Client Identity Rule Sample Clauses

The Client Identity Rule is a contractual provision that establishes the requirement for a party, typically a service provider or intermediary, to accurately identify and verify the true client or beneficiary in a transaction. In practice, this clause may require the intermediary to obtain and maintain records of the client's identity, and to disclose this information to relevant parties or authorities when necessary. Its core function is to prevent fraud, ensure compliance with legal and regulatory obligations such as anti-money laundering laws, and clarify the responsibilities of each party regarding client identification.
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Client Identity Rule. 24.1 If the Client effects Transactions in Securities listed on SEHK, whether on a discretionary or non-discretionary basis, and whether as agent or by entering into matching transactions as principal with its clients, the Client hereby agrees that, in relation to such transaction where WLSL has received an enquiry from SEHK and/or the SFC and/or any other relevant regulatory or supervisory authority, exchange or clearing house (the “Hong Kong regulators”) , the following provisions in this Clause 24 shall apply. 24.2 Subject as provided below, the Client shall, immediately upon request by WLSL (which request shall include the relevant contact details of the Hong Kong regulators), inform the Hong Kong regulators of its identity, address, occupation and contact details and (so far as known to the Client) of the person with the ultimate beneficial interest in the relevant transaction. The Client shall also inform the Hong Kong regulators of the identity, address, occupation and contact details of any other party (if different from the Client or the ultimate beneficiary) who originated the relevant transactions. Further, the Client shall also disclose to the Hong Kong regulators and/or WLSL details of the instruction(s). 24.3 If the Client effected the transactions for a collective investment scheme, discretionary account or discretionary trust, the Client shall, immediately upon request by WLSL (which request shall include the relevant contact details of the Hong Kong regulators), inform the Hong Kong regulators of the identity, address and contact details of the scheme, account or trust and, if applicable, the identity, address, occupation and contact details of the person who, on behalf of the scheme, account or trust, instructed the Client to effect the transactions. 24.4 If the Client effected the transactions for a collective investment scheme, discretionary account or discretionary trust, the Client shall, as soon as practicable, inform WLSL when the Client’s discretion to invest on behalf of the scheme, account or trust has been overridden. In the case where the Client’s investment discretion has been overridden, the Client shall, immediately upon request by WLSL (which request shall include the relevant contact details of the Hong Kong regulators) , inform the Hong Kong regulators of the identity, address, occupation and contact details of the person(s) who has or have given the instruction in relation to the transactions. 24.5 If the Client is a col...
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Client Identity Rule. 18.1 Response to Enquiries from Regulators Where you have received an enquiry from SEHK and/or the Securities and Futures Commission of Hong Kong (collectively the “Hong Kong regulators”) or request from a stockbroker/licensed person/intermediary in response to the enquiry from any of the Hong Kong regulators, and We have notified you in writing that We are trading on behalf of other person, We shall, upon your request (which request shall include the relevant contact details of the Hong Kong regulators), inform the Hong Kong regulators of the identity, address, occupation and contact details of the client for whose account the dealing was undertaken and (so far as known to us) of the person with the ultimate beneficial interest in the relevant dealing. We shall also inform the Hong Kong regulators of the identity, address, occupation and contact details of any third party (if different from the client/the ultimate beneficiary who originated the dealing). You may also comply with such requests directly without reference to us if you are in possession of the relevant information.
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Client Identity Rule. (a) The Client shall, immediately upon request by the Company, inform the Company of the identity, address, occupation and contact details of the person or entity (legal or otherwise) responsible for originating the instruction in relation to a Transaction and the person or entity (legal or otherwise) that stands to gain the commercial or economic benefit of the Transaction and/or bear its commercial and economic risk. (b) In relation to a collective investment scheme or discretionary account, the "entity" referred to in paragraph (a) is the collective investment scheme or account, not those who hold a beneficial interest in that collective investment scheme or account (e.g. the unitholders of a unit trust). (c) If the Client effected the Transactions for a collective investment scheme, discretionary account or discretionary trust, the Client shall, as soon as practicable, inform the Company when the Client's discretion to invest on behalf of the scheme, account or trust has been ▇▇▇▇▇▇▇▇▇▇.▇▇ the case where the Client's investment discretion has been overridden, the Client shall, immediately upon request by the Company,inform the Company of the identity, address, occupation and contact details of the person(s) who has or have given the instruction in relation to the Transactions. (d) If the Client is aware that its client is acting as intermediary for its underlying clients, and the Client does not know the identity, address, occupation and contact details of the underlying client for whom the transactions was effected, the Client confirms that: (i) it has arrangements in place with its client which entitle the Client to obtain the information set out in paragraphs (a) and (b) from its client immediately upon request or procure that it be so obtained; and (ii) it will, on request from the Company in relation to a Transaction, promptly request the information set out in paragraphs (a) and (b) from the client on whose instructions the Transactions was effected, and provide the information to the Company as soon as received from its client or procure that it be so provided. (e) The Client confirms that, where necessary, it has obtained all relevant consents or waivers from clients, collective investment schemes, discretionary accounts or discretionary trusts for whose account Transactions may be effected to release information to the relevant regulators of the identity and contact details of such clients, collective investment schemes, discretionary accounts...
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Client Identity Rule. Without prejudice to any of the Client's other obligations under the Agreement, if the Client effects Transactions for Investment Products, whether on a discretionary or non-discretionary basis, and whether as an agent or by entering into matching transactions as a principal, with its clients (collectively, “Ultimate Clients”), this Clause 19.1 shall apply. (a) The Client acknowledges and agrees that each Ultimate Client is a customer only of the Client and not of the Company, and the Company is not intended to have, will not and does not accept any responsibility, duty or liability to the Ultimate Client with respect to any Transaction effected by the Client. (b) The Client undertakes and agrees that notwithstanding that the Client may as between itself and an Ultimate Client be effecting Transactions for and on behalf of such Ultimate Client, as between the Client and the Company, the Client is transacting as sole principal of the Account and the Client shall always be primarily liable for all Transactions effected for the Account. (c) Subject as provided below, the Client shall, immediately upon request by the Company, provide the Company with any and all information requested by the Company from time to time, including the identity, address, occupation and contact details of (i) the Ultimate Client; (ii) the person or entity (legal or otherwise) responsible for originating the Instruction in relation to a Transaction if not the Ultimate Client; and (iii) the person or entity (legal or otherwise) that stands to gain the commercial or economic benefit of the Transaction and/or bear its commercial and economic risk if not the Ultimate Client. (d) Where the Client effects a Transaction for an Ultimate Client pursuant to a discretionary mandate granted by the Ultimate Client, the Client shall, as soon as practicable, inform the Company when the Client's discretion to invest on behalf of the Ultimate Client ceases, is suspended, terminated or overridden. In each such case, the Client shall further, immediately upon request by the Company, inform the Company of the identity, address, occupation and contact details of the person(s) who will thereafter exercise the investment discretion. (e) The Client shall ensure that it has appropriate arrangements in place so that in the event that it is not immediately aware of or that it is not immediately able to provide the Company with the information required in paragraphs (c) and/or (d), it will pursuant to such arra...
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Client Identity Rule. 31.1 Subject to the provisions herein, I/we shall, in respect of transactions in which I am/we are not acting as principal, immediately upon demand by you (which demand shall include the relevant contact details of the Regulators as defined below (“your Demand”)) inform the Securities and Futures Commission (the “SFC”) and/or the Exchange (singularly or collectively the “Regulators”) of the identity, address, and contact details of (a) the person or entity ultimately responsible for originating the instruction in relation to the relevant Securities Transaction; and (b) the person or entity that stands to gain the commercial or economic benefit of the relevant Securities Transaction and/or bear its commercial or economic risk (the “Client Identity Information”). 31.2 If I/we effect a Securities Transaction which is the subject of an inquiry by the Regulators for a Collective Investment Scheme, discretionary account or discretionary trust, I/we shall, immediately upon your Demand, inform the Regulators of the name of the relevant scheme, account or trust and the identity, address and contact details of the person who ultimately originates the instruction in relation to the relevant Securities Transaction.
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Related to Client Identity Rule

  • Customer Identification Program Notice To help the U.S. government fight the funding of terrorism and money laundering activities, U.S. Federal law requires each financial institution to obtain, verify, and record certain information that identifies each person who initially opens an account with that financial institution on or after October 1, 2003. Consistent with this requirement, PFPC Trust may request (or may have already requested) the Fund's name, address and taxpayer identification number or other government-issued identification number, and, if such party is a natural person, that party's date of birth. PFPC Trust may also ask (and may have already asked) for additional identifying information, and PFPC Trust may take steps (and may have already taken steps) to verify the authenticity and accuracy of these data elements.

  • Customer Identification Program (A) To assist the Fund in complying with requirements regarding a customer identification program in accordance with applicable regulations promulgated by U.S. Department of Treasury under Section 326 of the USA PATRIOT Act ("CIP Regulations"), BNYM will do the following: (i) Implement procedures which require that prior to establishing a new account in the Fund BNYM obtain the name, date of birth (for natural persons only), address and government-issued identification number (collectively, the "Data Elements") for the "Customer" (defined for purposes of this Agreement as provided in 31 CFR 1024.100(c)) associated with the new account. (ii) Use collected Data Elements to attempt to reasonably verify the identity of each new Customer promptly before or after each corresponding new account is opened. Methods of verification may consist of non-documentary methods (for which BNYM may use unaffiliated information vendors to assist with such verifications) and documentary methods (as permitted by 31 CFR 1024.220), and may include procedures under which BNYM personnel perform enhanced due diligence to verify the identities of Customers the identities of whom were not successfully verified through the first- level (which will typically be reliance on results obtained from an information vendor) verification process(es). (iii) Record the Data Elements and maintain records relating to verification of new Customers consistent with 31 CFR 1024.220(a)(3). (iv) Regularly report to the Fund about measures taken under (i)-(iii) above. (v) If BNYM provides services by which prospective Customers may subscribe for shares in the Fund via the Internet or telephone, BNYM will work with the Fund to notify prospective Customers, consistent with 31 CFR 1024.220(a)(5), about the program conducted by the Fund in accordance with the CIP Regulations. (B) To assist the Fund in complying with the Customer Due Diligence Requirements for Financial Institutions promulgated by FinCEN (31 CFR § 1020.230) pursuant to the Bank Secrecy Act ("CDD Rule"), BNYM will maintain and implement written procedures that are reasonably designed to: (i) Obtain information of a nature and in a manner permitted or required by the CCD Rule in order to identify each natural person who is a "beneficial owner" (as that term is defined in the CDD Rule) of a legal entity at the time that such legal entity seeks to open an account as a shareholder of the Fund, unless that legal entity is excluded from the CDD Rule or an exemption provided for in the CDD Rule applies; and (ii) Verify the identity of each beneficial owner so identified according to risk based procedures to the extent reasonable and practicable, in accordance with the minimum requirements of the CDD Rule. (C) Nothing in Section (3) shall be construed to require BNYM to perform any course of conduct that is not required for Fund compliance with the CIP Regulations or CDD Rule, including by way of illustration not limitation the collection of Data Elements or verification of identity for individuals opening Fund accounts through financial intermediaries which use the facilities of the NSCC. (D) BNYM agrees to permit inspections relating to the CIP services provided hereunder by U.S. Federal departments or regulatory' agencies with appropriate jurisdiction and to make available to examiners from such departments or regulatory agencies such information and records relating to the CIP services provided hereunder as such examiners shall reasonably request.