Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations. 5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations. 5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest. 5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money. 5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. 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 the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses. 5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest. 5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations). 5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed. 5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such 5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account. 5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion. 5.12 The Company is member of the Financial Commission Compensation Fund. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”. 5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests. 5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds. 5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks. 5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client. 5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services: (a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee; (b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5; (c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6. (d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose; (e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company; (f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21. (g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account. (h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets. (i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 3 contracts
Sources: Client Agreement, Client Agreement, Client Agreement
Client Money. 5.1 Relevant Amounts held 1.1 The Company shall not account to the Client for profits or interest earned on Client money (other than profit gained through trading Transactions from his Client Account(s) under this Agreement) and the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable RegulationsClient waives all right to interest.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 1.2 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 1.3 The Company may hold Client money and the money of other clients in the same account (omnibus account).
1.4 The Company may deposit Client money and/or Financial Instruments with a third party (i.e. intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty) who may, to the extent allowed under Applicable Regulations, may have a security interest, lien or right of setoff set-off in relation to that money.
5.5 1.5 Client’s money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located within or outside Seychelles. The legal and regulatory regime applying to any such person outside Seychelles will be different from that of Seychelles and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in Seychelles. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this paragraph.
1.6 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or and it may not be possible to separate it from the Client’s money and/or Financial Instrumentsmoney, or the third party’s money. 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 the 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. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit 1.7 It is understood that profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 3 contracts
Sources: Client Agreement, Client Agreement, Client Agreement
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company OPO GROUP LLC and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found in the Website.
5.2 The Company 6.2. OPO GROUP LLC may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. OPO GROUP LLC may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. OPO GROUP LLC may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company OPO GROUP LLC will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company OPO GROUP LLC may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company OPO GROUP LLC from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company OPO GROUP LLC does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. OPO GROUP LLC shall not be obliged to pay interest to the Client on any funds which the Company OPO GROUP LLC holds or in respect of any stocks held by the Company OPO GROUP LLC as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. OPO GROUP LLC will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyOPO GROUP LLC, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company OPO GROUP LLC in writing to the contrary, the Company OPO GROUP LLC may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Saint ▇▇▇▇▇▇▇ and the The Grenadines or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusSaint ▇▇▇▇▇▇▇ and the The Grenadines. The legal and regulatory regime applying to any suchsuch person will be different from that of Saint ▇▇▇▇▇▇▇ And the The Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in . OPO GROUP LLC will not be liable for the solvency, acts or omissions of any third party referred to in this clause. OPO GROUP LLC will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company OPO GROUP LLC is unable to trace the Client despite having taken reasonable steps to do so, the Company OPO GROUP LLC may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund6.12. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company OPO GROUP LLC will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company OPO GROUP LLC holds in Segregated Accounts on a regular daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company OPO GROUP LLC reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.should
5.14 6.13. The Client agrees that the Company OPO GROUP LLC shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When 6.14. If client deposits money into trading account and request a withdrawal without having trading activity in the account , Opo group LLC holds the right to charge client costs endured related to that transfer of funds usually 3%-6% . Title Transfer Collateral Arrangement (TTCA)
6.15. The Title Transfer Collateral Arrangement (hereinafter referred to as “TTCA”) allows a Client wishes to use the Services offered by the Company under this Agreement agree that his/her monies or assets will be treated as collateral in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.his/her existing
Appears in 2 contracts
Sources: Client Agreement, Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. 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 the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation FundFund . The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 2 contracts
Sources: Client Agreement, Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s Client‟s money and/or Financial Instruments. 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 the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s Client‟s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s Client‟s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s Client‟s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Client‟s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s Client‟s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation FundFund . The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s Company‟s or a Client’s Client‟s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Company‟s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s Client‟s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s Client‟s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Clients‟ Instruments in an omnibus co-mingled custody account) on the Client’s Client‟s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s Company‟s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s Company‟s and/or the Client’s Client‟s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s Client‟s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s Client‟s ownership of the stocks will be reflected in the Company’s Company‟s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s Client‟s 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 the Client’s Client‟s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ Clients‟ funds in order to be able to execute the Clients’ Clients‟ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ Clients‟ funds in the account it maintains with the executing broker solely for the execution of Clients’ Clients‟ orders on listed stocks. The Company’s Company‟s account maintained with the executing broker is the Company’s Company‟s own account.
Appears in 1 contract
Sources: Client Agreement
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company CAPITALXTEND LLC and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found in the Website.
5.2 The Company 6.2. CAPITALXTEND LLC may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. CAPITALXTEND LLC may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. CAPITALXTEND LLC may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company CAPITALXTEND LLC will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company CAPITALXTEND LLC may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company CAPITALXTEND LLC from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company CAPITALXTEND LLC does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. CAPITALXTEND LLC shall not be obliged to pay interest to the Client on any funds which the Company CAPITALXTEND LLC holds or in respect of any stocks held by the Company CAPITALXTEND LLC as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. CAPITALXTEND LLC will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyCAPITALXTEND LLC, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company CAPITALXTEND LLC in writing to the contrary, the Company CAPITALXTEND LLC may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Saint ▇▇▇▇▇▇▇ And the The Grenadines or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusSaint ▇▇▇▇▇▇▇ And the The Grenadines. The legal and regulatory regime applying to any suchsuch person will be different from that of Saint ▇▇▇▇▇▇▇ And the The Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in . CAPITALXTEND LLC will not be liable for the solvency, acts or omissions of any third party referred to in this clause. CAPITALXTEND LLC will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company CAPITALXTEND LLC is unable to trace the Client despite having taken reasonable steps to do so, the Company CAPITALXTEND LLC may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund6.12. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company CAPITALXTEND LLC will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company CAPITALXTEND LLC holds in Segregated Accounts on a regular daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company CAPITALXTEND LLC reserves the right to carry out such reconciliations and transfers more frequently, should the Company CAPITALXTEND LLC reasonably consider that this is necessary to protect the CompanyCAPITALXTEND LLC’s or a Client’s interests.
5.14 6.13. The Client agrees that the Company CAPITALXTEND LLC shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.. Title Transfer Collateral Arrangement (TTCA)
5.15 When the 6.14. The Title Transfer Collateral Arrangement (hereinafter referred to as “TTCA”) allows a Client wishes to use the Services offered by the Company under this Agreement agree that his/her monies or assets will be treated as collateral in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United Stateshis/her existing or future obligations with CAPITALXTEND LLC. In addition, the Company may request the Clientunder a TTCA, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company CAPITALXTEND LLC is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease able to treat the assets margin or collateral as its own working capital and not as Client assets.
(i) It money. As a result, CAPITALXTEND LLC is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.not obliged
Appears in 1 contract
Sources: Client Agreement
Client Money. 5.1 Relevant Amounts 26.1 Unless otherwise agreed in writing with the Client and permitted under Applicable Regulations, the Company shall handle all funds held on in the Trading Client Account (“Segregated Funds”) in compliance with the relevant regulatory requirements. This ensures that Client funds will be segregated by from the Company's own funds and shall not be used for the Company's business operations. The Company and held in accordance with Applicable Regulationsshall promptly deposit any Client funds into a Segregated Client Account.
5.2 26.2 The Company shall not be obligated to account to the Client for any profits or interest earned on Client funds, except for any profits resulting from trading transactions conducted through the Client’s Account(s) under this Agreement. The Client expressly waives any right to claim interest on such funds.
26.3 The Company may deposit Client funds in overnight deposits and shall be entitled to retain any interest earned on such deposits. The Company may hold Client Money money and the money of other Clients clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 26.4 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, may have a security interest, lien lien, or right of setoff set-off in relation to that money.
5.5 26.5 Client funds may be held on the Client’s behalf with an intermediate broker, bank, market, settlement agent, clearinghouse, or OTC counterparty located in Mauritius and/or globally. The legal and regulatory framework governing such entities shall be subject to the applicable rules and laws of Mauritius and/or other relevant jurisdictions. In the event of bankruptcy, insolvency, or any other failure related to the management of Client funds by such entities, the Client’s money shall be handled in accordance with the applicable regulatory and legal provisions governing such situations in Mauritius and/or the relevant jurisdiction. Sky Links Capital Limited is a Limited Company with Investment Dealer (Full Service Dealer excluding Underwriting) under License No. GB20025812 and is authorized and regulated by the Financial Services Commission (FSC) in Mauritius. ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ Sky Links Capital FSC License Number: GB20025812 ▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ +▇▇▇ ▇ ▇▇▇▇▇▇▇
26.6 The Company will not be liable for such bankruptcy and/or insolvency and/or any other equivalent act and/or omission and/or failure of That person and/or acts or omissions of any other third party similar to the person referred in this clause.
26.7 Liquidity Provider and Payment service Provider and its Risk: The Company may transfer Client funds to third party i.e., Liquidity Providers, to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or and it may not be possible to separate it from the Client’s money and/or Financial Instruments's money, or the third party's money. In the event of the insolvency 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 the 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. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company FXTM and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found in the Website.
5.2 The Company 6.2. FXTM may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. FXTM may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. FXTM may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company FXTM will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company FXTM may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company FXTM from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company FXTM does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. FXTM shall not be obliged to pay interest to the Client on any funds which the Company FXTM holds or in respect of any stocks held by the Company FXTM as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. FXTM will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyFXTM, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company FXTM in writing to the contrary, the Company FXTM may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Cyprus or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusCyprus. The legal and regulatory regime applying to any suchsuch person will be different from that of Cyprus and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Cyprus. FXTM will not be liable for the solvency, acts or omissions of any third party referred to in this clause. FXTM will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company FXTM is unable to trace the Client despite having taken reasonable steps to do so, the Company FXTM may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company 6.12. FXTM is member of the Financial Commission Investors Compensation FundFund (ICF). The Client may be entitled to compensation from the FCCF ICF if the Company FXTM cannot meet its obligations in the situations explained in the website document with reference to the title “Financial Commission Investors Compensation Fund”, as this can be found in the Website.
5.13 The Company 6.13. FXTM will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company FXTM holds in Segregated Accounts on a regular daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company FXTM reserves the right to carry out such reconciliations and transfers more frequently, should the Company FXTM reasonably consider that this is necessary to protect the CompanyFXTM’s or a Client’s interests.
5.14 6.14. The Client agrees that the Company FXTM shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 6.15. When the Client wishes to use the Services offered by the Company FXTM under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company FXTM may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company FXTM with the relevant US Tax Form (W-8BEN / BEN-EBEN_E), within the deadline that the Company FXTM shall specify, before the Company FXTM can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 6.16. When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company FXTM may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company FXTM with the relevant US Tax Form, within the deadline that the Company FXTM shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the CompanyFXTM, the Company FXTM shall have the right to sell the US Shares held by the Client.
5.17 6.17. Subject to the provisions of the preceding clauses 5.16.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.,
Appears in 1 contract
Sources: Client Agreement
Client Money. 5.1 Relevant Amounts 26.1 Unless otherwise agreed in writing with the Client and permitted under Applicable Regulations, the Company shall handle all funds held on in the Trading Client Account (“Segregated Funds”) in compliance with the relevant regulatory requirements. This ensures that Client funds will be segregated by from the Company's own funds and shall not be used for the Company's business operations. The Company and held in accordance with Applicable Regulationsshall promptly deposit any Client funds into a Segregated Client Account.
5.2 26.2 The Company shall not be obligated to account to the Client for any profits or interest earned on Client funds, except for any profits resulting from trading transactions conducted through the Client’s Account(s) under this Agreement. The Client expressly waives any right to claim interest on such funds.
26.3 The Company may deposit Client funds in overnight deposits and shall be entitled to retain any interest earned on such deposits. The Company may hold Client Money money and the money of other Clients clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 26.4 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, may have a security interest, lien lien, or right of setoff set-off in relation to that money.
5.5 26.5 Client funds may be held on the Client’s behalf with an intermediate broker, bank, market, settlement agent, clearinghouse, or OTC counterparty located in Mauritius and/or globally. The legal and regulatory framework governing such entities shall be subject to the applicable rules and laws of Mauritius and/or other relevant jurisdictions. In the event of bankruptcy, insolvency, or any other failure related to the management of Client funds by such entities, the Client’s money shall be handled in accordance with the applicable regulatory and legal provisions governing such situations in Mauritius and/or the relevant jurisdiction. Sky Links Capital Limited is a Limited Company with Investment Dealer (Full Service Dealer excluding Underwriting) under License No. GB24202837 and is authorized and regulated by the Financial Services Commission (FSC) in Mauritius. ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ Sky Links Capital FSC License Number: GB24202837 ▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ +▇▇▇ ▇ ▇▇▇▇▇▇▇
26.6 The Company will not be liable for such bankruptcy and/or insolvency and/or any other equivalent act and/or omission and/or failure of That person and/or acts or omissions of any other third party similar to the person referred in this clause.
26.7 Liquidity Provider and Payment service Provider and its Risk: The Company may transfer Client funds to third party i.e., Liquidity Providers, to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or and it may not be possible to separate it from the Client’s money and/or Financial Instruments's money, or the third party's money. In the event of the insolvency 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 the 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. The Company does not accept any liability or responsibility for any resulting losses.
5.6 26.8 The Company shall performs additional Know Your Liquidity Provider (KYLP) with reasonable care in order to understand the LP credibility and Audited Financial Statement in order to understand the financial capability and to mitigate the counterparty risk. Despite any circumstance event, arises from Liquidity provider the Company is not liable to clients for any resulting losses during the course of relationship.
26.9 The third party to whom the Company will pass money may hold it in an omnibus account and it may not be obliged possible to pay interest to separate it from the Client on any funds which Client's money, or the Company holds or in respect of any stocks held by the Company as a custodianthird party's money. The Client waives all rights to interestacknowledges that in the case where a Company's Bank Account is frozen for any given period and for any given reason the Company assumes no responsibility, and Client's funds will also be frozen.
5.7 26.10 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading Client agrees that if there is deposited in/withdrawn from no activity in the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding years, excluding any payments or payments, receipts of charges, interest interest, or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do sotransactions, the Company may release any Client’s money balances remaining Client funds from the Segregated Account.
5.11 . The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have a general lien over all funds held by the right to deduct this remaining Trading Account Balance and use it for charity purposes at Company, its absolute discretionAssociates, or its nominees on behalf of the Client, until the Client's obligations are fully satisfied.
5.12 26.11 The Company is member of the Financial Commission Compensation Fund. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out shall conduct daily reconciliations of its records and Segregated Funds with Client Money against the records and accounts of the money the Company holds funds held in Segregated Accounts on a regular basis, and any Client Accounts. Any required transfer transfers to or from the Segregated Client Account will take place shall be executed by the close of business on the day that the reconciliation is performed. The Company reserves the right right, but not the obligation, to carry out such perform reconciliations and transfers more frequently, should the Company reasonably consider that this is frequently if it deems such actions necessary to protect its own or the Company’s or a Client’s interests.
5.14 The 26.12 Any profit or loss arising in the currency of the Client agrees that Account shall be credited or withdrawn to the Client Account upon the closure of the Transaction.
26.13 Funds credited to the Client’s Account by the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When accrue interest. By accepting this Agreement, the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the expressly waives any right to sell the US Shares receive interest on funds held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s recordsbank accounts. For more information, the The Client should consult the Terms of Business for Stocks Account.
(h) If further consents that any interest earned on such funds may be retained by the Company has not received instructions from to cover registration, general expenses, charges, fees, and interest related to the Client in relation to any administration and maintenance of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assetsbank accounts.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. 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 the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodianholds. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any suchsuch person will be different from that of Mauritius and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Mauritius. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. The Company will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP or NGN and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 5.13 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Sources: Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. 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 the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any suchsuch person will be different from that of Mauritius and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Mauritius. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. The Company will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation FundFund . The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Sources: Client Agreement
Client Money. 5.1 Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company and held in accordance with Applicable Regulations.
5.2 The Company may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. 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 the risk that the money received by the Company from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading The account manager has the right to dispose of the account according to the market movement
5.11 If there is deposited in/withdrawn orders are opening in the account , the client cannot withdraw his profits until hecloses the positions In the event that the client requests termination of the contract, the contract shall be terminated after paying the financial support that he obtained from the Client Account once company Withdrawals annually person will be different from that of Mauritius and in the Transaction is closed.
5.9 Unless event of the Client has notified the Company in writing to the contraryinsolvency or any other equivalent failure of that person, the Company may hold Segregated Funds on the Client’s behalf money may be treated differently from the treatment which would apply if the money was held in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside in Mauritius. The legal Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. The Company will exercise all due skill, care and regulatory regime applying diligence in assessing whether adequate measures will be applied by the third party to any such
5.10 protect Client money. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Company may release any Client’s money balances from the Segregated Account.
5.11 . The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 . The Company is member of the Financial Commission Compensation FundFund . The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 . The Company will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company holds in Segregated Accounts on a regular basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company reserves the right to carry out such reconciliations and transfers more frequently, should the Company reasonably consider that this is necessary to protect the Company’s or a Client’s interests.
5.14 . The Client agrees that the Company shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 . When the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 . When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Sources: Client Agreement
Client Money. 5.1 Relevant Amounts held 7.1. Unless otherwise agreed with the Client in writing and to the extent allowed under Applicable Regulations, the Company will deal with any funds that it holds on the Trading Client Account (“Segregated Funds”) in accordance with the applicable Regulations. This means that Client funds will be segregated by from the Company’s own money and cannot be used in the course of its business. The Company and held in accordance with Applicable Regulationswill promptly place any Client money into a Segregated ClientAccount.
5.2 7.2. The Company may hold shall not account to the Client Money for profits or interest earned on Client money (other than profit gained through trading Transactions from his Client Account(s) under this Agreement) and the money of other Clients in the same bank account (omnibus account), according Client waives all right to Applicable Regulationsinterest.
5.3 7.3. The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 7.4. The Company may hold Client money and the money of other clients in the same bank account (omnibus account).
7.5. The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, may have a security interest, lien or right of setoff set-off in relation to that money.
5.5 7.6. Client money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located outside Vanuatu or the EEA. The legal and regulatory regime applying to any such person will be different from that of Vanuatu and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Vanuatu. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. Page13
7.7. The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or and it may not be possible to separate it from the Client’s money and/or Financial Instrumentsmoney, or the third party’s money. 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 the 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. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian7.8. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on activity in the Client’s Trading Client Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so), the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 7.9. The Company is a member of the Financial Commission Investors Compensation FundFund (ICF). The So, depending on his classification, the Client may be entitled to compensation from the FCCF if ICF in the event that the Company cannot is unable to meet its obligations in the situations as explained in the website document with reference to the title “Financial Commission Investors Compensation Fund”” (Appendix III).
5.13 7.10. The Company shall have a general lien on all funds held by the Company or its Associates or its nominees on the Client’s behalf until the satisfaction of his obligations.
7.11. The Company will carry out reconciliations of records and Segregated Funds Client Money with the records and accounts of the money the Company holds in Segregated Client Accounts on a regular daily basis, and any . If a transfer is required transfer to or from the Segregated Client Account this will take place be done by the close of business on the day that the reconciliation is performed. The Company reserves has the right right, but not an obligation, to carry out such reconciliations and transfers more frequently, should the Company reasonably consider if it considers that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable 7.12. Profit or have any further obligation loss in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When currency of the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions Account is deposited in/withdrawn from the Client in relation to any of Account once the Stocks held in the Client’s 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 the Client’s account balance) and the Company Transaction is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assetsclosed.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Sources: CFDS Client Agreement
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company CAPITALXTEND LLC and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found in the Website.
5.2 The Company 6.2. CAPITALXTEND LLC may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. CAPITALXTEND LLC may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. CAPITALXTEND LLC may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company CAPITALXTEND LLC will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company CAPITALXTEND LLC may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company CAPITALXTEND LLC from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company CAPITALXTEND LLC does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. CAPITALXTEND LLC shall not be obliged to pay interest to the Client on any funds which the Company CAPITALXTEND LLC holds or in respect of any stocks held by the Company CAPITALXTEND LLC as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. CAPITALXTEND LLC will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyCAPITALXTEND LLC, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company CAPITALXTEND LLC in writing to the contrary, the Company CAPITALXTEND LLC may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Saint ▇▇▇▇▇▇▇ And the The Grenadines or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusSaint ▇▇▇▇▇▇▇ And the The Grenadines. The legal and regulatory regime applying to any suchsuch person will be different from that of Saint ▇▇▇▇▇▇▇ And the The Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in . CAPITALXTEND LLC will not be liable for the solvency, acts or omissions of any third party referred to in this clause. CAPITALXTEND LLC will exercise all due skill, care and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company CAPITALXTEND LLC is unable to trace the Client despite having taken reasonable steps to do so, the Company CAPITALXTEND LLC may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund6.12. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company CAPITALXTEND LLC will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company CAPITALXTEND LLC holds in Segregated Accounts on a regular daily basis, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company CAPITALXTEND LLC reserves the right to carry out such reconciliations and transfers more frequently, should the Company CAPITALXTEND LLC reasonably consider that this is necessary to protect the CompanyCAPITALXTEND LLC’s or a Client’s interests.
5.14 6.13. The Client agrees that the Company CAPITALXTEND LLC shall not be held liable or have any further obligation in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When 6.14. If client deposits money into trading account and request a withdrawal without having trading activity in the account , Capitalxtend holds the right to charge client costs endured related to that transfer of funds usually 3% . Title Transfer Collateral Arrangement (TTCA)
6.15. The Title Transfer Collateral Arrangement (hereinafter referred to as “TTCA”) allows a Client wishes to use the Services offered by the Company under this Agreement agree that his/her monies or assets will be treated as collateral in respect of Stocks listed his/her existing or future obligations with CAPITALXTEND LLC. In addition, under a TTCA, CAPITALXTEND LLC is able to treat the margin or collateral as its own working capital and not as Client money. As a result, CAPITALXTEND LLC is not obliged to segregate the margin and in the United States and/or Financial Instruments relating to Stocks listed in the United Statesevent of CAPITALXTEND LLC' s collapse, the Company TTCA can have the effect of making such a Client an unsecured creditor of CAPITALXTEND LLC. The relationship between CAPITALXTEND LLC and its Clients shall be governed by explicitly including the warnings on the non-application of certain safeguarding requirements. The terms under this section apply if the Client is categorized as a Professional Client or Eligible Counterparty. The Client acknowledges and agrees that CAPITALXTEND LLC may request treat any transfer of money by the Client to CAPITALXTEND LLC as a transfer of full ownership of money to CAPITALXTEND LLC for the purpose of securing or covering the Client’s present, future, actual, contingent or prospective obligations, and CAPITALXTEND LLC will not hold such money in accordance with applicable US the Safekeeping of Client Assets and Funds, as there are defined in the relevant legislation. The Client shall not have a proprietary claim over money transferred to CAPITALXTEND LLC, and CAPITALXTEND LLC can deal with it in its own right, and the Client will rank the Client as a general creditor. Where CAPITALXTEND LLC agrees to accept cash as collateral, the Client shall be obliged transfer to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect CAPITALXTEND LLC full ownership of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares collateral so that all right, title and interest in the US and has to such cash will pass to CAPITALXTEND LLC outright. Such collateral will not provided the relevant US Tax Form, the Company may request the Client, be held in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specifyMoney Rules. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs agrees that all the Company money placed in his/her account is for the carrying out of transactions and therefore has the purpose of securing or covering the Clients’ present, future, actual, contingent or prospective obligations towards CAPITALXTEND LLC. The Client must not place any money with that is not for the purpose of securing or covering Client’s present, future, actual, contingent or prospective obligations towards CAPITALXTEND LLC. The amount of Client funds subject to hold the Stocks on TTCA should not far exceed the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6obligations towards CAPITALXTEND LLC.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Sources: Client Agreement
Client Money. 5.1 Relevant Amounts held 7.1. Unless otherwise agreed with the Client in writing and to the extent allowed under Applicable Regulations, the Company will deal with any funds that it holds on the Trading Client Account (“Segregated Funds”) in accordance with the applicable Regulations. This means that Client funds will be segregated by from the Company’s own money and cannot be used in the course of its business. The Company and held in accordance with Applicable Regulationswill promptly place any Client money into a Segregated Client Account.
5.2 7.2. The Company may hold shall not account to the Client Money for profits or interest earned on Client money (other than profit gained through trading Transactions from his Client Account(s) under this Agreement) and the money of other Clients in the same bank account (omnibus account), according Client waives all right to Applicable Regulationsinterest.
5.3 7.3. The Company may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 7.4. The Company may hold Client money and the money of other clients in the same bank account (omnibus account).
7.5. The Company may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, may have a security interest, lien or right of setoff set-off in relation to that money.
5.5 7.6. Client money may be held on the Client’s behalf with an intermediate broker, a bank, a market, a settlement agent, a clearing house or OTC counterparty located outside Vanuatu or the EEA. The legal and regulatory regime applying to any such person will be different from that of Vanuatu and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in Vanuatu. The Company will not be liable for the solvency, acts or omissions of any third party referred to in this clause. Page13
7.7. The third party to whom the Company will pass money and/or Financial Instruments may hold it in an omnibus account and/or and it may not be possible to separate it from the Client’s money and/or Financial Instrumentsmoney, or the third party’s money. 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 the 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. The Company does not accept any liability or responsibility for any resulting losses.
5.6 The Company shall not be obliged to pay interest to the Client on any funds which the Company holds or in respect of any stocks held by the Company as a custodian7.8. The Client waives all rights to interest.
5.7 The Company will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the Company, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 Unless the Client has notified the Company in writing to the contrary, the Company may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside Mauritius. The legal and regulatory regime applying to any such
5.10 The Client agrees that, in the event that there has been no movement on activity in the Client’s Trading Client Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest or similar items) and the Company is unable to trace the Client despite having taken reasonable steps to do so), the Company may release any Client’s money balances from the Segregated Account.
5.11 The Client agrees that in the event that his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 7.9. The Company is a member of the Financial Commission Investors Compensation FundFund (ICF). The So, depending on his classification, the Client may be entitled to compensation from the FCCF if ICF in the event that the Company cannot is unable to meet its obligations in the situations as explained in the website document with reference to the title “Financial Commission Investors Compensation Fund”” (Appendix III).
5.13 7.10. The Company shall have a general lien on all funds held by the Company or its Associates or its nominees on the Client’s behalf until the satisfaction of his obligations.
7.11. The Company will carry out reconciliations of records and Segregated Funds Client Money with the records and accounts of the money the Company holds in Segregated Client Accounts on a regular daily basis, and any . If a transfer is required transfer to or from the Segregated Client Account this will take place be done by the close of business on the day that the reconciliation is performed. The Company reserves has the right right, but not an obligation, to carry out such reconciliations and transfers more frequently, should the Company reasonably consider if it considers that this is necessary to protect the Company’s or a Client’s interests.
5.14 The Client agrees that the Company shall not be held liable 7.12. Profit or have any further obligation loss in the event that any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When currency of the Client wishes to use the Services offered by the Company under this Agreement in respect of Stocks listed in the United States and/or Financial Instruments relating to Stocks listed in the United States, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus co-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions Account is deposited in/withdrawn from the Client in relation to any of Account once the Stocks held in the Client’s 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 the Client’s account balance) and the Company Transaction is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assetsclosed.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
Appears in 1 contract
Sources: CFDS Client Agreement
Client Money. 5.1 6.1. Relevant Amounts held on the Trading Account (“Segregated Funds”) will be segregated by the Company OPO GROUP LLC and held in accordance with Applicable RegulationsRegulations and document under the title “Safeguarding of Clients Assets Policy” as this can be found on the Website.
5.2 The Company 6.2. OPO GROUP LLC may hold Client Money and the money of other Clients in the same bank account (omnibus account), according to Applicable Regulations.
5.3 The Company 6.3. OPO GROUP LLC may deposit Client money in overnight deposits and will be allowed to keep any interest.
5.4 The Company 6.4. OPO GROUP LLC may deposit Client money and/or Financial Instruments with a third party who may, to the extent allowed under Applicable Regulations, have a security interest, lien or right of setoff in relation to that money.
5.5 6.5. The third party to whom the Company OPO GROUP LLC will pass money and/or Financial Instruments may hold it in an omnibus account and/or it may not be possible to separate it from the Client’s money and/or Financial Instruments. In the event of the insolvency or any other analogous proceedings in relation to that third party, the Company OPO GROUP LLC may only have an unsecured claim against the third party on behalf of the Client, and the Client will be exposed to the risk that the money received by the Company OPO GROUP LLC from the third party is insufficient to satisfy the claims of the Client in respect of the relevant account. The Company OPO GROUP LLC does not accept any liability or responsibility for any resulting losses.
5.6 The Company 6.6. OPO GROUP LLC shall not be obliged to pay interest to the Client on any funds which the Company OPO GROUP LLC holds or in respect of any stocks held by the Company OPO GROUP LLC as a custodian. The Client waives all rights to interest.
5.7 The Company 6.7. OPO GROUP LLC will promptly place any Segregated Funds held on the Client’s behalf and not transferred to or held for the CompanyOPO GROUP LLC, into a Segregated Account (subject to and according to Applicable Regulations).
5.8 6.8. Profit or loss from Financial Instruments trading is deposited in/withdrawn from the Client Account once the Transaction is closed.
5.9 6.9. Unless the Client has notified the Company OPO GROUP LLC in writing to the contrary, the Company OPO GROUP LLC may hold Segregated Funds on the Client’s behalf in a Segregated Account located outside Mauritius Saint ▇▇▇▇▇▇▇ and the Grenadines or pass money held on the Client’s behalf to an intermediate broker, settlement agent or OTC counterparty located outside MauritiusSaint ▇▇▇▇▇▇▇ and the Grenadines. The legal and regulatory regime applying to any suchsuch person will be different from that of Saint ▇▇▇▇▇▇▇ and the Grenadines and in the event of the insolvency or any other equivalent failure of that person, the Client’s money may be treated differently from the treatment which would apply if the money was held in a Segregated Account in. OPO GROUP LLC will not be liable for the solvency, acts or omissions of any third party referred to in this clause. OPO GROUP LLC will exercise all due skill, care, and diligence in assessing whether adequate measures will be applied by the third party to protect Client money.
5.10 6.10. The Client agrees that, in the event that if there has been no movement on the Client’s Trading Account Balance for a period of at least six years (notwithstanding any payments or receipts of charges, interest interest, or similar items) and the Company OPO GROUP LLC is unable to trace the Client despite having taken reasonable steps to do so, the Company OPO GROUP LLC may release any Client’s money balances from the Segregated Account.
5.11 6.11. The Client agrees that in the event that if his/her remaining Trading Account Balance is up to 1 USD/EUR/GBP and his/her Trading Account is closed or inactive for more than 90 calendar days, then the Company shall have the right to deduct this remaining Trading Account Balance and use it for charity purposes at its absolute discretion.
5.12 The Company is member of the Financial Commission Compensation Fund6.12. The Client may be entitled to compensation from the FCCF if the Company cannot meet its obligations in the situations explained in the website with reference to the “Financial Commission Compensation Fund”.
5.13 The Company OPO GROUP LLC will carry out reconciliations of records and Segregated Funds with the records and accounts of the money the Company OPO GROUP LLC holds in Segregated Accounts on a regular basisdaily, and any required transfer to or from the Segregated Account will take place by the close of business on the day that the reconciliation is performed. The Company OPO GROUP LLC reserves the right to carry out such reconciliations and transfers more frequently, should the Company OPO GROUP LLC reasonably consider that this is necessary to protect the CompanyOPO GROUP LLC’s or a Client’s interests.
5.14 6.13. The Client agrees that the Company OPO GROUP LLC shall not be held liable or have any further obligation in the event that if any credit or financial institution with which Segregated Funds are held defaults in its obligations with respect to the Segregated Funds.
5.15 When 6.14. If client deposits money into trading account and request a withdrawal without having trading activity in the account, Opo group LLC holds the right to charge client costs endured related to that transfer of funds usually 3%-6%. Title Transfer Collateral Arrangement (TTCA)
6.15. The Title Transfer Collateral Arrangement (hereinafter referred to as “TTCA”) allows a Client wishes to use the Services offered by the Company under this Agreement agree that his/her monies or assets will be treated as collateral in respect of Stocks listed his/her existing or future obligations with OPO GROUP LLC. In addition, under a TTCA, OPO GROUP LLC can treat the margin or collateral as its own working capital and not as Client money. As a result, OPO GROUP LLC is not obliged to segregate the margin and in the United States and/or Financial Instruments relating to Stocks listed in the United Statesevent of OPO GROUP LLC' s collapse, the Company may request TTCA can have the Client, in accordance with applicable US legislation, effect of making such a Client an unsecured creditor of OPO GROUP LLC. The relationship between OPO GROUP LLC and the Client its Clients shall be obliged to provide governed by explicitly including the Company with the relevant US Tax Form (W-8BEN / BEN-E), within the deadline that the Company shall specify, before the Company can provide its Services in respect of such Financial Instruments and/or Stocks.
5.16 When the Client already holds shares in the US and has not provided the relevant US Tax Form, the Company may request the Client, in accordance with applicable US legislation, and the Client shall be obliged to provide the Company with the relevant US Tax Form, within the deadline that the Company shall specify. If the Client fails to return the signed and completed US Tax Form within the deadline specified by the Company, the Company shall have the right to sell the US Shares held by the Client.
5.17 Subject to the provisions of the preceding clauses 5.1-6.16, when engaging the Company’s Stock Trading services:
(a) The Client acknowledges and instructs the Company to hold the Stocks warnings on the Client’s behalf until the Client instructs the Company to sell such Stocks or transfer them in the Client’s name or to another nominee;
(b) The Company shall hold and administer the Stocks as a nominee holder and/or custodian (pooled together with other Clients’ Instruments in an omnibus conon-mingled custody account) on the Client’s behalf in accordance with Applicable Regulations and the provisions application of this clause 5;
(c) The Company shall be entitled and the Client authorises the Company at the Company’s discretion to appoint any other party, located in Mauritius or elsewhere, to hold the Stocks on the Company’s and/or the Client’s behalf and in doing so the Company shall act in accordance with Applicable Regulations regarding the selection, appointment and periodic review of such nominee service providers and the provisions of this clause 6certain safeguarding requirements.
(d) The Company acknowledges that it and/or any third party selected or appointed by the Company for this purpose, shall hold the Stocks as a nominee holder and that the Client shall remain the ultimate beneficial owner of the Stocks. The Company shall maintain records of all Stocks held on the Client’s behalf by the Company and/or any other third party selected or appointed by the Company for this purpose;
(e) The Client hereby agrees that he will not try to sell, mortgage or otherwise deal in or part with beneficial ownership of the Instruments and money held on his account with the Company;
(f) The Company may be required under the laws of any jurisdiction in which Stocks are located to provide information in relation to the identity and other details of the Client; in doing so the Company shall act in accordance with clause 21.
(g) Client’s ownership of the stocks will be reflected in the Company’s records. For more information, the Client should consult the Terms of Business for Stocks Account.
(h) If the Company has not received instructions from the Client in relation to any of the Stocks held in the Client’s 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 the Client’s account balance) and the Company is unable to trace the Client despite having taken reasonable steps to do so, the Client agrees that the Company may cease to treat the assets as Client assets.
(i) It is hereby acknowledged and accepted that under all circumstances, in order to enable the trade, the Company must utilise the Clients’ funds in order to be able to execute the Clients’ orders with any other potential executing broker the Company may decide to utilize. In this respect, the Company will transfer the Clients’ funds in the account it maintains with the executing broker solely for the execution of Clients’ orders on listed stocks. The Company’s account maintained with the executing broker is the Company’s own account.
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Sources: Client Agreement