evaluations and to ensure an undisrupted service. Please do not use our service if you cannot agree with that policy.

Cookies

This website uses both permanent and temporary session cookies. Temporary session cookies are only stored during your session at the website and deleted when you close down your web browser. A permanent cookie is a text file stored on your computer.

Cookies are used to adapt to your preferences, e.g., in connection to log into password protected information. Also, cookies are used for website traffic analysis and information is gathered about visitors' usage pattern and information that is not normally considered to be personal data such as the visitor's IP address, information about your computer's operating systems, web browser and domain name that allows AKJ to continue to improve the website and better match visitors preferences.

You can configure your web browser so that cookie files are not accepted. However, if cookies are disabled you may not be able to access all information and navigate the website in a correct way. Find more information about how to configure your web browser in the browser's Help section.

Policy for the Processing of Personal Data

It is AKJ's aim that all persons whose personal data is processed by AKJ shall at all times feel confident that their privacy is respected and that due care is taken regarding their personal data.

AKJ will comply with national data protection laws that control the collection and use of data relating to individuals (personal data). Data protection laws governs the processing of personal data and will apply to most of the activities that AKJ undertakes.

Information

Personal data, such as names and addresses which you provide to AKJ, will be processed manually as well as by computers.

The personal data provided by you will be processed for the purpose of providing the information and services you request as well as for marketing and sales and product development follow up.

AKJ may give your name, email address and/or postal address to third parties such as a fulfilling partner or distributor of our products in order to fulfil your request. On our behalf, they will provide you with the information or products in which you have expressed an interest.

The data provided might be exported to business partners located in countries within as well as outside the European Union.

Individuals are entitled, once per year, to be informed of the registered data that relates to the individual and to demand that any erroneous data be rectified.

This website contains links to other websites. We are not responsible for the privacy practices or the content of such websites.

If you have any questions regarding our personal data processing, you are welcome to contact us.

Intellectual Property

All product names, whether or not appearing in large print or with the trademark symbol, are trademarks of AKJ, its affiliates, related companies or its licensors or joint venture partners.

AKJ hereby authorizes you to copy materials published by it on the website for your personal, non-commercial use only, provided any copy of these materials, which you make, shall retain all copyright and other proprietary notices contained therein.

Except as expressly provided above, nothing contained herein shall be construed as conferring any license or right under any AKJ trademark or copyright.

Forex Risk Disclaimer

Risk Disclaimer: Trading foreign exchange is not for everyone. Past performance is not indicative of future results. Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Indemnification

You agree to indemnify, defend and hold harmless AKJ, its affiliates and officers, directors, employees and agents of AKJ and its affiliates, from and against any and all claims, liabilities, damages, losses or expenses, including attorney’s fees and costs, arising out of or in any way connected with your access to or use of this website.

Contacting Us

If after a significant business disruption you cannot contact AKJ or its affiliates as you usually do at our main service numbers: Oslo Phone: +47 22 04 92 00 Fax: +47 22 04 92 01, Bucharest Phone: +40 318 056 694, London Phone: +44 207 743 6470 Fax: +44 207 743 64 71, please go to our website at www.akj.com, and select "contact us" from the right hand menu to send us an email. We aim to respond to all emails within 24 hours. Business Continuity Plan

Applicable Law and Venue

AKJ does not claim that materials in this website are appropriate or available for every location. If you choose to access this web, you do so on your own initiative and you are responsible for compliance with any applicable local laws, as set forth above. By visiting this website, you agree that English law, without regard to principles of conflict of laws, will govern these Terms of Use and any dispute of any sort that might arise between you and AKJ or its affiliates. In the event of any dispute arising hereunder or in connection herewith, the parties agree to submit to the exclusive jurisdiction of the English courts, without giving effect to principles of conflict of law.

Pillar 3 Disclosure

Purpose of disclosure

The EU Capital Requirements Directive 2006 (the "Directive") is implemented in the U.K. by the Financial Services Authority ("FSA") through the General Prudential sourcebook ("GENPRU") and Prudential sourcebook for Banks, Building Societies and Investment Firms ("BIPRU"). The Directive is the common framework for implementing Basel II in the European Union. The framework consists of three pillars:
Pillar 1 sets minimum capital requirements to meet the firm's credit, market and operational risk using standard criteria.
Pillar 2 is the Internal Capital Adequacy Assessment Process (‘ICAAP') whereby the firm's senior management assesses whether additional capital above Pillar 1 capital requirement is required to cover the potential risks identified by the firm.
Pillar 3 requires disclosure of specified information about a firm's risk and capital management, including capital adequacy.
The purpose of Pillar 3 is to encourage market discipline by developing a set of disclosure requirements which will allow market participants to assess key pieces of information on a firm's capital, risk exposures.
The rules in BIPRU 11 set out the rules for Pillar 3. The rules provide that we omit one or more of the required disclosures if we believe the information is immaterial. Materiality is based on the criterion that the omission or misstatement of any information would be likely to change or influence the decision of a reader relying on that information.

Background

AKJ is a company incorporated under the laws of England and Wales and is authorised and regulated by the Financial Service Authority ("FSA").
AKJ is a BIPRU € 50k / limited licence firm that has permission to arrange, make arrangements, provide advice and deal as agent (without holding client money) for Professional customers and Eligible counterparties on a wide range of financial instruments. AKJ is mainly engaged in the business of providing direct market access to global equity markets for its clients based primarily in Europe. The firm is structured so that its end clients settle directly with the market and, therefore, is not involved in the clearing and settlement of any transactions. The firm has no trading book exposures.
AKJ is 100% owned by A K Jensen Group, Limited (incorporated in the Bermuda) which is also the 100% owner of AK Jensen, Inc. (a Bahaman incorporated FINRA member firm). The firm reports on an unconsolidated basis.

Risk governance within AKJ

AKJ is committed to implementing a firm-wide governance and risk management framework appropriate to the size, nature and complexity of the business. The governing body for the risk framework within AKJ is Chief Executive Officer (‘CEO') and senior management which have the ultimate responsibility for managing and controlling risk.

Risk management

AKJ's risk management framework along with policy and objectives are reviewed at least annually and presented to the Board. During the year all senior management have a direct reporting line to the Chief Executive Officer (‘CEO') so that communication and early discussion of the risk framework and all risk areas is strongly encouraged and appropriate action taken.

Capital resources

The regulatory capital requirement for AKJ as at 30th September 2010 is $587k. The actual capital held by AKJ as at 30th September 2010 is $1,242k, which gives a surplus of $655k. AKJ's capital resources as at 30th September 2010 are shown in the table below:

Tier	Element	($’000) 30^th Sep 10
Tier 1:	Total Tier 1 Capital	1,242
Tier 2:	Total Tier 2 Capital	0
	Deductions from total capital	0
	Total capital after deduction	1,242
	Regulatory capital requirement	587
	Surplus	655

AKJ's approach to assessment of capital adequacy

The firm maintains sufficient capital to meet UK regulatory requirements. In line with these requirements, the firm maintains the higher of Pillar 1 and Pillar 2 (ICAAP) capital requirements. The adequacy of the capital held by AKJ is assessed, at least annually, as part of the Individual Capital Adequacy Assessment Process (ICAAP) and is subject to formal sign off by the Board.

Pillar 1 capital calculation

Based upon its regulatory permissions and scope of activities, the firm is subject to the capital requirements for a limited licence firm. AKJ's pillar 1 capital is based on the Fixed Overhead Requirement (FOR), being higher than AKJ's Credit Risk plus Market Risk exposure.

	Calculation Method
Credit risk	The firm uses the standardised approach, under which the capital requirement is calculated as 8% of the risk weighted exposure amounts as set out by the FSA. No credit risks are past due or impaired.
Market risk	The firm calculates its market risk capital requirement using the foreign currency PRR method set out in the FSA’s rules.
Fixed Overhead Requirement (FOR)	The FOR is calculated as 13 weeks’ fixed expenditure based on financial statements as at 31st December, 2009.
Pillar 1	Higher of the sum of the credit and market risk charges; and the FOR

Pillar 2 (ICAAP)

AKJ's ICAAP assesses the amount of capital required to mitigate the risks to which AKJ is exposed over a 36 month time horizon. The ICAAP consider the impacts of future business plans as well as potential adverse scenarios (such as market downturns or operational errors) on the capital resources of AKJ, to ensure regulatory capital requirements are met at all times.
The firm's exposure to risk categories as defined by the FSA and AKJ's strategies with respect to material risk categories is shown below:

Business and Operational Risk

Operational risk is defined by the FSA as the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk. We have identified relevant risks and related mitigation and controls as part of our ICAAP. We have policies and procedures and ongoing operational and related compliance monitoring to help us identify weakness and potential failures which are to be reported to the Chief Executive Officer (‘CEO') and senior management.

Credit Risk

Credit risk is the risk that a party will default on a financial agreement. The firm is exposed to credit risk as follows:
• Commissions due from regulated brokers
• UK authorised banks in relations to deposits held with them
The risks are mitigated by:
• Performing checks of creditworthiness and financials at the outset of entering into material contracts
• Monitoring payments against agreed payments arrangements
• Periodic monitoring of the financial strength of the credit institution with whom the firms banks

Liquidity risk

Liquidity risk is defined as the risk that the firm, although solvent, either does not have sufficient available resources to enable it to meet its obligations as they fall due, or can secure them only at excessive cost.
AKJ maintains a surplus of liquid resources sufficient at all times to meet any immediate requirements it could prudently foresee. Liquidity is available in the form of cash which is invested in short-term bank deposits to ensure that it is available as required. AKJ has the potential, if necessary, to go to its parent company for additional funding.