Client Money Handling Rules. 14.1. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘clients’ accounts’) with reliable financial institutions (within of Commonwealth of Dominica) such as a credit institution or a bank in a third country. It is understood that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions.
14.2. According to Applicable Regulations, the Company shall exercise due skill, care and diligence in the selection and appointment and periodic review of the financial institution of paragraph 16.1 of this Client Agreement and the arrangements for holding of Client money. The Company takes into account the expertise and market reputation of such institutions with the view of ensuring the protection of Client’s rights, as well as any legal or regulatory requirements or market practices related to holding of Client money that could adversely affect Client’s right.
14.3. According to Applicable Regulations, for the purposes of safeguarding of Client money, the Company:
(a) shall keep such records and accounts as are necessary to distinguish Clients’ assets from its own and of other Clients’; such records shall be accurate and correspond to the Client money;
(b) shall conduct, on a regular basis, reconciliations between its internal accounts and records and those of any third parties by whom those assets are held;
(c) shall at all times keep Client money segregated from the Company’s own money;
(d) shall not use Client money in the course of its own business;
(e) shall take the necessary steps to ensure that Client money deposited with a financial institution (according to paragraph 16.1 of this Client Agreement) are held in an account(s) identified separately from any accounts used to hold funds of the Company;
(f) Shall introduce adequate organizational arrangements to minimize the risks of the loss or diminution of Client money, as a result of misuse, fraud, poor administration, inadequate record keeping or negligence.
14.4. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution according to paragraph 15.2 of this Client Agreement. However, it is understood that there are circumstances beyond the ...
Client Money Handling Rules. 16.1. The Company will promptly place any Client money it receives into one or more segregated account(s) with reliable financial institutions (i.e. an affiliate, a bank, a market, a settlement agent, a clearing house or OTC counterparty) and the Client funds will be segregated from the Company’s own money and cannot be used in the course of its business. The Client money shall be treated, at all times, in accordance with the applicable ‘Client Money’ rules, as amended from time to time.
16.2. The Company will deposit the Client money in one or more segregated accounts held with a financial institution, separated from the Company’s money. This means that all Client money is treated as belonging to the Company’s clients and under no circumstance they will use it to meet any of their obligations, at any time. Client money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single client will have a claim against a specific sum in a specific account in the event of insolvency. Any client’s claim shall be against the money held in the Segregated Account.
16.3. The third party to whom the Company will pass money may hold it in an omnibus account and it may not be possible to separate it from the Client’s money, or the third party’s money. 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 with claims in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
16.4. The Company will not pay any interest on any Client Money held on the Client’s behalf, regardless of whether the Company receives interest on those deposits from the financial institution(s) with which Client Money is held.
16.5. The Company will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which they will hold Client Money, in accordance with their regulatory obligations. To this end, the Company takes into account the credit rating of the institution(s) prior to depositing any Client Money, and takes reasonable steps to periodically monitor their credit risk. The Company may use multi...
Client Money Handling Rules. 16.1. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘client accounts’) with reliable financial institutions chosen by the Company such as a central bank, a credit institution or a bank authorized in a third country or a qualifying money market fund and cannot be used in the course of the business. It is understood that the Client has the right to object to his money being held with a qualifying money market fund.
16.2. According to Applicable Regulations, the Company shall exercise due skill, care and diligence in the selection and appointment and periodic review of the financial institution of paragraph 16.1 and the arrangements for holding of Client money. The Company takes into account the expertise and market reputation of such institutions with the view of ensuring the protection of Client’s rights, as well as any legal or regulatory requirements or market practices related to holding of Client money that could adversely affect Client’s rights.
16.3. According to Applicable Regulations, for the purposes of safeguarding of Client money, the Company:
a. shall keep such records and accounts as are necessary to distinguish Clients’ assets from its own; such records shall be accurate and correspond to the Client money;
b. shall conduct, on a regular basis, reconciliations between its internal accounts and records and those of any third parties by whom those assets are held;
c. shall at all times keep Client money segregated from the Company’s own money;
d. shall not use Client money in the course of its own business;
e. shall take the necessary steps to ensure that Client money deposited with a financial institution (according to paragraph 16.1) are held in an account(s) identified separately from any accounts used to hold funds of the Company; and
f. shall introduce adequate organizational arrangements to minimize the risks of the loss or diminution of Client money, as a result of misuse, fraud, poor administration, inadequate record keeping or negligence.
16.4. Client money may be held on the Client’s behalf in a bank located in or outside Cyprus subject always to the Company’s licensing and authorisation requirements. The legal and regulatory regime applying to any such entity outside Cyprus may be different from that of Cyprus and in the event of the insolvency or any other equivalent failure of that entity, the Client’s money may be treated differently from the treatment which would be ...
Client Money Handling Rules. 21.1 The Company may hold Client money and the money of other clients in the same account (omnibus account).
21.2 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 rights to interest.
21.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
21.4 The Company may deposit Client money with a third party (i.e. intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty) who may have a security interest, lien or right of set-off in relation to that money.
21.5 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. In the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this paragraph.
21.6 The third party to whom the Company will pass money may hold it in an omnibus account and it may not be possible to separate it from the Client’s money, or the third party’s money. 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 with claims in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
21.7 It is agreed that the Company shall have the right to transfer the Client Money to successors or assignees or transferees or buyers, with ten Business Days prior Written Notice to the Client for the purposes of paragraph 39.2of this Agreement.
Client Money Handling Rules. 16.1. The Company will promptly place any Client money it receives into one or more segregated account(s) with reliable financial institutions (for example a bank) and the Client funds will be segregated from the Company’s own money and cannot be used in the course of its business.
16.2. The Company may hold Client money and the money of other clients in the same account (omnibus account).
16.3. The Company shall not pay to the Client any 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.
16.4. The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
16.5. Client money may be held on the Client’s behalf a bank located within or outside St. Xxxxxxx & the Grenadines. The legal and regulatory regime applying to any such person outside St. Xxxxxxx & the Grenadines will be different from that of St. Xxxxxxx & the Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in St. Xxxxxxx & the Grenadines . The Company will not be liable for the solvency, acts or omissions of any third party referred to in this paragraph.
16.6. 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 with claims in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
16.7. It is agreed that the Company shall have the right to transfer the Client Money to successors or assignees or transferees or buyers, with 15 Business Days Prior Written Notice to the Client for the purposes of paragraph 34.2. of the Client Agreement.
16.8. The Company shall have a general lien on all funds held by the Company or its Associates or its nominees on the Client’s behalf until the satisfaction of his obligations.
Client Money Handling Rules. 16.1. The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘client’ accounts) with reliable financial institutions chosen by the Company such as a central bank, a credit institution or a bank authorized in a third country or a qualifying money market fund. It is understood that the Client has the right to object to his money being held with a qualifying money market fund.
Client Money Handling Rules. 1The Company will promptly place any Client money it receives into one or more segregated account(s) (denoted as ‘clients’ accounts’) with reliable financial institutions (within of Commonwealth of Dominica) such as a credit institution or a bank in a third country. It is understood that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client money but only to effect settlements of payment transactions.
Client Money Handling Rules. 16.1. The Company will promptly place any Client money it receives into one or more segregated account(s) with reliable credit institutions (banks) and the Client funds will be segregated from the Company’s own funds and cannot be used in the course of its business activity.
16.2. The Company may hold Client money and the money of other Clients in the same bank account (omnibus account), according to applicable regulations.
16.3. When the Company will be using a credit institution outside Bulgaria it will exercise all due skill, care and diligence in the selection, appointment and periodic review of the relevant institution where the funds will be placed and the arrangements it will use for the segregated holding of the Clients’ funds. The Company will consider the expertise and market reputation of such institutions with the view to ensuring the protection of the Clients’ rights, as well as any legal or regulatory requirements or market practices related to the holding of Client funds that could adversely affect the Clients’ rights.
16.4. It is agreed that the Company shall have the right to transfer the Client Money to successors or assignees or transferees or buyers, with 15 Business Days prior Written Notice to the Client for the purposes of paragraph 34.2. of the Client Agreement.
16.5. The Company shall have a general lien on all funds held by the Company on the Client’s behalf until the satisfaction of his/her obligations.
16.6. The Client agrees and acknowledges that the Company is covered by the Investors Compensation Fund (ICF), established in Bulgaria, and he/she may be entitled to compensation from the ICF if the Company cannot meet its obligations for reasons directly related to its financial state.
16.7. The Client agrees that the Company will not be held liable or have any further obligation in the event that any credit institution with which Segregated Funds are held defaults in its obligations.
16.8. Periodically, but at least once a year, the Company performs a careful review of its choice of credit institutions and the conditions under which it holds the Clients’ funds.
Client Money Handling Rules. 16.1. The Company places any Client money it receives into one or more segregated account(s) with an Australian ADI and the Client funds will be segregated from the Company’s own money and cannot be used in the course of its business.
16.2. Please note that such segregation of the Client’s money may not fully protect the Client’s money from the risk of loss.
16.3. The Company may hold Client money and the money of other clients in the same account (omnibus account).
16.4. The Company shall not pay to the Client any interest earned on Client money (other than profit gained through trading Transactions from their Client Account(s) under this Agreement) and the Client waives all right to interest.
16.5. The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
16.6. It is agreed that the Company shall have the right to transfer the Client Money to successors or assignees or transferees or buyers, with 15 Business Days prior Written Notice to the Client for the purposes of clause 33.2 of the Client Agreement.
16.7. The Company shall have a general lien on all funds held by the Company or its Associates or its nominees on the Client’s behalf until the satisfaction of their obligations.
Client Money Handling Rules. 16.1. The Company will promptly place any Client money it receives into one or more segregated account(s) with reliable credit institutions and the Client funds will be segregated from the Company’s own money and cannot be used in the course of its business. The Client money shall be treated, at all times, in accordance with the applicable ‘Client Money’ rules, as amended from time to time.
16.2. The Company will deposit the Client money in one or more segregated accounts held with a credit institution within or outside the European Economic Area (‘EEA’), separated from the Company’s money. This means that all Client money is treated as belonging to the Company’s Clients and under no circumstance they will use it to meet any of their obligations, at any time. Client money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the money held in the Segregated Account.
16.3. The third party with whom the Company will deposit Client’s money may hold it in an omnibus account and it may not be possible to separate it from the Client’s money, or the third party’s money. 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 with claims in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
16.4. The Company will not pay any interest on any Client Money held on the Client’s behalf, regardless of whether the Company receives interest on those deposits from the credit institution(s) with which Client Money is held.
16.5. The Company will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the credit institutions with which they will hold Client Money, in accordance with their regulatory obligations. To this end, the Company takes into account the credit rating of the institution(s) prior to depositing any Client Money, and takes reasonable steps to periodically monitor their credit risk. The Company may use multiple institutions to ensure diversificatio...
