Client Money Sample Clauses

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. 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. 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. (1) We will treat money received from you or held by us on your behalf in accordance with the Client Money Rules. (2) Subject to Term 18(6) below, your money shall be held in pooled client bank accounts at selected third party banking institutions as determined by us in accordance with the Client Money Rules. We will keep and maintain books and records of the client money held on your behalf. We will provide you with statements of the client money that we hold on your behalf in accordance with the Client Money Rules. Subject to the Client Money Rules, you may request such a statement at any time subject to you agreeing that we may levy an administration charge to cover our costs in providing any such statement to you. We may place funds in notice or term deposit accounts with a notice period or term of up to 95 days. Placing client money in notice or term deposit accounts does not in itself affect your ability to deal with or withdraw funds from your account with us, however in the unlikely event of insolvency of IG, such amounts may not be immediately available upon request. (3) We may hold client money in a client bank account with a bank located outside Saint ▇▇▇▇▇▇▇ and the Grenadines. The legal and regulatory regime applying to any such bank will be different from that of Saint ▇▇▇▇▇▇▇ and the Grenadines and in the event of the insolvency or any other equivalent failure of that bank, your money may be treated differently from the treatment which would apply if the money was held with a bank in Saint ▇▇▇▇▇▇▇ and the Grenadines. We will not be liable for the insolvency, acts or omissions of any bank or other third party holding money under Terms 18(1), 18(2) or 18(3). (4) It is not our policy to pay interest to you on any client money that we hold on your behalf and by entering into this Agreement you acknowledge that you therefore waive any entitlement to interest under the Client Money Rules or otherwise. In the event that we incur interest charges to hold client money on your behalf with third party banking institutions or qualifying money market funds in accordance with the Client Money Rules, you agree that we may charge you for holding client money on your behalf in accordance with our Client Money Interest Policy. You agree that we may cease to treat any money deducted in accordance with our Client Money Interest Policy as client money and that ownership of that money will be irrevocably transferred from you to us. Details of the Client Money Int...

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. 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. 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. 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. (a) We have categorized you, by default and unless otherwise specified and agreed between you and us, as a retail client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will place an amount equal to your Total Equity minus your Trading Credits (as and if available and as and if displayed on the platform) into a client money bank account. We will deal with your money in accordance with the FCA’s Client Money rules and guidance, which require us to hold it in a client bank account, separating your funds from ours. Such money may be held by a bank with other clients’ money in a pooled client account. (b) We will exercise all due skill, care and diligence in selecting a third-party bank to use to hold Client Money and will periodically review the adequacy and appropriateness of any bank where your money is deposited, in accordance with the Client Money Rules. (c) We will carry out reconciliations at the close of business on each Business Day between money required to be held in the client money bank account and money that may be held on our own account in accordance with the FCA Rules, and any required transfer to or from the client money bank account in respect of your Account will take place on the following Business Day. We may carry out such reconciliations and transfers more frequently, should we reasonably consider that this is necessary to protect our or your interests. (d) We may hold funds you pay to us in unbreakable deposits (UDs) ranging from thirty (30) days duration but not exceeding ninety-five (95) days (“Long Term Deposit Accounts”). The risk of placing client money in a Long- Term Deposit account is that in the event of the firm’s insolvency the process of pooling off client money cannot start until the account has matured. Only an appropriate proportion of client money will be held in such UDs, and all such amounts will continue to comply with the FCA Client Money rules at all times. The Company does not believe that this increases the liquidity risk of the Company in a significant manner. (e) You agree that we may cease to treat money held on your behalf as client money and release it from our client money bank account(s), i. if you have no positions and have not placed a trade in the previous six (6) years, and we have been unable to contact you. Such money will, however, remain owing to you and we will make and retain all records of all balances released from client money bank accounts under this ...