Panholzer Advisory Corporation ("PAC"), a member of NFA meeting the criteria in Bylaw 306(b), is authorised to manage spot forex transactions for U.S. clients' accounts as long as these clients accounts are held at NFA members authorised under the CFMA (or at a Forex Dealer Member, a newly created NFA member category) that is the counterparty, or offers to be the counterparty, to spot forex transactions for customers.

The risk of loss in trading in the forex market can be substantial. You should therefore carefully consider whether such trading is suitable for you in light of your financial condition.

The high degree of leverage that is often obtainable in forex trading can work against you as well as for you. The use of leverage can lead to large losses as well as gains.

In some cases, managed forex accounts are subject to substantial charges for management and advisory fees. It may be necessary for those accounts that are subject to these charges to make substantial trading profits to avoid depletion or exhaustion of their assets. The PAC Forex Advisory Agreement contains a complete description of the principal risk factors and each fee to be charged to your account by the forex broker.

This brief statement cannot disclose all of the risks and other significant aspects of the forex markets. Therefore, you should proceed directly to the Risk you in light of your financial condition. Neither CFTC nor NFA have passed upon the merits of participating in any of the trading programs offered on this website nor on the adequacy or accuracy of any of facts and representations made herein.

Other disclosure statements may be required for you to acknowledge before you may open a managed forex account.

Click on the link below for access to more detailed information about the mamaged account programs offered by PAC.

I have read and understood the above statement and wish to proceed.