DARWINEX SCOUTING PROGRAM
Terms & Conditions
The terms and conditions contained herein shall govern the Darwinex Scouting Program and the use by the Scouter of the means provided on the Company’s Website(s) to scout prospective DARWIN Providers to Darwinex (the “Terms & Conditions”).
By inviting prospective DARWIN Providers to Darwinex through any of the invitation means made available by the Company, the Scouter is deemed to have agreed to be bound by the Terms & Conditions as may be amended from time to time.
Should the Scouter not agree to such Terms and Conditions and/or any amendment thereto, then he should refrain from participating in, using, or accessing the Darwinex Scouting Program. The Company reserves the right, at its sole discretion, to revise, modify, change or remove portions of these Terms & Conditions at any time. The Scouter shall check periodically the Terms & Conditions on the Company’s Internet website(s) to review any changes to the Darwinex Scouting Program and its terms. The Scouter’s participation in the Darwinex Scouting Program, after the Company has published any revised and/or amended form of these Terms & Conditions on its websites, shall constitute the Scouter’s consent to the revised and/or amended Terms & Conditions.
The Company reserves the right, under its sole and absolute discretion, to reject the participation of any person on the Darwinex Scouting Program, including in the event that such person is a person under the age of 18 or is defined as minor that has not yet reached legal age.
The Company may elect to provide the Scouter with these Terms & Conditions and/or any other documentation, information and communications in various languages. By accepting these Terms & Conditions (in any of these languages) the Scouter acknowledges and confirms that the Company’s official language is the English language, and in the event of any discrepancy or inconsistency between any documentation, information and communications in any language other than the English language and the same in the English language, the English documentation, information and communications shall exclusively prevail.
The Scouter expressly states that he is not participating in the Scouting Program by way of business and hence does not need to become an authorised person or exempt person as defined under Section 22 of the FSMA.
1. Definitions and interpretation
1.1 Unless expressly stated otherwise, capitalised terms in these Terms & Conditions shall have the meaning ascribed to them in this Section 1.1.
“Act” or “FSMA” means the Financial Services and Markets Act 2000.
“Business Day” means a day on which banks are generally open for foreign exchange transaction in London.
“Client Account” means an account opened with Darwinex for each client, consisting of a unique username and a password that enable the client to log into the Company’s website, make deposits and withdrawals and to identify the activity of the client within the Company’s websote
“Company” means TradeSlide Trading Tech Limited.
“Company’s Website(s)” means www.darwinex.com and/or any other Internet websites owned, maintained or operated by the Company, which offer their users services including trading activities through the Trading Platform.
“Confidential Information” means any data or information of either Party, including oral, written or electronic data or information including past, present or future research, development or business activities, and including without limitation, any information relating to developments, inventions, processes, plans, trading information and financial information. The Confidential Information shall not include information that is available in the public domain, not as a result of the actions of the receiving party, that was known to and/or developed by the receiving party prior to its receipt from the disclosing party, or that was lawfully received by the receiving party from a third party without obligation of confidence.
“Invitation Link” means the unique URL that Tradeslide will create for the Scouter to (i) invite prospective traders to Darwinex and (ii) track the activity of those individuals invited by the Scouter.
“Party” means the Company and/or the Scouter (jointly, the “Parties”).
“Referred Trader” means any person or entity who engages for the first time in Tradeslide’s Services through the Scouter’s unique Invitation Link within thirty (30) days since that person or entity last clicked on the Scouter’s unique Invitation Link. Any person or entity engaging in Tradeslide’s Services through the Scouter’s unique Invitation Link (i) who had previously engaged in Tradeslide’s Services other than through the Scouter’s unique Invitation Link or (ii) who engages in TradeSlide’s Services later than thirty (30) days since that person last clicked on the Scouter’s unique Invitation Link, will not be deemed a Referred Trader.
“Referred Trader Data” means any and all data submitted by the Referred Trader to the Company whether or not through the Trading Platform and collected, compiled and stored by the Company.
“Scouter” means any individual introducing prospective Referred Traders to the Company.
“Territory” means any country where the provision of services by the Company is not contrary to local laws or regulations. For the avoidance of doubt, countries such as the United States of America, Japan, North Korea or the Islamic Republic of Iran are not included in the Territory.
“Trading Platform” means the MT4 trading platform offered by the Company on the Company’s Website(s) to end-users for the purpose of conducting trading activities, including any updates and upgrades to such platforms.
“Wallet” means the tool on www.darwinex.com by means of which the Scouter may safely manage, deposit and withdraw funds depending on his needs.
1.2 In these Terms & Conditions, a reference to a law, act, statute or statutory provision includes a reference to:
(a) that law, act, statute or statutory provision as modified, consolidated and/or re-enacted from time to time; and
(b) any subordinate legislation made under that law, act, statute or statutory provision.
1.3 The Section headings do not affect the interpretation of these Terms & Conditions.
2.1 During the term of these Terms & Conditions and subject to the Scouter’s fulfillment of its obligations hereunder, the Company undertakes to reward the Scouter the Fees calculated as per Section 5 (Fees & Payment) and Schedule 1 below for each Referred Trader.
2.2 The Scouter expressly undertakes not to actively engage in any marketing or promotional activity related to the Company in any area, location, territory or jurisdiction outside of the Territory.
2.3 Subject to the Terms & Conditions, the Scouter hereby grants the Company the right to contact the Referred Traders and to mention the Scouter’s name as Scouter in any communication between the Company and the Referred Traders. The Company expressly acknowledges that the rights granted by the Scouter to the Company hereunder are not exclusive in any manner, and nothing in these Terms and Conditions shall limit, prevent or preclude the Scouter from entering into other agreements with other third parties to introduce the Referred Traders to third parties.
2.4 Subject to the Terms & Conditions, the Company hereby grants to the Scouter and the Scouter hereby obtains from the Company a personal, non-transferable, non-assignable and non-sub-licensable right for the term of the Darwinex Scouting Program, to be remunerated in the terms specified in Section 5 below (Fees & Payment) for every Referred Trader.
2.5 The Company shall have the sole and absolute discretion in connection with the rejection or refusal of any Referred Trader to register to and/or trade on the Trading Platform.
2.6 The Scouter is not an Introducing Broker to the Company and the Scouter shall not act in any capacity that would require the Scouter to become authorised as an Introducing Broker or any other regulated entity.
2.7 The Company shall have the sole and absolute discretion to promote any Referred Trader to the condition of DARWIN Provider.
2.8 The Company reserves the right to take legal actions against the Scouter in the event the Scouter shall attempt to manipulate Darwinex and/or the Trading Platform and/or abuse the Darwinex Scouting Program. Without limitation of the foregoing, the Company reserves the right to withhold and/or deduct from any payment due to the Scouter hereunder in the event of such manipulation and/or abuse and may also terminate the Scouter’s participation in the Darwinex Scouting Program with immediate effect.
2.9 Any and all rights not granted under these Terms & Conditions to the Scouter in the Darwinex Scouting Program (if any) are expressly reserved by the Company.
3. Representations and Warranties
3.1 The Scouter hereby represents, warrants, covenants and agrees to the Company as follows:
(i) The Scouter has full right, power and authority to participate in the Darwinex Scouting Program and to comply with these Terms & Conditions. Also there is no impediment which would inhibit his ability to perform the activities contained in these Terms and Conditions;
(ii) No registration with or approval of any government agency or commission is necessary for the execution, delivery or performance by the Scouter of any of the terms of these Terms & Conditions;
(iii) There is no action or proceedings pending against the Scouter;
(iv) Neither the execution nor the delivery of these Terms & Conditions nor the fulfillment of or compliance with the terms and provisions hereof by the Scouter shall contravene any provision of law including, without limitation, any statute, rule regulation, judgment, decree, order, franchise or permit applicable to the Scouter;
(v) The Scouter will only be rewarded for the Referred Traders who join Darwinex through the Scouter’s Invitation Link in accordance with these Terms & Conditions and subject to any other terms and conditions instituted by the Company from time to time during the term hereof;
(vi) The Scouter shall comply with any applicable data protection and privacy requirements and any analogous legislation in any and all jurisdictions applicable to the Referred Traders. The Scouter shall also provide to the Company upon demand, all information and documentation required by any Organisation for Economic Co-operation and Development or an equivalent anti-money laundering authority directives in relation to the Scouter, and if applicable, its directors, officers, key employees, senior management and beneficial owners;
(vii) The Scouter is, and it shall remain during the term of these Terms & Conditions, in full compliance with the laws and regulations applicable within each territory of residence of the Referred Traders. The Scouter agrees to cease actively introducing individuals from any territory requested by the Company upon the occurrence of any illegality or suspicion of illegality; and
(viii) The Scouter shall send his Invitation Link solely to natural persons of legal age who, to the best of the Scouter’s knowledge, have a suitable financial knowledge and/or expertise to engage in trading activity through the Trading Platform.
The Company reserves the right, under its sole and absolute discretion, to reject any Referred Trader who signs up through the Scouter’s Invitation Link.
4. Obligations and responsibilities of the Scouter
4.1 The Scouter undertakes not to send his Invitation Link to any minors and/or individuals who do not have, to the best of the Scouter’s knowledge, a suitable financial knowledge and/or expertise to engage in trading activity through the Trading Platform.
4.2 The Scouter shall not copy any content from the Company’s Websites and/or publications and shall not post in any website and/or elsewhere, any material published in the Company’s Websites and/or publications without the Company’s prior written consent.
4.3 In no event shall the Scouter engage in any e-mail marketing or promotion with respect to the Trading Platform and/or the Company. In the event that the Scouter has an Opt-in List, the Scouter may make a written request to the Company to send e-mails regarding the offering of the Company to the individuals on the Opt-in List. In the event that the Company approves such request in writing, the Scouter expressly states that it complies with any and all applicable laws, rules, regulations and directives, including but not limited to those relating to e-mail marketing and “spamming”.
4.4 The Company does not assume any responsibility towards the Scouter and/or any third party acting on the information provided by the Scouter.
4.5 The Scouter shall be responsible and liable for obtaining and maintaining of, as well as for compliance with, any and all applicable laws and regulations as may be necessary for the Scouter’s performance of its undertakings under the Darwinex Scouting Program, including applicable trading laws.
4.6 The Scouter shall promptly inform the Company of any information known to the Scouter related to any Referred Trader(s) that may reasonably lead to a claim, demand or liability of or against the Company by any third party.
4.7 The Scouter hereby releases the Company from any and all responsibilities for the accuracy or reliability or correctness of the information (including feeds, whether provided by the Company or by any other party) presented to Referred Trader(s) through the Trading Platform. The Scouter further acknowledges that it is aware that the information presented to Referred Traders through the Trading Platform shall not infer a recommendation to enter into or refrain from entering into specific trading.
4.8 The Scouter agrees to indemnify, defend and hold harmless the Company and its directors, officers, employees, subcontractors and agents thereof with respect to any claim, demand, cause of action, debt or liability, including reasonable attorneys’ fees, to the extent that the same are based upon or arises out of:
(i) the Scouter’s breach of any representation, warranty, obligation or covenant under these Terms & Conditions;
(ii) any warranty, condition, representation, indemnity or guarantee relating to the Company granted by the Scouter to any Referred Trader or other third party.
4.9 Where reasonable, in the event (a) that the Scouter introduces any Referred Trader to the Company or actively promotes the Company’s services and/or the Trading Platform to any person or entity outside of the Territory; or (b) of any breach or threatened breach of any provision of these Terms & Conditions, then in addition to all other rights and remedies available to the Company under these Terms & Conditions and under applicable law, the Company shall have the right to:
(i) immediately enjoin all such activity, without the necessity of showing damages or posting bond or other security;
(ii) receive a prompt refund of all amounts previously paid to the Scouter hereunder, and
(iii) be indemnified for any losses, damages or liability incurred by the Company in connection with such violation.
4.10 The Scouter agrees and acknowledges that the Company shall disclose in writing to each Referred Trader the fact that the Company is compensating the Scouter for referring such Referred Trader.
4.11 The Company shall be entitled, at its sole and absolute discretion, to limit and/or ban the Scouter’s participation in the Darwinex Scouting Program.
5. Fees and Payments
5.1 During the term of these Terms & Conditions, and subject to the Scouter’s fulfillment of its obligations hereunder, the Company shall credit the Scouter’s Wallet, for each calendar month, the Fees calculated as per Schedule 1 hereto and in the amount set forth in the Scouter’s account maintained at the Company’s Website(s) (the “Fees“). All payments hereunder and/or pursuant to any other arrangement between the Scouter and the Company are subject to risk analysis considerations, appropriateness and anti-money laundering procedures. The Company reserves the right to demand and receive information about any Referred Trader and/or Scouter to assess the competency of such Referred Trader and/or Scouter for payments.
5.2 For avoidance of doubt, the Scouter shall not be entitled to receive the Fees and/or any other payment (pursuant to any arrangement between the Scouter and the Company) in the following circumstances:
(i) the Scouter breaches these Terms & Conditions;
(ii) the Referred Trader was solicited and/or resident outside the Territory;
(iii) The Company has a reason to believe that the Referred Trader’s account(s) are owned and/or managed by the Scouter and/or any of its shareholders and/or officers and/or any of their family members and/or dependents and/or relatives, without explicit written approval of the Company;
(iv) The Company has a reason to believe that the Scouter and/or the Referred Trader(s) attempt to manipulate and/or misuse the Trading Platform and/or Darwinex and/or attempt to abuse the Darwinex Scouting Program or adversely affect the goodwill and/or reputation of the Company or the Trading Platform. Without derogating from the generality of the foregoing, it is agreed that the Company may determine, under its sole and absolute discretion, that no Fee shall be paid with respect to any Referred Trader in the event that Darwinex suspects, under its sole and absolute discretion, of any manipulation of Darwinex and/or the Trading Platform and/or of any abuse of the Darwinex Scouting Program and/or of the Scouter’s compensation plan in connection with such Referred Trader.
In the event that the Company shall become aware of any of the circumstances set forth above following the payment of the Fees to the Scouter, then the Scouter Scouter shall be obligated to reimburse and return all such Fees to the Company.
5.3 The calculation of the Fees shall be made on a monthly basis and the Net Commissions shall be calculated separately for each calendar month.
5.4 The measurements and calculations of the Net Commissions made available to the Scouter through the Scouter’s Wallet maintained on the Company’s Website(s) (as such calculations may be amended and/or updated by the Company from time to time) are conclusive and the Scouter shall not have the right to appeal and/or disagree with respect thereto.
5.5 It is agreed that the Scouter may not receive any payment from the Company and/or withdraw payments from its accounts with the Company in the event that the Scouter has not complied with the verification and/or appropriateness requirements of the Company, including the provision of the identification information and/or documents required by the Company, as amended and/or updated from time to time. It is further agreed that no payment hereunder shall be made to any entity other than the Scouter and/or to any account and/or payment method not registered in the name of the Scouter and/or to any account and/or payment method the details of which are not identical to those provided to the Company by the Scouter.
5.6 The Fees shall be deposited into the Wallet of the Scouter’s Client Account the Scouter has opened with Darwinex, which is subject to the standard terms and conditions applicable to the trading accounts opened with the Company.
5.7 Generally the Company shall deposit the Fees into the Scouter’s Client Account Wallet within 10 (ten) Business Days from the end of the month with respect of which the Fees are payable, unless such day is not a Business Day (and in such event the Fees shall be payable on the next Business Day).
5.8 The Company reserves the right to modify the Fees’ structure and/or the payment terms thereof upon written notice to be sent to the Scouter via e-mail and/or posted on the Company’s Website(s). Any access of the Scouter to Company’s Website(s) following such modification and/or receipt of payment calculated pursuant to such modified terms (the earlier to occur of the two) shall constitute the Scouter’s Terms & Conditions’ acceptance and consent for such modification.
5.9 The Scouter and the Company shall be responsible for payment of its respective taxes due under any applicable law. The Company shall make deductions from any payment made to the Scouter under these Terms & Conditions as may be and to the extent required under any applicable law, unless the Scouter provides the Company with appropriate tax exemption documents.
6. Term and Termination
6.1 These Terms & Conditions shall be in effect for undefined period of time commencing on the date in which they were first published on the Company’s website (the “Term”).
6.2 The Company may terminate its relationship with the Scouter by giving the Scouter at least 7 (seven) Business Days written notice, specifying the termination date.
6.3 The Scouter accepts that the Company reserves the right to terminate the relationship immediately by providing the former with a written notice, if clause 6.4, below, becomes effective.
6.4 The Company may terminate the relationship with the Scouter immediately, in the event of:
(i) a breach of any part of these Terms and Conditions by the Scouter;
(ii) an issuance of an application, order, resolution or other announcement in relation to bankruptcy or winding-up proceedings of the Scouter;
(iii) a Scouter’s death;
(iv) a Scouter failing to make any payment due to the Company; and
(v) a Scouter is reasonably suspected of participating in any form of financial or other crime, including fraud, bribery, money laundering, market abuse or cyber crime.
6.5 Without derogating from the generality of the foregoing, it is clarified that the Company shall be released from its obligations towards the Scouter with immediate effect upon any breach of these Terms & Conditions by the Scouter without having to provide the Scouter with the opportunity to rectify such breach (following such termination the Scouter shall not be entitled to receive the Fees and/or any other payment hereunder, including any payment with respect to any Referred Trader for which the Scouter was entitled to receive Fees prior to such time and including any payments already accrued in favour of the Scouter prior to such time and not yet paid to the Scouter).
6.6 In the event that such termination shall be made by the Company due to any breach of these Terms & Conditions by the Scouter, then such termination shall be without prejudice to any other remedy to which the Company may be entitled under any applicable law and/or these Terms & Conditions. In the event of termination or expiration of the Darwinex Scouting Program for any reason whatsoever, no sums or other form of compensation shall be due to the Scouter from the Company by reason of goodwill, loss of future profits, reimbursed investment, or severance.
7. Referred Trader Data
The Company shall be permitted to use any information related to the Referred Traders (including the Referred Trader Data) and to provide any services to the Referred Traders, and the Scouter shall not have claim and/or right with respect thereto, other than the right to receive the Fees pursuant to the terms of these Terms & Conditions. It is further clarified that the Referred Trader Data shall be deemed as the Company’s sole and exclusive proprietary information and property and shall be deemed as Darwinex’s Confidential Information.
8. Disclaimer of Warranty and Limitation of Liability
8.1 Except as expressly set forth above and to the maximum extent permitted by applicable law, the Company makes no warranty of any kind, express, implied or statutory, regarding the Trading Platform, and all such warranties, including, without limitation, the implied warranties of merchantability and/or fitness for a particular purpose are hereby expressly disclaimed by the Company. The Scouter acknowledges that the Company has not represented or warranted that the Trading Platform will be uninterrupted, error free, without delay or without compromise of the security systems and features therein and appurtenant thereto. No representations or warranties of any kind are made by the Company with regards to any services provided by any wireless carrier or authorised distributor.
8.2 Under no circumstances shall the Company (or any of its shareholders, directors, officers, employees, affiliates, representatives or licensors) be liable to the Scouter for any consequential, incidental or special damages (including damages for business interruption, loss of business information and the like) arising out of or in connection with the Darwinex Scouting Program, including with respect to the use or inability to use the Trading Platform, even if the Company has been advised of the possibility of such damages. To the extent that in a particular circumstance any disclaimer or limitation on damages, losses or liability set forth herein (whether direct, indirect, consequential, incidental or special) is prohibited by applicable law, then, instead of the provisions hereof in such particular circumstance, the Company (and its shareholders, directors, officers, employees, affiliates and representatives) shall be entitled to the maximum disclaimers and/or limitations on damages and liability available at law or in equity by such applicable law in such particular circumstance.
8.3 Without derogating from the above, if the Company is found liable (whether under contract, tort, including negligence, or otherwise), the cumulative liability of the Company for all claims whatsoever related to the Trading Platform or otherwise arising out of these Terms & Conditions, shall not exceed the payments made to the Scouter by the Company under the Darwinex Scouting Program during the six (6) months preceding the event that gave rise to the action or claim.
8.4 No action, whether based in contract, strict liability or tort, including any action based on negligence, arising out of the performance of the Darwinex Scouting Program, may be brought by the Scouter against the Company more than twelve (12) months after such cause of action accrued.
9.1 The Company shall be permitted to set-off any amounts owed to it by the Scouter (including the amount of any compensation which the Company shall be entitled to receive from the Scouter) against any amounts due to the Scouter by the Company hereunder. The Company shall also be permitted to set-off any amounts which have been paid to the Scouter by the Company in excess (i.e., any over-payment made to the Scouter) against any amounts due to the Scouter by the Company hereunder.
9.2 The Company shall have the right, at any time and under its sole and absolute discretion, to change and/or amend the Terms & Conditions. The Scouter agrees that any new format of these Terms & Conditions which shall be posted on the Company’s Website(s) shall be considered as sufficient provision of notice for the changes and/or amendments made in such new format and shall become effective as of the date of posting it as aforesaid.
9.3 Section headings are provided solely for reference purposes and in no way define, limit, interpret or describe the scope or extent of such section or in any way affect these Terms & Conditions.
9.4 Neither Party shall be liable to the other for any delay or failure to perform its obligations under the Darwinex Scouting Program if such delay or failure arises from a cause beyond the reasonable control of and is not the fault of such Party, including but not limited to labor disputes, strikes, industrial disturbances, acts of God, acts of terrorism, floods, lightening, utility or communication failures, earthquakes or other casualty. If a force majeure event occurs, the non-performing party is excused from whatever performance is prevented by the force majeure event to the extent prevented.
9.5 For the avoidance of doubt, the Scouter acknowledges that the Scouting Program is not compatible with the Affiliate Program in that the Scouter is not entitled to receive Scouting Fees for investors who invest in Referred Traders through Tradeslide’s investment platform. This limitation applies solely in the event that the Scouter is both a Scouter and an Affiliate, as defined in the Affiliate Program Terms & Conditions.
10. Governing Law and Jurisdiction
10.1 The Scouter accepts that these Terms & Conditions shall be governed by the law of England and Wales.
10.2 Any proceedings and their settlement that may involve the Company and the Scouter shall take place in the competent courts of England & Wales .
10.3 The Parties consent to the exclusive jurisdiction and venue of the courts of England.
10.3 The language for interpretation of these Terms & Conditions shall be English.
11. Invalidity or unenforceability
Any provision hereof which is prohibited, invalid or unenforceable shall be ineffective only to the extent of such prohibition, invalidity or unenforceability without invalidating the remaining provisions hereof.
12.1 Any notices given under the Darwinex Scouting Program shall be in writing and will be deemed to have been sufficiently given when delivered by hand or sent via facsimile transmission (when acknowledged by the recipient), overnight courier service or by certified or registered mail, to the Parties at the addresses set forth on the Company’s website (for the case of the Company) and to the address provided by the Scouter upon signing up on the Company’s website(s) or as subsequently changed by notice duly given. Notices shall be effective on the Business Day sent if delivered personally or via facsimile, on the next Business Day if sent by overnight courier, or five (5) Business Days after post-marking if sent by certified or registered airmail.
12.2 In the event that the Scouter shall not indicate its correct address upon joining Darwinex, the Company may deliver any notice hereunder to the e-mail address provided by the Scouter and such notice shall be effective on the Business Day in which the e-mail was sent.
The Darwinex Scouting Program shall not be deemed to establish a joint venture or partnership between the Company and the Scouter. The Scouter shall not be deemed to be an agent or employee of the Company. Neither the Scouter nor any of its officers, employees and agents (if applicable) shall be deemed in any manner or under any circumstance to be an employee or agent of the Company, and no such person shall be entitled to any of the rights, protections or benefits provided by the Company to its employees, including without limitation, group insurance or any kind of pensions.
The use of singular terms herein shall also include the plural of such term and the use of a plural term herein shall also include the singular of such term unless the context clearly requires a different connotation.
Fees & Payment
1. Scouting Fees
Subject to the Scouter’s fulfillment of its obligations under the Terms & Conditions, the Scouter shall be entitled to receive during its participation in the Darwinex Scouting Program, with respect to each calendar month:
20 % of the Net Commissions* charged to investors for the volumes invested in the Referred Traders’ DARWIN(s)
“Net Commissions” means: (Gross commissions charged to investors for the volumes invested in the Referred Traders’ DARWINs every month) – Commissions charged by the Company’s Liquidity Providers – Fees charged to the Company by their MT4 Bridge Provider.
Note 1: the Scouting Program does not entitle the Scouter to be rewarded for commissions charged to Referred Traders or for performance fees charged to investors (i.e. Scouters will be compensated solely for Net Commissions generated by investors through investments made in DARWIN Providers referred by the Scouter).
Note 2: the commissions generated by investments made by the Company in Referred Traders’ DARWIN(s) as a DarwinIA prize shall not be included in the calculation of the Net Commissions referred above.
The Scouting Fees shall be credited to the Affiliate´s Darwinex Wallet no later than ten (10) Business Days after the conclusion of the relevant calendar month.