CREDIT INSTITUTIONS listed in Annex 1 (List of the Original Creditors) as creditors (hereinafter referred to as the “Original Creditors”);
CREDIT INSTITUTIONS. We will endeavour to hold client money on your behalf within Cyprus and the European Union, however we may also hold your money outside the EEA. The legal and regulatory regime applying to any banks outside the EEA will be different from the legal and regulatory regime in Cyprus and the EEA and in the event of the insolvency or any other analogous proceedings in relation to that bank or person, your money may be treated differently from the treatment which would apply if the money was held with a bank in an account in Cyprus and the EEA. We will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The funds will be kept in bank accounts denominated as clients’ funds and clearly segregated from the Company’s own funds. Funds deposited may be kept in one or more omnibus accounts with any authorised credit institution used to accept funds which the Company will specify from time to time and will be held in the Company’s name. We deposit financial instruments held on behalf of our clients in an account and/or accounts opened with a third party, provided that we have exercised all due care, skill and diligence in the selection, appointment and periodic review of the third party and of the arrangements for the holding and safekeeping of financial instruments and provided that the third party is established in a jurisdiction where the safekeeping of financial instruments for the account of another person is subject to specific regulation and supervision and that third party is subject to this specific regulation and supervision. With regards to the deposit of clients’ funds, in the event we do not deposit clients’ funds with a central bank, we exercise all due care, skill and diligence in the selection, appointment and periodic review of the credit institution, bank or money market fund where the funds are placed and the arrangement for the holding of those funds. It shall be noted that we take into account the credit rating of the institution prior to depositing client money with the said institution. We also take reasonable steps to periodically monitor the credit risk of institutions with which client’s funds are deposited.
