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Authorised signatory lists: Difference between revisions
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{{g}}{{tag| | {{g}}In a marvellous example of a [[Don’t take a piece of paper to a knife fight|quixotic attempt at risk control by legal contract]], {{tag|broker}}s, {{tag|custodian}}s and other {{tag|service provider}}s in the financial markets are often sent “authorised signatory lists” by their clients of personnel who are permitted by the client to submit instructions, orders, and so on. Usually these are couched with a warning: | ||
“We shall not be liable for any instructions unless given by authorised signatories as set out in schedule A, [[as amended from time to time]].” | “We shall not be liable for any instructions unless given by authorised signatories as set out in schedule A, [[as amended from time to time]].” | ||
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:''While we have systems and controls to ensure that client instructions are properly authorised and provided by persons generally empowered to issue them, we cannot police client authorisation policies on a client’s behalf or take responsibility for client employees’ compliance with them, and we therefore cannot accept any purported restriction on a client’s liability to perform transactions instructed by your personnel purely because they happen to be in breach of your internal mandates or authorisations.'' | :''While we have systems and controls to ensure that client instructions are properly authorised and provided by persons generally empowered to issue them, we cannot police client authorisation policies on a client’s behalf or take responsibility for client employees’ compliance with them, and we therefore cannot accept any purported restriction on a client’s liability to perform transactions instructed by your personnel purely because they happen to be in breach of your internal mandates or authorisations.'' | ||
:''As between us, therefore, the presumption must be that losses (or gains) that arising from any such unauthorised orders originating within your organisation will be for your account.'' | :''As between us, therefore, the presumption must be that losses (or gains) that arising from any such unauthorised orders originating within your organisation will be for your account.'' | ||
{{sa}} | |||
*[[Don’t take a piece of paper to a knife fight]] | |||
{{C|sticking it to the man}} | {{C|sticking it to the man}} | ||