Common use of Client Money Handling Rules Clause in Contracts

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 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 activitybusiness. 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 take into account the expertise and market reputation of such institutions with the view to ensuring the protection of the Clientsclients’ 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. For more details, please refer to . 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.