Client Money Account. Though the Platform won’t charge the Member any fees, the Platform may charge an Issuer (business) in the event that it successfully raises money through the Platform’s Site. The fee may be a combination of cash and equity (subject to meeting regulatory requirements) in the issuer. Upon signing the ISA, the Member is required to transfer the amount it has committed into a Client Money Account controlled by a Platform appointed financial institution that will hold Client Money. Instructions on how to make such transfers, any fees, and how long it will take before the transfer is credited will be set forth in the wire transfer instructions made available to the Member upon signing the ISA. The financial institution will be responsible for transferring the amount received into the Client Money Account net of fees to the issuer in the event that the campaign closes successfully. In the event the campaign does not, the financial institution will transfer the amount received back to the Members’ bank accounts. The money remitted by Members into the Client Money Account will be subject to protection conferred by the DFSA’s Client Money Provisions. As a consequence, the money will be held separately from the money belonging to the Platform and in case of the Platform’s insolvency, winding up or any distribution event applicable, the Member’s money will be subject to the DFSA’s Client Money Distribution Rules.
Client Money Account. The Platform may charge an issuer (business) in the event that it successfully raises money through the Platform’s Site. The fee may be a combination of cash and equity (subject to meeting regulatory requirements) in the issuer. Upon signing the ISA, the Member is required to transfer the amount it has committed into a Client Money Account controlled by a Platform appointed financial institution that will hold Client Money. Instructions on how to make such transfers, any fees, and how long it will take before the transfer is credited will be set forth in the wire transfer instructions made available to the Member upon signing the ISA. The financial institution will be responsible for transferring the amount received into the Client Money Account net of fees to the issuer in the event that the campaign closes successfully. In the event the campaign does not, the financial institution will transfer the amount received back to the Members’ bank accounts. The money remitted by Members into the Client Money Account will be subject to protection conferred by the DFSA’s Client Money Provisions. As a consequence, the money will be held separately from the money belonging to the Platform and in case of the Platform’s insolvency, winding up or any distribution event applicable, the Member’s money will be subject to the DFSA’s Client Money Distribution Rules.
Client Money Account. You acknowledge and agree that Xxxxx Financial will deal with your moneys in accordance with the Client Money Regulations, including the below:
