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 Interest Policy are available in the Product Details or from one of our employees. (5) In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future. (6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fund. (7) In accordance with Term 27(3), you specifically agree that we may transfer client money to a third party as part of a transfer of all or part of our business. Any sums transferred will be held by that third party either in accordance with the Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sums. (8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred by you to us to be held in accordance with the Client Money Rules. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us.
Appears in 2 contracts
Sources: Margin Trading Customer Agreement, Margin Trading Customer Agreement
Client Money. (1) We Unless otherwise specifically stated in these Terms or as provided under Applicable Law, your money will treat money received from you or be held by us on your behalf as Client Money in accordance with the Client Money Rules.
(2) Subject FCA Rules which, among other things, require us to Term 18(6) below, hold 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 which is free of lien and set up with a bank located outside Saint ▇▇▇▇▇▇▇ statutory trust status, at an Approved Bank or CRD Credit Institution. This means we will separate your funds from our own funds 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, we may hold your money may be treated differently from the treatment which would apply if with the money was held with of other customers in a pooled account, which has been named as a client bank in Saint ▇▇▇▇▇▇▇ and the Grenadinesaccount. We will not be liable for the insolvency, acts or omissions of any bank or other When selecting which third party holding money under Terms 18(1), 18(2) or 18(3).
(4) It is not our policy bank 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fund.
(7) In accordance with Term 27(3), you specifically agree that we may transfer client money to a third party as part of a transfer of all or part of our business. Any sums transferred will be held by that third party either in accordance with the Client Money Rules, or if the sums will not be held in accordance with the Client Money Rulesuse, 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, in assessing whether adequate measures accordance with the FCA Rules. We will not be applied by responsible for any acts, omissions or default of the third party bank. If necessary, we may also allow another institution such as an exchange, clearing house, overseas settlement agent or other intermediate broker to protect hold or control your money, but only if we transfer your money for the sums.purpose of a transaction through or with that person or to meet any obligation that you may have to provide collateral (for example, margin) for a transaction. If we do this and where required to do so under the FCA Rules, we will endeavour to ensure your money is held as Client Money under the FCA Rules. In the event of our failure (for example due to our bankruptcy or insolvency), any money held in a Client Money account by third parties will be segregated from our assets and will not be available to our creditors. However, in the event of failure of a third party, there may be a number of consequences for your investment which may include:
(8) This Term applies a) UK bank accounts: if we place your money in a UK account with a third party, because your Client Money will be held with other customers’ Client Money in a pooled Client Money account, in the event that the third party credit institution or bank holding the money defaults and there is a shortfall, you have been categorised as a Sophisticated Person. Following appropriate disclosure will share proportionately in that shortfall with other creditors of the risks by us credit institution or bank;
(b) Non-UK bank accounts: in addition to youany shortfalls through the pooling of accounts as described above, you and we may agree that you do not require where your money which is transferred by you to us required to be held in accordance with a bank located outside the Client Money Rules. Any such agreement must UK, you should be in our agreed form aware that the legal and signed by you and regulatory regimes (including any associated protections) that apply to the bank holding your money may be provided different to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title those of the UK. In the event of the bank’s failure, your rights and obligations may differ and your money has passed to us, you will no longer have could be less secure and treated differently from the position which would apply if the money were held in a proprietary claim over money transferred to us and we can deal with it customer bank account in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us.UK; or
Appears in 2 contracts
Sources: Customer Agreement, Customer Agreement
Client Money. (1a) We have categorized you as a private client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will treat place an amount equal to your Total Equity (as displayed on the platform) into a client money received bank account. We will deal with your money in accordance with CIMA’s Client Money Rules and Statement of Guidance, which require us to hold it in a client bank account, separating your funds from you or ours. Such money may be held by us a bank with other clients’ money in a pooled client account.
b) We may hold Client Money on your behalf in accordance an account with an approved bank or third party which may be located inside or outside the Cayman Islands. Any such account will be segregated from any account in which our own money or assets is held with the Client Money Rules.
(2) Subject to Term 18(6) below, your money shall be held in pooled client bank accounts at selected or third party banking institutions as determined by us in accordance with the Client Money Rules. We will keep and maintain books and records but may be subject to set-off rights 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 bank 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 Grenadinesthird party. The legal and regulatory regime applying to any such bank will or third party located outside the Cayman Islands may be different from that of Saint ▇▇▇▇▇▇▇ the Cayman Islands. You should consider taking independent legal advice if you are concerned by the implications of money being held with an approved bank, or third party as permitted by clause 20.1c, which may be located inside or outside of the Cayman Islands
c) Where any bank or other permitted third party holds money under this clause (a) we will not be liable for the acts or omissions of, or failure or insolvency or any analogous event affecting, such entity; and the Grenadines and (b) in the event of the insolvency or any other equivalent failure analogous proceeding in relation to such entity, we may have only an unsecured claim against such entity on behalf of that bankyou and our other clients, your money and you may be treated differently from exposed to the treatment which would apply if risk that the money was held recovered by us from such entity is insufficient to satisfy the claims of you and all other clients with a bank claims in Saint ▇▇▇▇▇▇▇ and respect of the Grenadines. relevant account.
d) We will not carry out reconciliations at the close of business on each Business Day between money required to be liable for held in 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 bank account and money that we hold may be held 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 our own account in accordance with CIMA Rules and Statement of Guidance, and any required transfer to or from the Client Money Rules, you agree that we may charge you for holding 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 behalf in accordance with our Client Money Interest Policy. interests.
e) You agree that we may cease to treat any money deducted in accordance with our Client Money Interest Policy held on your behalf as client money and that ownership of that release it from our client money will be irrevocably transferred from bank account(s),
i. if you to us. Details of the Client Money Interest Policy are available have no positions and have not placed a trade in the Product Details or from one of our employees.
previous six (56) In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of chargesyears, interest or similar items) and we are unable to trace you despite having have taken reasonable steps but were unable to do socontact you. Such money will, however, remain owing to you agree that and we may cease to treat your money as will make and retain all records of all balances released from client money bank accounts under this clause and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the futuremake good any valid claims against such released balances.
(6) We may hold client money in a qualifying money market fund ii. If any amounts owed by you to us under the Agreement are due and notify you that such money will not be held as client money payable to us, in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held we shall cease to treat as safe custody assets in accordance with the provisions of the Client Money Rules that relate to so much of any Client Money held on your behalf as equals the holding of assets in custody by investment firms like ourselves on behalf of clientsthose amounts. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fund.
(7) In accordance with Term 27(3), you specifically agree that we may transfer client apply that money to a third party as part of a transfer in or towards satisfaction of all or part of our businessthose amounts due and payable to us. Any sums transferred will be held by that third party either in accordance with For the Client Money Rulespurposes of this clause, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sums.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf.
f) We will not pay interest to be you on any money held in accordance with the on your behalf or otherwise under clauses 20.1a, 20.1b, 20.1c or 20.1d.
g) In this clause 20.1 “Client Money Rules. Any such agreement must be in our agreed form ” means the provisions of the Securities Investment Business (Conduct of Business) Regulations, 2003 of the Cayman Islands and signed by you associated Rules and may be provided Statements of Guidance, as amended and/or updated from time to us by post or by scanned copy sent time, relating to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of held by firms carrying out activities regulated under the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to usSIBL.
Appears in 2 contracts
Sources: Customer Agreement for Retail Clients, Customer Agreement for Retail Clients
Client Money. (1) We will treat money received from you or 16.1. Money held by us on your behalf in accordance with will be treated as client money within 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 meaning of the Client Money Rules. We Your money will keep and maintain books and records of the be held in a segregated client money held on your behalfaccount at our custodian bank.
16.2. We may pass money received from you to a third party (e.g. a market, intermediate broker, OTC counterparty or clearing house to hold or control in order to make a Transaction through or with that person or to satisfy your obligation to provide a deposit (such as an initial requirement that you provide Margin) in respect of a Transaction. Although we will provide remain responsible for money received from you with statements of the client money that even if we hold on your behalf in accordance with the Client Money Rules. Subject pass it to the Client Money Rulesa third party, you may request such a statement at any time subject be exposed 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 usthe additional risk that, however in the unlikely event of an insolvency or similar in relation to that third party, the amount of IG, such amounts money received by us from the third party may not be immediately available upon requestsufficient to satisfy your claims. However, you may still be able to claim against us for any outstanding amounts.
(3) 16.3. We may hold client money in a client bank account with a bank located on your behalf outside Saint ▇▇▇▇▇▇▇ and the GrenadinesBahamas. The legal and regulatory regime applying to any such bank or person that holds your money outside the Bahamas will be different from that of Saint ▇▇▇▇▇▇▇ and the Grenadines and in the event of the Bahamas. As a result, should that bank go into insolvency or any other equivalent failure of that banksimilar proceedings, your money may be treated differently from the treatment which than it would apply have been if the money was held with a bank in Saint ▇▇▇▇▇▇▇ and the GrenadinesBahamas. 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)referred to in this sub-clause.
(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 otherwise16.4. In the event that funds need to be transferred between ActivTrades PLC (London parent entity) and PrimaFX Academy (Bahamas subsidiary) you give us the permission to do so. This will also apply to any current account(s) that you may have with ActivTrades PLC (London). The transfer will only take place from ActivTrades PLC to PrimaFX Academy and not the vice versa. Funds will only be transferred when necessary. We understand that the data being sent is sensitive, and will only be shared between ActivTrades PLC and PrimaFX Academy and is protected under the Data Protection Laws of both jurisdictions and allows us to comply with Anti-Money Laundering Regulations.
16.5. To avoid doubt, we incur will not pay interest charges on any amounts in your account, unless we have agreed to hold client money do so in writing. Unless we have agreed otherwise in writing, on your behalf with third party banking institutions or qualifying money market funds in accordance with the Client Money Rulessigning this Agreement, you agree consent to the fact that no interest will be paid to you on any amounts in your account(s) and that we may charge you for holding client money on your behalf in accordance with our Client Money Interest Policywill retain any such interest.
16.6. You agree that we may cease to treat any money deducted that, 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding not with standing any payments or receipts of charges, interest charges or similar items) and we are unable to trace you and return your account balance to you, despite having taken all reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant accordingly release any client money balance paid away in balances from the event that you seek segregated client account pursuant to claim the client money balance in the futureany local regulatory protocols applicable to ‘dormant accounts’.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund16.7. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into trading account any restrictions that apply to the withdrawal of money from the relevant fund.
(7) In accordance with Term 27(3), you specifically agree that we may transfer client money to a third party as part of a transfer of all or part of our business. Any sums transferred will be held by that third party either in accordance with the Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sums.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred by you to us to be held in accordance with the Client Money Rules. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us remains unused for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to usat least one year, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank be treated as a general creditor dormant customer. This will attract an administration fee of ours. By placing money with us under a title transfer agreement, you agree that all money you place on £10 in the currency of your account is done so in anticipation per calendar month to cover our costs of a Transaction and therefore has maintaining the purpose of securing or covering your present, future, actual, contingent or prospective obligations dormant account. We reserve the right to usamend such fees. You should will be informed of any such changes. Note that the administration fee cannot place any money with us that is not for reduce the purpose balance of securing or covering your present, future, actual, contingent or prospective obligations to usaccount(s) below zero.
Appears in 1 contract
Sources: Client Agreement
Client Money. (1a) We have categorized you as a private client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will treat place an amount equal to your Total Equity (as displayed on the platform) into a client money received bank account. We will deal with your money in accordance with ▇▇▇▇’s Client Money Rules and Statement of Guidance, which require us to hold it in a client bank account, separating your funds from you or ours. Such money may be held by us a bank with other clients’ money in a pooled client account.
b) We may hold Client Money on your behalf in accordance an account with an approved bank or third party which may be located inside or outside the Cayman Islands. Any such account will be segregated from any account in which our own money or assets is held with the Client Money Rules.
(2) Subject to Term 18(6) below, your money shall be held in pooled client bank accounts at selected or third party banking institutions as determined by us in accordance with the Client Money Rules. We will keep and maintain books and records but may be subject to set-off rights 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 bank 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 Grenadinesthird party. The legal and regulatory regime applying to any such bank will or third party located outside the Cayman Islands may be different from that of Saint ▇▇▇▇▇▇▇ the Cayman Islands. You should consider taking independent legal advice if you are concerned by the implications of money being held with an approved bank, or third party as permitted by clause 20.1c, which may be located inside or outside of the Cayman Islands
c) Where any bank or other permitted third party holds money under this clause (a) we will not be liable for the acts or omissions of, or failure or insolvency or any analogous event affecting, such entity; and the Grenadines and (b) in the event of the insolvency or any other equivalent failure analogous proceeding in relation to such entity, we may have only an unsecured claim against such entity on behalf of that bankyou and our other clients, your money and you may be treated differently from exposed to the treatment which would apply if risk that the money was held recovered by us from such entity is insufficient to satisfy the claims of you and all other clients with a bank claims in Saint ▇▇▇▇▇▇▇ and respect of the Grenadines. relevant account.
d) We will not carry out reconciliations at the close of business on each Business Day between money required to be liable for held in 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 bank account and money that we hold may be held 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 our own account in accordance with CIMA Rules and Statement of Guidance, and any required transfer to or from the Client Money Rules, you agree that we may charge you for holding 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 behalf in accordance with our Client Money Interest Policy. interests.
e) You agree that we may cease to treat any money deducted in accordance with our Client Money Interest Policy held on your behalf as client money and that ownership of that release it from our client money will be irrevocably transferred from bank account(s),
i. if you to us. Details of the Client Money Interest Policy are available have no positions and have not placed a trade in the Product Details or from one of our employees.
previous six (56) In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of chargesyears, interest or similar items) and we are unable to trace you despite having have taken reasonable steps but were unable to do socontact you. Such money will, however, remain owing to you agree that and we may cease to treat your money as will make and retain all records of all balances released from client money bank accounts under this clause and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the futuremake good any valid claims against such released balances.
(6) We may hold client money in a qualifying money market fund ii. If any amounts owed by you to us under the Agreement are due and notify you that such money will not be held as client money payable to us, in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held we shall cease to treat as safe custody assets in accordance with the provisions of the Client Money Rules that relate to so much of any Client Money held on your behalf as equals the holding of assets in custody by investment firms like ourselves on behalf of clientsthose amounts. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fund.
(7) In accordance with Term 27(3), you specifically agree that we may transfer client apply that money to a third party as part of a transfer in or towards satisfaction of all or part of our businessthose amounts due and payable to us. Any sums transferred will be held by that third party either in accordance with For the Client Money Rulespurposes of this clause, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sums.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf.
f) We will not pay interest to be you on any money held in accordance with the on your behalf or otherwise under clauses 20.1a, 20.1b, 20.1c or 20.1d.
g) In this clause 20.1 “Client Money Rules. Any such agreement must be in our agreed form ” means the provisions of the Securities Investment Business (Conduct of Business) Regulations, 2003 of the Cayman Islands and signed by you associated Rules and may be provided Statements of Guidance, as amended and/or updated from time to us by post or by scanned copy sent time, relating to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of held by firms carrying out activities regulated under the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to usSIBL.
Appears in 1 contract
Client Money. (1) We will treat money received deposit any funds paid by you into our trust account, which is an account operated separately from you or held by us on your behalf in accordance with the Client Money Rulesour own house funds account.
(2) Subject All money paid to Term 18(6) belowus by you or a person acting on your behalf, your money shall or which is received by us on behalf of you, will be held in pooled client bank accounts at selected third party banking institutions as determined by us in accordance one or more segregated trust accounts with an approved bank. Such segregation of your money does not protect your money from the Client Money Rules. We will keep and maintain books and records risk of loss arising from ▇▇▇▇▇▇▇’s inability to pay back part or 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 full amount owed to you. We These moneys do not constitute a loan to us and are held on trust by us. You agree and acknowledge that individual Accounts of our clients are not separated from each other within the segregated trust accounts operated by us and that your moneys may place funds in notice be co-mingled with our other clients’ moneys, and that we will not be liable for the insolvency or term deposit accounts with a notice period any act or term omission of up to 95 daysany banks holding the trust accounts. 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 usFurthermore, however you understand the possible risks of this as explained in the unlikely event of insolvency of IGRisk Disclosure Statement, such amounts may not be immediately available upon requestthat you have received or downloaded.
(3) We may hold client money Client Money on your behalf in a client bank an account with a an approved bank or permitted third party in accordance with Mauritius Client Money rules which may be located inside or outside Saint ▇▇▇▇▇▇▇ Mauritius. Client Money held at permitted third party is for the purpose of your CFD or FX transaction with Mitrade. Any such account will be segregated from any account in which our own money or assets is held with the bank or third party and may be subject to set-off rights of the Grenadinesbank or third party. The legal and regulatory regime applying to any such bank will bank, or third party located outside the Mauritius may be different from that of Saint Mauritius. You should consider seeking independent legal advice if you are concerned by the implications of money being held with an approved bank or third party which may be located inside or outside of Mauritius.
(4) Unless expressly notified, we shall deem you to be a retail client. We reserve the right to review your account and reclassify you as a different client classification (e.g. professional client) at our absolute discretion. We will not use client money to margin, guarantee, secure, transfer, adjust or settle dealings in derivatives by us or on behalf of people other than you.
(5) Your client money may only be withdrawn from the segregated client trust account in the following circumstances:
(a) where you are entitled to the money and have submitted a valid, written request to withdraw the funds that has been accepted by us;
(b) where a fee or charge or interest has accrued on your account with us;
(c) where required by law or in compliance with the Operating Rules of a licensed market; and
(d) where you have accrued a realised trading loss on your account. Where the withdrawal is for any liability owed towards Mitrade, we reserve the right to withdraw that amount at any time, in our sole discretion.
(6) Positions are marked-to-market with payments being settled daily to account for market movements. This means that the aggregate net unrealised and realised profit accruing to clients shall be transferred into the client trust account as at the end of each business day. You also authorise and consent to the aggregate net unrealised and realised client loss to be transferred out of the client trust account by ▇▇▇▇▇▇▇ and ▇. Mitrade reserves the Grenadines and in the event of the insolvency or any other equivalent failure of that bank, your money may be treated differently right to withdraw funds to which it is entitled 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your trust account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fundtheir leisure.
(7) In accordance We are required to comply with Term 27(3)various record-keeping, you specifically agree that we may transfer reconciliation and reporting obligations in relation to all client money held in the client money trust bank account. Under these rules, we must:
(a) Keep records of retail and sophisticated client money received and retain such records for 7 years;
(b) Perform a daily and monthly reconciliation of the retail and sophisticated client money on our accounts with the actual retail and sophisticated client money held in the client money trust;
(c) Notify FSC if we identify a breach of the client money segregation or if a discrepancy is identified by the reconciliation;
(d) Establish, implement and maintain policies and procedures
(8) Once withdrawn from the client money trust account, monies shall accordingly be treated as the legal and beneficial property of Mitrade, subject to a third party as part of a an obligation by Mitrade to transfer of all or part of our business. Any sums transferred will be held by that third party either an equivalent back to Client in accordance with the their rights under this Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sumsAgreement.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure 9) Whilst we remain ultimately responsible for the client money segregation, protection and handling of the risks client money, certain functions unrelated to the provision of financial services are handled by us to youour affiliated company (e.g. Mitrade Global Pty Ltd, you and we may agree that you do not require money which is transferred by you to us to be held Mitrade Services Ltd) or our parent company (Mitrade Group Pte Ltd) in accordance with the Client Money Rulescertain jurisdictions. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to usThese services include payment processing.
Appears in 1 contract
Sources: Client Agreement
Client Money. (1) We Unless otherwise specifically stated in these Terms or as provided under Applicable Law, your money will treat money received from you or be held by us on your behalf as Client Money in accordance with the Client Money Rules.
(2) Subject FCA Rules which, among other things, require us to Term 18(6) below, hold 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 which is free of lien and set up with a bank located outside Saint ▇▇▇▇▇▇▇ statutory trust status, at an Approved Bank or CRD Credit Institution. This means we will separate your funds from our own funds 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, we may hold 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future.
(6) We may hold client clients’ money in a qualifying money market fund and notify you that such money will not be held pooled account, which has been named as a client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clientsbank account. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fund.
(7) In accordance with Term 27(3), you specifically agree that we may transfer client money to a When selecting which third party as part of a transfer of all or part of our business. Any sums transferred will be held by that third party either in accordance with the Client Money Rules, or if the sums will not be held in accordance with the Client Money Rulesbank to use, 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, in assessing whether adequate measures accordance with the FCA Rules. We will not be applied by responsible for any acts, omissions or default of the third party bank. If necessary, we may also allow another institution such as an exchange, clearing house, overseas settlement agent or other intermediate broker to protect hold or control your money, but only if we transfer your money for the sums.purpose of a transaction through or with that person or to meet any obligation that you may have to provide collateral (for example, margin) for a transaction. If we do this and where required to do so under the FCA Rules, we will endeavour to ensure your money is held as Client Money under the FCA Rules. In the event of our failure (for example due to our bankruptcy or insolvency), any money held in a Client Money account by third parties will be segregated from our assets and will not be available to our creditors. However, in the event of failure of a third party, there may be a number of consequences for your investment which may include:
(8) This Term applies a) UK bank accounts: if we place your money in a UK account with a third party, because your Client Money will be held with other customers’ Client Money in a pooled Client Money account, in the event that the third party credit institution or bank holding the money defaults and there is a shortfall, you have been categorised as a Sophisticated Person. Following appropriate disclosure will share proportionately in that shortfall with other creditors of the risks by us credit institution or bank;
(b) Non-UK bank accounts: in addition to youany shortfalls through the pooling of accounts as described above, you and we may agree that you do not require where your money which is transferred by you to us required to be held in accordance with a bank located outside the Client Money Rules. Any such agreement must UK, you should be in our agreed form aware that the legal and signed by you and regulatory regimes (including any associated protections) that apply to the bank holding your money may be provided different to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title those of the UK. In the event of the bank’s failure, your rights and obligations may differ and your money has passed to us, you will no longer have could be less secure and treated differently from the position which would apply if the money were held in a proprietary claim over money transferred to us and we can deal with it customer bank account in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us.UK;
Appears in 1 contract
Sources: Customer Agreement
Client Money. (1) We will treat money received deposit any funds paid by you into our trust account, which is an account operated separately from you or held by us on your behalf in accordance with the Client Money Rulesour own house funds account.
(2) Subject All money paid to Term 18(6) belowus by you or a person acting on your behalf, your money shall or which is received by us on behalf of you, will be held in pooled client bank accounts at selected third party banking institutions as determined by us in accordance one or more segregated trust accounts with an approved bank. Such segregation of your money does not protect your money from the Client Money Rules. We will keep and maintain books and records risk of loss arising from ▇▇▇▇▇▇▇’s inability to pay back part or 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 full amount owed to you. We These moneys do not constitute a loan to us and are held on trust by us. You agree and acknowledge that individual Accounts of our clients are not separated from each other within the segregated trust accounts operated by us and that your moneys may place funds in notice be co−mingled with our other clients’ moneys, and that we will not be liable for the insolvency or term deposit accounts with a notice period any act or term omission of up to 95 daysany banks holding the trust accounts. 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 usFurthermore, however you understand the possible risks of this as explained in the unlikely event of insolvency of IGRisk Disclosure Statement, such amounts may not be immediately available upon requestthat you have received or downloaded.
(3) We may hold client money Client Money on your behalf in a client bank an account with a an approved bank or permitted third party in accordance with Mauritius Client Money rules which may be located inside or outside Saint ▇▇▇▇▇▇▇ Mauritius. Client Money held at permitted third party is for the purpose of your OTC Derivative transaction with Mitrade. Any such account will be segregated from any account in which our own money or assets is held with the bank or third party and may be subject to set−off rights of the Grenadinesbank or third party. The legal and regulatory regime applying to any such bank will bank, or third party located outside the Mauritius may be different from that of Saint ▇▇▇▇▇▇▇ and Mauritius. You should consider seeking independent legal advice if you are concerned by the Grenadines and in the event implications of the insolvency money being held with an approved bank or any other equivalent failure of that bank, your money third party which 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 located inside or omissions outside of any bank or other third party holding money under Terms 18(1), 18(2) or 18(3)Mauritius.
(4) It is Unless expressly notified, we shall deem you to be a retail client. We reserve the right to review your account and reclassify you as a different client classification (e.g. professional client) at our absolute discretion. We will not our policy to pay interest to you on any use client money that we hold to margin, guarantee, secure, transfer, adjust or settle dealings in derivatives by us or 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 Interest Policy are available in the Product Details or from one of our employeespeople other than you.
(5) In Your client money may only be withdrawn from the event segregated client trust account in the following circumstances:
(a) where you are entitled to the money and have submitted a valid, written request to withdraw the funds that there has been no movement accepted by us;
(b) where a fee or charge or interest has accrued on your account balance with us;
(c) where required by law or in compliance with the Operating Rules of a licensed market; and
(d) where you have accrued a realised trading loss on your account. Where the withdrawal is for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstancesliability owed towards Mitrade, we (or an Associated Company of ours) will unconditionally undertake reserve the right to pay you a sum equal to the relevant client money balance paid away withdraw that amount at any time, in the event that you seek to claim the client money balance in the futureour sole discretion.
(6) We may hold Positions are marked−to−market with payments being settled daily to account for market movements. This means that the aggregate net unrealised and realised profit accruing to clients shall be transferred into the client money in a qualifying money market fund trust account as at the end of each business day. You also authorise and notify you that such money will not consent to the aggregate net unrealised and realised client loss to be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions transferred out of the Client Money Rules that relate client trust account by Mitrade. Mitrade reserves the right to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps funds to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money which it is entitled from the relevant fundclient trust account at their leisure.
(7) In accordance We are required to comply with Term 27(3)various record−keeping, you specifically agree that we may transfer reconciliation and reporting obligations in relation to all client money held in the client money trust bank account. Under these rules, we must:
(a) Keep records of retail and sophisticated client money received and retain such records for 7 years;
(b) Perform a daily and monthly reconciliation of the retail and sophisticated client money on our accounts with the actual retail and sophisticated client money held in the client money trust;
(c) Notify FSC if we identify a breach of the client money segregation or if a discrepancy is identified by the reconciliation;
(d) Establish, implement and maintain policies and procedures
(8) Once withdrawn from the client money trust account, monies shall accordingly be treated as the legal and beneficial property of Mitrade, subject to a third party as part of a an obligation by Mitrade to transfer of all or part of our business. Any sums transferred will be held by that third party either an equivalent back to Client in accordance with the their rights under this Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sumsAgreement.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure 9) Whilst we remain ultimately responsible for the client money segregation, protection and handling of the risks client money, certain functions unrelated to the provision of financial services are handled by us to youour affiliated company (e.g. Mitrade Global Pty Ltd, you and we may agree that you do not require money which is transferred by you to us to be held Mitrade Services Ltd) or our parent company (Mitrade Group Pte Ltd) in accordance with the Client Money Rulescertain jurisdictions. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to usThese services include payment processing.
Appears in 1 contract
Sources: Client Agreement
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 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 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 Statement at any time subject to you agreeing that we may levy an administration charge to cover our costs in providing any such statement 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 Grenadinesin any country. The legal and regulatory regime applying to any such bank will be different from that of Saint ▇▇▇▇▇▇▇ and the Grenadines your home country, or of our country of registration, 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 Grenadinesyour home country. 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)money.
(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 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 Policybehalf. 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of chargesCharges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money FSA Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10)us, we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account considering any restrictions that apply to the withdrawal of money from the relevant fund.
(7) In accordance with Term 27(3), you You specifically agree that we may transfer client money to a third party as part of a transfer of all or part of our business. Any sums transferred will be held by that third party either in accordance with the Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sums.
(8) This Term term applies if you have been categorised categorized as a Sophisticated PersonProfessional Client only. Following appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred by you to us to be held in accordance with the Client Money Rules. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we We will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreementus, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us.
Appears in 1 contract
Sources: Customer Agreement
Client Money. (1) We will treat money received deposit any funds paid by you into our trust account, which is an account operated separately from you or held by us on your behalf in accordance with the Client Money Rulesour own house funds account.
(2) Subject All money paid to Term 18(6) belowus by you or a person acting on your behalf, your money shall or which is received by us on behalf of you, will be held in pooled client bank accounts at selected third party banking institutions as determined by us in accordance one or more segregated trust accounts with an approved bank. Such segregation of your money does not protect your money from the Client Money Rules. We will keep and maintain books and records risk of loss arising from ▇▇▇▇▇▇▇’s inability to pay back part or 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 full amount owed to you. We These moneys do not constitute a loan to us and are held on trust by us. You agree and acknowledge that individual Accounts of our clients are not separated from each other within the segregated trust accounts operated by us and that your moneys may place funds in notice be co−mingled with our other clients’ moneys, and that we will not be liable for the insolvency or term deposit accounts with a notice period any act or term omission of up to 95 daysany banks holding the trust accounts. 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 usFurthermore, however you understand the possible risks of this as explained in the unlikely event of insolvency of IGRisk Disclosure Notice, such amounts may not be immediately available upon requestthat you have received or downloaded.
(3) We may hold client money Client Money on your behalf in a client bank an account with a an approved bank or permitted third party in accordance with Cayman Island Client Money rules which may be located inside or outside Saint ▇▇▇▇▇▇▇ of Cayman Island. Client Money held at permitted third party is for the purpose of your Contingent Liability Investment Product with Mitrade. Any such account will be segregated from any account in which our own money or assets is held with the bank or third party and may be subject to set−off rights of the Grenadinesbank or third party. The legal and regulatory regime applying to any such bank will bank, or third party located outside the Cayman Island may be different from that of Saint the Cayman Island. You should consider seeking independent legal advice if you are concerned by the implications of money being held with an approved bank or third party which may be located inside or outside of the Cayman Island.
(4) Unless expressly notified, we shall deem you to be a retail client. We reserve the right to review your account and reclassify you as a different client classification (e.g., professional client) at our absolute discretion. We will not use client money to margin, guarantee, secure, transfer, adjust or settle dealings in derivatives by us or on behalf of people other than you.
(5) Your client money may only be withdrawn from the segregated client trust account in the following circumstances:
(a) where you are entitled to the money and have submitted a valid, written request to withdraw the funds that has been accepted by us;
(b) where a fee or charge or interest has accrued on your account with us;
(c) where required by law or in compliance with the Operating Rules of a licensed market; and
(d) where you have accrued a realised trading loss on your account. Where the withdrawal is for any liability owed towards Mitrade, we reserve the right to withdraw that amount at any time, in our sole discretion.
(6) Positions are marked−to−market with payments being settled daily to account for market movements. This means that the aggregate net unrealised and realised profit accruing to clients shall be transferred into the client trust account as at the end of each business day. You also authorise and consent to the aggregate net unrealised and realised client loss to be transferred out of the client trust account by ▇▇▇▇▇▇▇ and ▇. Mitrade reserves the Grenadines and in the event of the insolvency or any other equivalent failure of that bank, your money may be treated differently right to withdraw funds to which it is entitled 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your trust account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fundtheir leisure.
(7) In accordance We are required to comply with Term 27(3)various record−keeping, you specifically agree that we may transfer reconciliation and reporting obligations in relation to all client money held in the client money trust bank account. Under these rules, we must:
(a) Keep records of retail and sophisticated client money received and retain such records for 7 years;
(b) Perform a daily and monthly reconciliation of the retail and sophisticated client money on our accounts with the actual retail and sophisticated client money held in the client money trust;
(c) Notify CIMA if we identify a breach of the client money segregation or if a discrepancy is identified by the reconciliation;
(d) Establish, implement and maintain policies and procedures
(8) Once withdrawn from the client money trust account, monies shall accordingly be treated as the legal and beneficial property of Mitrade, subject to a third party as part of a an obligation by Mitrade to transfer of all or part of our business. Any sums transferred will be held by that third party either an equivalent back to Client in accordance with the their rights under this Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sumsAgreement.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure 9) Whilst we remain ultimately responsible for the client money segregation, protection and handling of the risks client money, certain functions unrelated to the provision of financial services are handled by us to youour affiliated company (e.g., you and we may agree that you do not require money which is transferred by you to us to be held Mitrade Global Pty Ltd, Mitrade Services Ltd) or our parent company (Mitrade Group Pte Ltd) in accordance with the Client Money Rulescertain jurisdictions. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to usThese services include payment processing.
Appears in 1 contract
Sources: Client Agreement
Client Money. (1) We will treat money received from you or 16.1. Money held by us on your behalf in accordance with will be treated as client money within 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 meaning of the Client Money Rules. We Your money will keep and maintain books and records of the be held in a segregated client money held on your behalfaccount at our custodian bank.
16.2. We may pass money received from you to a third party (e.g. a market, intermediate broker, OTC counterparty or clearing house to hold or control in order to make a Transaction through or with that person or to satisfy your obligation to provide a deposit (such as an initial requirement that you provide Margin) in respect of a Transaction. Although we will provide remain responsible for money received from you with statements of the client money that even if we hold on your behalf in accordance with the Client Money Rules. Subject pass it to the Client Money Rulesa third party, you may request such a statement at any time subject be exposed 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 usthe additional risk that, however in the unlikely event of an insolvency or similar in relation to that third party, the amount of IG, such amounts money received by us from the third party may not be immediately available upon requestsufficient to satisfy your claims. However, you may still be able to claim against us for any outstanding amounts.
(3) 16.3. We may hold client money in a client bank account with a bank located on your behalf outside Saint ▇▇▇▇▇▇▇ and the GrenadinesBahamas. The legal and regulatory regime applying to any such bank or person that holds your money outside the Bahamas will be different from that of Saint ▇▇▇▇▇▇▇ and the Grenadines and in the event of the Bahamas. As a result, should that bank go into insolvency or any other equivalent failure of that banksimilar proceedings, your money may be treated differently from the treatment which than it would apply have been if the money was held with a bank in Saint ▇▇▇▇▇▇▇ and the GrenadinesBahamas. 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)referred to in this sub-clause.
(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 otherwise16.4. In the event that funds need to be transferred between ActivTrades PLC (London parent entity) and ActivTrades Corp (Bahamas subsidiary) you give us the permission to do so. This will also apply to any current account(s) that you may have with ActivTrades PLC (London). The transfer will only take place from ActivTrades PLC to ActivTrades Corp and not the vice versa. Funds will only be transferred when necessary. We understand that the data being sent is sensitive, and will only be shared between ActivTrades PLC and ActivTrades Corp and is protected under the Data Protection Laws of both jurisdictions and allows us to comply with Anti-Money Laundering Regulations.
16.5. To avoid doubt, we incur will not pay interest charges on any amounts in your account, unless we have agreed to hold client money do so in writing. Unless we have agreed otherwise in writing, on your behalf with third party banking institutions or qualifying money market funds in accordance with the Client Money Rulessigning this Agreement, you agree consent to the fact that no interest will be paid to you on any amounts in your account(s) and that we may charge you for holding client money on your behalf in accordance with our Client Money Interest Policywill retain any such interest.
16.6. You agree that we may cease to treat any money deducted that, 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your account balance for a period of at least six years (notwithstanding not with standing any payments or receipts of charges, interest charges or similar items) and we are unable to trace you and return your account balance to you, despite having taken all reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant accordingly release any client money balance paid away in balances from the event that you seek segregated client account pursuant to claim the client money balance in the futureany local regulatory protocols applicable to ‘dormant accounts’.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund16.7. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into trading account any restrictions that apply to the withdrawal of money from the relevant fund.
(7) In accordance with Term 27(3), you specifically agree that we may transfer client money to a third party as part of a transfer of all or part of our business. Any sums transferred will be held by that third party either in accordance with the Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sums.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred by you to us to be held in accordance with the Client Money Rules. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us remains unused for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to usat least one year, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank be treated as a general creditor dormant customer. This will attract an administration fee of ours. By placing money with us under a title transfer agreement, you agree that all money you place on £10 in the currency of your account is done so in anticipation per calendar month to cover our costs of a Transaction and therefore has maintaining the purpose of securing or covering your present, future, actual, contingent or prospective obligations dormant account. We reserve the right to usamend such fees. You should will be informed of any such changes. Note that the administration fee cannot place any money with us that is not for reduce the purpose balance of securing or covering your present, future, actual, contingent or prospective obligations to usaccount(s) below zero.
Appears in 1 contract
Sources: Client Agreement
Client Money. (1a) We have categorized you as a private client and therefore in accordance with applicable law and subject to clauses 20.1b and 20.1c we will treat place an amount equal to your Total Equity (as displayed on the platform) into a client money received bank account. We will deal with your money in accordance with CIMA’s Client Money Rules and Statement of Guidance, which require us to hold it in a client bank account, separating your funds from you or ours. Such money may be held by us a bank with other clients’ money in a pooled client account.
b) b) We may hold Client Money on your behalf in accordance an account with an approved bank or third party which may be located inside or outside the Cayman Islands. Any such account will be segregated from any account in which our own money or assets is held with the Client Money Rules.
(2) Subject to Term 18(6) below, your money shall be held in pooled client bank accounts at selected or third party banking institutions as determined by us in accordance with the Client Money Rules. We will keep and maintain books and records but may be subject to set-off rights 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 bank 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 Grenadinesthird party. The legal and regulatory regime applying to any such bank will or third party located outside the Cayman Islands may be different from that of Saint ▇▇▇▇▇▇▇ the Cayman Islands. You should consider taking independent legal advice if you are concerned by the implications of money being held with an approved bank, or third party as permitted by clause 20.1c, which may be located inside or outside of the Cayman Islands
c) c) Where any bank or other permitted third party holds money under this clause (a) we will not be liable for the acts or omissions of, or failure or insolvency or any analogous event affecting, such entity; and the Grenadines and (b) in the event of the insolvency or any other equivalent failure analogous proceeding in relation to such entity, we may have only an unsecured claim against such entity on behalf of that bankyou and our other clients, your money and you may be treated differently exposed to the risk that the money recovered by us from such entity is insufficient to satisfy the claims of you and all other clients with claims in respect of the relevant account.
d) 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, and any required transfer to or from the treatment which would apply if client money bank account in respect of your Account will take place on the money was held with a bank in Saint ▇▇▇▇▇▇▇ and the Grenadinesfollowing Business Day. We will not be liable for the insolvencymay carry out such reconciliations and transfers more frequently, acts should we reasonably consider that this is necessary to protect our or omissions of any bank or other third party holding money under Terms 18(1), 18(2) or 18(3)your interests.
(4e) 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 held on your behalf as client money and that ownership of that release it from our client money will be irrevocably transferred from bank account(s),
(i) if you to us. Details of the Client Money Interest Policy are available have no positions and have not placed a trade in the Product Details or previous six (6) years, and we have taken reasonable steps but were 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 one of our employeesclient money bank accounts under this clause and will undertake to make good any valid claims against such released balances.
(5ii) In If any amounts owed by you to us under the event that there has been no movement on your account balance for a period of at least six years (notwithstanding any payments or receipts of chargesAgreement are due and payable to us, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held we shall cease to treat as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding so much of assets in custody by investment firms like ourselves any Client Money held on your behalf of clientsas equals those amounts. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fund.
(7) In accordance with Term 27(3), you specifically agree that we may transfer client apply that money to a third party as part of a transfer in or towards satisfaction of all or part of our businessthose amounts due and payable to us. Any sums transferred will be held by that third party either in accordance with For the Client Money Rulespurposes of this clause, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sums.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure of the risks by us to you, you and we may agree that you do not require money which is transferred any such amounts owed by you to us under this Agreement become immediately due and payable, without notice or demand by us, when incurred by you or on your behalf.
f) We will not pay interest to be you on any money held in accordance with the on your behalf or otherwise under clauses 20.1a, 20.1b, 20.1c or 20.1d.
g) In this clause 20.1 “Client Money Rules. Any such agreement must be in our agreed form and signed by you and may be provided ” means the provisions of the Securities Investment Business (Conduct of Business) Regulations, as amended and/or updated from time to us by post or by scanned copy sent time, relating to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to usheld by regulated firms carrying out activities.
Appears in 1 contract
Sources: Client Agreement
Client Money. (1) We will treat money received deposit any funds paid by you into our trust account, which is an account operated separately from you or held by us on your behalf in accordance with the Client Money Rulesour own house funds account.
(2) Subject All money paid to Term 18(6) belowus by you or a person acting on your behalf, your money shall or which is received by us on behalf of you, will be held in pooled client bank accounts at selected third party banking institutions as determined by us in accordance one or more segregated trust accounts with an approved bank. Such segregation of your money does not protect your money from the Client Money Rules. We will keep and maintain books and records risk of loss arising from ▇▇▇▇▇▇▇’s inability to pay back part or 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 full amount owed to you. We These moneys do not constitute a loan to us and are held on trust by us. You agree and acknowledge that individual Accounts of our clients are not separated from each other within the segregated trust accounts operated by us and that your moneys may place funds in notice be co-mingled with our other clients’ moneys, and that we will not be liable for the insolvency or term deposit accounts with a notice period any act or term omission of up to 95 daysany banks holding the trust accounts. 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 usFurthermore, however you understand the possible risks of this as explained in the unlikely event of insolvency of IGRisk Disclosure Statement, such amounts may not be immediately available upon requestthat you have received or downloaded.
(3) We may hold client money Client Money on your behalf in a client bank an account with a an approved bank or permitted third party in accordance with Mauritius Client Money rules which may be located inside or outside Saint ▇▇▇▇▇▇▇ Mauritius. Client Money held at permitted third party is for the purpose of your OTC Derivative transaction with Mitrade. Any such account will be segregated from any account in which our own money or assets is held with the bank or third party and may be subject to set-off rights of the Grenadinesbank or third party. The legal and regulatory regime applying to any such bank will bank, or third party located outside the Mauritius may be different from that of Saint Mauritius. You should consider seeking independent legal advice if you are concerned by the implications of money being held with an approved bank or third party which may be located inside or outside of Mauritius.
(4) Unless expressly notified, we shall deem you to be a retail client. We reserve the right to review your account and reclassify you as a different client classification (e.g. professional client) at our absolute discretion. We will not use client money to margin, guarantee, secure, transfer, adjust or settle dealings in derivatives by us or on behalf of people other than you.
(5) Your client money may only be withdrawn from the segregated client trust account in the following circumstances:
(a) where you are entitled to the money and have submitted a valid, written request to withdraw the funds that has been accepted by us;
(b) where a fee or charge or interest has accrued on your account with us;
(c) where required by law or in compliance with the Operating Rules of a licensed market; and
(d) where you have accrued a realised trading loss on your account. Where the withdrawal is for any liability owed towards Mitrade, we reserve the right to withdraw that amount at any time, in our sole discretion.
(6) Positions are marked-to-market with payments being settled daily to account for market movements. This means that the aggregate net unrealised and realised profit accruing to clients shall be transferred into the client trust account as at the end of each business day. You also authorise and consent to the aggregate net unrealised and realised client loss to be transferred out of the client trust account by ▇▇▇▇▇▇▇ and ▇. Mitrade reserves the Grenadines and in the event of the insolvency or any other equivalent failure of that bank, your money may be treated differently right to withdraw funds to which it is entitled 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your trust account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fundtheir leisure.
(7) In accordance We are required to comply with Term 27(3)various record-keeping, you specifically agree that we may transfer reconciliation and reporting obligations in relation to all client money held in the client money trust bank account. Under these rules, we must:
(a) Keep records of retail and sophisticated client money received and retain such records for 7 years;
(b) Perform a daily and monthly reconciliation of the retail and sophisticated client money on our accounts with the actual retail and sophisticated client money held in the client money trust;
(c) Notify FSC if we identify a breach of the client money segregation or if a discrepancy is identified by the reconciliation;
(d) Establish, implement and maintain policies and procedures
(8) Once withdrawn from the client money trust account, monies shall accordingly be treated as the legal and beneficial property of Mitrade, subject to a third party as part of a an obligation by Mitrade to transfer of all or part of our business. Any sums transferred will be held by that third party either an equivalent back to Client in accordance with the their rights under this Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sumsAgreement.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure 9) Whilst we remain ultimately responsible for the client money segregation, protection and handling of the risks client money, certain functions unrelated to the provision of financial services are handled by us to youour affiliated company (e.g. Mitrade Global Pty Ltd, you and we may agree that you do not require money which is transferred by you to us to be held Mitrade Services Ltd) or our parent company (Mitrade Group Pte Ltd) in accordance with the Client Money Rulescertain jurisdictions. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to usThese services include payment processing.
Appears in 1 contract
Sources: Client Agreement
Client Money. (1) We will treat money received deposit any funds paid by you into our trust account, which is an account operated separately from you or held by us on your behalf in accordance with the Client Money Rulesour own house funds account.
(2) Subject All money paid to Term 18(6) belowus by you or a person acting on your behalf, your money shall or which is received by us on behalf of you, will be held in pooled client bank accounts at selected third party banking institutions as determined by us in accordance one or more segregated trust accounts with an approved bank. Such segregation of your money does not protect your money from the Client Money Rules. We will keep and maintain books and records risk of loss arising from ▇▇▇▇▇▇▇’s inability to pay back part or 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 full amount owed to you. We These moneys do not constitute a loan to us and are held on trust by us. You agree and acknowledge that individual Accounts of our clients are not separated from each other within the segregated trust accounts operated by us and that your moneys may place funds in notice be co-mingled with our other clients’ moneys, and that we will not be liable for the insolvency or term deposit accounts with a notice period any act or term omission of up to 95 daysany banks holding the trust accounts. 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 usFurthermore, however you understand the possible risks of this as explained in the unlikely event of insolvency of IGRisk Disclosure Notice, such amounts may not be immediately available upon requestthat you have received or downloaded.
(3) We may hold client money Client Money on your behalf in a client bank an account with a an approved bank or permitted third party in accordance with Cayman Island Client Money rules which may be located inside or outside Saint ▇▇▇▇▇▇▇ of Cayman Island. Client Money held at permitted third party is for the purpose of your CFD or FX transaction with Mitrade. Any such account will be segregated from any account in which our own money or assets is held with the bank or third party and may be subject to set-off rights of the Grenadinesbank or third party. The legal and regulatory regime applying to any such bank will bank, or third party located outside the Cayman Island may be different from that of Saint the Cayman Island. You should consider seeking independent legal advice if you are concerned by the implications of money being held with an approved bank or third party which may be located inside or outside of the Cayman Island.
(4) Unless expressly notified, we shall deem you to be a retail client. We reserve the right to review your account and reclassify you as a different client classification (e.g., professional client) at our absolute discretion. We will not use client money to margin, guarantee, secure, transfer, adjust or settle dealings in derivatives by us or on behalf of people other than you.
(5) Your client money may only be withdrawn from the segregated client trust account in the following circumstances:
(a) where you are entitled to the money and have submitted a valid, written request to withdraw the funds that has been accepted by us;
(b) where a fee or charge or interest has accrued on your account with us;
(c) where required by law or in compliance with the Operating Rules of a licensed market; and
(d) where you have accrued a realised trading loss on your account. Where the withdrawal is for any liability owed towards Mitrade, we reserve the right to withdraw that amount at any time, in our sole discretion.
(6) Positions are marked-to-market with payments being settled daily to account for market movements. This means that the aggregate net unrealised and realised profit accruing to clients shall be transferred into the client trust account as at the end of each business day. You also authorise and consent to the aggregate net unrealised and realised client loss to be transferred out of the client trust account by ▇▇▇▇▇▇▇ and ▇. Mitrade reserves the Grenadines and in the event of the insolvency or any other equivalent failure of that bank, your money may be treated differently right to withdraw funds to which it is entitled 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 Interest Policy are available in the Product Details or from one of our employees.
(5) In the event that there has been no movement on your trust account balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and we are unable to trace you despite having taken reasonable steps to do so, you agree that we may cease to treat your money as client money and pay away the money to a registered charity. In such circumstances, we (or an Associated Company of ours) will unconditionally undertake to pay you a sum equal to the relevant client money balance paid away in the event that you seek to claim the client money balance in the future.
(6) We may hold client money in a qualifying money market fund and notify you that such money will not be held as client money in accordance with the Client Money Rules and the units or shares in any qualifying money market fund will be held as safe custody assets in accordance with the provisions of the Client Money Rules that relate to the holding of assets in custody by investment firms like ourselves on behalf of clients. You explicitly consent that your client money may be held in such a fund. If you withdraw your consent by notifying us in accordance with Term 14(10), we will take steps to remove your money from any money market fund as soon as reasonably practicable, taking into account any restrictions that apply to the withdrawal of money from the relevant fundtheir leisure.
(7) In accordance We are required to comply with Term 27(3)various record-keeping, you specifically agree that we may transfer reconciliation and reporting obligations in relation to all client money held in the client money trust bank account. Under these rules, we must:
(a) Keep records of retail and sophisticated client money received and retain such records for 7 years;
(b) Perform a daily and monthly reconciliation of the retail and sophisticated client money on our accounts with the actual retail and sophisticated client money held in the client money trust;
(c) Notify CIMA if we identify a breach of the client money segregation or if a discrepancy is identified by the reconciliation;
(d) Establish, implement and maintain policies and procedures
(8) Once withdrawn from the client money trust account, monies shall accordingly be treated as the legal and beneficial property of Mitrade, subject to a third party as part of a an obligation by Mitrade to transfer of all or part of our business. Any sums transferred will be held by that third party either an equivalent back to Client in accordance with the their rights under this Client Money Rules, or if the sums will not be held in accordance with the Client Money Rules, we will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect the sumsAgreement.
(8) This Term applies if you have been categorised as a Sophisticated Person. Following appropriate disclosure 9) Whilst we remain ultimately responsible for the client money segregation, protection and handling of the risks client money, certain functions unrelated to the provision of financial services are handled by us to youour affiliated company (e.g., you and we may agree that you do not require money which is transferred by you to us to be held Mitrade Global Pty Ltd, Mitrade Services Ltd) or our parent company (Mitrade Group Pte Ltd) in accordance with the Client Money Rulescertain jurisdictions. Any such agreement must be in our agreed form and signed by you and may be provided to us by post or by scanned copy sent to us by email. Following such an agreement, we will treat any transfer of money by you to us as a transfer of full ownership of money to us for the purpose of securing or covering your present, future, actual, contingent or prospective obligations, and we will not hold such money in accordance with the Client Money Rules. Because title of the money has passed to us, you will no longer have a proprietary claim over money transferred to us and we can deal with it in our own right, and you will rank as a general creditor of ours. By placing money with us under a title transfer agreement, you agree that all money you place on your account is done so in anticipation of a Transaction and therefore has the purpose of securing or covering your present, future, actual, contingent or prospective obligations to us. You should not place any money with us that is not for the purpose of securing or covering your present, future, actual, contingent or prospective obligations to usThese services include payment processing.
Appears in 1 contract
Sources: Client Agreement