Client Money Acknowledgment Letter - CASS Provision: Difference between revisions

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Client Money Acknowledgment Letter - CASS Provision (view source)

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 In relation to [each of] the {{cassprov|Client Transaction Account}}[s] identified above you agree that: <br>
-:(d) all money standing to the credit of the {{cassprov|Client Transaction Account}} is payable to us in our capacity as [[trustee]] under the laws applicable to us[, except where, in accordance with your default management procedures in respect of a default by us, you transfer money credited to the {{cassprov|Client Transaction Account}} to anyone other than us in accordance with the “{{tag|EMIR}} Indirect Clearing Default Management Obligations” (as defined at the time of such default in the Financial Conduct Authority’s Handbook of Rules and Guidance)] [[[and/or]]] [ the “{{tag|MiFIR}} Indirect Clearing Default Management Obligations” (as defined at the time of such default in the Financial Conduct Authority’s Handbook of Rules and Guidance)]];
+:(d) all money standing to the credit of the {{cassprov|Client Transaction Account}} is payable to us in our capacity as [[trustee]] under the laws applicable to us[, except where, in accordance with your default management procedures in respect of a default by us, you transfer money credited to the {{cassprov|Client Transaction Account}} to anyone other than us in accordance with the “{{tag|EMIR}} Indirect Clearing Default Management Obligations” (as defined at the time of such default in the Financial Conduct Authority’s Handbook of Rules and Guidance)] [[and/or]] [ the “{{tag|MiFIR}} Indirect Clearing Default Management Obligations” (as defined at the time of such default in the Financial Conduct Authority’s Handbook of Rules and Guidance)];
-:(e) you do not have any recourse or right against money credited to the {{cassprov|Client Transaction Account}} in respect of any sum owed to you, or owed to any third party, on any other account (including any account we use for our own money), and this means for example that you do not have any right to combine the {{cassprov|Client Transaction Account}} with any other account and any right of [[set-off]] or [[counterclaim]] against money in the {{cassprov|Client Transaction Account}}; and
+:(e) you do not have any [[Limited recourse|recourse]] or right against money credited to the {{cassprov|Client Transaction Account}} [[in respect of]] any sum owed to you, or owed to any third party, on any other account (including any account we use for our own money), and this means for example that you do not have any right to [[Combination of accounts|combine]] the {{cassprov|Client Transaction Account}} with any other account and any right of [[set-off]] or [[counterclaim]] against money in the {{cassprov|Client Transaction Account}}; and
 :(f) you will title, or have titled, the {{cassprov|Client Transaction Account}} as stated above and that such title is different to the title of any other account containing money that is payable to us in a capacity other than as [[trustee]] or that is payable to any [[third party]]. <br>
 You and we agree that: <br>
-:(g) the terms of this letter shall remain binding upon the parties, their successors and assigns, and, for the avoidance of doubt, regardless of any change in name of any party;
+:(g) the terms of this letter shall remain binding upon the parties, their successors and assigns, and, [[for the avoidance of doubt]], regardless of any change in name of any party;
-:(h) this letter supersedes and replaces any previous agreement between the parties in connection with the Client Transaction Account[s], to the extent that such previous agreement is inconsistent with this letter;
+:(h) this letter supersedes and replaces any previous agreement between the parties in connection with the {{cassprov|Client Transaction Account}}[s], to the extent that such previous agreement is inconsistent with this letter;
-:(i) in the event of any conflict between this letter and any other agreement between the parties in connection with the Client Transaction Account[s], this letter agreement shall prevail;
+:(i) in the event of any conflict between this letter and any other agreement between the parties in connection with the {{cassprov|Client Transaction Account}}[s], this letter agreement shall prevail;
 :(j) no variation to the terms of this letter shall be effective unless it is in writing, signed by the parties and permitted under the rules of the Financial Conduct Authority;
 :(k) this letter shall be governed by the laws of [insert appropriate jurisdiction] [firms may optionally use this space to insert additional wording to record an intention to exclude any rules of private international law that could lead to the application of the substantive law of another jurisdiction]; and
 :(l) the courts of [insert same jurisdiction as previous] shall have non-exclusive jurisdiction to settle any dispute or claim arising out of or in connection with this letter or its subject matter or formation (including non-contractual disputes or claims). <br>
 Please sign and return the enclosed copy of this letter as soon as possible. We remind you that, pursuant to the rules of the Financial Conduct Authority, we are not allowed to permit you to hold any money belonging to our clients on the Client Transaction Account[s] until you have acknowledged and agreed to the terms of this letter.
+}}