Whole Section

  • 12.10 Payment to Customers

    • 12.10.1

      All cheques to customers must be crossed, unless:—

      (1) the payee customer requests otherwise in writing; and
      (2) a senior management staff independent of sales or dealing of a Trading Member, or a senior management staff of a related corporation of that Trading Member charged with the payment function, authorises in writing the request.
    • 12.10.2

      A Trading Member must not accept a house cheque (a crossed cheque issued by the Trading Member in favour of a customer) from a customer unless:—

      (1) the customer is the payee of the cheque; and
      (2) the cheque is used to settle an amount owing by the customer to the Trading Member or is deposited into a trust account under Rule 12.11, as directed by the customer.