Common use of CLIENTS FUNDS Clause in Contracts

CLIENTS FUNDS. The Company treats any funds received by the Client as Client’s Funds in accordance with the provisions of the Applicable Laws and Regulations regarding holding clients’ money. It is noted that funds belonging to the Client that will be used only for trading purposes will be kept in accounts with credit institutions pursuant to the Applicable Rules and Regulations. The Company holds Client’s money with authorised credit institutions in the Republic of Cyprus and the European Union, however it may also hold Client’s money in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Clients’ funds may be treated differently than if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The Company has exercised all due care, skill and diligence in the selection, appointment and periodic review of such credit institutions and payment service providers. The Client’s funds are kept in bank accounts denominated as Clients’ funds and clearly segregated from the Company’s own funds. Funds deposited may be kept in one or more omnibus accounts with any authorised regulated credit institution which will be specified from time to time and will be held in the Company’s name denominated as Clients’ funds. The Company may hold Clients’ money in omnibus accounts with third party financial and credit institutions. In this respect, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc. It is commonly understood that the Company may charge fees for withdrawals of money transferred out of Client’s Trading Account. It remains the Client’s responsibility to be aware at all times of the transfer fees and/or any other fees and charges which are charged directly by the credit institution and any other payment service providers which the Company collaborates. The full list of the payment service providers that the Company collaborates is available in its website, along with the competent authority which supervises them. Where the Company is facing a charge back from any financial institution, which chargeback relates to Client’s trading activity, the Company shall be entitled to provide such financial institution with such evidence of the Client relationship as may be necessary in order for the Company to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity. The Company informs each Client for whom holds financial instruments or funds, with information about his/her balances and open positions through the Trading Account. In addition to the above, FXBFI is a member of the Investor Compensation Fund (the “ICF”) for Clients of Cyprus Investment Firms (CIFs) under the requirements of the Law. The objective of the ICF is to secure any claims of the covered clients, i.e. Retail Clients, against members of the ICF. The main essence of the ICF is to compensate covered clients for any claims arising from the failure of a member of the ICF to fulfil its obligations towards its clients despite whether that obligation arises from the legislation, the client agreement or from wrongdoing on the part of the member of the ICF. The maximum limit of compensation coverage equals to 20.000EUR or 90% of the covered investor’s claim whichever is lower.

CLIENTS FUNDS. The Company treats any funds received by the Client as Client’s Funds in accordance with the provisions of the Applicable Laws and Regulations regarding holding clients’ money. It is noted that funds belonging to the Client client that will be used only for trading purposes will be kept in an account with a bank or financial institution used to accept clients’ funds, which the Company will specify from time to time and will be held in a clients’ accounts with credit institutions pursuant to the Applicable Rules and Regulations. The Company holds Client’s money with authorised credit institutions in the Republic Company’s name. It is understood that the Company may hold funds on behalf of Cyprus and the European Union, however it may also hold Client’s money client in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Clients’ client’s funds may be treated differently than if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The Company has exercised all due care, skill and diligence in Funds belonging to the selection, appointment and periodic review client that will be used for execution of such credit institutions and payment service providers. The Clientclient’s funds are transactions through EU regulated investment firms will be kept in bank accounts denominated maintained by the EU investment firms. In particular, the client’s funds will be transferred to the EU investment firm through which clients’ transactions will be executed in order to meet client’s obligation to provide collateral for a transaction (for example, a margin requirement). It is understood that the Company will ensure that the EU investment firm follows equivalent procedures with the Company as Clientsregards safeguarding of clients’ funds. In particular, the Company shall ensure that the EU investment firm keeps clients’ funds in segregated bank accounts in order to be separated from its own funds and clearly segregated from that regular reconciliations are performed as regards clients’ funds. The following steps have been taken by the Company’s own , in order to ensure the protection of clients’ financial instruments or funds. Funds deposited may : • Segregation: As per the provisions of this Agreement, funds belonging to the client that will be used for trading purposes will be kept in one or more omnibus accounts an account with any authorised regulated credit bank or financial institution used to accept clients’ funds which the Company will be specified specify from time to time and will be held in segregated from the Company’s name denominated as Clients’ own funds. The Company may hold Clients’ money in omnibus accounts with third party financial and credit institutions. In this respect, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc. It is commonly understood that the Company may charge fees for withdrawals of money transferred out of Client’s Trading Account. It remains the Client’s responsibility to be aware at all times of the transfer fees and/or any other fees and charges which are charged directly by the credit institution and any other payment service providers which the Company collaborates. The full list of the payment service providers that the Company collaborates is available in its website, along with the competent authority which supervises them. Where the Company is facing a charge back from any financial institution, which chargeback relates to Client’s trading activity, the Company shall be entitled to provide such financial institution with such evidence of the Client relationship as may be necessary in order for the Company to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity. The Company informs each Client for whom holds financial instruments or funds, with information about his/her balances and open positions through the Trading Account. In addition to the above, FXBFI is a member of the Investor Compensation Fund (the “ICF”) for Clients of Cyprus Investment Firms (CIFs) under the requirements of the Law. The objective of the ICF is to secure any claims of the covered clients, i.e. Retail Clients, against members of the ICF. The main essence of the ICF is to compensate covered clients for any claims arising from the failure of a member of the ICF to fulfil its obligations towards its clients despite whether that obligation arises from the legislation, the client agreement or from wrongdoing on the part of the member of the ICF. The maximum limit of compensation coverage equals to 20.000EUR or 90% of the covered investor’s claim whichever is lower.

CLIENTS FUNDS. The Company treats any funds received by the Client as Client’s Funds in accordance with the provisions of the Applicable Laws and Regulations regarding holding clients’ money. It is noted that funds belonging to the Client that will be used only for trading purposes will be kept in accounts with credit institutions pursuant to the Applicable Rules and Regulations. The Company holds Client’s money with authorised credit institutions in the Republic of Cyprus and the European Union, however it may also hold Client’s money in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Clients’ funds may be treated differently than if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The Company has exercised all due care, skill and diligence in the selection, appointment and periodic review of such credit institutions and payment service providers. The Client’s funds are kept in bank accounts denominated as Clients’ funds and clearly segregated from the Company’s own funds. Funds deposited may be kept in one or more omnibus accounts with any authorised regulated credit institution which will be specified from time to time and will be held in the Company’s name denominated as Clients’ funds. The Company may hold Clients’ money in omnibus accounts with third party financial and credit institutions. In this respect, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc. It is commonly understood that the Company may charge fees for withdrawals of money transferred out of Client’s Trading Account. It remains the Client’s responsibility to be aware at all times of the transfer fees and/or any other fees and charges which are charged directly by the credit institution and any other payment service providers which the Company collaborates. The full list of the payment service providers that the Company collaborates is available in its website, along with the competent authority which supervises them. Where the Company is facing a charge back from any financial institution, which chargeback relates to Client’s trading activity, the Company shall be entitled to provide such financial institution with such evidence of the Client relationship as may be necessary in order for the Company to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity. The Company informs each Client for whom holds financial instruments or funds, with information about his/her balances and open positions through the Trading Account. In addition to the above, FXBFI Royal Forex is a member of the Investor Compensation Fund (the “ICF”) for Clients of Cyprus Investment Firms (CIFs) under the requirements of the Law. The objective of the ICF is to secure any claims of the covered clients, i.e. Retail Clients, against members of the ICF. The main essence of the ICF is to compensate covered clients for any claims arising from the failure of a member of the ICF to fulfil its obligations towards its clients despite whether that obligation arises from the legislation, the client agreement or from wrongdoing on the part of the member of the ICF. The maximum limit of compensation coverage equals to 20.000EUR or 90% of the covered investor’s claim whichever is lower. Furthermore, Royal Forex Limited has entered the status of the Participant to the Temporary Permissions Regime (TPR), as a “TP Firm/Non-UK Investment Firm", further to its Notification to the Financial Conduct Authority (FCA) of the United Kingdom. Pursuant to the provisions of paragraph 17 of the Investment Services and Activities and Regulated Markets Law of 2007, the Company must subscribe and thus be a member of the Investor Compensation Fund (‘Fund’) of Investment Firms in Cyprus in order to provide investment services. Therefore, Royal Forex Limited is covered by the Fund and governed by the relevant Directive of CySEC, i.e. Directive DI87-07 for the operation of the Investors Compensation Fund. As a TP Firm, we must follow certain requirements relevant to the safeguarding of clients’ funds and financial instruments under both the CySEC and FCA regulations. In this respect, and as per CASS 14.5, please note that in case of our inability to pay you out due to our insolvency, you are entitled to a compensation under the Fund, provided that you are classified as a Retail Client, and therefore may submit your claim. Any compensation provided to you by the Fund shall not exceed twenty thousand EUR20,000 or 90% of the claimed amount, whichever is lower.

CLIENTS FUNDS. The Company treats any funds received by the Client as Client’s Funds in accordance with the provisions of the Applicable Laws and Regulations regarding holding clients’ money. It is noted that funds belonging to the Client client that will be used only for trading purposes will be kept in accounts an account with credit institutions pursuant a bank or financial institution used to accept clients’ funds, which the Applicable Rules Company will specify from time to time and Regulations. The Company holds Client’s money with authorised credit institutions will be held in the Republic client’s name and/or the Company’s name. It is understood that the Company may hold funds on behalf of Cyprus and the European Union, however it may also hold Client’s money client in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Clients’ client’s funds may be treated differently than if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The Company has exercised all due care, skill and diligence in Funds belonging to the selection, appointment and periodic review client that will be used for execution of such credit institutions and payment service providers. The Clientclient’s funds are transactions through EU regulated investment firms will be kept in bank accounts denominated maintained by the EU investment firms. In particular, the client’s funds will be transferred to the EU investment firm through which clients’ transactions will be executed in order to meet client’s obligation to provide collateral for a transaction (for example, a margin requirement). It is understood that the Company will ensure that the EU investment firm follows equivalent procedures with the Company as Clientsregards safeguarding of clients’ funds. In particular, the Company shall ensure that the EU investment firm keeps clients’ funds in segregated bank accounts in order to be separated from its own funds and clearly segregated from that regular reconciliations are performed as regards clients’ funds. The following steps have been taken by the Company’s own , in order to ensure the protection of clients’ financial instruments or funds. Funds deposited may : • Segregation: As per the provisions of this Agreement, funds belonging to the client that will be used for trading purposes will be kept in one or more omnibus accounts an account with any authorised regulated credit bank or financial institution used to accept clients’ funds which the Company will be specified specify from time to time and will be held in segregated from the Company’s name denominated as Clients’ own funds. The Company may hold Clients’ money in omnibus accounts with third party financial and credit institutions. In this respect, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc. It is commonly understood that the Company may charge fees for withdrawals of money transferred out of Client’s Trading Account. It remains the Client’s responsibility to be aware at all times of the transfer fees and/or any other fees and charges which are charged directly by the credit institution and any other payment service providers which the Company collaborates. The full list of the payment service providers that the Company collaborates is available in its website, along with the competent authority which supervises them. Where the Company is facing a charge back from any financial institution, which chargeback relates to Client’s trading activity, the Company shall be entitled to provide such financial institution with such evidence of the Client relationship as may be necessary in order for the Company to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity. The Company informs each Client for whom holds financial instruments or funds, with information about his/her balances and open positions through the Trading Account. In addition to the above, FXBFI is a member of the Investor Compensation Fund (the “ICF”) for Clients of Cyprus Investment Firms (CIFs) under the requirements of the Law. The objective of the ICF is to secure any claims of the covered clients, i.e. Retail Clients, against members of the ICF. The main essence of the ICF is to compensate covered clients for any claims arising from the failure of a member of the ICF to fulfil its obligations towards its clients despite whether that obligation arises from the legislation, the client agreement or from wrongdoing on the part of the member of the ICF. The maximum limit of compensation coverage equals to 20.000EUR or 90% of the covered investor’s claim whichever is lower.

CLIENTS FUNDS. The Company treats any funds received by the Client as Client’s Funds in accordance with the provisions of the Applicable Laws and Regulations regarding holding clients’ money. It is noted that funds belonging to the Client that will be used only for trading purposes will be kept in accounts with credit institutions pursuant to the Applicable Rules and Regulations. The Company holds Client’s money with authorised credit institutions in the Republic of Cyprus and the European Union, however it may also hold Client’s money in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Clients’ funds may be treated differently than if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The Company has exercised all due care, skill and diligence in the selection, appointment and periodic review of such credit institutions and payment service providers. The Client’s funds are kept in bank accounts denominated as Clients’ funds and clearly segregated from the Company’s own funds. Funds deposited may be kept in one or more omnibus accounts with any authorised regulated credit institution which will be specified from time to time and will be held in the Company’s name denominated as Clients’ funds. The Company may hold Clients’ money in omnibus accounts with third party financial and credit institutions. In this respect, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc. It is commonly understood that the Company may charge fees for withdrawals of money transferred out of Client’s Trading Account. It remains the Client’s responsibility to be aware at all times of the transfer fees and/or any other fees and charges which are charged directly by the credit institution and any other payment service providers which the Company collaborates. The full list of the payment service providers that the Company collaborates is available in its website, along with the competent authority which supervises them. Where the Company is facing a charge back from any financial institution, which chargeback relates to Client’s trading activity, the Company shall be entitled to provide such financial institution with such evidence of the Client relationship as may be necessary in order for the Company to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity. The Company informs each Client for whom holds financial instruments or funds, with information about his/her balances and open positions through the Trading Account. In addition to the above, FXBFI IFC Investments Cyprus Ltd is a member of the Investor Compensation Fund (hereafter the “ICF”) for Clients of Cyprus Investment Firms (CIFs) under the requirements of the Law. The objective of the ICF is to secure any claims of the covered clients, i.e. Retail Clients, against members of the ICF. The main essence of the ICF is to compensate covered clients for any claims arising from the failure of a member of the ICF to fulfil its obligations towards its clients despite whether that obligation arises from the legislation, the client agreement or from wrongdoing on the part of the member of the ICF. The maximum limit of compensation coverage equals to 20.000EUR or 90% of the covered investor’s claim whichever is lower.

CLIENTS FUNDS. The Company treats any funds received by the Client as Client’s Funds in accordance with the provisions of the Applicable Laws and Regulations regarding holding clients’ money. It is noted that funds belonging to the Client that will be used only for trading purposes will be kept in accounts with credit institutions pursuant to the Applicable Rules and Regulations. The Company holds Client’s money with authorised credit institutions in the Republic of Cyprus and the European Union, however it may also hold Client’s money in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Clients’ funds may be treated differently than if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The Company has exercised all due care, skill and diligence in the selection, appointment and periodic review of such credit institutions and payment service providers. The Client’s funds are kept in bank accounts denominated as Clients’ funds and clearly segregated from the Company’s own funds. Funds deposited may be kept in one or more omnibus accounts with any authorised regulated credit institution which will be specified from time to time and will be held in the Company’s name denominated as Clients’ funds. The Company may hold Clients’ money in omnibus accounts with third party financial and credit institutions. In this respect, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc. It is commonly understood that the Company may charge fees for withdrawals of money transferred out of Client’s Trading Account. It remains the Client’s responsibility to be aware at all times of the transfer fees and/or any other fees and charges which are charged directly by the credit institution and any other payment service providers which the Company collaborates. The full list of the payment service providers that the Company collaborates is available in its website, along with the competent authority which supervises them. Where the Company is facing a charge back from any financial institution, which chargeback relates to Client’s trading activity, the Company shall be entitled to provide such financial institution with such evidence of the Client relationship as may be necessary in order for the Company to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity. The Company informs each Client for whom holds financial instruments or funds, with information about his/her balances and open positions through the Trading Account. In addition to the above, FXBFI Royal Forex is a member of the Investor Compensation Fund (the “ICF”) for Clients of Cyprus Investment Firms (CIFs) under the requirements of the Law. The objective of the ICF is to secure any claims of the covered clients, i.e. Retail Clients, against members of the ICF. The main essence of the ICF is to compensate covered clients for any claims arising from the failure of a member of the ICF to fulfil its obligations towards its clients despite whether that obligation arises from the legislation, the client agreement or from wrongdoing on the part of the member of the ICF. The maximum limit of compensation coverage equals to 20.000EUR or 90% of the covered investor’s claim whichever is lower.

CLIENTS FUNDS. ‌ The Company treats any funds received by the Client as Client’s Funds in accordance with the provisions of the Applicable Laws and Regulations regarding holding clients’ money. It is noted that funds belonging to the Client that will be used only for trading purposes will be kept in accounts with credit institutions pursuant to the Applicable Rules and Regulations. The Company holds Client’s money with authorised credit institutions in the Republic of Cyprus and the European Union, however it may also hold Client’s money in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Clients’ funds may be treated differently than if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The Company has exercised all due care, skill and diligence in the selection, appointment and periodic review of such credit institutions and payment service providers. The Client’s funds are kept in bank accounts denominated as Clients’ funds and clearly segregated from the Company’s own funds. Funds deposited may be kept in one or more omnibus accounts with any authorised regulated credit institution which will be specified from time to time and will be held in the Company’s name denominated as Clients’ funds. The Company may hold Clients’ money in omnibus accounts with third party financial and credit institutions. In this respect, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc. It is commonly understood that the Company may charge fees for withdrawals of money transferred out of Client’s Trading Account. It remains the Client’s responsibility to be aware at all times of the transfer fees and/or any other fees and charges which are charged directly by the credit institution and any other payment service providers which the Company collaborates. The full list of the payment service providers that the Company collaborates is available in its website, along with the competent authority which supervises them. Where the Company is facing a charge back from any financial institution, which chargeback relates to Client’s trading activity, the Company shall be entitled to provide such financial institution with such evidence of the Client relationship as may be necessary in order for the Company to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity. The Company informs each Client for whom holds financial instruments or funds, with information about his/her balances and open positions through the Trading Account. In addition to the above, FXBFI is a member of the Investor Compensation Fund (the “ICF”) for Clients of Cyprus Investment Firms (CIFs) under the requirements of the Law. The objective of the ICF is to secure any claims of the covered clients, i.e. Retail Clients, against members of the ICF. The main essence of the ICF is to compensate covered clients for any claims arising from the failure of a member of the ICF to fulfil its obligations towards its clients despite whether that obligation arises from the legislation, the client agreement or from wrongdoing on the part of the member of the ICF. The maximum limit of compensation coverage equals to 20.000EUR or 90% of the covered investor’s claim whichever is lower.

CLIENTS FUNDS. The Company treats any funds received by the Client as Client’s Funds in accordance with the provisions of the Applicable Laws and Regulations regarding holding clients’ money. It is noted that funds belonging to the Client that will be used only for trading purposes will be kept in accounts with credit institutions pursuant to the Applicable Rules and Regulations. The Company holds Client’s money with authorised credit institutions in the Republic of Cyprus and the European Union, however it may also hold Client’s money in a bank established outside the European Union. The legal and regulatory regime applying to any such bank might be different from the legal and regulatory regime in Cyprus and the European Union and in the event of the insolvency or any other analogous events in relation to that bank, Clients’ funds may be treated differently than if the funds were held with a bank in an account in Cyprus and the European Union. The Company will not be liable for the insolvency, acts or omissions of any third party referred to in this clause. The Company has exercised all due care, skill and diligence in the selection, appointment and periodic review of such credit institutions and payment service providers. The Client’s funds are kept in bank accounts denominated as Clients’ funds and clearly segregated from the Company’s own funds. Funds deposited may be kept in one or more omnibus accounts with any authorised regulated credit institution which will be specified from time to time and will be held in the Company’s name denominated as Clients’ funds. The Company may hold Clients’ money in omnibus accounts with third party financial and credit institutions. In this respect, the Client is warned that there is a risk of loss emanating from the use of omnibus accounts in financial or credit institutions. Omnibus accounts may also hold other types of risks including legal, liquidation risk, haircut risk, third party risk etc. It is commonly understood that the Company may charge fees for withdrawals of money transferred out of Client’s Trading Account. It remains the Client’s responsibility to be aware at all times of the transfer fees and/or any other fees and charges which are charged directly by the credit institution and any other payment service providers which the Company collaborates. The full list of the payment service providers that the Company collaborates is available in its website, along with the competent authority which supervises them. Where the Company is facing a charge back from any financial institution, which chargeback relates to Client’s trading activity, the Company shall be entitled to provide such financial institution with such evidence of the Client relationship as may be necessary in order for the Company to demonstrate to the relevant financial institution the existence of a trading relationship and relevant trading activity. The Company informs each Client for whom holds financial instruments or funds, with information about his/her balances and open positions through the Trading Account. In addition to the above, FXBFI Royal Forex is a member of the Investor Compensation Fund (the ““ ICF”) for Clients of Cyprus Investment Firms (CIFs) under the requirements of the Law. The LawT.he objective of the ICF is to secure any claims of the covered clients, i.e. Retail Clients, against members of the ICF. The main essence of the ICF is to compensate covered clients for any claims arising from the failure of a member of the ICF to fulfil its obligations towards its clients despite whether that obligation arises from the legislation, the client agreement or from wrongdoing on the part of the member of the ICF. The maximum limit of compensation coverage equals to 20.000EUR or 90% of the covered investor’s claim whichever is lower.