Client Assets. 4.1 Your funds will be at all times segregated from our funds as provided for in the Applicable Regulations. In case of our insolvency, your funds will not form a part of our proprietary assets under the Applicable Regulations or the laws of Mauritius on insolvency.
4.2 We are allowed to pool your funds with funds of our other clients and hold them in a segregated omnibus bank account that will be named in a manner that shows that this bank account does not hold our proprietary funds. We will use reasonable care when choosing a bank for safeguarding your funds.
4.3 We will reconcile our records of the client funds balances kept on the segregated omnibus bank accounts with those of the bank with a frequency that is necessary to comply with our safeguarding duties. If due to reconciliation a transfer of funds should be made to or from a segregated omnibus bank account, this transfer will be initiated on the same Business Day as the reconciliation was performed.
4.4 We may hold your funds in segregated omnibus accounts in banks located outside Mauritius or pass your funds to an intermediate broker, settlement agent or an over-the-counter counterparty located outside Mauritius to perform your Transaction. We will use reasonable care when choosing these third parties, however we cannot guarantee that your funds will receive the same level of protection as if they were held with or passed on to an entity in Mauritius.
4.5 The rules we follow when we safeguard and safekeep your Instruments can be found in the Terms of Business.
4.6 At least once per year we will send you a statement of your funds and Instruments held by us unless this information has been provided to you in another periodic statement.
4.7 Your funds will not earn any interest and we will not pay any interest on any of your funds held by us.
Client Assets. Client is the sole owner of all assets in the Account and (i) there are no restrictions on the transfer, sale or public distribution of any such assets and (ii) no option, lien, charge, security or encumbrance exists over such assets, except as disclosed to Manager in writing.
Client Assets. We are the sole owner of all Account Assets and (1) there are no restrictions on the transfer, sale or public distribution of any such Account Assets and (2) no option, lien, charge, security or encumbrance exists over such Account Assets, except as described to you in writing.
Client Assets. We are an approved bank. We will hold your money as banker, rather than as trustee. The protections provided under the Financial Conduct Authority rules on client money will not apply to your money that is held by us. In the unlikely event of the failure of Commerzbank AG, the FCA client money distribution rules will also not apply to your money that we hold and you will not be entitled to share in any distribution made under these rules. However, the protections under the UK Financial Services Compensation Scheme and/or the Einlagensicherungsfonds [Deposit Protection Fund of the Federation of German Banks, ESF] and/or the Entschädigungseinrichtung deutscher Banken [Compensation Scheme of German Banks, EdB] may apply.”
Client Assets. (i) The following provisions set out the terms and conditions of our custody services. Please refer to the Client Assets Key Information Document (“CAKID”), which has been provided to you separately. The objective of the CAKID is to provide you with important information (in addition to that set out in the Customer Agreement) to help you understand how and where Client funds and Client financial instruments (together, “Client Assets”) will be held by IBIE, and to highlight the associated risks.
(ii) For Transactions that are subject to this Agreement, IBIE holds Client Assets on trust for the benefit of Clients and provides safe custody services.
(iii) This Customer Agreement sets out the terms of use of your Client Assets by IBIE and the terms pursuant to which your Client Assets may be dealt with by IBIE.
Client Assets. 3.1 All monies, securities or other property received by AIF SEC from the Client or from any other person (including the Clearing House and/or the Correspondent Broker) for the account of the Client shall be held by AIF SEC as trustee, segregated from AIF SEC’s own assets and paid into a Segregated Bank Account, a Segregated Debt Securities Account or a Segregated Securities Account (as the case may be), and that all monies, securities or other property so held by AIF SEC shall not form part of the assets of AIF SEC for insolvency or winding up purposes but shall be returned to the Client promptly upon the appointment of a provisional liquidator, liquidator or similar officer over all or any part of AIF SEC’s business or assets.
3.2 Any monies, Approved Debt Securities or Approved Securities received by AIF SEC from the Client or on behalf of the Client shall be held in the manner specified under paragraphs 7 to 12 of the Schedule 4 to the Code of Conduct and the Client authorises AIF SEC to apply any monies, Approved Debt Securities or Approved Securities which the Client may pay or deposit with AIF SEC in the manner specified under paragraphs 14 to 15 of Schedule 4 to the Code of Conduct. In particular, AIF SEC may apply any such monies, Approved Debt Securities or Approved Securities in or towards meeting AIF SEC’s obligations to any party insofar as such obligations arise in connection with or incidental to business of dealing in Contracts on the Client’s behalf.
3.3 Subject to the provisions of the SFO, the Client authorizes AIF SEC to withdraw from the Segregated Bank Account, the Segregated Debt Securities Account or the Segregated Securities Account and to apply any monies, any Approved Debt Securities or any Approved Securities paid or deposited by the Client to AIF SEC for the following manner:
(i) properly required to meet obligations of AIF SEC to the Clearing House, an executing agent or any other party arising in connection with or incidental to Futures Contracts or Options Contracts transacted by AIF SEC on the instructions or behalf of the Client, provided that no withdrawal may be made which would have the effect that margin requirements, variation adjustment or other applicable adjustment requirements, or trading liabilities in respect of Futures Contracts or Options Contracts conducted on behalf of the Client are thereby financed by other clients' money;
(ii) properly required to meet commission, brokerage, levies and other proper charge...
Client Assets. 10.1 Interest is not payable by TRADESMART on client funds deposited by CLIENT.
10.2 All funds, securities, currencies, and other property of CLIENT which TRADESMART or its affiliates may at any time be carrying for CLIENT (either individually, jointly with others, or as a guarantor of the account of any other person,) or which may at any time be in its possession or control or carried on its books for any purpose, including safekeeping, are to be held by TRADESMART as security and subject to a general lien and right of set-off for liabilities of CLIENT to TRADESMART whether or not TRADESMART has made advances in connection with such securities, commodities, currencies or other property, and irrespective of the number of accounts CLIENT may have with TRADESMART.
10.3 TRADESMART may at its discretion, at any time and from time to time, without notice to the CLIENT, apply and/or transfer any or all funds or other property of the CLIENT between any of the CLIENT’s accounts.
10.4 The CLIENT hereby also grants to TRADESMART the right to pledge, re-pledge, hypothecate, invest or loan, either separately or with the property of other Customers, to itself as broker or to others, any securities or other property of the CLIENT held by TRADESMART as margin or security.
10.5 TRADESMART shall at no time be required to deliver to the CLIENT the identical property delivered to or purchased by TRADESMART for any account of the CLIENT.
10.6 This authorisation shall apply to all accounts carried by TRADESMART for the CLIENT and shall remain in full force until all accounts are fully paid for by the CLIENT or notice of revocation is sent by TRADESMART from its home office.
10.7 Any failure by TRADESMART to enforce its rights hereunder shall not be deemed a future waiver of such rights by TRADESMART.
10.8 TRADESMART is irrevocably appointed as attorney in-fact for CLIENT and is authorised, without notice to the CLIENT, to execute and deliver any documents, give any notice and to take any actions on behalf of CLIENT, including the execution, delivery and filing of financing statements, that TRADESMART deems necessary or desirable to evidence or to protect TRADESMART’s interest with respect to any collateral.
10.9 In the event that the collateral deemed acceptable to TRADESMART is at any time insufficient to satisfy the CLIENT’s indebtedness or other obligations to TRADESMART, including obligations to provide margin hereunder, the CLIENT shall promptly pay upon demand the entire...
Client Assets. 20.1. Where your purchase Instruments which require to be held with a custodian (“Custody Assets”), you agree that we will arrange for a custodian to be appointed to safeguard and administer the Custody Assets and to otherwise act as custodian of the Custody Assets. We will not be responsible for the solvency, acts or omissions of any custodian with which the Custody Assets are held except where we have acted negligently, fraudulently or in willful default in relation to the appointment of a custodian. Consequently, if the custodian becomes insolvent, there may be some risk to your Custody Assets.
20.2. Custody Assets which are in registerable form may be registered in your name. Subject always to Applicable Law and to legislation applicable to the relevant Custody Assets, you agree that registerable Custody Assets may also be registered in the name of a third party or in our name.
Client Assets. 6.2.1 Without prejudice to Clause 19 (Intellectual Property), the Client shall use its reasonable endeavours to transfer, license, lease or otherwise make available, to the extent it has the power to do so, the Client Assets (as agreed between the parties pursuant to the Due Diligence Exercise and/or Validation Exercise) to enable Exult Supplier to perform the Services.
6.2.2 Exult Supplier shall use Client Assets in accordance with terms and conditions which are appropriate for those Client Assets as agreed by the parties.
6.2.3 Any Charges charged by the Client to Exult Supplier for the use of Client Assets shall be charged back to the Client as Pass Through Costs.
Client Assets. 13.1. The Client agrees that the Firm will act as a custodian of the Client's assets which it may from time to time agree to safeguard and administer under the Terms. Subject to the Terms, and where so designated, the Firm will treat assets received from the Client or held by the Firm on the Client's behalf in accordance with the Client Asset Rules. Client assets will be held separate from the Firm's assets under arrangements designed to ensure that Client assets are easily identified as assets belonging to its customers.
13.2. The Firm shall open one or more custody accounts in the name of its general customer population recording any shares, stocks, debentures, bonds, securities, or other similar property (including evidence of or title to securities and all rights in respect of securities) deposited or transferred by the Client or on the Client's behalf with or to the Firm or the Firm's sub-custodian or collected by the Firm or the Firm's sub-custodians for the Client's Account (hereinafter, "Custody Assets"). The Firm shall at all times reserve the right to reverse any provisional or erroneous entries (including reversals necessary to reflect adjustments by the Firm's sub- custodian to its records as a result of bad deliveries) to the custody accounts with effect back- valued to the date upon which the final or correct entry (or no entry) should have been made.
13.3. Custody Assets which are in registerable form may be registered in the Client's name or in the name of the Firm's Nominee. The Client agrees that registerable Custody Assets may also be registered in the name of a third part or in the Firm's name, but only if the particular Custody Asset is subject to the law or market practice of an overseas jurisdiction, it is in the Client's best interest or it is not feasible to do otherwise.
13.4. The Firm may from time-to-time delegate to sub-custodians, nominees, agents, depositories, clearing houses and clearing systems and which may include Associated Firms any of the duties under these custody terms including (without limitation) the safekeeping of the Custody Assets (together "Third Parties"). The Firm will not be responsible for the solvency, acts or omissions of any Third Party with which the Custody Assets are held. Consequently, if the Third Party becomes insolvent, there may be some risk to the Client's Custody Assets.
13.5. The Firm may use a Third Party in a country where the holding and safekeeping of the financial instruments are not re...
