Collective Account. The Client agrees for his/her/its Portfolio assets to be held in a collective account with a third party. The risk associated with the custody of the Client's assets in a collective account refers to the fact that only the Company has records of the actual balance of financial instruments in Client assets, while the third party with which a collective account is open only has records of the overall balance of the financial instruments in the collective account of all Clients, without the analytics of the assets of each individual Client. The risk which may arise out of the custody of assets in collective third-party accounts is mitigated by regular and frequent reconciliation of internal records in which the analytics of the Client's assets are managed in such a way so as to allow a prompt discernment of Client assets from those of other clients and the assets of the Company at any given time, with the accounts and records of such third parties holding the respective assets in custody. The Company shall perform the said reconciliation on each change in the accounts, at least once a month, and keep respective records thereof. The assets placed in custody of a custodian from a Member State of the European Union or third country banks (hereinafter: Foreign Custodian) may be deposited in a collective account in which, as a rule, assets of multiple clients are held in custody; the Foreign Custodian shall keep no records of the assets of each individual client – beneficial owner of financial instruments. Such a method of asset custody may represent a risk for the Client since the division of assets by each individual client is not managed at the Foreign Custodian performing custody in a particular market but is performed in the ledgers of the third party with which the Company has established a contractual relationship. The risk which may arise out of such collective account custody is mitigated by regular and frequent collective account balance reconciliation with the account balances in third-party ledgers and by means of reports that the third party and the Foreign Custodian exchange on a regular basis.
Collective Account. BDSwiss Holding Ltd is licensed and regulated by the Cyprus Securities and Exchange Commission, License No 199/13 Address: Xxxxxxxxx Xxxxxx Xxxxxx 11, Hyper Tower, 4th Floor, 4007 Mesa Yeitonia, Limassol, Cyprus Tel: +000 00 000 000 | Fax: +000 00 000 000 | Email: xxxxxxx@xxxxxxx.xxx The Client agrees for his/her/its Portfolio assets to be held in a collective account with a third party. The risk associated with the custody of the Client's assets in a collective account refers to the fact that only the Company has records of the actual balance of financial instruments in Client assets, while the third party with which a collective account is open only has records of the overall balance of the financial instruments in the collective account of all Clients, without the analytics of the assets of each individual Client. The risk which may arise out of the custody of assets in collective third-party accounts is mitigated by regular and frequent reconciliation of internal records in which the analytics of the Client's assets are managed in such a way so as to allow a prompt discernment of Client assets from those of other Clients and the assets of the Company at any given time, with the accounts and records of such third parties holding the respective assets in custody. The Company shall perform the said reconciliation on each change in the accounts, at least once a month, and keep respective records thereof. The assets placed in custody of a custodian from a Member State or third country banks (hereinafter: Foreign Custodian) may be deposited in a collective account in which, as a rule, assets of multiple Clients are held in custody; the Foreign Custodian shall keep no records of the assets of each individual Client – beneficial owner of financial instruments. Such a method of asset custody may represent a risk for the Client since the division of assets by each individual Client is not managed at the Foreign Custodian performing custody in a particular market but is performed in the ledgers of the third party with which the Company has established a contractual relationship. The risk which may arise out of such collective account custody is mitigated by regular and frequent collective account balance reconciliation with the account balances in third-party ledgers and by means of reports that the third party and the Foreign Custodian exchange on a regular basis.
Collective Account. The “Collective Account” is an account that holds the portion of the net worth of the Company that is not allocated to Individual Capital Accounts. The balance in the Collective Account results from and is increased by: (1) that portion of retained Surplus not allocated to Individual Capital Accounts, and (2) any gifts or grants to the Company, unless otherwise allocated to Individual Capital Accounts. The Collective Account balance is decreased by any losses applied to the Collective Account.
Collective Account. The balance in the collective account results from and is increased by: (a) any allocation of surplus dedicated to the account as declared by the Board; or (b) any gifts or grants to the Company which are not allocated to individual capital accounts. The balance in the collective account is decreased by (a) negative allocations.
