Ikaay Capital
Ikaay Capital
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Legal

Jurisdiction Notes

Status: Human-voice rewrite, pending counsel review. Document version: 2026.05.01 Last updated: 2026-05-01 Effective date: 2026-05-01

What this means in plain English: Different countries have different rules. This document layers country-specific add-ons on top of our main legal docs. If the add-on for your country says something different from the main documents, the add-on wins.

The portal serves these add-ons based on your billing-address country (and your IP, as a fallback for the public site).

1. United States

1.1. Our regulatory posture

Ikaay Capital is a publisher of financial information. We are not a registered investment adviser, broker-dealer, or commodity-trading adviser. We rely on the publisher's exclusion in the Investment Advisers Act of 1940, §202(a)(11)(D), as interpreted in Lowe v SEC, 472 U.S. 181 (1985).

Three conditions of Lowe v SEC anchor our practice:

The Service does not respond to requests for personalised advice. If you ask "should I buy X for my retirement account?", support will reply with a non-personalised answer and a link to this document.

1.2. CFTC

Where we publish backtested or simulated performance involving commodity futures, options on futures, or instruments otherwise within the Commodity Exchange Act and CFTC rules, we follow the substance of CFTC Rule 4.41(b). See hypothetical_performance_disclosure.md. We are not currently registered with the CFTC as a CTA, CPO, or in any other capacity. If our activities ever cross a registration threshold, we will register before continuing.

1.3. SEC marketing rule

The SEC's amended marketing rule (Rule 206(4)-1, effective 2022) applies directly only to registered investment advisers. We follow its substance for testimonials, endorsements, and performance presentation as best practice, even though we do not currently fall within its scope.

1.4. State auto-renewal laws

The Service complies with California's Automatic Renewal Law (Bus. & Prof. Code §17600 et seq.) as amended in 2025. We extend the same protections to all subscribers worldwide. See subscriber_agreement.md §4. We also comply with the equivalent laws in New York (NY GBL §527-a), Oregon (ORS §646A.295), and other states with comparable rules.

1.5. Class actions and arbitration

US residents are subject to the arbitration agreement and class-action waiver in terms_of_service.md §14, with a 30-day opt-out window.

To opt out, email legal@ikaaycapital.com from your account email within 30 days of first creating your account. The notice must include your name, your account email, and the words "I opt out of arbitration".

1.6. What we will not publish for US retail

We do not publish or solicit on:

If anyone on the sales or support side crosses any of these lines, the conduct gets reported up to the head of legal and rectified.

1.7. Privacy

California, Virginia, Colorado, Connecticut, and Texas residents have the rights summarised in privacy_policy.md §11.2. We do not sell personal information, and we do not share it for cross-context behavioural advertising as those terms are defined under the CCPA / CPRA.

2. United Kingdom

2.1. Our regulatory posture

Ikaay Capital is not authorised by the Financial Conduct Authority. We do not give regulated investment advice. We do not arrange deals in investments. We do not deal as principal or agent. We are a publisher.

We do not currently target the UK retail market with promotional activity that counts as a "financial promotion" under section 21 of the Financial Services and Markets Act 2000 (FSMA). If we ever do issue communications that could amount to a financial promotion, we will only do so on the basis of an exemption available to us (for example, communications of journalistic content within Article 20 of the Financial Promotion Order, where applicable) or with approval by an FCA-authorised person.

2.2. Crypto financial-promotion regime (PS23/6)

If at any point we promote a crypto-asset signal product to UK retail customers, we will display the FCA-mandated risk warning in its exact form, with the required visual treatment, the 24-hour cooling-off period, the appropriateness assessment, and the categorisation process required by FCA PS23/6.

The mandated warning text is:

Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.

Reproduce verbatim, exactly. Do not change a word, including the contraction.

2.3. CFD warning (if it ever applies)

Ikaay Capital does not sell contracts for difference, spread bets, or rolling spot FX. If we ever surface or promote any leveraged synthetic product to UK retail, we will display the FCA-mandated risk warning in its exact form, with the firm-specific loss percentage updated quarterly, in the format required by ESMA / FCA rules. The required boilerplate:

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. [X]% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

We do not currently have such a product. If we add one, this section is the trigger for our firm-wide change-control process.

2.4. Consumer rights

Nothing in terms_of_service.md or subscriber_agreement.md removes UK consumer-statutory rights. UK consumers have a 14-day distance-contract cancellation right under the Consumer Contracts (Information, Cancellation and Additional Charges) Regulations 2013, where applicable, on top of the 30-day annual-plan refund offered in the Subscriber Agreement.

2.5. Class actions and consumer-court venue

The arbitration provision in terms_of_service.md §14 does not remove a UK consumer's right to bring proceedings in their local court under UK or retained-EU consumer-protection law. The class-action waiver applies only to the extent UK consumer law allows.

2.6. Privacy

UK GDPR applies. Supervisory authority: the Information Commissioner's Office (https://ico.org.uk/). International transfers from the UK to Singapore and the United States rely on the UK Addendum to the EU SCCs.

3. European Economic Area

3.1. Our regulatory posture

Ikaay Capital does not currently target the EEA with promotional activity. Where an EEA resident self-selects to subscribe through our public website, we serve them on the same publisher-only basis as UK and US users.

If we ever start actively marketing into specific EEA member states, we will appoint a representative under Article 27 GDPR and review whether our publisher posture passes muster under the local equivalent of MiFID II.

3.2. Distance selling

EEA consumers have a 14-day distance-contract cancellation right under the Consumer Rights Directive 2011/83/EU as transposed into national law, where applicable, on top of the 30-day annual-plan refund offered in the Subscriber Agreement.

3.3. Privacy

GDPR applies. The supervisory authority is the data-protection authority of your country of residence. International transfers rely on the EU SCCs (controller-to-controller Module 1 or controller-to-processor Module 2, as applicable).

3.4. Class actions

The arbitration provision in terms_of_service.md §14 does not remove an EEA consumer's right to bring proceedings in their local court under mandatory consumer-protection law. The class-action waiver applies only to the extent EEA consumer law allows.

4. Singapore

4.1. Our regulatory posture

Ikaay Capital Pte Ltd is incorporated in Singapore. The Service is operated from Singapore. We do not provide a "financial advisory service" within the meaning of the Financial Advisers Act 2001 (FAA). The Service is general-purpose information; it is not tailored to your circumstances; we do not respond to personalised advice requests.

The Monetary Authority of Singapore (MAS) issued advisory letters in 2025 reminding online content creators that even "educational" content can cross into regulated territory if it becomes tailored or promotional. We track that guidance and design accordingly.

4.2. Securities and Futures Act 2001

We do not operate a market, deal in capital-markets products as principal or agent for a customer, or hold customer assets. We are not a Capital Markets Services licensee. If any of those activities ever become part of the platform, we will pause that part pending the right licence.

4.3. PDPA

The Personal Data Protection Act 2012 applies. Data Protection Officer: dpo@ikaaycapital.com. Complaints go to the Personal Data Protection Commission: https://www.pdpc.gov.sg/.

4.4. What we will not do in Singapore

4.5. Governing law and arbitration

Singapore law governs. The Singapore International Arbitration Centre (SIAC) is the arbitration forum, with the seat in Singapore and the language of arbitration in English. See terms_of_service.md §14.

5. India

5.1. Our regulatory posture

Ikaay Capital is not registered with the Securities and Exchange Board of India (SEBI) as an Investment Adviser, a Research Analyst, a Portfolio Manager, a Stock Broker, or in any other regulated capacity. We do not currently target the Indian market with promotional activity that would require such registration.

Where Indian residents self-select to subscribe through our public website, we serve them on a strictly non-personalised basis. Specifically, we do not respond to personalised advice requests, we do not run an Indian-residents-only Telegram or WhatsApp group, and we do not organise events that would amount to research distribution within India.

This posture matches the SEBI-aligned framing used by smallcase.com ("technology provider, not intermediary") for its delivery layer, while smallcase contributors carry their own SEBI-RA / RIA registrations. Our content is not authored by SEBI-registered analysts.

5.2. SEBI Research Analyst Regulations 2014 (last amended December 2024)

If and when we begin to promote into India in earnest, we will assess registration as a Research Analyst under the Research Analyst Regulations 2014. The December 2024 amendment introduced changes including:

A Research Analyst registration would require a senior person on the team to clear NISM Series-XV-A (Research Analyst) certification and meet the regulator's net-worth and infrastructure requirements.

5.3. SEBI Investment Advisers Regulations 2013

We do not provide personalised investment advice as defined in the IA Regulations. We do not have an IA registration. We do not hold ourselves out as having one.

5.4. Mandated risk-warning language

When the Service surfaces any content to an Indian user, the following warnings are non-optional and must appear verbatim:

5.5. DPDP Act 2023

The Digital Personal Data Protection Act 2023 came into force on 2025-11-13 and is being phased in through 2027-05-13. We provide notice in plain English; translations into the languages listed in the Eighth Schedule are queued for rolling release. Grievance officer: dpo@ikaaycapital.com. Complaints go to the Data Protection Board of India.

5.6. ETMoney precedent

SEBI's penalty record on ETMoney (failure to segregate IA activities + skipped internal audit) is a reference point for us. The lesson: even if the user-facing flow looks passive, "advice" can attract enforcement. We do not respond to questions like "should I buy X?" through any channel — chat, email, support ticket, social media DM, or chatbot. Every new support hire is trained on this.

5.7. What we will not do for Indian retail

6. Australia

6.1. Our regulatory posture

Ikaay Capital does not hold an Australian Financial Services Licence. We do not actively market into Australia. Where Australian residents self-subscribe, we serve them on the same publisher-only basis as UK and EEA users.

6.2. Privacy

The Australian Privacy Act 1988 may apply where we are deemed to have an "Australian link". DPO: dpo@ikaaycapital.com.

7. Switzerland

7.1. Our regulatory posture

Where Swiss residents self-subscribe, we serve them on a publisher-only basis. We are not licensed by FINMA.

7.2. Privacy

The revised Federal Act on Data Protection (FADP) applies in parallel to GDPR. Supervisory authority: the Federal Data Protection and Information Commissioner.

8. Restricted countries

We do not knowingly serve users in countries under comprehensive sanctions imposed by the United Nations, the United States Office of Foreign Assets Control (OFAC), the European Union, the United Kingdom, or Singapore.

The current list (subject to change without notice) includes Cuba, Iran, North Korea, Syria, the Crimea / Donetsk / Luhansk / Kherson / Zaporizhzhia regions of Ukraine, and Russia (in part). When Stripe or our IP-geolocation provider declines a transaction from a restricted country, the transaction does not proceed.

Change log

Version Date Change
2026.05.01 2026-05-01 Human-voice rewrite. Plain-English intro, "we / you" voice, headings rewritten ("Posture" → "Our regulatory posture"), legalese removed. All jurisdictional content and verbatim mandated phrases preserved. Pending counsel review.
2026.04.28 2026-04-28 Initial draft covering US, UK, EEA, Singapore, India, Australia, Switzerland, plus restricted countries.

Pattern provenance

See also
Ikaay Capital Pte Ltd · Incorporated in Singapore · All legal documents · Home