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Conditions of usage

Conditions of usage of the Capital Markets Academy web sites of Deutsche Börse AG

April 2017

1. Area of application

These conditions of usage regulate access to and the usage of the web portals ‘deutsche-boerse.com/cma’ and deutsche-boerse.com /digitaleslernen or deutsche-boerse.com/digitales-lernen of Deutsche Börse AG (the web sites of the Capital Markets Academy). By registering to access the Capital Markets Academy web sites, the user accepts the conditions of usage.

2. Changes in the conditions of usage

Deutsche Börse AG reserves the right to change these conditions of usage at any time. Every user will be informed of the modified conditions of usage and can accept them electronically when he/she logs on for the first time after the changes have been made. If the user rejects the changes, the access authorization ends on the expiration of a one-month deadline after the receipt of the objection, without necessitating any further termination by Deutsche Börse AG or the user.

3. Conditions of registration

To become a user, the registration form must be filled completely and truthfully (hereinafter referred to as “Registration data”). Thereafter, the user assigns a name and a password (hereinafter referred to as “data of the user”). The user is obliged to keep the registration data updated. The data of the user shall be kept secret by the user.

Registration is free of charge.

Every user is entitled to only one access authorization and to use the services made accessible to him/her. The access authorization is solely for personal purposes and is not transferable.

Deutsche Börse shall have the right to decline approval of access authorization at its discretion.

4. No investment counselling, financial services or securities-related services by experts of Deutsche Börse AG

The information/statements offered by employees of Deutsche Börse AG and its agents particularly in the field of economic and stock-market trends and forecasts are non-binding. Our employees do not offer tax, legal or investment counselling. Statements by employees of Deutsche Börse AG are no substitutes for professional counselling through financial, investment, economic or tax consultants or auditors. They, particularly, do not constitute recommendations on securities, financial products or instruments. Furthermore, information contained in the statements constitutes neither an offer nor advertisement on the purchase, sale or holding of securities. Moreover, with the statements of our employees, no financial services in line with the German Banking Act and also no securities-related services in line with the Securities Trading Act are offered. By registering, the user declares awareness of this and acknowledges same through the recognition of the conditions of usage.

5. Liability, exclusions

5.1 Liability on the part of Deutsche Börse AG for breaches of duty through slight negligence shall be excluded, unless they relate to damage due to injury to life, body or health or warranties or other claims that cannot be contracted away are affected, in particular claims under or in accordance with the German Product Liability Act (Produkthaftungsgesetz) or section 288 (6) sentence 1 of the German Civil Code (BGB); Deutsche Börse AG shall be liable for such damage in accordance with the statutory provisions. Liability on the part of Deutsche Börse AG for a breach of duties that jeopardises the achievement of the purpose of the contract and of duties whose fulfilment is a prerequisite for enabling the proper fulfilment of the contract in the first place and on the fulfilment of which the participant may regularly rely (“cardinal obligations”) shall also remain unaffected. In such cases, Deutsche Börse AG shall only be liable vis-à-vis users for any typical and foreseeable damage or loss. To the extent that Deutsche Börse AG is under an obligation to compensate for unavailing expenditure, the foregoing shall apply mutatis mutandis. If liability is excluded in accordance with the above, that shall also apply to the personal liability of agents of Deutsche Börse AG.

5.2 The right to raise the objection of contributory negligence pursuant to section 254 of the German Civil Code (BGB) shall remain unaffected.

5.3 In accordance with section 7 (1) of the German Telemedia Act (TMG), Deutsche Börse AG as the service provider is responsible for its own content on these sites under general law. However, Deutsche Börse AG is not obligated to monitor transmitted or stored information from external sources, nor is it liable to search for circumstances that may suggest illicit activity.

Obligations to remove or block the use of information remain unaffected under general law. Any liability in this respect is, however, only incurred from the moment that knowledge of the specific breach of law is obtained. As soon as Deutsche Börse AG becomes aware of such breaches infringements of the law, it shall remove this content immediately.
The Capital Markets Academy web sites also contain or may contain links to external third-party web sites on whose content Deutsche Börse AG has no influence. Deutsche Börse AG assumes no warranty or liability for this third-party content. The respective provider or operator of the sites is always responsible for the contents of the linked sites. The linked sites were examined for any possible legal infringements at the time the links were placed. Unlawful contents were not apparent at the time of the links were set.

Permanent monitoring of the content of the linked sites is infeasible without concrete evidence of a breach of the law. As soon as Deutsche Börse AG becomes aware of breaches of the law, however, it shall remove such links immediately.
German copyright law governs the content and works created by the site operators on these sites. Copying, processing, distributing and any kind of use outside the limits of copyright law shall require the written approval of the respective author and/or originator. Copies of and downloads from this site are only permitted for private use, not for commercial purposes.

Insofar as the content on this site has not been created by the site operator, the copyrights of third parties are observed. In particular, third-party content is indicated as such. If users nevertheless identify a copyright infringement, we ask them to notify Deutsche Börse AG, Capital Markets Academy. As soon as Deutsche Börse AG becomes aware of infringements of the law, it shall remove such content immediately.

6. Termination of access authorization

Deutsche Börse AG shall have the right to terminate access authorization without notice at any time and for objectively justified reasons without prior warning. An objectively justifiable reason is given particularly where the user violates applicable laws or these conditions of usage.

The user may terminate access authorization by email at any time without specifying reasons to Deutsche Börse AG.

7. Data protection

7.1 Pursuant to the Federal Data Protection Act [BDSG], users are hereby notified that Deutsche Börse AG will store their registration and user data in machine-readable form and process this data electronically for tasks arising from registration. Deutsche Börse AG guarantees that this data will be treated as strictly confidential.

7.2 Deutsche Börse AG undertakes to treat all personal data received from users, in particular (where relevant) their names, addresses, age and invoice details, as strictly confidential and to refrain from making such data available to unauthorised third parties, except those data required by national authorities, auditing firms or lawyers to meet Deutsche Börse AG’s legal obligations, or in any event of litigation, and in accordance with data protection laws. Furthermore, by undertaking suitable measures (section 9 of the German Federal Data Protection Act) and by committing its staff to secrecy, Deutsche Börse AG shall ensure that confidentiality is observed for the term during which the services of Deutsche Börse AG are used and thereafter.

7.3 The disclosure of users’ personal data to unauthorised third parties for any other purposes, in particular for the purpose of consultancy, advertising and market research, is prohibited unless the relevant users give their express permission to do so.

8. Right of revocation

Users are entitled to revoke the contract pursuant to section 312 b and section 312 d of the German Civil Code in conjunction with section 355 of the German Civil Code, provided that they are consumers (section 13 of the German Civil Code), i.e. conclusion of the contract cannot be ascribed to their commercial or freelance professional activity. This right shall apply for a period of two weeks. The two-week revocation period shall commence one day after the user completes the registration process. No reasons for the revocation need to be given. It shall be sufficient to submit the declaration of revocation either in writing or on a permanent data carrier to

Deutsche Börse AG, Capital Markets Academy, 60485 Frankfurt/Main, Germany.

9. Settlement of disputes

Deutsche Börse AG is not obliged to participate in settlement of disputes before a consumer arbitration board according to the German Settlement of Consumer Disputes Act [VSBG] and also does not offer participation in such action.

10. Governing law and legal venue

10.1 All disputes arising from or in connection with this conditions of usage shall be subject to the laws of the Federal Republic of Germany to the exclusion of the UN Sales Convention.

10.2 If the contractual relationship is not formed with a consumer and the choice of legal venue is otherwise permitted under the law, legal venue for all disputes arising from the contractual relationship shall be Frankfurt/Main, Germany. The statutory regulation shall otherwise apply.


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