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 compensation from the Investor Compensation Fund (ICF). The Company is a member of the ICF. So, depending on their classification, the Client may be entitled to compensation from the ICF in the event that the Company is unable to meet its obligations. More details are found in the Company’s document “Investor Compensation Fund”, found on the Company’s Website. 19.8. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held. 19.9. The Client understands, accepts and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use the 19.10. Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction. 19.11. The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason. 19.12. Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile. 19.13. The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP Policy. Further information on withdrawal times can be found on the Company’s Website. 19.14. Transfer of funds will take place once the debits or credits have been processed in the 19.15. Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer. 19.16. The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation. 19.17. It is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company. 19.18. The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past. 19.19. The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where the 19.20. The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control. 19.21. In case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain. 19.22. There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes. 19.23. The Client understands and accepts that the Company reserves the right to set-off any liability of the Client under the Agreement. Where the liabilities to be set-off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange. 19.24. The Client understands and accepts that the Company reserves the right to net-off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
Appears in 3 contracts
Samples: Client Agreement, Client Agreement, Client Agreement
Client’s money. 19.115.1. A Client’s Money shall always be treated treated, at all times, in accordance with the applicable ‘Client Money rules and thereforeMoney’ rules.
15.2. As such, Client’s monetary funds will be segregated from the Company’s own money/funds and cannot and will not be used during in the course of 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 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 [EU/EEA]) such as the “EEA”)
19.3. Both Parties mutually agree and acknowledge that a credit institution(s) or bank(s) shall be governed by the Laws of the foreign country and therefore country, as a result of which 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 It is understood 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 areare not used for safekeeping of Client money but only to effect settlements of payment transactions.
19.515.3. 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.
19.615.4. 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.
19.715.5. 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 compensation from the Investor Compensation Fund (ICF). The Company is a member of the ICF. So, depending on their classification, the Client may be entitled to compensation from the ICF in the event that the Company is unable to meet its obligations. More details are found in the Company’s document “Investor Compensation Fund”, found on the Company’s Website.
19.815.6. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held.
19.915.7. The Client understands, accepts and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use thethe Margin in the following circumstances: (a) as long as the Margin remains in the Client’s 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 to the Client on completion of the Client’s trade(s) and (b) in this case, the Margin will be considered as debt due by the Company to the Client and not as Client money, therefore it could be used by the Company subject to the repayment obligation(s). Irrespective of the above, the Balance and equity of the Client’s account(s) remain unaffected and the Client may normally continue their trading and/ or other activity.
19.1015.8. Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
19.1115.9. The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason.
19.1215.10. Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile.
19.1315.11. The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP Policy. Further information on withdrawal times can be found on the Company’s Website.
19.1415.12. Transfer of funds will take place once the debits or credits have been processed in thethe Company’s systems and while the Company will try to the best if its ability to effect the payments promptly and efficiently, the Company cannot guarantee how long the process could take. It is the Client’s responsibility to provide the appropriate and accurate information in a timely manner, in order to avoid any further delays.
19.1515.13. Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer.
19.1615.14. The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation.
19.1715.15. It is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company.
19.1815.16. The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past.
19.1915.17. The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where thethe Company is not satisfied with the documentation provided by the Client. In this case, the Company reserves the right to reverse the Transaction in part or in full, net of any transfer fees, charges or other deductions incurred by the Company. The Client understands that there may be instances where the Company will be unable to provide the Client with an explanation as to why the Company cannot proceed with their request.
19.2015.18. The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control.
19.2115.19. In case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain.
19.2215.20. There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes.
19.2315.21. The Client understands and accepts that the Company reserves the right to set-off set•off any liability of the Client under the Agreement. Where the liabilities to be set-off set•off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange.
19.2415.22. The Client understands and accepts that the Company reserves the right to net-off net•off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
15.23. Where an Account is inactive for a period of five (5) years with a positive balance (i.e. there are funds available on Clients’ Account) and during that period no Transactions have been carried out in relation to the account or on the instructions of the holder of the account and the Company is unable to contact the Client after it takes reasonable efforts to achieve this, the Company has the right to cease treating those funds as Client Money and make a deduction from Client’s Account. If the Client later makes a valid claim to the Company, the Company may pay any amount owed to the Client.
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
Client’s money. 19.121.1. 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.
19.221.2. 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”)
19.321.3. 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.
19.421.4. 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 areare not used for safekeeping of Client money but only to effect settlements of payment transactions.
19.521.5. 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.
19.621.6. 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.
19.721.7. 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 compensation from the Investor Compensation Fund (ICF). The Company is a member of the ICF. So, depending on their classification, the Client may be entitled to compensation from the ICF in the event that the Company is unable to meet its obligations. More details are found in the Company’s document “Investor Compensation Fund”, found on the Company’s Website.
19.821.8. Importantly, the Investor Compensation Fund is only applicable to regulated products.
21.9. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held.
19.921.10. The Client understands, accepts and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use thethe Margin in the following circumstances: (a) as long as the Margin remains in the Client’s 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 to the Client on completion of the Client’s trade(s) and (b) in this case, the Margin will be considered as debt due by the Company to the Client and not as Client money, therefore it could be used by the Company subject to the repayment obligation(s). Irrespective of the above, the Balance and equity of the Client’s account(s) remain unaffected and the Client may normally continue their trading and/ or other activity.
19.1021.11. Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
19.1121.12. The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason.
19.1221.13. Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile.
19.1321.14. The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP Policy. Further information on withdrawal times can be found on the Company’s Website.
19.1421.15. Transfer of funds will take place once the debits or credits have been processed in thethe Company’s systems and while the Company will try to the best if its ability to effect the payments promptly and efficiently, the Company cannot guarantee how long the process could take. It is the Client’s responsibility to provide the appropriate and accurate information in a timely manner, in order to avoid any further delays.
19.1521.16. Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer.
19.1621.17. The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients Clients’ dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation.
19.1721.18. The Company reserves the rights to request updated Know-Your-Client documentation (i.e. proof of identity and/or proof of address), if those documents are expired, upon a withdrawal request. The Company reserves the right to reject any withdrawal request unless the Know-Your-Client documentation are duly updated and properly in place, to maintain the Company’s ongoing compliance with the applicable rules and regulations.
21.19. It is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company.
19.1821.20. The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past.
19.1921.21. The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where thethe Company is not satisfied with the documentation provided by the Client. In this case, the Company reserves the right to reverse the Transaction in part or in full, net of any transfer fees, charges or other deductions incurred by the Company. The Client understands that there may be instances where the Company will be unable to provide the Client with an explanation as to why the Company cannot proceed with their request.
19.2021.22. The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control.
19.2121.23. In case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain.
19.2221.24. There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes.
19.2321.25. The Client understands and accepts that the Company reserves the right to set-off any liability of the Client under the Agreement. Where the liabilities to be set-off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange.
19.2421.26. The Client understands and accepts that the Company reserves the right to net-off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
21.27. Where an Account is inactive for a period of five (5) years with a positive balance (i.e. there are funds available on Clients’ Account) and during that period no Transactions have been carried out in relation to the account or on the instructions of the holder of the account and the Company is unable to contact the Client after it takes reasonable efforts to achieve this, the Company has the right to cease treating those funds as Client Money and make a deduction from Client’s Account. If the Client later makes a valid claim to the Company, the Company may pay any amount owed to the Client.
21.28. The Client acknowledges that NAGA may appoint any other person as a sub-custodian or otherwise hold any Real Stocks, including documents of title or certificates evidencing title to such Real Stocks. NAGA will exercise reasonable skill and care in the selection, appointment and periodic review of sub- custodians. Any discrepancy in terms of client assets and any resulting shortfall will be dealt with in accordance with any applicable regulations. Real Stocks will be registered in the same name as those of other clients (pooled together with other clients’ Instruments). If the Company or its third-party nominee were to become insolvent there may be delays in identifying individual assets, and possibly an increased risk of loss if there should be a shortfall because additional time will be needed to identify the assets held for specific Clients.
21.29. The Client acknowledges that in the event that the Company did not receive instructions from the Client in relation to any of the Real Stocks held in his/her 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 your account balance) and NAGA is unable to trace the client despite having taken reasonable steps to do so, that NAGA may cease to treat your assets as client assets.
Appears in 2 contracts
Samples: Client Agreement, Client Agreement
Client’s money. 19.120.1. 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.
19.220.2. 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”)
19.320.3. 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.
19.420.4. 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
19.520.5. 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.
19.620.6. 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.
19.720.7. 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 compensation from are
20.8. Importantly, the Investor Compensation Fund (ICF). The Company is a member of the ICF. So, depending on their classification, the Client may be entitled only applicable to compensation from the ICF in the event that the Company is unable to meet its obligations. More details are found in the Company’s document “Investor Compensation Fund”, found on the Company’s Websiteregulated products.
19.820.9. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held.
19.920.10. The Client understands, accepts and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use the
19.1020.11. Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
19.1120.12. The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason.
19.1220.13. Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile.
19.1320.14. The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP Policy. Further information on withdrawal times can be found on the Company’s Website.
19.1420.15. Transfer of funds will take place once the debits or credits have been processed in thethe Company’s systems and while the Company will try to the best if its ability to effect the payments promptly and efficiently, the Company cannot guarantee how long the process could take. It is the Client’s responsibility to provide the appropriate and accurate information in a timely manner, in order to avoid any further delays.
19.1520.16. Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer.
19.1620.17. The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients Clients’ dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation.
19.1720.18. The Company reserves the rights to request updated Know-Your-Client documentation (i.e.
20.19. It is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company.
19.1820.20. The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past.
19.1920.21. The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where the
19.2020.22. The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control.
19.2120.23. In case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain.hold
19.2220.24. There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes.
19.2320.25. The Client understands and accepts that the Company reserves the right to set-off any liability of the Client under the Agreement. Where the liabilities to be set-off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange.
19.2420.26. The Client understands and accepts that the Company reserves the right to net-off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
Appears in 1 contract
Samples: Client Agreement
Client’s money. 19.1. 20.1 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. 20.2 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 Greece and/or the European Union (hereafter referred to as the “EuEU”) and/or the European Economic Area (hereafter referred to as the “EEA”).
19.3. 20.3 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. 20.4 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 areare not used for safekeeping of Client money but only to effect settlements of payment transactions.
19.5. 20.5 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. 20.6 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. 20.7 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 compensation from the Investor Compensation Investment Guarantee Fund (ICFIGF). The Company is a member of the ICFIGF. So, depending on their classification, the Client may be entitled to compensation from the ICF IGF in the event that the Company is unable to meet its obligations. More details are found in the Company’s document “Investor Compensation Investment Guarantee Fund”, found on the Company’s Website.
19.8. 20.8 Importantly, the Investment Guarantee Fund is only applicable to regulated products.
20.9 The Company has duty to and shall exercise due skill, care care, and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held.
19.9. 20.10 The Client understands, accepts accepts, and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use thethe Margin in the following circumstances: (a) as long as the Margin remains in the Client’s 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 to the Client on completion of the Client’s trade(s) and (b) in this case, the Margin will be considered as debt due by the Company to the Client and not as Client money, therefore it could be used by the Company subject to the repayment obligation(s). Irrespective of the above, the Balance and equity of the Client’s account(s) remain unaffected, and the Client may normally continue their trading and/ or other activity.
19.10. 20.11 Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment appointment, and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
19.11. 20.12 The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason.
19.12. 20.13 Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile.
19.13. 20.14 The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP PolicyNegative Balance Protection. Further information on withdrawal times can be found on the Company’s Website.
19.14. 20.15 Transfer of funds will take place once the debits or credits have been processed in thethe Company’s systems and while the Company will try to the best if its ability to affect the payments promptly and efficiently, the Company cannot guarantee how long the process could take. It is the Client’s responsibility to provide the appropriate and accurate information in a timely manner, in order to avoid any further delays.
19.15. 20.16 Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer.
19.16. 20.17 The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients Clients’ dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation.
19.1720.18 The Company reserves the rights to request updated Know-Your-Client documentation (i.e., proof of identity and/or proof of address), if those documents are expired, upon a withdrawal request. The Company reserves the right to reject any withdrawal request unless the Know-Your-Client documentation are duly updated and properly in place, to maintain the Company’s ongoing compliance with the applicable rules and regulations.
20.19 It is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company.
19.18. 20.20 The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past.
19.19. 20.21 The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where thethe Company is not satisfied with the documentation provided by the Client. In this case, the Company reserves the right to reverse the Transaction in part or in full, net of any transfer fees, charges or other deductions incurred by the Company. The Client understands that there may be instances where the Company will be unable to provide the Client with an explanation as to why the Company cannot proceed with their request.
19.20. 20.22 The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control.
19.21. 20.23 In case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain.
19.22. 20.24 There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes.
19.23. 20.25 The Client understands and accepts that the Company reserves the right to set-off any liability of the Client under the Agreement. Where the liabilities to be set-off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange.
19.24. 20.26 The Client understands and accepts that the Company reserves the right to net-off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
20.27 Where an Account is inactive for a period of five (5) years with a positive balance (i.e. there are funds available on Clients’ Account) and during that period no Transactions have been carried out in relation to the account or on the instructions of the holder of the account and the Company is unable to contact the Client after it takes reasonable efforts to achieve this, the Company has the right to cease treating those funds as Client Money and make a deduction from Client’s Account. If the Client later makes a valid claim to the Company, the Company may pay any amount owed to the Client.
20.28 The Client acknowledges that AXON may appoint any other person as a sub-custodian or otherwise hold any Real Stocks, including documents of title or certificates evidencing title to such Real Stocks. AXON will exercise reasonable skill and care in the selection, appointment, and periodic review of sub-custodians. Any discrepancy in terms of client assets and any resulting shortfall will be dealt with in accordance with any applicable regulations. Real Stocks will be registered in the same name as those of other clients (pooled together with other clients’ Instruments). If the Company or its third-party nominee were to become insolvent there may be delays in identifying individual assets, and possibly an increased risk of loss if there should be a shortfall because additional time will be needed to identify the assets held for specific clients.
20.29 The Client acknowledges that in the event that the Company did not receive instructions from the Client in relation to any of the Real Stocks held in his/her 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 your account balance) and AXON is unable to trace the client despite having taken reasonable steps to do so, that AXON may cease to treat your assets as client assets.
Appears in 1 contract
Samples: Client Agreement
Client’s money. 19.1. A Client’s Money shall always (1) All the funds received by you or held by us on your behalf will be treated as Client Money in accordance with the applicable Client Money rules Applicable Laws and therefore, Client’s monetary Regulations. Your 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 held in one or more segregated account(s), denoted as the Clients’ Accounts designated Client Money accounts with reliable financial authorised credit institutions located 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”). This means that Client Money is segregated from our own funds and thereby protected against any claims from our creditors, in the event of our insolvency.
19.3(2) Your funds will be pooled with those of other clients in omnibus accounts and therefore may not be possible to determine the specific credit institution they are held. Both Parties mutually agree In case of insolvency or similar proceedings involving a credit institution holding Clients Money, which results in a shortfall in the amount of Client Money held, you may not receive your full entitlement and acknowledge you may share proportionally the shortfall with other clients. You should further note that the funds held in omnibus accounts may be used by Mitrade to meet its obligations towards other clients.
(3) Whilst we have exercised all due skill, care and diligence in selecting, appointing and reviewing the credit institution(s) where Client Money is held, we shall not be liable for any losses you may suffer resulting from the insolvency, acts or bank(somissions of such institutions. We may use multiple credit institutions to diversify and mitigate concentration risk.
(4) shall By accepting the present Agreement, you acknowledge and therefore provide your consent for maintaining your funds in an omnibus account as stipulated hereinabove in this Agreement.
(5) Client Money will be governed by held on trust, in accordance with Clause 10(1) above, solely for the Laws Services and Transactions outlined in this Agreement. We are entitled to set-off any amount that is due and payable to us, including any unrealised losses incurred from your open Positions, against any of the foreign country and therefore the rights related Client Money held by us. Similarly, we may transfer funds from our own accounts to the Client’s money or Financial Instruments may differ Client Money accounts to cover any amounts due to you, including any unrealised profits from those provided by local legislationopen Positions.
19.4. The Parties mutually agree (6) You acknowledge and understand that we are not obliged to pay you any interest on the Client Money we hold on your behalf.
(7) You further agree that we reserve the right to hold your funds in a designated Client Money account denominated in a currency that is different from that of your Account. In any case, the amount of Client Money held will be at least equal in value to your Base Currency.
(8) It is understood that the Company may keep merchant accounts in its name with payment services service providers (referred to as the “PSPs”) used to settle payment transactions of its Clients. However, for For the avoidance of any doubt, it is further 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 are not used for keeping their funds in an omnibus account. This means that all safekeeping of Client Money is treated as belonging but only to effect settlements of payment transactions. For more information, you may refer to the Company’s Clients, and under no circumstance the Company will use it to meet any list 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 AccountPSPs found on our Website.
19.6. In general, accounts held with financial institutions, including omnibus accounts, face various risks. For instance, (9) You may obtain information 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 relation to the laws amount 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 by us on your behalf any time through the Trading Platform. We will also provide you with a statement of the Companyyour Account via email, connected with the Positions at least on a quarterly basis.
(10) Mitrade is a member 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 compensation from the Investor Compensation Fund (referred to as the “ICF”). The Company , whose main objective is to secure the claims of covered clients should a member of the ICFICF be unable to fulfil its obligations. SoIf you are categorised as a Retail Client, depending on their classification, the Client you may be entitled to compensation from the ICF in the event that the Company is we are unable to meet its obligations. More details are found our obligations as explained in the Company’s document “Investor Compensation Fund”, Fund Notice found on the Company’s our Website.
19.8. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held.
19.9. The Client understands, accepts and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use the
19.10. Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
19.11. The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason.
19.12. Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile.
19.13. The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP Policy. Further information on withdrawal times can be found on the Company’s Website.
19.14. Transfer of funds will take place once the debits or credits have been processed in the
19.15. Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer.
19.16. The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation.
19.17. It is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company.
19.18. The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past.
19.19. The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where the
19.20. The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control.
19.21. In case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain.
19.22. There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes.
19.23. The Client understands and accepts that the Company reserves the right to set-off any liability of the Client under the Agreement. Where the liabilities to be set-off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange.
19.24. The Client understands and accepts that the Company reserves the right to net-off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
Appears in 1 contract
Samples: Client Agreement
Client’s money. 19.115.1. 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.
19.215.2. 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”)
19.315.3. 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.
19.415.4. 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 areare not used for safekeeping of Client money but only to effect settlements of payment transactions.
19.515.5. 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.
19.615.6. 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.
19.715.7. 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 compensation from the Investor Compensation Fund (ICF). The Company is a member of the ICF. So, depending on their classification, the Client may be entitled to compensation from the ICF in the event that the Company is unable to meet its obligations. More details are found in the Company’s document “Investor Compensation Fund”, found on the Company’s Website.
19.815.8. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held.
19.915.9. The Client understands, accepts and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use thethe Margin in the following circumstances: (a) as long as the Margin remains in the Client’s 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 to the Client on completion of the Client’s trade(s) and (b) in this case, the Margin will be considered as debt due by the Company to the Client and not as Client money, therefore it could be used by the Company subject to the repayment obligation(s). Irrespective of the above, the Balance and equity of the Client’s account(s) remain unaffected and the Client may normally continue their trading and/ or other activity.
19.1015.10. Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
19.1115.11. The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason.
19.1215.12. Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile.
19.1315.13. The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP Policy. Further information on withdrawal times can be found on the Company’s Website.
19.1415.14. Transfer of funds will take place once the debits or credits have been processed in thethe Company’s systems and while the Company will try to the best if its ability to effect the payments promptly and efficiently, the Company cannot guarantee how long the process could take. It is the Client’s responsibility to provide the appropriate and accurate information in a timely manner, in order to avoid any further delays.
19.1515.15. Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer.
19.1615.16. The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation.
19.1715.17. It is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company.
19.1815.18. The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past.
19.1915.19. The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where thethe Company is not satisfied with the documentation provided by the Client. In this case, the Company reserves the right to reverse the Transaction in part or in full, net of any transfer fees, charges or other deductions incurred by the Company. The Client understands that there may be instances where the Company will be unable to provide the Client with an explanation as to why the Company cannot proceed with their request.
19.2015.20. The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control.
19.2115.21. In case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain.the
19.2215.22. There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes.
19.2315.23. The Client understands and accepts that the Company reserves the right to set-off any liability of the Client under the Agreement. Where the liabilities to be set-off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange.
19.2415.24. The Client understands and accepts that the Company reserves the right to net-off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
15.25. Where an Account is inactive for a period of five (5) years with a positive balance (i.e. there are funds available on Clients’ Account) and during that period no Transactions have been carried out in relation to the account or on the instructions of the holder of the account and the Company is unable to contact the Client after it takes reasonable efforts to achieve this, the Company has the right to cease treating those funds as Client Money and make a deduction from Client’s Account. If the Client later makes a valid claim to the Company, the Company may pay any amount owed to the Client.
Appears in 1 contract
Samples: Client Agreement
Client’s money. 19.111.1. A Client’s Money shall always be treated treated, at all times, in accordance with the applicable ‘Client Money rules and thereforeMoney’ rules.
11.2. As such, Client’s monetary funds will be segregated from the Company’s own money/funds and cannot and will not be used during in the course of 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 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 [EU/EEA]) such as the “EEA”)
19.3. Both Parties mutually agree and acknowledge that a credit institution(s) or bank(s) shall be governed by the Laws of the foreign country and therefore country, as a result of which 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 It is understood 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 areare not used for safekeeping of Client money but only to effect settlements of payment transactions.
19.511.3. 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.
19.611.4. 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.
19.711.5. 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 compensation from the Investor Compensation Fund (ICF). The Company is a member of the ICF. So, depending on their classification, the Client may be entitled to compensation from the ICF in the event that the Company is unable to meet its obligations. More details are found in the Company’s document “Investor Compensation Fund”, found on the Company’s Website.
19.811.6. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held.
19.911.7. The Client understands, accepts and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use thethe Margin in the following circumstances: (a) as long as the Margin remains in the Client’s 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 to the Client on completion of the Client’s trade(s) and (b) in this case, the Margin will be considered as debt due by the Company to the Client and not as Client money, therefore it could be used by the Company subject to the repayment obligation(s). Irrespective of the above, the Balance and equity of the Client’s account(s) remain unaffected and the Client may normally continue their trading and/ or other activity.
19.1011.8. Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
19.1111.9. The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason.
19.1211.10. Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile.
19.1311.11. The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP Policy. Further information on withdrawal times can be found on the Company’s Website.
19.1411.12. Transfer of funds will take place once the debits or credits have been processed in thethe Company’s systems and while the Company will try to the best if its ability to effect the payments promptly and efficiently, the Company cannot guarantee how long the process could take. It is the Client’s responsibility to provide the appropriate and accurate information in a timely manner, in order to avoid any further delays.
19.1511.13. Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer.
19.1611.14. The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation.
19.1711.15. It is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company.
19.1811.16. The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past.
19.1911.17. The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where thethe Company is not satisfied with the documentation provided by the Client. In this case, the Company reserves the right to reverse the Transaction in part or in full, net of any transfer fees, charges or other deductions incurred by the Company. The Client understands that there may be instances where the Company will be unable to provide the Client with an explanation as to why the Company cannot proceed with their request.
19.2011.18. The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control.
19.2111.19. In case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain.
19.2211.20. There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes.
19.2311.21. The Client understands and accepts that the Company reserves the right to set-off set•off any liability of the Client under the Agreement. Where the liabilities to be set-off set•off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange.
19.2411.22. The Client understands and accepts that the Company reserves the right to net-off net•off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
11.23. Where an Account is inactive for a period of five (5) years with a positive balance (i.e. there are funds available on Clients’ Account) and during that period no Transactions have been carried out in relation to the account or on the instructions of the holder of the account and the Company is unable to contact the Client after it takes reasonable efforts to achieve this, the Company has the right to cease treating those funds as Client Money and make a deduction from Client’s Account. If the Client later makes a valid claim to the Company, the Company may pay any amount owed to the Client.
Appears in 1 contract
Samples: Client Agreement
Client’s money. 19.121.1. 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.
19.221.2. 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”)
19.321.3. 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.
19.421.4. 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
19.521.5. not used for safekeeping of Client money but only to effect settlements of payment transactions.
21.6. 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.
19.621.7. 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.
19.721.8. 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 compensation from the Investor Compensation Fund (ICF). The Company is a member of the ICF. So, depending on their classification, the Client may be entitled to compensation from the ICF in the event that the Company is unable to meet its obligations. More details are found in the Company’s document “Investor Compensation Fund”, found on the Company’s Website.
19.821.9. Importantly, the Investor Compensation Fund is only applicable to regulated products.
21.10. The Company has duty to and shall exercise due skill, care and diligence in the selection of the financial institution. However, it is understood that there are circumstances beyond the control of the Company and hence the Company does not accept any liability or responsibility for any resulting losses to the Client as a result of the insolvency or any other analogous proceedings or failure of the financial institution where Client money will be held.
19.921.11. The Client understands, accepts and agrees herewith that when holding funds belonging to Clients, the Company must make adequate arrangements to safeguard Clients’ rights and, except in the case of credit institutions, prevent the use of Client funds for its own account. The Client understands, accepts and agrees herewith that the Company is able to use thethe Margin in the following circumstances: (a) as long as the Margin remains in the Client’s 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 to the Client on completion of the Client’s trade(s) and (b) in this case, the Margin will be considered as debt due by the Company to the Client and not as Client money, therefore it could be used by the Company subject to the repayment obligation(s). Irrespective of the above, the Balance and equity of the Client’s account(s) remain unaffected and the Client may normally continue their trading and/ or other activity.
19.1021.12. Provided that the Company complies with its legal obligations, it can hold Client Money outside of the EEA. Any such Client Money will be subject to the laws of that territory and therefore Clients’ rights differ accordingly. According to applicable legislation, the Company will apply adequate organizational arrangements to comply with any requirement with regards to Client Money and will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of those Financial Instruments. Yet, the Company will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
19.1121.13. The Company will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with its internal policies and procedures, and will proceed with any required transfer to, or from the Segregated Account on the next Business Day, unless this is not possible for any reason.
19.1221.14. Any amounts corresponding to liabilities that Client has towards the Company, including liabilities arising as a result of abusing the Negative Balance Protection (NBP), can be deducted directly from the balance of any of the Client’s Account(s) under their profile.
19.1321.15. The Client has the right to withdraw any part of the Client Money equal to the Free Margin available in their Account(s), subject to any applicable restrictions regarding the account’s operation, and any other right or limitation on such withdrawal. The Company reserves the right to reject a withdrawal request in instances where the Company has reasonable grounds to believe that the said instruction is being placed to abuse the Company’s NBP Policy. Further information on withdrawal times can be found on the Company’s Website.
19.1421.16. Transfer of funds will take place once the debits or credits have been processed in thethe Company’s systems and while the Company will try to the best if its ability to effect the payments promptly and efficiently, the Company cannot guarantee how long the process could take. It is the Client’s responsibility to provide the appropriate and accurate information in a timely manner, in order to avoid any further delays.
19.1521.17. Any funds transferred to the Company for the purposes of funding a Trading Account, can only be deposited at the Value Date after any fees related to banking charges or transfer fees have been deducted. It is in the Company’s discretion, and provided that the Client has delivered a validated proof of payment, to credit funds ahead of the Value Date even if they are still in transfer.
19.1621.18. The Company reserves the right to request additional information and/or documentation, at any time, in order to be satisfied that Clients Clients’ dealings with the Company, including, but not limited to deposits and withdrawals, are legitimate or for any other reason so as to fulfil and comply with the Company’s regulatory obligations. The Client is responsible for providing the Company with complete and accurate information and failure to do so may result in delays with processing any requests, and/or any of the Client’s requests may be rejected. Any refund will be sent to the same source from where the funds were received. The Company will only deviate from this policy where it has been satisfied that this will not be contrary to any of its policies and applicable legislation.
19.1721.19. It The Company reserves the rights to request updated Know-Your-Client documentation (i.e proof of identity and/or proof of address), if those documents are expired, upon a withdrawal request. The Company reserves the right to reject any withdrawal request unless the Know-Your-Client documentation are duly updated and properly in place, to maintain the Company’s ongoing compliance with the applicable rules and regulations.
00.00. Xx is part of the Company’s policy to ensure that all withdrawals, either in part or in full of the funds a Client deposits with the Company, are sent to the same source where the funds came from. Where the Company is unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, it shall return the funds as requested, in part or in full, net of any transfer fees, charges or other deductions incurred by the Company.
19.1821.21. The Company reserves the right to accept or decline any funding and/or withdrawal request by the Client depending on the payment method the Client chooses, and the Company may suggest to the Client an alternative for their request. More information on the Company’s accepted payment methods can be found on the Company’s Website. For instance, where a Client has requested to withdraw with a different method compared to the method they used to deposit, the request may be rejected, and the Client will be permitted to withdraw via another method they have used in the past.
19.1921.22. The Company will process any funding request in accordance with applicable rules and regulations, therefore, any requests which are not in line with the Company’s legal obligations may not be processed. For example, this may include instances where thethe Company is not satisfied with the documentation provided by the Client. In this case, the Company reserves the right to reverse the Transaction in part or in full, net of any transfer fees, charges or other deductions incurred by the Company. The Client understands that there may be instances where the Company will be unable to provide the Client with an explanation as to why the Company cannot proceed with their request.
19.2021.23. The Company will take reasonable steps to ensure keeping the Client informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on the Company’s Website; however, this information is provided for indicative purposes only. The Client understands that there may be instances where the Company cannot guarantee these times because of events outside of its control.
19.2100.00. In Xx case the Client receives money from the Company by mistake, the Client agrees to hold such amount of money in trust for the benefit of the Company or the beneficial owner. .If the Client uses any of the funds that were sent by mistake, the Company will claim those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, the Company shall not compensate the Client for any losses incurred as a result of using the said funds. The claim for the full amount shall remain.
19.2221.25. There are cases where the Company is required by law and/or any applicable rules to deduct or credit any amount from Clients’ Account(s). The Company will try its best efforts to avoid deducting an amount unless this is necessary. Examples of when this right may be exercised includes instances where for some offered instruments, it may be required to withhold part of the profit for tax purposes.
19.2321.26. The Client understands and accepts that the Company reserves the right to set-off any liability of the Client under the Agreement. Where the liabilities to be set-off are expressed in different currencies, the Company may convert the said liabilities at a market rate of exchange.
19.2421.27. The Client understands and accepts that the Company reserves the right to net-off any amount due by deducting it from the Client’s Account(s). Where this is done the Company will consider the obligation as satisfied and discharged. The Company reserves its rights on any obligation, which cannot be considered satisfied.
21.28. Where an Account is inactive for a period of five (5) years with a positive balance (i.e. there are funds available on Clients’ Account) and during that period no Transactions have been carried out in relation to the account or on the instructions of the holder of the account and the Company is unable to contact the Client after it takes reasonable efforts to achieve this, the Company has the right to cease treating those funds as Client Money and make a deduction from Client’s Account. If the Client later makes a valid claim to the Company, the Company may pay any amount owed to the Client.
21.29. The Client acknowledges that NAGA may appoint any other person as a sub-custodian or otherwise hold any Real Stocks, including documents of title or certificates evidencing title to such Real Stocks. NAGA will exercise reasonable skill and care in the selection, appointment and periodic review of sub- custodians. Any discrepancy in terms of client assets and any resulting shortfall will be dealt with in accordance with any applicable regulations. Real Stocks will be registered in the same name as those of other clients (pooled together with other clients’ Instruments). If the Company or its third-party nominee were to become insolvent there may be delays in identifying individual assets, and possibly An increased risk of loss if there should be a shortfall because additional time will be needed to identify the assets held for specific clients.
21.30. The Client acknowledges that in the event that the Company did not receive instructions from the Client in relation to any of the Real Stocks held in his/her 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 your account balance) and XXXX is unable to trace the client despite having taken reasonable steps to do so, that NAGA may cease to treat your assets as client assets.
Appears in 1 contract
Samples: Client Agreement
