Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations. 5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations. 5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest. 5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money. 5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses. 5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest. 5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations). 5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed. 5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such 5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account. 5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion. 5.12 The Company is member of the Financial Commission Compensation Fund. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”. 5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests. 5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds. 5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks. 5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client. 5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services: (a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee; (b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5; (c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6. (d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose; (e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company; (f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21. (g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account. (h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets. (i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 3 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation FundFund . The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company OPO GROUP LLC and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found in the Website.
5.2 The Company 6.2. OPO GROUP LLC may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. OPO GROUP LLC may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. OPO GROUP LLC may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company OPO GROUP LLC will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company OPO GROUP LLC may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company OPO GROUP LLC from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company OPO GROUP LLC does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. OPO GROUP LLC shall not be obliged to pay interest to the Client on any funds which the Company OPO GROUP LLC holds or in respect of any stocks held by the Company OPO GROUP LLC as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. OPO GROUP LLC will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyOPO GROUP LLC, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company OPO GROUP LLC in writing to the contrary, the Company OPO GROUP LLC may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Saint Xxxxxxx and the The Grenadines or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusSaint Xxxxxxx and the The Grenadines. The legal and regulatory regime applying to any suchsuch person will be different from that of Saint Xxxxxxx And the The Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in . OPO GROUP LLC will not be liable for the solvency, acts or omissions of any third party referred to in this clause. OPO GROUP LLC will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company OPO GROUP LLC is unable to trace the Client despite having taken reasonable steps to do so, the Company OPO GROUP LLC may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund6.12. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company OPO GROUP LLC will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company OPO GROUP LLC holds in Segregated Accounts on a regular daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company OPO GROUP LLC reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.should
5.14 6.13. The Client agrees that the Company OPO GROUP LLC shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When 6.14. If client deposits money into trading account and request a withdrawal without having trading activity in the account , Opo group LLC holds the right to charge client costs endured related to that transfer of funds usually 3%-6% . Title Transfer Collateral Arrangement (TTCA)
6.15. The Title Transfer Collateral Arrangement (hereinafter referred to as “TTCA”) allows a Client wishes to use the Services offered by the Company under this Agreement agree that his/her monies or assets will be treated as collateral in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.his/her existing
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company CAPITALXTEND LLC and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found in the Website.
5.2 The Company 6.2. CAPITALXTEND LLC may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. CAPITALXTEND LLC may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. CAPITALXTEND LLC may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company CAPITALXTEND LLC will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company CAPITALXTEND LLC may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company CAPITALXTEND LLC from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company CAPITALXTEND LLC does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. CAPITALXTEND LLC shall not be obliged to pay interest to the Client on any funds which the Company CAPITALXTEND LLC holds or in respect of any stocks held by the Company CAPITALXTEND LLC as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. CAPITALXTEND LLC will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyCAPITALXTEND LLC, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company CAPITALXTEND LLC in writing to the contrary, the Company CAPITALXTEND LLC may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Saint Xxxxxxx And the The Grenadines or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusSaint Xxxxxxx And the The Grenadines. The legal and regulatory regime applying to any suchsuch person will be different from that of Saint Xxxxxxx And the The Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in . CAPITALXTEND LLC will not be liable for the solvency, acts or omissions of any third party referred to in this clause. CAPITALXTEND LLC will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company CAPITALXTEND LLC is unable to trace the Client despite having taken reasonable steps to do so, the Company CAPITALXTEND LLC may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund6.12. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company CAPITALXTEND LLC will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company CAPITALXTEND LLC holds in Segregated Accounts on a regular daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company CAPITALXTEND LLC reserves the right to carry out such reconciliations and transfers more frequently, should the Company CAPITALXTEND LLC reasonably consider that this is necessary to protect the CompanyCAPITALXTEND LLC’s or a Client’s interests.
5.14 6.13. The Client agrees that the Company CAPITALXTEND LLC shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.. Title Transfer Collateral Arrangement (TTCA)
5.15 When the 6.14. The Title Transfer Collateral Arrangement (hereinafter referred to as “TTCA”) allows a Client wishes to use the Services offered by the Company under this Agreement agree that his/her monies or assets will be treated as collateral in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United Stateshis/her existing or future obligations with CAPITALXTEND LLC. In addition, the Company may request the Clientunder a TTCA, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company CAPITALXTEND LLC is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease able to treat the assets margin or collateral as its own working capital and not as Client assets.
(i) It money. As a result, CAPITALXTEND LLC is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.not obliged
Appears in 1 contract
Samples: Client Agreement
Client Money. 5.1 Relevant Amounts held 7.1. Unless otherwise agreed with the Client in writing and to the extent allowed under Applicable Regulations, the Company will deal with any funds that it holds on the Trading Client Account (“Segregated Funds”) in accordance with the applicable Regulations. This means that Client funds will be segregated by from the Company’s own money and cannot be used in the course of its business. The Company and held in accordance with Applicable Regulationswill promptly place any Client money into a Segregated Client Account.
5.2 7.2. The Company may hold shall not account to the Client Money for profits or interest earned on Client money (other than profit gained through trading Transactions from his Client Account(s) under this Agreement) and the money of other Clients in the same bank account (omnibus account), according Client waives all right to Applicable Regulationsinterest.
5.3 7.3. The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 7.4. The Company may hold Client money and the money of other clients in the same bank account (omnibus account).
7.5. The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, may have a security interest, lien or right of setoff set-off in relation to that money.
5.5 7.6. Client money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located outside Vanuatu or the EEA. The legal and regulatory regime applying to any such person will be different from that of Vanuatu and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Vanuatu. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. Page13
7.7. The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or and it may not be possible to separate it from the Client’s money and/or Financial Instrumentsmoney, or the third party’s money. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client with claims in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian7.8. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on activity in the Client’s Trading Client Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so), the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 7.9. The Company is a member of the Financial Commission Investors Compensation FundFund (ICF). The So, depending on his classification, the Client may be entitled to compensation from the FCCF if ICF in the event that the Company cannot is unable to meet its obligations in the situations as explained in the website document with reference to the title “Financial Commission Investors Compensation Fund”” (Appendix III).
5.13 7.10. The Company shall have a general lien on all funds held by the Company or its Associates or its nominees on the Client’s behalf until the satisfaction of his obligations.
7.11. The Company will carry out reconciliations of records and Segregated Funds Client Money with the records and accounts of the money the Company holds in Segregated Client Accounts on a regular daily basis, and any . If a transfer is required transfer to or from the Segregated Client Account this will take place be done by the close of business on the day that the reconciliation is performed. The Company reserves has the right right, but not an obligation, to carry out such reconciliations and transfers more frequently, should the Company reasonably consider if it considers that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable 7.12. Profit or have any further obligation loss in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When currency of the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions Account is deposited in/withdrawn from the Client in relation to any of Account once the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company Transaction is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assetsclosed.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Samples: CFDS Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s Client‟s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s Client‟s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s Client‟s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s Client‟s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Client‟s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s Client‟s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation FundFund . The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s Company‟s or a Client’s Client‟s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Company‟s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s Client‟s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s Client‟s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Clients‟ Instruments in an omnibus co-mingled custody account) on the Client’s Client‟s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s Company‟s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s Company‟s and/or the Client’s Client‟s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s Client‟s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s Client‟s ownership of the stocks will be reflected in the Company’s Company‟s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s Client‟s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s Client‟s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ Clients‟ funds in order to be able to execute the Clients’ Clients‟ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ Clients‟ funds in the account it maintains with the executing broker solely for the execution of Clients’ Clients‟ orders on listed stocks. The Company’s Company‟s account maintained with the executing broker is the Company’s Company‟s own account.
Appears in 1 contract
Samples: Client Agreement
Client Money. 5.1 Relevant Amounts held 7.1. Unless otherwise agreed with the Client in writing and to the extent allowed under Applicable Regulations, the Company will deal with any funds that it holds on the Trading Client Account (“Segregated Funds”) in accordance with the applicable Regulations. This means that Client funds will be segregated by from the Company’s own money and cannot be used in the course of its business. The Company and held in accordance with Applicable Regulationswill promptly place any Client money into a Segregated ClientAccount.
5.2 7.2. The Company may hold shall not account to the Client Money for profits or interest earned on Client money (other than profit gained through trading Transactions from his Client Account(s) under this Agreement) and the money of other Clients in the same bank account (omnibus account), according Client waives all right to Applicable Regulationsinterest.
5.3 7.3. The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 7.4. The Company may hold Client money and the money of other clients in the same bank account (omnibus account).
7.5. The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, may have a security interest, lien or right of setoff set-off in relation to that money.
5.5 7.6. Client money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located outside Vanuatu or the EEA. The legal and regulatory regime applying to any such person will be different from that of Vanuatu and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Vanuatu. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. Page13
7.7. The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or and it may not be possible to separate it from the Client’s money and/or Financial Instrumentsmoney, or the third party’s money. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client with claims in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian7.8. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on activity in the Client’s Trading Client Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so), the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 7.9. The Company is a member of the Financial Commission Investors Compensation FundFund (ICF). The So, depending on his classification, the Client may be entitled to compensation from the FCCF if ICF in the event that the Company cannot is unable to meet its obligations in the situations as explained in the website document with reference to the title “Financial Commission Investors Compensation Fund”” (Appendix III).
5.13 7.10. The Company shall have a general lien on all funds held by the Company or its Associates or its nominees on the Client’s behalf until the satisfaction of his obligations.
7.11. The Company will carry out reconciliations of records and Segregated Funds Client Money with the records and accounts of the money the Company holds in Segregated Client Accounts on a regular daily basis, and any . If a transfer is required transfer to or from the Segregated Client Account this will take place be done by the close of business on the day that the reconciliation is performed. The Company reserves has the right right, but not an obligation, to carry out such reconciliations and transfers more frequently, should the Company reasonably consider if it considers that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable 7.12. Profit or have any further obligation loss in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When currency of the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions Account is deposited in/withdrawn from the Client in relation to any of Account once the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company Transaction is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assetsclosed.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Samples: CFDS Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account)9.1 Unless otherwise indicated, according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it deposit any Client Money in one or more segregated account(s) held with an omnibus account and/or it may not be possible to separate it institution, separated from the ClientCompany’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to money; this means that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party Money is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest treated as belonging to the Client on any funds which and under no circumstances the Company holds or in respect will use Client Money, at any time, to meet any of any stocks held by the Company as a custodianits obligations. The Client waives all rights Money will be pooled with money belonging to interest.
5.7 The Company other Clients so an individual Client will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into have a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf claim against a specific sum in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees thatspecific account, in the event that there has been no movement on the of insolvency. A Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and claim will be against the Client Money pool in general. the Company is unable to trace the Client despite having taken reasonable steps to do sowill exercise all due skill, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that care and diligence in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers the institution where the Client Money is deposited. It should be noted, that segregated account(s) will be established, maintained and operated according to the provisions of this clause 6.
(d) applicable rules and regulations. The Company acknowledges will give instructions to the banking institution(s) regarding the transfer and movement(s) of the Client Money. If the Client has an Open Position the Company reserves the right, at any time and at the Company’s sole discretion, to set-off any unrealised losses incurred in respect of an Open Position against any of the Client Money that it and/or any third party selected or appointed is held by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on to the Client’s behalf credit. In effect, this means that the Company based on the conditions referred to above may transfer any part of any unrealised losses from a banking institution to an account of the Company. At the same time, the Company may transfer any unrealised profit incurred as a result of an Open Position from a Company account to a Client Money account held in a banking institution.
9.2 the Company shall not be responsible for the solvency, act(s) or omission(s) of any banking institution with which Client Money is held.
9.3 the Company is not obliged to pay interest to the client for the Funds deposited.
9.4 As long as the margin remains in the client account, the client agrees that the Company has the right to transfer ownership of the client’s margin from the client to the Company, to be kept by the latter as security, and be returned by the Company and/or any other third party selected or appointed to the client on completion of the client trade(s). In this case, the margin will be considered as debt due by the Company for this purpose;
(e) The Client hereby agrees that he will to the client and not try as client money, therefore it could be used by the Company subject to sell, mortgage or otherwise deal in or part with beneficial ownership the repayment obligation. Irrespective of the Instruments above, the balance and money held equity of the client account(s) remain unaffected and the client may normally continue his/ her trading and/ or other activity.
9.5 Subject to any restrictions referred to in this Agreement regarding the operation of the vault, the client has the right to withdraw to their vault any part of the Funds equal to the free margin that is available in the relevant trading account provided that there are Funds available.
9.6 The client accepts that the Funds shall be deposited in his/ her vault on his account the value date received by the Institution, net of any transfer fees or other charges incurred by the Company that are imposed by the Institution (or intermediary involved in the process) that holds the Funds.
9.7 The client accepts that the Funds shall be deposited in his/ her vault only if the Company is satisfied that the sender of the Funds is the client or his/ her authorised representative; if the Company is not satisfied as to the above then the Company has the right to reject the Funds and return them to the remitter net of any transfer fees or other charges incurred by the Company, using the same transfer method as the one through which it originally received the Funds.
9.8 The client accepts that withdrawal of any part of the Funds shall be concluded using the same transfer method and the same remitter as the one which the Company originally received the Funds from; under such circumstances, the Company shall return the part of the Funds requested net of any transfer fees or other charges incurred by the Company.
9.9 the Company reserves the right to decline a withdrawal that the client requested using a specific transfer method and has the right to suggest an alternative.
9.10 If, at any time, the Company is not satisfied with the Company;
(f) The Company may be required under documentation provided by the laws of any jurisdiction in which Stocks are located to provide information client in relation to the identity and other details withdrawal/ deposit, the Company reserves the right to reverse to the remitter any part of the ClientFunds net of any transfer fees or other charges incurred by the Company, using the same transfer method as the one through which it originally received the Funds.
9.11 The client accepts that the Institution may reverse any part of the Funds, for any reason; in doing so as a result, the Company shall act immediately reverse the respective amount from the trading account net of any transfer fees or other charges incurred by the Company, using the same transfer method as the one through which it originally received the Funds. The client accepts that this may result to a negative balance in accordance with clause 21the trading account.
(g) Client’s ownership 9.12 The client accepts that any requests that relate to the administration of the stocks will trading account shall be reflected made through the Company Client Portal xxxxx://xxx.xxxxxxxxxxxxxxx.xxx/
9.13 The Company shall take all reasonable steps to ensure that the client is informed regarding the progress of any requests referred to in the ‘Client Money’ section, specifically in relation to the expected processing time and the need for any, or any further, documentation that if not in place may delay the processing.
9.14 If the client’s trading account is inactive for 6 months, the Company reserves the right to charge an account maintenance fee of USD15 (or currency equivalent) in order to maintain the trading account open.
9.15 If the client’s trading account has Funds of less than USD15 (or currency equivalent), the Company reserves the right to close the account, after notifying the client accordingly, and charge a relevant fee.
9.16 After the first 6 months of inactivity, the Company maintains the right to charge an account maintenance fee of USD5 per month for every month of inactivity.
9.17 The client can be informed about the typical processing times of their deposits/ withdrawals through the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Accountofficial website.
(h) If 9.18 The Company reserves the Company has not received instructions from the Client in relation right to any of the Stocks held in the Client’s account (e.g. request additional information and/or documentation to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees satisfy itself that the Company may cease to treat the assets as Client assets.
(i) It client’s request concerning their deposits/ withdrawals is hereby acknowledged and accepted that under all circumstances, in order to enable the tradelegitimate. In addition, the Company must utilise reserves the Clients’ funds in order right to reject such a request if it deems that this may not be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stockslegitimate. The Company’s account maintained with client accepts that under such circumstances there may be a delay in processing the executing broker is the Company’s own accountrequest.
Appears in 1 contract
Samples: Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading The account manager has the right to dispose of the account according to the market movement
5.11 If there is deposited in/withdrawn orders are opening in the account , the client cannot withdraw his profits until hecloses the positions In the event that the client requests termination of the contract, the contract shall be terminated after paying the financial support that he obtained from the Client Account once company Withdrawals annually person will be different from that of Mauritius and in the Transaction is closed.
5.9 Unless event of the Client has notified the Company in writing to the contraryinsolvency or any other equivalent failure of that person, the Company may hold Segregated Funds on the Client’s behalf money may be treated differently from the treatment which would apply if the money was held in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside in Mauritius. The legal Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. The Company will exercise all due skill, care and regulatory regime applying diligence in assessing whether adequate measures will be applied by the third party to any such
5.10 protect Client money. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 . The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 . The Company is member of the Financial Commission Compensation FundFund . The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 . The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 . The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 . When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 . When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Samples: Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodianholds. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any suchsuch person will be different from that of Mauritius and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Mauritius. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. The Company will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP or NGN and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 5.13 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Samples: Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any suchsuch person will be different from that of Mauritius and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Mauritius. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. The Company will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation FundFund . The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Samples: Client Agreement
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company OPO GROUP LLC and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found on the Website.
5.2 The Company 6.2. OPO GROUP LLC may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. OPO GROUP LLC may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. OPO GROUP LLC may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company OPO GROUP LLC will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company OPO GROUP LLC may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company OPO GROUP LLC from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company OPO GROUP LLC does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. OPO GROUP LLC shall not be obliged to pay interest to the Client on any funds which the Company OPO GROUP LLC holds or in respect of any stocks held by the Company OPO GROUP LLC as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. OPO GROUP LLC will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyOPO GROUP LLC, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company OPO GROUP LLC in writing to the contrary, the Company OPO GROUP LLC may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Saint Xxxxxxx and the Grenadines or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusSaint Xxxxxxx and the Grenadines. The legal and regulatory regime applying to any suchsuch person will be different from that of Saint Xxxxxxx and the Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in. OPO GROUP LLC will not be liable for the solvency, acts or omissions of any third party referred to in this clause. OPO GROUP LLC will exercise all due skill, care, and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that if there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest interest, or similar items) and the Company OPO GROUP LLC is unable to trace the Client despite having taken reasonable steps to do so, the Company OPO GROUP LLC may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that if his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund6.12. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company OPO GROUP LLC will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company OPO GROUP LLC holds in Segregated Accounts on a regular basisdaily, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company OPO GROUP LLC reserves the right to carry out such reconciliations and transfers more frequently, should the Company OPO GROUP LLC reasonably consider that this is necessary to protect the CompanyOPO GROUP LLC’s or a Client’s interests.
5.14 6.13. The Client agrees that the Company OPO GROUP LLC shall not be held liable or have any further obligation in the event that if any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When 6.14. If client deposits money into trading account and request a withdrawal without having trading activity in the account, Opo group LLC holds the right to charge client costs endured related to that transfer of funds usually 3%-6%. Title Transfer Collateral Arrangement (TTCA)
6.15. The Title Transfer Collateral Arrangement (hereinafter referred to as “TTCA”) allows a Client wishes to use the Services offered by the Company under this Agreement agree that his/her monies or assets will be treated as collateral in respect of Stocks listed his/her existing or future obligations with OPO GROUP LLC. In addition, under a TTCA, OPO GROUP LLC can treat the margin or collateral as its own working capital and not as Client money. As a result, OPO GROUP LLC is not obliged to segregate the margin and in the United States and/or Financial Instruments relating to Stocks listed in the United Statesevent of OPO GROUP LLC' s collapse, the Company may request TTCA can have the Client, in accordance with applicable US legislation, effect of making such a Client an unsecured creditor of OPO GROUP LLC. The relationship between OPO GROUP LLC and the Client its Clients shall be obliged to provide governed by explicitly including the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks warnings on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus conon-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions application of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6certain safeguarding requirements.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Samples: Client Agreement
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company CAPITALXTEND LLC and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found in the Website.
5.2 The Company 6.2. CAPITALXTEND LLC may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. CAPITALXTEND LLC may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. CAPITALXTEND LLC may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company CAPITALXTEND LLC will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company CAPITALXTEND LLC may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company CAPITALXTEND LLC from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company CAPITALXTEND LLC does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. CAPITALXTEND LLC shall not be obliged to pay interest to the Client on any funds which the Company CAPITALXTEND LLC holds or in respect of any stocks held by the Company CAPITALXTEND LLC as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. CAPITALXTEND LLC will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyCAPITALXTEND LLC, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company CAPITALXTEND LLC in writing to the contrary, the Company CAPITALXTEND LLC may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Saint Xxxxxxx And the The Grenadines or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusSaint Xxxxxxx And the The Grenadines. The legal and regulatory regime applying to any suchsuch person will be different from that of Saint Xxxxxxx And the The Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in . CAPITALXTEND LLC will not be liable for the solvency, acts or omissions of any third party referred to in this clause. CAPITALXTEND LLC will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company CAPITALXTEND LLC is unable to trace the Client despite having taken reasonable steps to do so, the Company CAPITALXTEND LLC may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund6.12. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company CAPITALXTEND LLC will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company CAPITALXTEND LLC holds in Segregated Accounts on a regular daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company CAPITALXTEND LLC reserves the right to carry out such reconciliations and transfers more frequently, should the Company CAPITALXTEND LLC reasonably consider that this is necessary to protect the CompanyCAPITALXTEND LLC’s or a Client’s interests.
5.14 6.13. The Client agrees that the Company CAPITALXTEND LLC shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When 6.14. If client deposits money into trading account and request a withdrawal without having trading activity in the account , Capitalxtend holds the right to charge client costs endured related to that transfer of funds usually 3% . Title Transfer Collateral Arrangement (TTCA)
6.15. The Title Transfer Collateral Arrangement (hereinafter referred to as “TTCA”) allows a Client wishes to use the Services offered by the Company under this Agreement agree that his/her monies or assets will be treated as collateral in respect of Stocks listed his/her existing or future obligations with CAPITALXTEND LLC. In addition, under a TTCA, CAPITALXTEND LLC is able to treat the margin or collateral as its own working capital and not as Client money. As a result, CAPITALXTEND LLC is not obliged to segregate the margin and in the United States and/or Financial Instruments relating to Stocks listed in the United Statesevent of CAPITALXTEND LLC' s collapse, the Company TTCA can have the effect of making such a Client an unsecured creditor of CAPITALXTEND LLC. The relationship between CAPITALXTEND LLC and its Clients shall be governed by explicitly including the warnings on the non-application of certain safeguarding requirements. The terms under this section apply if the Client is categorized as a Professional Client or Eligible Counterparty. The Client acknowledges and agrees that CAPITALXTEND LLC may request treat any transfer of money by the Client to CAPITALXTEND LLC as a transfer of full ownership of money to CAPITALXTEND LLC for the purpose of securing or covering the Client’s present, future, actual, contingent or prospective obligations, and CAPITALXTEND LLC will not hold such money in accordance with applicable US the Safekeeping of Client Assets and Funds, as there are defined in the relevant legislation. The Client shall not have a proprietary claim over money transferred to CAPITALXTEND LLC, and CAPITALXTEND LLC can deal with it in its own right, and the Client will rank the Client as a general creditor. Where CAPITALXTEND LLC agrees to accept cash as collateral, the Client shall be obliged transfer to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect CAPITALXTEND LLC full ownership of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares collateral so that all right, title and interest in the US and has to such cash will pass to CAPITALXTEND LLC outright. Such collateral will not provided the relevant US Tax Form, the Company may request the Client, be held in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specifyMoney Rules. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs agrees that all the Company money placed in his/her account is for the carrying out of transactions and therefore has the purpose of securing or covering the Clients’ present, future, actual, contingent or prospective obligations towards CAPITALXTEND LLC. The Client must not place any money with that is not for the purpose of securing or covering Client’s present, future, actual, contingent or prospective obligations towards CAPITALXTEND LLC. The amount of Client funds subject to hold the Stocks on TTCA should not far exceed the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6obligations towards CAPITALXTEND LLC.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s account (e.g. to purchase, sell or move the assets) for a period of at least twelve years (notwithstanding any receipts of dividends or interest or similar items and irrespective of any movement of the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Samples: Client Agreement
