Client Money Rules Sample Clauses

Client Money Rules. The Issuer Account Bank holds all money standing to the credit of any Issuer Account as banker and not as trustee and as a result such money will not be held in accordance with the Client Money Rules and, in the event the Issuer Account Bank becomes insolvent, the client money distribution rules will not apply and the Issuer will not be entitled to share in any distribution under the client money distribution rules. In particular, the Issuer Account Bank will not segregate any monies from its own and shall not be liable to account to the Issuer for any profits made by the Issuer Account Bank's use as banker of such funds.
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Client Money Rules. ‌ 44.1. Any funds we hold on your Account shall be dealt with in accordance with the relevant provisions of "Safeguarding the Clients’ Money" provided in the applicable CySEC’s legislation. All amounts handed over by you to us shall be held in our designated and segregated bank account alongside the money of our other clients (omnibus accounts), allowing us to identify your money through our back office and accounting system. Designated Client Money is held in our name on your behalf in a client bank account (denoted as "clients’ accounts"), segregated from the assets of the Company. 44.2. According to CySEC Rules and the Law, for the purposes of safeguarding Client Money, the Company shall not use Client Money in the course of its own business. 44.3. We will take all necessary steps to ensure that clients' funds are safeguarded, including maintaining accurate records, introducing adequate organizational arrangements, and appointing a single officer responsible for safeguarding client funds. 44.4. We will carry out reconciliations of records and Client Money with the records and accounts of the money we hold in designated Client Money accounts regularly, and any required transfer to or from the Client Money accounts will take place by the close of business on the day that the reconciliation is performed, to protect our Clients as well as ours interests. 44.5. We 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 recordkeeping or negligence. 44.6. When considering which third-party bank to use to hold Client Money, we will exercise all due skill, care and diligence and will periodically (at least annually) review the adequacy and appropriateness of any bank where your money is deposited and of the arrangements for holding your money. 44.7. You hereby agree that your funds will be safeguarded in accordance with the requirements of the CySEC Directive DI87-01. Hence you acknowledge that your funds will be safeguarded in either of the following: a. Approved Banks which the Company collaborates with and provided for the relevant denomination of "Clients Accounts”. b. third-party to whom the Company will pass Client Money may hold it in an omnibus account also, third- parties which are involved in your transactions (e.g. intermediary broker, other counterparty for the settlement of your transaction), to hold your funds as part of the t...
Sample 1
Client Money Rules. Money held by the Escrow Agent pursuant to this Agreement will be held as banker and not as trustee and as a result will not be held in accordance with the Client Money Rules. In the event of the Escrow Agent's insolvency (or analogous event), the client money distribution and transfer rules will not apply and neither Escrow Party will be entitled to share in any distribution under those rules. In particular, the Escrow Agent shall not segregate the Escrow Parties’ money from that of the Escrow Agent and the Escrow Agent shall not be liable to account to any Escrow Party for any profits made by the Escrow Agent’s use as banker of such funds.
Sample 1
Client Money Rules. Money held by the Account Bank pursuant to this Agreement will be held as banker and not as trustee and as a result will not be held in accordance with the Client Money Rules. In the event of the Account Bank's insolvency (or analogous event), the client money distribution rules will not apply and the Issuer will not be entitled to share in any distribution under those rules. In particular, the Account Bank shall not segregate the Issuer's money from that of the Account Bank and the Account Bank shall not be liable to account to the Issuer for any profits made by the Account Bank's use as banker of such funds.
Sample 1
Client Money Rules. 8.1 Subject to any applicable Regulatory Requirements, we may deposit any cash balances held by us on your behalf with any financial institution(s) as we shall think fit (including any Affiliate of CLSA, provided that the terms of such deposit are no less beneficial than would have been offered by such institution to an unconnected person of CLSA (or of any such Affiliate of CLSA)). 8.2 You acknowledge that interest will not accrue on any money held for you and that CLSA will retain the interest on any money of yours that CLSA is required by Regulatory Requirements (without limitation, the Corporations Act) to hold in a client money account. 8.3 Subject to anything to the contrary in a Transaction Document or the Schedules, we shall credit the proceeds of any sale of Investments under the Terms of Business (less all amounts which we are entitled under the Terms of Business, or required under applicable laws or regulations, to deduct from such proceeds) to your account(s).
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Related to Client Money Rules

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