Your Money. 11.1 Your money shall be treated, at all times, in accordance with the applicable ‘Client Money’ rules, as amended from time to time. 11.2 Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a financial institution within or outside the European Economic Area (‘EEA’), separated from the Firm’s money. This means that all Client Money is treated as belonging to our clients and under no circumstance we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account. 11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account. 11.4 The funds held in the Segregated Account may be exposed to obligations of FxPro connected with the positions of other Clients. 11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account to an account of CryptoFusionTrading.Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account. 11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction. We will not pay any interest on any Client Money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 Your money shall be treated, at all times, in accordance with the applicable ‘Client Moneyclient money’ rules, as amended from time to time.
11.2 Unless otherwise indicated, we will deposit your money in one or more segregated custody accounts (“the Custody Account”) held with a regulated financial institution within or outside the European Economic Area (‘EEA’), separated from the Firm’s VFM Brokers’ money. This means that all Client Money client money is treated as belonging to our clients Clients and under no circumstance we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients Clients in a Segregated Accountsegregated account, which shall act as an omnibus account. ThereforeYou understand that VFM Brokers reserves the right to place up to 80% of clients’ funds in money market instruments of high quality and high liquidity such as investment grade governmental bonds and investment grade corporate bonds with a weighted average maturity of no more than 12 months, no single through a custody account or accounts; such Custody Account will be a custody account for the receipt, safekeeping and maintenance of the securities and/or instruments referred to above. By accepting this Client Agreement, the Client authorises VFM Brokers to establish on its books the ‘Custody Account’. Further, the Client understands and accepts that the Custody Account will have a claim against a specific sum in a specific account be in the event name of insolvency‘VFM Brokers (client money)’, or such other respective name as may reasonably be designated and will indicate that securities and/or instruments do not belong to VFM Brokers and are segregated from the VFM Brokers’ assets. Any Client’s claim shall VFM Brokers will be against carrying out reconciliations of the Money held Custody Account, on a regular basis, and at reasonable intervals, to ensure that any corresponding payment into, or withdrawal from, the Custody Account is made, as appropriate so that the client funds are unaffected from any losses incurred and/or interest received from placing the funds in the Segregated Accountmoney market instruments.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
11.4 The funds held in the Segregated Account segregated account may be exposed to obligations of FxPro VFM Brokers connected with the positions of other Clients.
11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Moneyclient money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, client money and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Moneyclient money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money client money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account segregated account to an account of CryptoFusionTrading.VFM Brokers. Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.
11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money client money is held, regardless of the jurisdiction. .
11.7 We will not pay any interest on any Client Money client money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
11.8 We will carry out reconciliation of funds on a regular basis, and we will proceed with any required transfer to or from the segregated account on the next business day, unless this is not possible for any reason.
11.9 Any amounts corresponding to liabilities you have towards us, including liabilities arising as a result of abusing the negative balance protection, can be deducted directly from the balance of any of your Account(s) or Wallet under your profile.
11.1 You have the right to withdraw any part of the funds equal to the free Margin available in your Account(s) to your Wallet, subject to any applicable restrictions regarding its operation, and any other right or limitation on such withdrawal. We reserve the right to reject a withdrawal request in instances where we have reasonable grounds to believe that said instruction is being placed to abuse our Negative Balance Protection Policy (‘NBP’). Please refer to the ‘VFM Brokers Wallet’ section on our Website for further information on withdrawal times.
11.1 Any transfers shall only be effective after our systems have made the relevant credit or debit of the funds to the relevant Account(s), and whilst we will make all reasonable efforts to ensure any transfers are made effective in a timely manner, we cannot guarantee how long this process may take. We will not be liable for any delays or other losses that may arise if, for instance, you provided us with wrong or incomplete information. Any monies you transfer to us for the purposes of funding your Account shall be deposited in your Wallet on the Value Date, net of any transfer fees or other charges imposed by the financial institution(s), or any intermediary involved in the process of sending or receiving the funds. We may, at our sole discretion and under no obligation, credit funds which are still in transfer before the Value Date to your Wallet. We shall not be held liable for any delay where the cause is outside of our control.
11.1 We shall deposit funds into your Wallet only after we are satisfied, amongst other criteria, that the funds are being sent by you or your Authorised Representative from an account in your name, and that the funds do not breach any term contained within this Agreement and/or the law.
11.1 We reserve the right to request additional information and/or documentation in order to be satisfied that your dealings with us, including, but not limited to deposits and withdrawals are legitimate and/or for any other reason to comply with our regulatory obligations. You understand and accept that under such circumstances there may be a delay with processing the transaction, and/or the transaction may be rejected.
11.1 Further, where we are not satisfied as to the above and reject an incoming transaction, 5 we reserve the right to return the funds to the sender net of any transfer fees or charges which we may incur. Any refund will be sent to the same source from where the funds were received. We will only deviate from this policy where we believe, at our sole discretion, that this is necessary.
11.1 It is our policy to ensure that all withdrawals, either in part or in full of the funds you deposit with us is sent to the same source where the funds came from. Where we are unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, we shall return the funds as requested in part or in full, net of any transfer fees, charges or other deductions incurred by us.
11.1 11.1 11.1
11.2 0
11.2 We will take reasonable steps to ensure keeping you informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on our Website, however, this information is provided for indicative purposes only. You understand that there may be instances where we cannot guarantee these times because of events outside of our control. Where you receive money from us by mistake, you agree to hold such amount of money in trust for the benefit of VFM Brokers or the beneficial owner. In the event you use any funds sent to you by mistake, we will have a claim on those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, we shall not compensate you for any losses incurred by you as a result of you using the said funds. The claim for the full amount shall remain.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 Your money shall be treated, at all times, in accordance with the applicable ‘Client Money’ rules, as amended from time to time.
11.2 Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a financial institution within or outside the European Economic Area (‘EEA’), separated from the Firm’s money. This means that all Client Money is treated as belonging to our clients and under no circumstance we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
11.4 The funds held in the Segregated Account may be exposed to obligations of FxPro VaultTrades connected with the positions of other Clients.
11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account to an account of CryptoFusionTrading.Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.of
11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction. We will not pay any interest on any Client Money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 Your money deposited with us for the purposes of trading CFD products shall be treatedtreated as ‘Client Money’. For the avoidance of doubt, at all times, in accordance with the applicable your money ceases to be ‘Client Money’ rules, when it is placed as amended from time to timemargin for opening positions.
11.2 Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a regulated financial institution within or outside the European Economic Area (‘EEA’)control of FxPro, in the name of Invemonde Trading Ltd, but separated from the FirmInvemonde Trading Ltd and FxPro’s money. This means that all Client Money client money is treated as belonging to our clients and under no circumstance we or FxPro will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Accountsegregated account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, FxPro reconciles all client money accounts on a daily basis to ensure that all the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus accountmoney belonging to our clients is correctly allocated.
11.4 The funds held in the Segregated Account segregated account may be exposed to obligations of FxPro connected with the positions of other Clients.
11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account to an account of CryptoFusionTrading.Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.
11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money client money is held, regardless of the jurisdiction. .
11.6 We will not pay any interest on any Client Money client money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
11.7 We will carry out reconciliation of funds on a regular basis, and we will proceed with any required transfer to or from the segregated account on the next business day, unless this is not possible for any reason.
11.8 Any amounts corresponding to liabilities you have towards us, including liabilities arising as a result of abusing the negative balance protection, can be deducted directly from the balance of any of your Account(s) or Wallet under your profile.
11.9 You have the right to withdraw any part of the funds equal to the free Margin available in your Account(s) to your Wallet, subject to any applicable restrictions regarding its operation, and any other right or limitation on such withdrawal. We reserve the right to reject a withdrawal request in instances where we have reasonable grounds to believe that said instruction is being placed to abuse our Negative Balance Protection Policy (‘NBP’). Please refer to the ‘FxPro Wallet’ section on the FxPro Website for further information on withdrawal times.
11.10 Any transfers shall only be effective after our systems have made the relevant credit or debit of the funds to the relevant Account(s), and whilst we will make all reasonable efforts to ensure any transfers are made effective in a timely manner, we cannot guarantee how long this process may take. We will not be liable for any delays or other losses that may arise if, for instance, you provided us with wrong or incomplete information.
11.11 Any monies you transfer to us for the purposes of funding your Account shall be deposited in your Wallet on the Value Date, net of any transfer fees or other charges imposed by the financial institution(s), or any intermediary involved in the process of sending or receiving the funds. We may, at our sole discretion and under no obligation, credit funds which are still in transfer before the Value Date to your Wallet. We shall not be held liable for any delay where the cause is outside of our control.
11.12 We shall deposit funds into your Wallet only after we are satisfied, amongst other criteria, that the funds are being sent by you or your Authorised Representative from an account in your name, and that the funds do not breach any term contained within this Agreement and/or the law.
11.13 We reserve the right to request additional information and/or documentation to be satisfied that your dealings with us, including, but not limited to deposits and withdrawals are legitimate and/or for any other reason to comply with our regulatory obligations. You understand and accept that under such circumstances there may be a delay with processing the transaction, and/or the transaction may be rejected.
11.14 Further, where we are not satisfied as to the above and reject an incoming transaction, we reserve the right to return the funds to the sender net of any transfer fees or charges which we may incur. Any refund will be sent to the same source from where the funds were received. We will only deviate from this policy where we believe, at our sole discretion, that this is necessary.
11.15 It is our policy to ensure that all withdrawals, either in part or in full of the funds you deposit with us is sent to the same source where the funds came from. Where we are unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, we shall return the funds as requested in part or in full, net of any transfer fees, charges or other deductions incurred by us.
11.16 We reserve the right to accept or decline any funding and/or withdrawal request by you depending on the payment method you choose, and we may suggest you an alternative for your request. More information on our accepted payment methods can be found on the FxPro Website. For instance, where a client has requested to withdraw with a different method compared to the method he/she used to deposit, the request may be rejected, and you will be permitted to withdraw via another method you have used in the past.
11.17 You understand that we should process any funding request in accordance with applicable rules and regulations, therefore any requests which are not in line with our legal obligations may not be processed. For example, this might include instances where we are not satisfied with the documentation provided by you. In this case, we reserve the right to reverse the transaction in part or in full, net of any transfer fees, charges or other deductions incurred by us. You understand that there may be instances where we will be unable to provide you with an explanation as to why we cannot proceed with your request.
11.18 You shall make any requests relating to the administration of your Account(s) via FxPro Direct.
11.19 Where you hold several Accounts with us, and we reverse any transaction from you for any reason, we may merge your funds held in those Accounts, as described above.
11.20 We will take reasonable steps to ensure keeping you informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on our Website, however, this information is provided for indicative purposes only. You understand that there may be instances where we cannot guarantee these times because of events outside of our control.
11.21 Where you receive money from us by mistake, you agree to hold such amount of money in trust for the benefit of Invemonde Trading Ltd or the beneficial owner. In the event you use any funds sent to you by mistake, we will have a claim on those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, we shall not compensate you for any losses incurred by you as a result of you using the said funds. The claim for the full amount shall remain.
11.22 Where we are required to do so by law and/or any applicable rules, we reserve the right to deduct or credit any amount from your Account(s). We will exercise our best efforts to ensure that we do not deduct an amount unless this is necessary. Examples of when this right may be exercised includes instances where we offer instruments, which we may be required to withhold part of the profit for tax purposes.
11.23 We reserve the right to set-off any liability of yours under this Agreement, whether present or future, liquidated or unliquidated. Where the liabilities to be set-off are expressed in different currencies, we may convert said liabilities at a market rate of exchange.
11.24 Where we net-off any amount due by deducting it from your Account(s), we will consider the obligation as satisfied and discharged. We reserve our rights on any obligation which cannot be considered satisfied.
11.25 Where your account has been inactive for a period of 12-months, we reserve the right to terminate this Agreement in accordance with clause 24.2. Following termination of the Agreement, if your account has a positive balance, and we are unable to contact you after we take reasonable steps to do so, we will have the right to transfer these funds into a suspense account. We will continue to treat the funds as client money and, subject to receiving a valid withdrawal request from you and pursuant to clauses 13.8 and 13.9 below, these funds will be returned to you. For the avoidance of doubt, an account shall be considered inactive when, during a 12-month period, no transactions have been carried out in relation to the account by you and/or any Authorised Person.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 Your money deposited with us for the purposes of trading CFD products shall be treatedtreated as ‘Client Money’. For the avoidance of doubt, at all times, in accordance with the applicable your money ceases to be ‘Client Money’ rules, when it is placed as amended from time to timemargin for opening positions.
11.2 Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a regulated financial institution within or outside the European Economic Area (‘EEA’)control of FxPro, in the name of Prime Ash Capital Limited, but separated from the FirmPrime Ash Capital Limited’s and FxPro’s money. This means that all Client Money client money is treated as belonging to our clients and under no circumstance we or FxPro will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Accountsegregated account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, FxPro reconciles all client money accounts on a daily basis to ensure that all the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus accountmoney belonging to our clients is correctly allocated.
11.4 The funds held in the Segregated Account segregated account may be exposed to obligations of FxPro connected with the positions of other Clients.
11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account to an account of CryptoFusionTrading.Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.
11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money client money is held, regardless of the jurisdiction. .
11.6 We will not pay any interest on any Client Money client money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
11.7 We will carry out reconciliation of funds on a regular basis, and we will proceed with any required transfer to or from the segregated account on the next business day, unless this is not possible for any reason.
11.8 Any amounts corresponding to liabilities you have towards us, including liabilities arising as a result of abusing the negative balance protection, can be deducted directly from the balance of any of your Account(s) or Wallet under your profile.
11.9 You have the right to withdraw any part of the funds equal to the free Margin available in your Account(s) to your Wallet, subject to any applicable restrictions regarding its operation, and any other right or limitation on such withdrawal. We reserve the right to reject a withdrawal request in instances where we have reasonable grounds to believe that said instruction is being placed to abuse our Negative Balance Protection Policy (‘NBP’). Please refer to the ‘FxPro Wallet’ section on the FxPro Website for further information on withdrawal times.
11.10 Any transfers shall only be effective after our systems have made the relevant credit or debit of the funds to the relevant Account(s), and whilst we will make all reasonable efforts to ensure any transfers are made effective in a timely manner, we cannot guarantee how long this process may take. We will not be liable for any delays or other losses that may arise if, for instance, you provided us with wrong or incomplete information.
11.11 Any monies you transfer to us for the purposes of funding your Account shall be deposited in your Wallet on the Value Date, net of any transfer fees or other charges imposed by the financial institution(s), or any intermediary involved in the process of sending or receiving the funds. We may, at our sole discretion and under no obligation, credit funds which are still in transfer before the Value Date to your Wallet. We shall not be held liable for any delay where the cause is outside of our control.
11.12 We shall deposit funds into your Wallet only after we are satisfied, amongst other criteria, that the funds are being sent by you or your Authorised Representative from an account in your name, and that the funds do not breach any term contained within this Agreement and/or the law.
11.13 We reserve the right to request additional information and/or documentation to be satisfied that your dealings with us, including, but not limited to deposits and withdrawals are legitimate and/or for any other reason to comply with our regulatory obligations. You understand and accept that under such circumstances there may be a delay with processing the transaction, and/or the transaction may be rejected.
11.14 Further, where we are not satisfied as to the above and reject an incoming transaction, we reserve the right to return the funds to the sender net of any transfer fees or charges which we may incur. Any refund will be sent to the same source from where the funds were received. We will only deviate from this policy where we believe, at our sole discretion, that this is necessary.
11.15 It is our policy to ensure that all withdrawals, either in part or in full of the funds you deposit with us is sent to the same source where the funds came from. Where we are unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, we shall return the funds as requested in part or in full, net of any transfer fees, charges or other deductions incurred by us.
11.16 We reserve the right to accept or decline any funding and/or withdrawal request by you depending on the payment method you choose, and we may suggest you an alternative for your request. More information on our accepted payment methods can be found on the FxPro Website. For instance, where a client has requested to withdraw with a different method compared to the method he/she used to deposit, the request may be rejected, and you will be permitted to withdraw via another method you have used in the past.
11.17 You understand that we should process any funding request in accordance with applicable rules and regulations, therefore any requests which are not in line with our legal obligations may not be processed. For example, this might include instances where we are not satisfied with the documentation provided by you. In this case, we reserve the right to reverse the transaction in part or in full, net of any transfer fees, charges or other deductions incurred by us. You understand that there may be instances where we will be unable to provide you with an explanation as to why we cannot proceed with your request.
11.18 You shall make any requests relating to the administration of your Account(s) via FxPro Direct.
11.19 Where you hold several Accounts with us, and we reverse any transaction from you for any reason, we may merge your funds held in those Accounts, as described above.
11.20 We will take reasonable steps to ensure keeping you informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on our Website, however, this information is provided for indicative purposes only. You understand that there may be instances where we cannot guarantee these times because of events outside of our control.
11.21 Where you receive money from us by mistake, you agree to hold such amount of money in trust for the benefit of Prime Ash Capital or the beneficial owner. In the event you use any funds sent to you by mistake, we will have a claim on those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, we shall not compensate you for any losses incurred by you as a result of you using the said funds. The claim for the full amount shall remain.
11.22 Where we are required to do so by law and/or any applicable rules, we reserve the right to deduct or credit any amount from your Account(s). We will exercise our best efforts to ensure that we do not deduct an amount unless this is necessary. Examples of when this right may be exercised includes instances where we offer instruments, which we may be required to withhold part of the profit for tax purposes.
11.23 We reserve the right to set-off any liability of yours under this Agreement, whether present or future, liquidated or unliquidated. Where the liabilities to be set-off are expressed in different currencies, we may convert said liabilities at a market rate of exchange.
11.24 Where we net-off any amount due by deducting it from your Account(s), we will consider the obligation as satisfied and discharged. We reserve our rights on any obligation which cannot be considered satisfied.
11.25 Where your account has been inactive for a period of 12-months, we reserve the right to terminate this Agreement in accordance with clause 24.2. Following termination of the Agreement, if your account has a positive balance, and we are unable to contact you after we take reasonable steps to do so, we will have the right to transfer these funds into a suspense account. We will continue to treat the funds as client money and, subject to receiving a valid withdrawal request from you and pursuant to clauses 13.8 and 13.9 below, these funds will be returned to you. For the avoidance of doubt, an account shall be considered inactive when, during a 12-month period, no transactions have been carried out in relation to the account by you and/or any Authorised Person.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 Your money shall be treated, at all times, in accordance with the applicable ‘Client Moneyclient money’ rules, as amended from time to time.
11.2 Unless otherwise indicated, we will deposit your money in one or more segregated custody accounts (“the Custody Account”) held with a regulated financial institution within or outside the European Economic Area (‘EEA’), separated from the FirmNovox ’s money. This means that all Client Money client money is treated as belonging to our clients Clients and under no circumstance we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients Clients in a Segregated Accountsegregated account, which shall act as an omnibus account. ThereforeYou understand that Novox reserves the right to place up to 80% of clients’ funds in money market instruments of high quality and high liquidity such as investment grade governmental bonds and investment grade corporate bonds with a weighted average maturity of no more than 12 months, no single through a custody account or accounts; such Custody Account will be a custody account for the receipt, safekeeping and maintenance of the securities and/or instruments referred to above. By accepting this Client Agreement, the Client authorises Novox to establish on its books the ‘Custody Account’. Further, the Client understands and accepts that the Custody Account will have a claim against a specific sum in a specific account be in the event name of insolvency‘Novox (client money)’, or such other respective name as may reasonably be designated and will indicate that securities and/or instruments do not belong to Novox and are segregated from the Novox ’s assets. Any Client’s claim shall Novox will be against carrying out reconciliations of the Money held Custody Account, on a regular basis, and at reasonable intervals, to ensure that any corresponding payment into, or withdrawal from, the Custody Account is made, as appropriate so that the client funds are unaffected from any losses incurred and/or interest received from placing the funds in the Segregated Accountmoney market instruments.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
11.4 The funds held in the Segregated Account segregated account may be exposed to obligations of FxPro Novox connected with the positions of other Clients.
11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Moneyclient money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, client money and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Moneyclient money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money client money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account segregated account to an account of CryptoFusionTrading.Novox . Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.
11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money client money is held, regardless of the jurisdiction. .
11.7 We will not pay any interest on any Client Money client money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
11.8 We will carry out reconciliation of funds on a regular basis, and we will proceed with any required transfer to or from the segregated account on the next business day, unless this is not possible for any reason.
11.9 Any amounts corresponding to liabilities you have towards us, including liabilities arising as a result of abusing the negative balance protection, can be deducted Novox ly from the balance of any of your Account(s) or Wallet under your profile.
11.10 You have the right to withdraw any part of the funds equal to the free Margin available in your Account(s) to your Wallet, subject to any applicable restrictions regarding its operation, and any other right or limitation on such withdrawal. We reserve the right to reject a withdrawal request in instances where we have reasonable grounds to believe that said instruction is being placed to abuse our Negative Balance Protection Policy (‘NBP’). Please refer to the ‘Novox Wallet’ section on our Website for further information on withdrawal times.
11.11 Any transfers shall only be effective after our systems have made the relevant credit or debit of the funds to the relevant Account(s), and whilst we will make all reasonable efforts to ensure any transfers are made effective in a timely manner, we cannot guarantee how long this process may take. We will not be liable for any delays or other losses that may arise if, for instance, you provided us with wrong or incomplete information.
11.12 Any monies you transfer to us for the purposes of funding your Account shall be deposited in your Wallet on the Value Date, net of any transfer fees or other charges imposed by the financial institution(s), or any intermediary involved in the process of sending or receiving the funds. We may, at our sole discretion and under no obligation, credit funds which are still in transfer before the Value Date to your Wallet. We shall not be held liable for any delay where the cause is outside of our control.
11.13 We shall deposit funds into your Wallet only after we are satisfied, amongst other criteria, that the funds are being sent by you or your Authorised Representative from an account in your name, and that the funds do not breach any term contained within this Agreement and/or the law.
11.14 We reserve the right to request additional information and/or documentation in order to be satisfied that your dealings with us, including, but not limited to deposits and withdrawals are legitimate and/or for any other reason to comply with our regulatory obligations. You understand and accept that under such circumstances there may be a delay with processing the transaction, and/or the transaction may be rejected.
11.15 Further, where we are not satisfied as to the above and reject an incoming transaction, we reserve the right to return the funds to the sender net of any transfer fees or charges which we may incur. Any refund will be sent to the same source from where the funds were received. We will only deviate from this policy where we believe, at our sole discretion, that this is necessary.
11.16 It is our policy to ensure that all withdrawals, either in part or in full of the funds you deposit with us is sent to the same source where the funds came from. Where we are unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, we shall return the funds as requested in part or in full, net of any transfer fees, charges or other deductions incurred by us.
11.17 We reserve the right to accept or decline any funding and/or withdrawal request by you depending on the payment method you choose, and we may suggest you an alternative for your request. More information on our accepted payment methods can be found on our Website. For instance, where a client has requested to withdraw with a different method compared to the method he/she used to deposit, the request may be rejected, and you will be permitted to withdraw via another method you have used in the past.
11.18 You understand that we should process any funding request in accordance with applicable rules and regulations, therefore any requests which are not in line with our legal obligations may not be processed. For example, this might include instances where we are not satisfied with the documentation provided by you. In this case, we reserve the right to reverse the transaction in part or in full, net of any transfer fees, charges or other deductions incurred by us. You understand that there may be instances where we will be unable to provide you with an explanation as to why we cannot proceed with your request.
11.19 You shall make any requests relating to the administration of your Account(s) via Novox Novox .
11.20 Where you hold several Accounts with us, and we reverse any transaction from you for any reason, we may merge your funds held in those Accounts, as described above.
11.21 We will take reasonable steps to ensure keeping you informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on our Website, however, this information is provided for indicative purposes only. You understand that there may be instances where we cannot guarantee these times because of events outside of our control.
11.22 Where you receive money from us by mistake, you agree to hold such amount of money in trust for the benefit of Novox or the beneficial owner. In the event you use any funds sent to you by mistake, we will have a claim on those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, we shall not compensate you for any losses incurred by you as a result of you using the said funds. The claim for the full amount shall remain.
11.23 Where we are required to do so by law and/or any applicable rules, we reserve the right to deduct or credit any amount from your Account(s). We will exercise our best efforts to ensure that we do not deduct an amount unless this is necessary. Examples of when this right may be exercised includes instances where we offer instruments, which we may be required to withhold part of the profit for tax purposes.
11.24 We reserve the right to set-off any liability of yours under this Agreement, whether present or future, liquidated or unliquidated. Where the liabilities to be set-off are expressed in different currencies, we may convert said liabilities at a market rate of exchange.
11.25 Where we net-off any amount due by deducting it from your Account(s), we will consider the obligation as satisfied and discharged. We reserve our rights on any obligation which cannot be considered satisfied.
11.26 Where your account has been inactive for a period of 12-months, we reserve the right to terminate this Agreement in accordance with clause 23.2. Following termination of the Agreement, if your account has a positive balance, and we are unable to contact you after we take reasonable steps to do so, we will have the right to transfer these funds into a suspense account. Novox will continue to treat the funds as client money and, subject to receiving a valid withdrawal request from you and pursuant to clause 12.9 below, these funds will be returned to you. For the avoidance of doubt, an account shall be considered inactive when, during a 12-month period, no transactions have been carried out in relation to the account by you and/or any Authorised Person.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 Your money shall be treated, at all times, in accordance with the applicable ‘Client Money’ rules, as amended from time to time.
11.2 Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a financial institution within or outside the European Economic Area (‘EEA’), separated from the Firm’s money. This means that all Client Money is treated as belonging to our clients and under no circumstance we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
11.4 The funds held in the Segregated Account may be exposed to obligations of FxPro connected with the positions of other Clients.
11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account to an account of CryptoFusionTrading.Lunobitcoininvestment. Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.
11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction. We will not pay any interest on any Client Money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 12.1 Your money shall be treated, at all times, in accordance with the applicable ‘Client Money’ rules, as amended from time to time.
11.2 12.2 Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a financial institution within or outside the European Economic Area (‘EEA’), separated from the Firm’s money. This means that all Client Money is treated as belonging to our clients and under no circumstance we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account.
11.3 12.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
11.4 12.4 The funds held in the Segregated Account may be exposed to obligations of FxPro FiXi connected with the positions of other Clients.
11.5 12.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account to an account of CryptoFusionTrading.FiXi. Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.
11.6 12.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction. .
12.7 We will not pay any interest on any Client Money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
12.8 You agree that when opening a position, we have the right to transfer ownership of the amount equivalent to the Required Margin from your Account to us, which we will keep as a security in the event of a repayment obligation by you. Any Required ▇▇▇▇▇▇ transferred shall be considered as our debt due to you and not as Client Money, therefore it will be returned to you on completion of your trade(s), subject to any repayment obligation by you. Irrespective of the above, note that the Balance, Equity, and free Margin of your Account(s) shall remain unaffected and you should be able to normally continue with your activity with us.
12.9 We will carry out reconciliation of funds at the close of each business day, and we will proceed with any required transfer to or from the Segregated Account on the next business day, unless this is not possible for any reason.
12.10 Where you hold funds in different Accounts with us, we may merge those funds from time to time.
12.11 You have the right to withdraw any part of the funds equal to the free Margin available in your Account(s) to your Vault, subject to any applicable restrictions regarding its operation, and any other right or limitation on such withdrawal. We reserve the right to reject a withdrawal request in instances where we have reasonable grounds to believe that the said instruction is being placed to abuse our Negative Balance Protection Policy (‘NBP’). Please refer to the ‘FiXi Vault’ section on our Website for further information on withdrawal times.
12.12 Any transfers shall only be effective after our systems have made the relevant credit or debit of the funds to the relevant Account(s), and whilst we will make all reasonable efforts to ensure any transfers are made effective in a timely manner, we cannot guarantee how long this process may take. We will not be liable for any delays or other losses that may arise if, for instance, you provided us with wrong or incomplete information.
12.13 Any monies you transfer to us for the purposes of funding your Account shall be deposited in your Vault on the Value Date, net of any transfer fees or other charges imposed by the financial institution(s), or any intermediary involved in the process of sending or receiving the funds. We may, at our sole discretion and under no obligation, credit funds which are still in transfer before the Value Date to your Vault.
12.14 We shall deposit funds into your Vault only after we are satisfied, amongst other criteria, that the funds are being sent by you or your Authorised Representative from an account in your name, and that the funds do not breach any term contained within this Agreement and/or the law.
12.15 We reserve the right to request additional information and/or documentation at any time in order to be satisfied that your dealings with us, including, but not limited to deposits and withdrawals are legitimate or for any other reason so as to comply with our regulatory obligations. It is your responsibility to provide us with complete and accurate information, as failure to do so may result in delays with processing a transaction, and/or a transaction may be rejected.
12.16 Further, where we are not satisfied as to the above and reject an incoming transaction, we reserve the right to return the funds to the sender net of any transfer fees or charges which we may incur. Any refund will be sent to the same source from where the funds were received. We will only deviate from this policy where we believe, at our sole discretion, that this is necessary and always in accordance with the applicable legislation.
12.17 It is our policy to ensure that all withdrawals, either in part or in full of the funds you deposit with us is sent to the same source where the funds came from. Where we are unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, we shall return the funds as requested in part or in full, net of any transfer fees, charges or other deductions incurred by us.
12.18 We reserve the right to accept or decline any funding and/or withdrawal request by you depending on the payment method you choose, and we may suggest you an alternative for your request. More information on our accepted payment methods can be found on our Website.
12.19 Further, we reserve the right to decline any funding and/or withdrawal request where we believe that such request may lead to a breach of any legal and/or regulatory obligation. This includes instances where we are not satisfied with the documentation provided by you. In this case, we reserve the right to reverse the transaction in part or in full, net of any transfer fees, charges or other deductions incurred by us. You understand that there may be instances.
12.20 Where we will be unable to provide you with an explanation as to why we cannot proceed with your request. Where you hold several Accounts with us, and we reverse any transaction from you for any reason, we may merge your funds held in those Accounts, as described above.
12.21 You shall make any requests relating to the administration of your Account(s) via FiXi Direct.
12.22 We will take reasonable steps to ensure keeping you informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on our Website, however, this information is provided for indicative purposes only. You understand that there may be instances where we cannot guarantee these times because of events outside of our control.
12.23 Where you receive money from us by mistake, you agree to hold such amount of money in trust for the benefit of FiXi or the beneficial owner. In the event you use any funds sent to you by mistake, we will have a claim on those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, we shall not compensate you for any losses incurred by you as a result of you using the said funds. The claim for the full amount shall remain
12.24 Where we are required to do so by law and/or any applicable rules, we reserve the right to deduct or credit any amount from your Account(s).
12.25 We reserve the right to set-off any liability of yours under this Agreement. Where the liabilities to be set-off are expressed in different currencies, we may convert said liabilities at a market rate of exchange.
12.26 Where we net-off any amount due by deducting it from your Account(s), we will consider the obligation as satisfied and discharged. We reserve our rights on any obligation which cannot be considered satisfied
12.27 Where your Account is inactive for a period of 6 years with a positive balance (i.e. there are funds available on your Account), and you fail to be contacted after we take all reasonable steps to do so, we will have the right to cease treating those funds as Client Money and will transfer them either to a suspense account or to a charity of our choice. For the avoidance of doubt, an account shall be considered inactive when, during a 6 year period, no transactions have been carried out in relation to the account by you or any authorized person. 13.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 Your money shall be treated, at all times, in accordance with the applicable ‘Client Money’ rules, as amended from time to time.
11.2 Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a financial institution within or outside the European Economic Area (‘EEA’), separated from the Firm’s money. This means that all Client Money is treated as belonging to our clients and under no circumstance we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
11.4 The funds held in the Segregated Account may be exposed to obligations of FxPro connected with the positions of other Clients.
11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take reasonable steps to periodically monitor their credit risk. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised losses incurred by you from the Segregated Account to an account of CryptoFusionTrading.Cryptowayfx. Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.
11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction. We will not pay any interest on any Client Money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
Appears in 1 contract
Sources: Client Agreement
Your Money. 11.1 Your 12.1 Where you are dealing with either Macquarie Bank Limited (London Branch) or Macquarie Bank International Limited any money shall held in an account with them will not be treatedtreated as client money within the meaning of the FSA Rules and we will not therefore be required to segregate such money, at all timesas that money will be held by us as banker and not as trustee.
12.2 Subject to the preceding paragraph and unless agreed otherwise, we will treat your money as client money and hold it in accordance with the applicable ‘Client Money’ rulesclient money FSA Rules.
12.3 We may transfer your money to an overseas branch of Macquarie Bank Limited (an authorised deposit- taking institution regulated by the Australian Prudential Regulatory Authority) and/or Macquarie Bank International Limited which are part of the same group of companies as Macquarie Capital (Europe) Limited, deposit your money in an overseas approved bank or pass your money to an overseas intermediate broker, settlement agent or counterparty outside the United Kingdom. In such circumstances, the legal and regulatory regime applying to the overseas branch, approved bank, intermediate broker, settlement agent or counterparty will be different from that of the United Kingdom and, in the event of their failure, money may be treated in a different manner from that which would apply if the money was held by a bank, intermediate broker, settlement agent or counterparty in the United Kingdom.
12.4 Your money may be held or controlled by a third party, such as amended an exchange, a clearing house or an intermediate broker to enable transactions to be effected in accordance with your instructions or to meet your obligations to provide collateral for a transaction.
12.5 Interest will not be payable to you on money held unless otherwise agreed between you and us.
12.6 We may (but shall not in any circumstances be obliged to) convert any monies held for you into such other currency as we consider necessary or desirable to cover your obligations and liabilities in that currency at such rate of exchange as we shall select. We shall be entitled to charge and retain for our own account such administration fee for arranging such conversion as we may from time to time specify.
12.7 If, from time to time.
11.2 Unless otherwise indicated, there has been no movement on an account (notwithstanding payments of interest or similar amounts) for six years we will deposit your money in one or more segregated accounts held with a financial institution within or outside may close the European Economic Area (‘EEA’), separated from relevant account and retain the Firm’s money. This means that all Client Money is treated as belonging to sums contained therein for our clients and under no circumstance own benefit provided we will use it to meet any of our obligations, at any time. Your money will be pooled with money belonging to other clients in a Segregated Account, which shall act as an omnibus account. Therefore, no single Client will have a claim against a specific sum in a specific account in the event of insolvency. Any Client’s claim shall be against the Money held in the Segregated Account.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case the institution defaults. Under such circumstances, the enforcement of the national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
11.4 The funds held in the Segregated Account may be exposed to obligations of FxPro connected with the positions of other Clients.
11.5 We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our regulatory obligations. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, and take first taken reasonable steps to periodically monitor their credit risknotify you and return the balance. We may use multiple institutions agree to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the institution(s) regarding the transfer and movement(s) of Client Money. Where make good any valid claim made by you have an open position, we reserve the right to set-off any unrealised losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part respect of any unrealised losses incurred by you from the Segregated Account to balance on an account of CryptoFusionTradingclosed in this way.Conversely, we may transfer any unrealised profits incurred by you as a result of an open position from an account of ours to the Omnibus Account.
11.6 Client Money held outside of the EEA may be subject to the jurisdiction of that territory and therefore Client rights may differ accordingly. We shall not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction. We will not pay any interest on any Client Money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the funds.
Appears in 1 contract
Your Money. 11.1 13.1. Your money shall be treated, at all times, in accordance with the applicable ‘legal and regulatory requirements regarding the handling of Client Money’ rules, as amended from time to time.
11.2 13.2. Unless otherwise indicated, we will deposit your money in one or more segregated accounts held with a financial institution within or outside the European Economic Area (‘EEA’), separated from the Firm▇▇▇▇▇’s money.
13.3. By accepting the Agreement and commencing a business relationship with us, you expressly provide your consent for keeping your funds in an omnibus account. This means that all Client Money is treated as belonging to our clients and under no circumstance circumstance, we will use it to meet any of our obligations, at any time.
13.4. Your money An omnibus account means that your funds will be pooled with money belonging to other clients in a Segregated Account.
13.5. In general, which shall act as an accounts held with financial institutions, including omnibus accountaccounts, face various risks. ThereforeFor instance, in the event of default, no single Client will have a claim against a specific sum in a specific account in the event of insolvencyinsolvency or default of the financial institution. Any Client’s claim shall be against the Money money held in the Segregated Account.
11.3 In general, accounts held with financial institutions, including omnibus accounts, face various risks, including potentially being treated as one account in case Account according to the institution defaultslaws of that jurisdiction. Under such circumstances, the enforcement of the respective national deposit guarantee scheme may apply without consideration of the ultimate beneficial owners of an omnibus account.
11.4 The funds 13.6. Client Money held in the Segregated Account Account(s) may be exposed to obligations of FxPro ▇▇▇▇▇ connected with the positions of other Clients.
11.5 13.7. We are a member of the Guarantee Fund of the National Forex Center. The Fund creates a security deposit on the accounts with special operation mode, in the amount of no less than 50% of clients’ funds.
13.8. We will exercise reasonable skill, care and diligence in the selection, appointment and periodic review of the financial institutions with which we will hold Client Money, in accordance with our legal and regulatory obligations.
13.9. To this end, we take into account the credit rating of the institution(s) prior to depositing any Client Money, Money and take reasonable steps to periodically monitor their credit riskrisk periodically.
13.10. We may use multiple institutions to ensure diversification and allocate internal percentage limits for each institution we decide to use. We will give instructions to the these institution(s) regarding the transfer and movement(s) of Client Money.
13.11. Where you have an open position, we reserve the right to will set-off any unrealised unrealized losses incurred against any of the Client Money held by us, in any account. This means that we may transfer any or part of any unrealised unrealized losses incurred by you from the Segregated Account to an account of CryptoFusionTrading.Kimbo. Conversely, we may transfer any unrealised unrealized profits incurred by you as a result because of an open position from an account of ours to the Omnibus Account.
11.6 13.12. Provided, that we comply with our legal and regulatory obligations, we can hold Client Money held outside of the EEA may EEA. Any such Client Money will be subject to the jurisdiction laws of that territory and therefore Client your rights may differ accordingly. We shall According to applicable legislation, we will apply adequate organizational arrangements to comply with any requirement concerning Client Money and we will exercise all due skill, care and diligence in the selection, appointment and periodic review of the third party and of the third party and of the arrangements for the holding and safekeeping of those financial instruments. Yet, we will not be held responsible for the solvency, acts or omissions of any institution with which Client Money is held, regardless of the jurisdiction.
13.13. We will not pay any interest on any Client Money held on your behalf, regardless of whether we receive interest on those deposits from the financial institution(s) with which we hold the Client Money or not.
13.14. We will carry out reconciliation of funds on a regular basis as per applicable legislation and in line with our internal policies and procedures, and we will proceed with any required transfer to or from the Segregated Account on the next business day, unless this is not possible for any reason.
13.15. Any amounts corresponding to liabilities you have towards us, including liabilities arising because of abusing the negative balance protection, can be deducted directly from the balance of any of your Account(s).
13.16. You have the right to withdraw any part of the Client Money equal to the free Margin available in your Account(s), subject to any applicable restrictions regarding its operation, and any other right or limitation on such withdrawal. We reserve the right to reject a withdrawal request in instances where we have reasonable grounds to believe that the said instruction is being placed to abuse our Negative Balance Protection Policy (‘NBP’). Please refer to our Website for further information on withdrawal times.
13.17. Any transfers shall only be effective after our systems have made the relevant credit or debit of the funds to the relevant Account(s), and whilst we will make all reasonable efforts to ensure any transfers are made effective in a timely manner, we cannot guarantee how long this process may take. It is your responsibility to provide us with complete and accurate information -in a prompt manner- to ensure that you do not experience any delays or other losses.
13.18. Any monies you transfer to us for the purposes of funding your Account shall be deposited in your Account on the Value Date, net of any transfer fees or other charges imposed by the financial institution(s), or any intermediary involved in the process of sending or receiving the funds. We may, at our sole discretion and under no obligation, credit funds that are still in transfer before the Value Date to your Account. We will try our best to ensure that any transfers are processed without any delay, provided, that this is within our reasonable control.
13.19. We will deposit funds into your Account only after we are satisfied, amongst other criteria, that the funds are being sent by you or your Authorized Representative from an account in your name, and that the funds do not breach any term contained within the Agreement and/or the law.
13.20. We reserve the right to request additional information and/or documentation, at any time, in order to be satisfied that your dealings with us, including, but not limited to deposits and withdrawals, are legitimate or for any other reason to fulfil and comply with our regulatory obligations. It is your responsibility to provide us with complete and accurate information and your failure to do so may result in delays with processing any requests, and/or any of your requests may be rejected.
13.21. Further, if we are not satisfied as to the above and reject an incoming transaction, we reserve the right to return the funds to the sender, net of any transfer fees or charges which we may incur. Any refund will be sent to the same source from where the funds were received. We will only deviate from this policy where we have been satisfied that this will not be contrary to any of our policies and applicable legislation.
13.22. It is our policy to ensure that all withdrawals, either in part or in full of the funds you deposit with us is sent to the same source where the funds came from. Where we are unable to do so, for whatever reason, and subject to any restriction under the regulatory regime, we shall return the funds as requested in part or in full, net of any transfer fees, charges or other deductions incurred by us.
13.23. We reserve the right to accept or decline any funding and/or withdrawal request by you depending on the payment method you choose, and we may suggest to you an alternative for your request. More information on our accepted payment methods can be found on our Website. For instance, where a client has requested to withdraw with a different method compared to the method he/she used to deposit, the request may be rejected, and you will be permitted to withdraw via another method you have used in the past.
13.24. You understand that we should process any funding request in accordance with applicable rules and regulations, therefore any requests, which are not in line with our legal obligations, may not be processed. For example, this might include instances where we are not satisfied with the documentation provided by you. In this case, we reserve the right to reverse the transaction in part or in full, net of any transfer fees, charges or other deductions incurred by us. You understand that there may be instances where we will be unable to provide you with an explanation as to why we cannot proceed with your request.
13.25. You shall make any requests relating to the administration of your Account(s) via your Client Member Area of our Website.
13.26. We will take reasonable steps to ensure keeping you informed about the progress of any funding and/or withdrawal request, specifically in relation to processing times and any required documentation that if not in place may result in delays. Further information about the processing times can be found on our Website, however, this information is provided for indicative purposes only. You understand that there may be instances where we cannot guarantee these times because of events outside of our control.
13.27. Where you receive money from us by mistake, you agree to hold such amount of money in trust for the benefit of ▇▇▇▇▇ or the beneficial owner. In the event you use any funds sent to you by mistake, we will have a claim on those funds, together with any profit derived from the use of those funds, on behalf of the beneficial owner. In the same way, we shall not compensate you for any losses incurred by you because of you using the said funds. The claim for the full amount shall remain.
13.28. Where we are required to do so by law and/or any applicable rules, we reserve the right to deduct or credit any amount from your Account(s). We will exercise our best efforts to ensure that we do not deduct an amount unless this is necessary. Examples of when this right may be exercised includes instances where we offer instruments, which we may be required to withhold part of the profit for tax purposes.
13.29. You understand and accept that we have the right to set-off any liability of yours under the Agreement. Where the liabilities to be set-off are expressed in different currencies, we may convert the said liabilities at a market rate of exchange.
13.30. You understand and accept that we have the right to net-off any amount due by deducting it from your Account(s). Where this is done, we will consider the obligation as satisfied and discharged. We reserve our rights on any obligation, which cannot be considered satisfied.
13.31. Where your Account is inactive for a period of five (5) years with a positive balance (i.e. there are funds available on your Account) and during that period no transactions have been carried out in relation to the account or on the instructions of the holder of the account and we are unable to contact you after we take reasonable efforts to achieve this, we will have the right to cease treating those funds as Client Money and make a deduction from your Account in accordance with paragraph 13.7. If you later make a valid claim to us, we may pay you any amount owed to you by us.
Appears in 1 contract
Sources: Client Agreement