COMPENSATION OF COVERED CLIENTS AND PAYMENT FORMALITIES Sample Clauses

COMPENSATION OF COVERED CLIENTS AND PAYMENT FORMALITIES. I. FAILURE OF A MEMBER OF THE FUND TO FULFILL ITS OBLIGATIONS TOWARD ITS INVESTORS The Fund compensates the covered clients for claims arising from the covered services provided by its members, as long as failure by the member to fulfill its obligations has been ascertained notwithstanding a relevant obligation by the member of the Fund in accordance with the legislation and the terms which govern its agreement with the covered client and regardless of whether the said obligation of the member of the Fund is based on the agreement or on wrongdoing. Failure by a member of the Fund to fulfill its obligations consists of its failures • Either to return to its covered clients funds owed to them or funds which belong to them but are held by the member, directly or indirectly, in the framework of the provision by the said member to the said clients of covered services, and which the latter requested the member to return, in exercise of their relevant right • Or to hand over to the covered clients financial instruments which belong to them and which the member of the Fund holds, manages or keeps on their account, including the case where the member is responsible for the administrative management of the said financial instruments.
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