Client’s money. 19.1. A Client’s Money shall always be treated in accordance with the applicable Client Money rules and therefore, Client’s monetary funds will be segregated from the Company’s own money/funds and cannot and will not be used during the Company’s business.
19.2. The Company will promptly place any Client money it receives into one or more segregated account(s), denoted as the Clients’ Accounts with reliable financial institutions within and/or outside Cyprus and/or the European Union (hereafter referred to as the “Eu”) and/or the European Economic Area (hereafter referred to as the “EEA”)
19.3. Both Parties mutually agree and acknowledge that credit institution(s) or bank(s) shall be governed by the Laws of the foreign country and therefore the rights related to the Client’s money or Financial Instruments may differ from those provided by local legislation.
19.4. The Parties mutually agree and understand that the Company may keep merchant accounts in its name with payment services providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are
19.5. By accepting the Agreement and commencing a business relationship with the Company, the Client expressly provides their consent for keeping their funds in an omnibus account. This means that all Client Money is treated as belonging to the Company’s Clients, and under no circumstance the Company will use it to meet any of its obligations, at any time. An omnibus account means that Clients’ funds will be pooled with money belonging to other Clients in a Segregated Account.
19.6. In general, accounts held with financial institutions, including omnibus accounts, face various risks. For instance, in the event of default, no single Client will have a claim against a specific sum in a specific account in the event of insolvency or default of the institution. Any Client claim shall be against the money held in the Segregated Account, according to the laws of that jurisdiction. Under such circumstances, the enforcement of the respective national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
19.7. Client Money held in Segregated Account(s)may be exposed to obligations of the Company, connected with the Positions of the other Clients. Where the Company is or become unable to meet the above obligations and the Client has been categorized as Retail Client, they are entitled to com...
Client’s money. For your protection we do not handle client money. We never accept a cheque made out to us (unless it’s a cheque in settlement of charges or disbursements for which we have sent you an invoice) or handle cash. We reserve the right to amend the terms under which we provide financial services at any time. We will notify you of any changes prior to conducting any business under the amended terms. Any variations to the standard terms and conditions of business will only be accepted if in writing and signed by a Director of the Company.
Client’s money. For your protection we do not handle client money. We never accept a cheque made out to us (unless it’s a cheque in settlement of charges or disbursements for which we have sent you an invoice) or handle cash.
Client’s money. 7.5.1 All money transferred to Doo Prime by the Client shall be known as “Client Money” for the purposes of this Agreement.
7.5.2 The Client Money shall be held on trust by Doo Prime for the Client and the Client Money shall be segregated from Doo Prime’s bank account at all times. Doo Prime may hold the Client Money and the money of other clients in the same account and it might not be possible to clearly segregate the Client’s Money from the other client. Doo Prime shall retain the necessary records and Client Account details to distinguish this.
7.5.3 The Client acknowledges that Doo Prime may hold or deduct Client Money on the Client’s behalf in an account with an approved bank or third party where:
(a) the account may be subject to set-off rights, security or lien by Doo Prime, the bank or third party, or Doo Prime is required to do so by any regulatory authority; and
(b) in the event of the insolvency of the bank or the third party, Doo Prime shall not be liable for any loss or damages against the Client.
7.5.4 It is not Doo Prime’s policy to pay interest on the Client Money within the Account. The Client acknowledges and agrees in waiving any entitlement to any interest from the Client Money.
7.5.5 Doo Prime may without prior notice, apply and/or transfer any or all funds in the Account in order to settle the Client’s present, future or contingent liabilities owed to Doo Prime.
7.5.6 The Client consents in Doo Prime retaining any interest acquired from the Client Money subject to Applicable Statutes And Regulations.
Client’s money a. Funds belonging to the Client that will be used for trading purposes will be kept in an account with any bank or financial institution used to accept funds which the Company will specify from time to time and will be held in the Clients’ denominated bank accounts.
b. It is understood that the Company may hold funds on behalf of the Client in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Client’s funds may be treated differently from the treatment which would apply if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause.
c. Funds belonging to the Client that will be used for execution of Client’s transactions through EU regulated investment firms will be kept in bank accounts maintained by the EU investment firms. In particular, the Client’s funds will be transferred to the EU investment firm through which clients’ transactions will be performed in order to meet Client’s obligation to provide collateral for a transaction (for example, an initial margin requirement). It is understood that the Company will ensure that the EU investment firm follows equivalent procedures with the Company as regards safeguarding of clients’ funds. In particular, the Company shall ensure that the EU investment firm keeps clients’ funds in segregated bank accounts in order to be separated from its own funds and that regular reconciliations are performed as regards clients’ funds.
14.1 The following steps have been taken by the Company in order to ensure the protection of Clients’ financial instruments or funds:
a. Segregation and Denomination of Clients’ Accounts: As per the provisions of paragraph above of the Agreement above, funds belonging to the Client that will be used for trading purposes will be kept in an account with any bank or financial institution used to accept funds which the Company will specify from time to time and will be held in Clients’ denominated bank accounts, segregated from the Company’s own funds.
Client’s money. 7.1. Client`s funds ‘the Funds’ held on the Trading Account, will be deposited in an institution “the Institution”, specified by the Company on the Client’s behalf. The Funds will be segregated by the Company and held in accordance with applicable regulations in a segregated account. The Company may hold the Funds of different Clients in the same account as per the applicable regulations.
7.2. The Company is not obliged to pay interest to the Client for the Funds deposited.
7.3. The Client has the right to withdraw any part of the Funds, equal to the free margin available in the trading account. Such a request is processed within the same business day. The Company reserves the right to request additional information to safeguard a legitimate Client`s request. The Company may decline such a request, if it deems that the request may not be legitimate.
7.4. The Client has the right to withdraw any part of the Funds available using a specific transfer method. The Company has the right to decline and has the right to suggest an alternative method of transfer.
7.5. The Client accepts, that the Funds will be deposited in the trading account on the value date received by the Institution, net of any transfer fees or other charges incurred.
7.6. In the event, that there has been no movement on the Client’s Trading Account for a period of at least six (6) years, excluding any payments or receipts of charges, interest or similar items, and the Company having taken reasonable steps to trace the Client, is unable to do so; the Company may release any Client`s Funds from the segregated account.
7.7. If the Client’s trading account is for a period of 60 days and more, shall be classified by Company as an Inactive Account (“Inactive Account”), and the Company reserves the right to charge an account maintenance fee of USD10 in order to maintain the trading account open. The Company may close the account if the balance is zero and notify the Client accordingly.
7.8. The Company is covered by the Investors Compensation Fund (ICF), where the Client may be entitled to compensation from the ICF, if the Company cannot meet its obligations; as explained in the Investor Compensation Fund Policy.
Client’s money. 6.1. Client`s funds (‘the Funds’) held on the Trading Account, will be deposited with an institution (“the Institution”), specified by the Company on the Client’s behalf. The Funds will be segregated by the Company and accounted in segregation from own funds in its record keeping. The Company may hold the Funds of different Clients in the same account.
6.2. The Company is not obliged to pay interest to the Client for the Funds deposited.
6.3. The Client has the right to withdraw any part of the Funds, equal to the free margin available in the trading account. Such a request is usually processed within the same business day unless the request is received on a public holiday or during the weekend. The Company reserves the right to request additional information to safeguard a legitimate Client`s request. The Company may decline such a request if it deems, that the request may not be legitimate.
6.4. The Client has the right to withdraw all or part of the Funds available, using a specific transfer method. The Company has the right to decline and has the right to suggest an alternative method of transfer.
6.5. The Client accepts, that the Funds will be deposited in the trading account on the value date received by the Institution, net of any transfer fees or other charges incurred.
6.6. If the Client`s Account is inactive for two (2) months or more, and after notifying the Client, the Company reserves the right to close the Clients` Account and consider it dormant. Money in the dormant account shall remain owing to the Client and the Company shall make and retain records and return such funds upon request by the Client at any time thereafter
6.7. If the Client’s trading account is totally inactive for a period of two (2) months or more, the Client`s trading account will be classified by Company as a Dormant/Inactive Account (“Inactive Account”).The Company reserves the right to charge one off inactivity fee of €50 (or equivalent) and thereafter for each following month of inactivity - €30 (or equivalent) per month. The fee will cover any account maintenance costs. The Company may close the Client`s trading account if the balance is zero and notify the Client accordingly.
Client’s money. 4.1 AML - QFS shall neither receive nor disburse Customer’s funds in cash currency or cash equivalents. All transactions between Customer and QFS shall be performed by wire, Automatic Clearing House (“ACH”) or other method in which the identities of both the sending and receiving parties can be verified by QFS and which QFS, in its sole discretion, shall deem appropriate. QFS shall perform deposit/withdrawal transactions only between Customer’s QFS Account and another Account which is held in Customer’s name or of which Customer clearly demonstrates ownership to QFS. In order to prevent money laundering, fraud, and other unauthorized activity, QFS may limit Customer’s withdrawal options.
4.2 The Customer accepts that the Funds shall be deposited in his/ her trading account on the value date received by the Institution, net of any transfer fees or other charges incurred by QFS that are imposed by the Institution (or intermediary involved in the process) that holds the Funds.
4.3 The Customer accepts that the Funds shall be deposited in his/ her trading account only if QFS is satisfied that the sender of the Funds is the Customer or his/ her authorised representative; if QFS is not satisfied as to the above then QFS has the right to reject the Funds and return them to the remitter net of any transfer fees or other charges incurred by QFS, using the same transfer method as the one through which it originally received the Funds.
4.4 The Customer 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 QFS originally received the Funds from; under such circumstances, QFS shall return the part of the Funds requested net of any transfer fees or other charges incurred by QFS. In cases where the withdrawal amount exceeds the original sum deposited, QFS will refund the deposit sum to the same transfer method and the same remitter as the one which QFS originally received the Funds from. Any subsequent profits can be dispersed via bank wire transfer, net of any transfer fees or other charges incurred by QFS. In any event, QFS can decide at its sole discretion to return Customer's funds using any transfer method available.
4.5 If, at any time, QFS is not satisfied with the documentation provided by the Customer in relation to the withdrawal/ deposit, QFS reserves the right to reverse to the remitter any part of the Funds net of any transfer fees or other charges incurred by QFS, using the ...
Client’s money. (Safeguarding)
1. Will retain accurate corresponding records distinguishing the Client money from its own as well as that of other Clients.
2. Will conduct on a regular basis reconciliation between its internal accounts and records and those of any third parties by whom those funds are held.
3. Will keep all Client money segregated from its own funds Will not use Client money for its own business purposes.
4. Will ensure that Client money deposited into financial institutions is segregated from its own money in clearly identified accounts (Clause 11.1). The financial institution where segregated client funds will be kept may be within Cyprus or within the EEA. It should be noted that the applicable legislation applied to such financial institutions outside of Cyprus (but within EEA) may be different from the applicable legislation in Cyprus. In the event of insolvency, your funds may be treated differently from any treatment applicable to funds held in segregated accounts in Cyprus. The financial institution, to which we will pass your money, may hold it in an omnibus account. Hence, in the event of the insolvency or any other comparable proceedings in relation to that financial institution, we may only have an unsecured claim against the financial institution on your behalf, and you will be exposed to the risk that the money received by us from the financial institution is insufficient to satisfy your claims. It is understood that the Company may hold Client money and the money of other clients in the same account.
Client’s money. 7.1 We have chosen not to seek authorisation to handle Clients’ money. This means that We are unable to accept cash or a cheque made out to Xxxxxxxxx-Xxxx Ltd, unless it is a cheque in settlement of charges or disbursements for which We have submitted an invoice. We do not handle cash and request that all cheques for investment are drawn in favour of the Institution concerned.
