Client Money Sample Clauses

Client Money. We are not authorised to handle client money; any payments received from you or which need to be refunded to you, will be held by Coversure Insurance Services Limited. Client money is money that is received and held on behalf of our clients during the course of our dealings such as premium payments, premium refunds and claim payments. This money will be held either as agent of the insurer or agent of the client, determined by the agreement in place with each insurer. Where money is held as agent of the insurer, this means that when your cleared premium funds are received, the premium is deemed to have been paid to the insurer. The FCA require that all client monies, including yours, are held in a trust account, the purpose of which is to protect you in the event of our financial failure since, in such circumstances, our general creditors would not be able to make claims on client money as it will not form part of our assets. Coversure Insurance Services Limited hold all client monies with one or more approved banks, as defined by the FCA, in a Non-Statutory Trust bank account in accordance with the FCA client money rules. Under these arrangements, Coversure Insurance Services Limited assume responsibility for such monies and are permitted to, and may: • Use such monies received on behalf of one customer to pay another customer’s premium, before the premium is received from that other customer. However, we are not entitled to pay ourselves commissions before we receive the relevant premium from the customer; • For the purpose of effecting a transaction on your behalf, pass your money to another intermediary, including those resident outside the UK who would therefore be subject to different legal and regulatory regimes. In the event of a failure of the intermediary, this money may be treated in a different manner from that which would apply if the money were held by an intermediary in the UK. Please inform us if you do not agree to this. • Retain for our own use, any interest earned on client money. Unless we receive your written instruction to the contrary, we shall treat receipt of payment from you and of any claim payment and/or refund of premium which falls due to you, as being with your informed consent to the payment of those moneys into our Non-Statutory Trust bank account.

Client Money. We are not permitted to handle client money and we cannot accept a cheque made out to us (unless it is in respect of an item for which we have sent you an invoice) or handle cash.

Client Money. We, in the course of carrying on insurance distribution, handle client money in accordance with the FCA Client Assets Sourcebook (CASS) rules, which are designed to protect You. A copy of the CASS rules is available on request. We handle client money in either one of the following ways, both of which are described in more detail below: i. it is held on Your behalf in a segregated bank account that is subject to a non-statutory trust; or ii. it is held by Us as agent of the relevant insurer (“risk transfer”).

Client Money. We, in the course of carrying on insurance distribution, handle client money in accordance with the FCA Client Assets Sourcebook (CASS) rules, which are designed to protect You. A copy of the CASS rules is available on request. We handle client money in either one of the following ways, both of which are described in more detail below: i. it is held on Your behalf in a segregated bank account that is subject to a non-statutory trust; or ii. it is held by Us as agent of the relevant insurer (“risk transfer”). The aim of the trust is to protect You in the event of Our financial failure, or the failure of the bank or a third party at which the money may be held. In such a circumstance, Our general creditors (or those of the bank or third party) should not be able to make claims on client money, as such money will not form part of Our (or the bank’s or third party’s) property. The fact that We will hold money on trust gives rise to fiduciary duties which will be owed to You until the client money reaches the insurer, at which time Our fiduciary duties with regard to Your money will cease. By holding client money subject to a non-statutory trust, We are entitled to and may make advances of credit from the trust to enable a client’s premium obligation to be met before the premium is remitted to Us. Similarly, it allows claims and premium refunds to be paid from the trust to a client before receiving remittance of those monies from the insurer. Risk transfer applies where money is held by Us as agent of a relevant insurer in accordance with a written agreement with that insurer. The written agreement will specify the extent to which risk transfer will apply and whether it includes all items of money or is restricted for example, to the receipt of premiums. Where risk transfer applies, You will be protected to the extent that any premiums We receive from You are treated as having been received by the insurer when they are received by Us. Where the agreement extends to premium refunds and/or claims, any premium refunds or claims will be treated as received by You only when they are actually paid to You. Any interest earned on client money that is subject to a non-statutory trust will be retained by Us. We may also arrange to hold client money, that is subject to a non- statutory trust, in separately permitted designated investments with a value at least equivalent to the money that would otherwise have been paid into a client bank account. If We do this, We will be...

Client Money. ‌ 31.1 Any money received by us in respect of your account with us shall be treated as Client Money and be held in trust. 31.2 In relation to Client Money unless you notify us in writing or otherwise we will promptly pay any Client Money received to our Client Money bank accounts. Our Client Money accounts will be identified and designated separately from any accounts used to hold other money belonging to us. Interest will not be paid on the money held in the Client Money accounts and by entering into this Agreement you acknowledge that you waive any entitlement to interest on such money. 31.3 We will exercise all due skill, care and diligence when selecting which third party banks and brokers to use. We will periodically (at least annually) review the adequacy and appropriateness of any banks and brokers where your money is or may be deposited and of the arrangements for holding your money. We will not be responsible for any acts, omissions or default (including the insolvency, administration, judicial management, bankruptcy or similar event) of the third party banks or brokers for any resulting shortfall or loss in the return of your money. 31.4 The Client Money accounts will be pooled accounts and holds the Client Money relating to a number of clients. Claimants to money held in pooled accounts have a claim to a ratable proportion of the money held in that pool. 31.5 We and/or our Group Companies uses only its own funds for hedging and does not pass client money to hedging counterparties or to any part of the business as working capital. We and/or our Group Companies does not initiate speculative positions in the market. 31.6 We may transfer any money we hold for you as Client Money (after deduction of any amounts permitted by the terms of these Terms) to another legal entity (including any of our Group Companies) where we transfer all or part of our business to that entity and your Client Money relates to the business transferred. Where we transfer your Client Money to another legal entity under this clause 31.6 we shall ensure that such Client Money will be held by that entity for you in accordance with this Agreement. 31.7 In the event that the account you hold with us is a joint account, we do exercise all due care and diligence to ensure that all withdrawals are paid back to its source and to the particular party that initiated the actual deposit. In case of profit payments and/or withdrawals, We and/or our Group Companies may initiate payments to ...

Client Money. 26.1. Unless otherwise agreed with the Client in writing and to the extent allowed under Applicable Regulations, the Company will deal with any funds that it holds on the Client Account in accordance with the applicable Regulations. This means that Client funds will be segregated from the Company’s own money and cannot be used in the course of its business. The Company will promptly place any Client money into a Segregated Client Account. 26.2. The Company shall not account to the Client for profits or interest earned on Client money (other than profit gained through trading Transactions from his Client Account(s) under this Agreement) and the Client waives all right to interest. 26.3. The Company may deposit Client money in overnight deposits and will be allowed to keep any interest. 26.4. The Company may hold Client money and the money of other clients in the same bank account (omnibus account). 26.5. The Company may deposit Client money with a third party who may have a security interest, lien or right of set-off in relation to that money. 26.6. Client money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located in Cyprus and/or in the EEA. The legal and regulatory regime applying to any such person will be the one applicable under the rules and laws of Cyprus and/or of the EEA and in the event of a bankruptcy and/or insolvency and/or any other equivalent act and/or omission and/or failure of that person as to the management of the Client’s money, the Client’s money will be treated in accordance to the abovementioned applicable rules and laws applicable in Cyprus and/or in the EEA. The Company will not be liable for such a bankruptcy and/or insolvency and/or any other equivalent act and/or omission and/or failure of that person and/or acts or omissions of any other third party similar to the person referred in this clause. 26.7. Client money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located in any other country Worldwide and not in Cyprus and/or in the EEA. The legal and regulatory regime applying to any such person will be different from that of Cyprus and/or of the EEA and in the event of a bankruptcy and/or insolvency and/or any other equivalent act and/or omission and/or failure of that person as to the management of the Client’s money, the Client’s money may be t...

Client Money. 11.1 In accordance with the Applicable Rules and Regulations, we will hold all money received from you in accordance with the FCA’s Client Money Rules (the “Client Money Rules”). 11.2 Subject to Clause 11.3 below, any money transferred to us by you, will be held by us on trust for you and will be segregated from our own money. It may not be used by us for the purposes of our business. In the event of our insolvency, your money will be excluded from our assets. 11.3 We may hold client money on your behalf in an account with a bank or third party. Should the third party become insolvent, or suffer a similar failure, there is a risk that the client money will be subject to the insolvency proceedings of the third party. 11.4 We shall be responsible under the Applicable Rules and Regulations for the acts or omission of any third party in relation to your client money. Should such a third party become insolvent, you would still have recourse against us under the Applicable Rules and Regulations. 11.5 If you have been classified as a Professional Client or an Eligible Counterparty by us, we may agree, in accordance with the Applicable Rules and Regulations, that money we hold on your behalf may not be treated as client money and your money will not be held in accordance with the Client Money Rules. We will acquire full ownership of any sums which are not treated as client money for the purpose of securing or covering your present, future, actual, contingent or prospective obligations. Such sums may not be segregated from money held in our own account and may be used by us for the purposes of our business. You will rank as a general creditor of our firm only in respect of this money in the unlikely event of our insolvency. 11.6 We do not pay interest to clients on any client money held by us. 11.7 You will not grant any security interest in or over your Account, or the money in it, to any person other than us. 11.8 If there has been no movement initiated by you in relation to your Account for a maximum period of six years, and we have been unable to trace you, through reasonable means, in relation to the balance on your Account, you agree that such funds shall irrevocably be transferred to us. In accordance with the FCA Client Money Rules we will donate these funds to charity; either after the six-year period has elapsed or earlier with your authorisation if we are able to trace you. We shall apply the principle to your funds known as “de minimis” on your Account.

Client Money. We treat money received from you or held by us on your behalf in accordance with the requirements of the Client Money Rules.

Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations. 5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations. 5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest. 5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money. 5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses. 5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest. 5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations). 5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed. 5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such 5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Compa...

Client Money. 1. If you are classified not as a Market Counterparty client: a. We will treat all money received from you or held by us on your behalf in accordance with the FSC’s Client Money Provisions and as a consequence, such money will be held separately from money belonging to us and in the event of our insolvency, winding up or other Distribution Event (as defined in the FSC Rules), such money will be subject to the FSC’s Client Money Distribution Rules. b. We may hold client money in a client bank account located outside the Mauritius. We may also hold client money in a client bank account with another entity within our group. c. We may allow a third party, such as an exchange, a clearing house or an intermediate broker to hold or control client money for the purposes of a transaction for you through or with that person; or to meet any of your obligations to provide collateral for a transaction. d. You authorise us to transfer client money to a third party to meet any obligations detailed in (b) including any unrealized losses for open positions held by you in your account with us and margin required to hold open positions. e. The legal, insolvency and regulatory regime and market practices applying to any such bank may be ditterent from that of the Mauritius and in the event of the insolvency or any other equivalent failure of that bank, your money may be treated ditterently from the treatment which would apply if the money was held with a bank in the Mauritius. We will not be liable for the solvency, acts or omissions of any bank or other third party holding money under these Terms. 2. If you are classified as a Market Counterparty and unless confirmed to you, and agreed by you in writing otherwise, we may not apply the same measures applicable to other Clients as outlined in 14 (1) with regard to your Money funded with us. In this case: a. the protections conferred by the Client Money Provisions for clients in other categories do not apply to your Client Money; b. as a consequence of (a), your Client Money may be mixed with money belonging to us, and may be used by us in the course of our business; c. in the event of our insolvency, winding up or other Distribution Event stipulated by the FSC: i. Your Client Money will be subject to and distributed in accordance with the FSC Client Money Distribution Rules; d. By agreeing to our General Terms and Conditions you acknowledge the disclosures made in 14(2) above. 3. In case your account is not dormant or inoperat...