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The minimum information that should be notified by the investment firm licenseeG to its clientG in respect of its holdings of that client'sG assets includes but is not limited to the following:

(a) The basis and terms governing the way in which the client assetsG will be held;
(b) That the clientG is subject to the protection conferred by the client assetG protection rules and as a consequence:
i. The clientG assets will be held separately from assets belonging to the investment firm licenseeG ; and
ii. In the event of an investment firm licensees'G insolvency, winding-up or other similar event, the client's assetsG will be subject to the client assetG distribution rules.
(c) Whether interest is payable to the clientG and, if so, the terms and frequency of such payments;
(d) That, notwithstanding that the client assetsG will benefit from the protections conferred by the client assetG protection rules, the clientG will still be taking unsecured credit risk on any bank or third party with whom the investment firm licenseeG places the client assetsG that it holds;
(e) If applicable, that the client assetsG may be held in a jurisdiction outside the remit of the CBB and that the market practices, insolvency and legal regimes applicable in that jurisdiction may differ from the regime applicable in the CBB;
(f) If applicable, that the investment firm licenseeG holds or intends to hold the client moneyG in a clientG bank account with a designated bank or in a third party account with an eligible third party which is in the same group as the investment firm licenseeG and the identity of the designated bank or eligible third party concerned;
(g) If applicable, details about how any client moneyG arising out of Islamic financial business is to be held; and
(h) Details of any claims or set offs which the investment firm licenseeG may have in client assetsG held on behalf of the clientG in satisfaction of a default by the clientG or otherwise, and any rights which the investment firm licensee may have to closeout or liquidate contracts or positions in respect of any of the client assetsG , without the client'sG prior instruction or consent.
Amended: January 2007
(2 Versions)
Up to Jun 30 2007Jul 1 2007 onwards
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