General Terms and Conditions of the Certified Financial Engineer
1. Subject matter of the contract
The present General Terms and Conditions for services by the European Institute of Financial Engineering and Derivatives (hereafter EIFD) regulate the services provided within the context of the programme “Certified Financial Engineer”.
The programme is offered by the EIFD which is responsible for its scientific management.
Contracting parties are the EIFD and the participants admitted to the exam.
2. Registration, effectiveness of this contract
The participant can register for the programme by completing and then sending the registration form by post, fax or e-mail. The contract becomes effective when the participant receives a confirmation of the registration by the EIFD.
(1) The title “Certified Financial Engineer” is conferred by the EIFD upon successful completion of the exam. The EIFD also awards the corresponding certificate.
(2) EIFD is responsible for choosing the time and the place of the Certified Financial Engineer exam. The exam is expected to take place on the premises of Deutsche Börse AG. EIFD reserves the right to modify the announced beginning or the place of the events for organizational reasons, if required.
(3) The title “Certified Financial Engineer “ is awarded by the European Institute of Financial Engineering and Derivatives and modifications to its use may not be made by the holder of the title. In case of infringement, third parties (e.g. other education providers) may file claims against you. EIFD reserves the right to modify the title “Certified Financial Engineer” at any time and to grant a title with a different name upon passing the corresponding examination performance in the future. The participant who has already been granted the title “Certified Financial Engineer,” shall, in turn, have the right to use the old title or the new title. Further claims against EIFD are hereby excluded.
(4) Should a participant fail to pass the exam, the participant can repeat the exam. For the registration for a repeat exam, No. 2 of the General Terms and Conditions applies accordingly.
(1) The exam fees for the “Certified Financial Engineer” amount to €3,995 plus VAT, currently 19%, thus in total €4,754.05. Students (please enclose copy of valid student ID in the registration) receive a discount. The exam fees for students amount to €1,495.00 plus VAT, currently 19%, thus in total €1,779.24.
(2) For a resit due to failing the exam to become a “Certified Financial Engineer”, the EIFD levies an exam fee of €450 plus VAT, currently 19%, thus in total €535.50.
5. Terms of payment, default, cancelling
(1) The Deutsche Börse AG will send the client the invoice on the exam fees with the confirmation of the registration. Invoices issued by the Deutsche Börse AG are payable upon receipt without deductions and within two weeks after the due date.
(2) Only participants having paid the exam fees will be admitted to the exam.
(3) In case of late payment of the exam fees, the EIFD is entitled to cancel the contract.
(4) Not reaching the programme’s aim (for example the failing to pass the exams) does not entitle the participant to a reduction of the fees. Not receiving expected subsidies by third parties does not constitute a reason for a justified refusal of payment by the participant either. (5) In case of default, the EIFD is entitled to charge an interest on arrears pursuant to the German law on acceleration of due payments. Further claims for damages remain unaffected.
(6) The participant may only offset against the EIFD's claims if the counterclaim of the client is not disputed or a final verdict is presented.
6. Cancellation, modifications and postponement of events
(1) The EIFD reserves the right to cancel exams due to reasons that it does not have to specify. If the participant has already paid the participation fee to the EIFD, he is reimbursed the paid amount. Further claims by the participant are excluded; in particular, the participant does not have the right to insist on the conducting of the exam.
(2) The EIFD will immediately inform the participant if there is a modification of time and place of the exam.
7. Right of withdrawal/revocation
(1) If the participant is a consumer and not a businessman, they have the right to withdrawal pursuant to section 312b German civil code (BGB) and section 312d BGB in conjunction with section 355 BGB. The contract may be revoked in writing (e.g. by letter, fax, email) within 14 days without giving grounds. The period starts with the receipt of this information in writing, but not before the conclusion of the contract and not before the fulfillment of the information obligation pursuant to art. 246(2) in conjunction with section 1(1) and (3) EGBGB. In order to respect the withdrawal period, the timely sending of the revocation is sufficient. The revocation must be sent to:
Europäische Institut für Financial Engineering und Derivateforschung
(EIFD) GmbH & Co. KG
The obligation of service by the EIFD only starts after the end of the withdrawal period. The right of withdrawal expires early if the EIFD has started to provide the services with the participant’s explicit approval or the participant has arranged them in person.
End of right of withdrawal
8. Copyright, rights of use
(1) The EIFD reserves all rights, including the rights to translate, reprint or duplicate the documents – also in electronic form (e.g. in PDF format) – and the rights for learning programmes or parts of them.
No part of the documents may not be entirely or partly duplicated, used, modified, disseminated or presented in any other public reproduction without the EIFD’s written authorisation.
(1) EIFD is liable exclusively in the case of intent or gross negligence. Liability for simple negligence is only possible where a material obligation has been breached and where the breach jeopardizes the achievement of the purpose of the contract or on account of personal injury to life, body or health. In this case, EIFD shall only be liable vis-à-vis participants for any typical or foreseeable damage or loss and to the level of the amount of the registration fee.
(2) The EIFD is not liable for the loss, damage or disappearance of the participant’s property during the conduct of the program, unless it is due to the EIFD’s deliberate or grossly negligent behavior. Furthermore, EIFD is not liable for personal injury or property damage in connection with travel to and from the event and at the event venue.
(3) EIFD is not liable for damages due to force majeure, insurgencies, war and natural disasters as well as other events (e.g., strikes, lock-outs, traffic incidents, orders by domestic or foreign government offices) or as a consequence of technical disruptions not caused by EIFD, for example of the IT system. Force majeure also includes computer viruses and intentional attacks on the IT systems by hackers, provided adequate protection measures were taken.
(4) You agree that you are using the services of EIFD at your own risk. EIFD does not guarantee that the services can be used without interruption and/or errors. EIFD negates all other warranties. These include, inter alia, the warranty of applicability for a specific purpose, the warranties of merchantability and the warranty of the non-infringement of the rights of third parties. EIFD does not guarantee the accuracy or completeness of information on the EIFD and the Certified Financial Engineer websites or of information made available in connection with EIFD websites and/or the Certified Financial Engineer websites. EIFD shall not be liable for the errors or omissions and/or results in connection with the usage of this information.
(5) The extent of the exclusion or limitation of liability of EIFD also applies to its employees, representatives and agents.
10. Data protection
(1) Pursuant to the German Federal Data Protection Act, the participant is hereby informed that the EIFD will store their complete address and other details relevant for the contract in a machine-readable format and automatically process them for tasks resulting from the contract. The EIFD guarantees the confidential use of these data.
(2) The EIFD commits to treat the personal data given by the participant confidentially and not to make it accessible to third parties. This does not include the data that must be forwarded by the EIFD to the German Stock Exchange in order to complete the registration process for the Certified Financial Engineerexam (see: examination regulations, section 3, paragraph (1) point c)). By means of appropriate measures (section 9 of the Federal Data Protection Act (BDSG)) and the commitment of the employees, the EIFD ensures that this confidentiality remains intact during the use of the services provided by the EIFD and after their termination.
11. Applicable law and jurisdiction
(1) This contract is subject to the law of the Federal Republic of Germany.
(2) The jurisdiction for all disputes resulting from the privity of contract is Frankfurt/Main.
12. Agreements in writing and continuation of the contract
(1) The parties engage to make modifications or amendments to the contractual conditions exclusively in writing. This also applies to the requirement in writing according to No. 11 of the General Terms and Conditions.
(2) In case of invalidity of individual parts of the contract, the continuation of the contract is not affected.
(1) The "tools" of the Certified Financial Engineer Campus were created by the three directors of the European Institute of Financial Engineering and Derivatives (EIFD), "Michael Bloss”, "Professor Dr. Dr. Dietmar Ernst" and "Professor Dr. Dr. Joachim Häcker". The European Institute of Financial Engineering and Derivatives is an institution belonging to the Nürtingen University. The title "Certified Financial Engineer" is conferred by the EIFD in cooperation with Deutsche Börse.
(2) Pursuant to art. 1 of the German Intellectual Property and Related Protection Rights Act (Intellectual Property Act, UrhG)), the authors of scientific works benefit from protection for their works.
Pursuant to section 2(2) UrhG, a work is given provided it is a personal and intellectual creation. For software, such as the present Excel files, section 69a UrhG applies. Thus, the Copyright Act applies to software. Any computer program that is statistically unique is protected. These requirements apply to the tools of the Certified Financial Engineer Campus. Thus, the tools are protected by the German Intellectual Property Act.
(3) You receive your access to the tools with your registration for the Certified Financial Engineer.
The tools are for you and your personal use only. Should you pass on the tools to third parties, use parts or the entire tool without prior authorisation without signalling such a use and without referring to the author EIFD, you are in breach of applicable copyright law and liable to prosecution. You then must expect claims derived from the registered trade marks stated under point 1, and prosecution.
(4) The unauthorized use of the works protected under the Copyright Act can be punished with three years of imprisonment pursuant to section 106 UrhG. Pursuant to section 108b UrhG, unauthorized interventions in technical protection measures and information required for exercising these rights can be punished with one year of imprisonment. The "removal of the copy protection" applicable in the case of the Certified Financial EngineerMoodle Tool and the Certified Financial Engineer Toolbox is subject to this point. The sentencing can be increased to three years (for unauthorized interventions into technical safety measures) and five years (for unauthorized commercial use) in case of commercial perpetration.
As of December 2017