Swarm Markets accepts the Customer’s Offer subject to the conditions precedent that (i) Customer has entered into an Account Contract with Swarm Markets and (ii) Customer’s Account has been opened (“Conditions Precedent“). For the conclusion of the Account Contract with the Customer, Swarm Markets conducts a verification in accordance with regulatory and legal requirements (“Regulatory Check“). In the course of the Regulatory Check, Swarm Markets verifies, among other things, the identity of the Customer and its legal representatives. For the Regulatory Check, the Customer shall provide further information and submit documents during the registration process. In simple cases, the Regulatory Check usually takes two working days from the time when the Customer submits all necessary information and documents in a complete, correct and clear manner; otherwise, however, it may take longer.