No deposit-taking Clause Samples
The 'No deposit-taking' clause prohibits a party from accepting or holding funds from clients or third parties as deposits. In practice, this means the party cannot operate in a manner similar to a bank or financial institution by receiving money for safekeeping or investment purposes. This clause is essential for ensuring regulatory compliance and clarifying that the party is not subject to banking laws or obligations, thereby reducing legal and financial risks associated with unauthorized deposit-taking activities.
No deposit-taking in relation to any Notes having a maturity of less than one year:
(a) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business; and
(b) it has not offered or sold and will not offer or sell any Notes other than to persons:
(i) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses; or
(ii) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses, where the issue of the Notes would otherwise constitute a contravention of section 19 of the Financial Services and Markets ▇▇▇ ▇▇▇▇ (the "FSMA") by the Issuer.
No deposit-taking the Issuer will issue Notes only if the following conditions apply (or the Notes can otherwise be issued without contravention of section 19 of the FSMA):
No deposit-taking in relation to any Notes which must be redeemed before the first anniversary of the date of their issue:
(i) it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business; and
(ii) it has not offered or sold and will not offer or sell any Instruments other than to persons:
(A) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses; or
(B) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses, where the issue of the Notes would otherwise constitute a contravention of section 19 of the U.K. Financial Services and Markets A▇▇ ▇▇▇▇ (“FSMA”) by NIB.
No deposit-taking. In respect of any Series of Notes having a maturity of less than one year, the Issuer will issue such Notes only if the following conditions apply (or the Notes can otherwise be issued without contravention of section 19 of the FSMA):
No deposit-taking. In respect of any Bank Notes having a maturity of less than one year in respect of which the proceeds will be accepted by the Bank in the United Kingdom, the Bank will issue such Bank Notes only if the following conditions apply (or the Bank Notes can otherwise be issued without contravention of Section 19 of the United Kingdom Financial Services and Markets Act 2000 (the “FSMA”)):
(i) Each relevant Distribution Agent represents and agrees that it will comply with the terms set out in the section headed “United Kingdom” in Exhibit F (Selling Restrictions); and
(ii) The redemption value of each such Bank Note is not less than £100,000 (or an amount of equivalent value denominated wholly or partly in a currency other than sterling), and no part of any Bank Note may be transferred unless the redemption value of that part is not less than £100,000 (or such an equivalent amount).
No deposit-taking. 3.1.1 it is a person whose ordinary activities involve it in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of its business; and
3.1.2 it has not offered or sold and will not offer or sell any such Notes other than to persons:
(a) whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their businesses; or
(b) who it is reasonable to expect will acquire, hold, manage or dispose of investments (as principal or agent) for the purposes of their businesses, where the issue of the Notes would otherwise constitute a contravention of Section 19 of the FSMA by the Issuer;
No deposit-taking. In respect of any Bank Notes having a maturity of less than one year, the Bank will issue such Bank Notes only if the following conditions apply (or the Bank Notes can otherwise be issued without contravention of Section 19 of the United Kingdom Financial Services and Markets Act 2000 (the “FSMA”)):