5. Confidentiality, impartiality, insider trading and anti-money laundering compliance
5.1 All partners and employees at Poul Schmith are under a duty of confidentiality in relation to unauthorised persons with respect to the contents and nature of the matters handled by our firm and with respect to information in general from the client and about the client, unless the information in question, in the given circumstances, is not of a confidential nature. We have set up specific security procedures to protect sensitive and confidential material.
5.2 Poul Schmith has set up specific rules and procedures for the purpose of avoiding conflicts of interest on receipt of a matter and for the purpose of handling any conflicts of interest that might arise during the course of the matter.
5.3 Everyone at Poul Schmith is subject to the prohibition on insider trading as stipulated in the Danish Securities Trading Act (værdipapirhandelsloven). Poul Schmith and our partners and employees have a duty not to abuse any information obtained in connection with our work. We have set up internal procedures to prevent insider trading.
5.4 Everyone at Poul Schmith is subject to the provisions of the Danish Act on Measures to Prevent Money Laundering and Financing of Terrorism. To comply with these provisions, we are required, among other things, to collect and store information to verify the identity of the client and information about the ownership and control structure of the client to verify the identities of the beneficial owners if the client is a legal person.
6. Limitation of liability
6.1 Poul Schmith is liable in damages in accordance with the general rules of Danish law subject to the exceptions and limitations set out in this section.
6.2 Unless otherwise agreed in writing, we will advise only on Danish law.
6.3 Poul Schmith’s liability in damages to the client is limited to 10 times the fee for the relevant assignment, but not exceeding DKK 50 million. In addition, Poul Schmith is not liable in damages to any one client in excess of DKK 75 million for all claims raised by the client within the same calendar year or the calendar year immediately following.
6.4 The client shall indemnify Poul Schmith to the extent that liability to third parties is imposed on Poul Schmith which arises out of work performed for the client and which, together with any claims from the client, exceeds the limitations set out in clause 6.3, or for which Poul Schmith is not liable to the client.
6.5 Poul Schmith is not liable for any loss or damage caused by or directly or indirectly connected to a data security breach or any breakdowns or failures in Poul Schmith’s IT systems, or any operating losses, loss of time, loss of profits, loss of data, loss of goodwill and any other indirect loss or loss due to the financial breakdown of the account-holding bank.
6.6 Poul Schmith is not liable for other advisors to whom we have handed over part of the assignment as per agreement with the client or whom the client has engaged on our referral.
6.7 The client may raise claims against Poul Schmith only and not against any of our partners or other legal staff individually.
6.8 If the client is a business entity, any claims for damages by the client against Poul Schmith will become time-barred 12 months after the client becomes or should have become aware of the circumstances on which the claim is based, but not later than three years after Poul Schmith provided the advice on which the claim is based.
6.9 Poul Schmith has taken out liability insurance and issued a guarantee with Codan Forsikring A/S pursuant to the rules laid down by the Danish Bar and Law Society. The liability insurance covers all legal services, irrespective of the location of the legal services rendered.