Common use of Client Money Rules Clause in Contracts

Client Money Rules. 44.1. Any funds we hold on your Account shall be dealt with in accordance with the relevant provisions of "Safeguarding the Clients’ Money" provided in the applicable CySEC’s legislation. All amounts handed over by you to us shall be held in our designated and segregated bank account alongside the money of our other clients (omnibus accounts), allowing us to identify your money through our back office and accounting system. Designated Client Money is held in our name on your behalf in a client bank account (denoted as "clients’ accounts"), segregated from the assets of the Company. 44.2. According to CySEC Rules and the Law, for the purposes of safeguarding Client Money, the Company shall not use Client Money in the course of its own business. 44.3. We will take all necessary steps to ensure that clients' funds are safeguarded, including maintaining accurate records, introducing adequate organizational arrangements, and appointing a single officer responsible for safeguarding client funds. 44.4. We will carry out reconciliations of records and Client Money with the records and accounts of the money we hold in designated Client Money accounts regularly, and any required transfer to or from the Client Money accounts will take place by the close of business on the day that the reconciliation is performed, to protect our Clients as well as ours interests. 44.5. We shall introduce adequate organizational arrangements to minimize the risks of the loss or diminution of Client money, as a result of misuse, fraud, poor administration, inadequate recordkeeping or negligence. 44.6. When considering which third-party bank to use to hold Client Money, we will exercise all due skill, care and diligence and will periodically (at least annually) review the adequacy and appropriateness of any bank where your money is deposited and of the arrangements for holding your money. 44.7. You hereby agree that your funds will be safeguarded in accordance with the requirements of the CySEC Directive DI87-01. Hence you acknowledge that your funds will be safeguarded in either of the following: a. Approved Banks which the Company collaborates with and provided for the relevant denomination of "Clients Accounts”. b. third-party to whom the Company will pass Client Money may hold it in an omnibus account also, third- parties which are involved in your transactions (e.g. intermediary broker, other counterparty for the settlement of your transaction), to hold your funds as part of the transaction. In such cases again your funds will be kept in omnibus accounts, however, may not be feasible at all times so individually separate your clients’ funds from funds of other clients. c. Third Parties outside of the EEA – We may hold Cash on Your behalf in a bank outside of the EEA. The legal and regulatory regime applying to any such bank will be different from that of the Republic of Cyprus (for instance, in certain jurisdictions, the client designated bank account concept is not recognised). In the event of the insolvency, introduction of capital control restrictions, bailing in or any other analogous proceedings in relation to that bank, Your Cash may be treated differently from the treatment which would apply if the Cash was held with a bank in the Republic of Cyprus or the EEA. The Company does not accept any liability or responsibility for any resulting losses. The Company will not be liable for the solvency, acts or omissions of any third-party referred to in this Section. In the event of the insolvency or any other analogous proceedings in relation to that third-party, the Company may only have an unsecured claim against the third-party on behalf of the client, and the client will be exposed to risk that the money received by the Company from the third-party is insufficient to satisfy the claims of the client with claims in respect of the relevant account. 44.8. It is understood that the Company may keep merchant accounts in its name with payment service providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client Money but only to effect settlements of payment transactions.

Client Money Rules. ‌ 44.1. Any funds we hold on your Account shall be dealt with in accordance with the relevant provisions of "Safeguarding the Clients’ Money" provided in the applicable CySEC’s legislation. All amounts handed over by you to us shall be held in our designated and segregated bank account alongside the money of our other clients (omnibus accounts), allowing us to identify your money through our back office and accounting system. Designated Client Money is held in our name on your behalf in a client bank account (denoted as "clients’ accounts"), segregated from the assets of the Company. 44.2. According to CySEC Rules and the Law, for the purposes of safeguarding Client Money, the Company shall not use Client Money in the course of its own business. 44.3. We will take all necessary steps to ensure that clients' funds are safeguarded, including maintaining accurate records, introducing adequate organizational arrangements, and appointing a single officer responsible for safeguarding client funds. 44.4. We will carry out reconciliations of records and Client Money with the records and accounts of the money we hold in designated Client Money accounts regularly, and any required transfer to or from the Client Money accounts will take place by the close of business on the day that the reconciliation is performed, to protect our Clients as well as ours interests. 44.5. We shall introduce adequate organizational arrangements to minimize the risks of the loss or diminution of Client money, as a result of misuse, fraud, poor administration, inadequate recordkeeping or negligence. 44.6. When considering which third-party bank to use to hold Client Money, we will exercise all due skill, care and diligence and will periodically (at least annually) review the adequacy and appropriateness of any bank where your money is deposited and of the arrangements for holding your money. 44.7. You hereby agree that your funds will be safeguarded in accordance with the requirements of the CySEC Directive DI87-01. Hence you acknowledge that your funds will be safeguarded in either of the following: a. Approved Banks which the Company collaborates with and provided for the relevant denomination of "Clients Accounts”. b. third-party to whom the Company will pass Client Money may hold it in an omnibus account also, third- parties which are involved in your transactions (e.g. intermediary broker, other counterparty for the settlement of your transaction), to hold your funds as part of the transaction. In such cases again your funds will be kept in omnibus accounts, however, may not be feasible at all times so individually separate your clients’ funds from funds of other clients. c. Third Parties outside of the EEA – We may hold Cash on Your behalf in a bank outside of the EEA. The legal and regulatory regime applying to any such bank will be different from that of the Republic of Cyprus (for instance, in certain jurisdictions, the client designated bank account concept is not recognised). In the event of the insolvency, introduction of capital control restrictions, bailing in or any other analogous proceedings in relation to that bank, Your Cash may be treated differently from the treatment which would apply if the Cash was held with a bank in the Republic of Cyprus or the EEA. 44.8. The Company does not accept any liability or responsibility for any resulting losses. The Company will not be liable for the solvency, acts or omissions of any third-party referred to in this Section. In the event of the insolvency or any other analogous proceedings in relation to that third-party, the Company may only have an unsecured claim against the third-party on behalf of the client, and the client will be exposed to risk that the money received by the Company from the third-party is insufficient to satisfy the claims of the client with claims in respect of the relevant account. 44.844.9. It is understood that the Company may keep merchant accounts in its name with payment service providers used to settle payment transactions of its Clients. However, for the avoidance of doubt, it is noted that such merchant accounts are not used for safekeeping of Client Money but only to effect settlements of payment transactions.