Whole Section

  • 4.31 Segregation of Customer's and Remisier's Monies and Assets — Assets

    • 4.31.2

      A Trading Member must comply with Part III, Divisions 3 and 4 of the SFR (Licensing and Conduct of Business) on customer's assets in respect of any assets received by the Trading Member to be held on account of a customer (including a Remisier), or as collateral for any amount owed by the customer (including a Remisier) to the Trading Member, save that Regulations 30, 33 and 34 of the SFR (Licensing and Conduct of Business) do not apply to a Remisier.

      Added on 3 June 20193 June 2019.

    • 4.31.3

      A Trading Member must designate the accounts maintained with a financial institution specified in Regulation 27 of the SFR (Licensing and Conduct of Business) for a customer (other than a Remisier) or Remisier as a trust account, or customer (other than a Remsier) or Remisier account, as the case may be.

      Added on 3 June 20193 June 2019.

    • 4.31.4

      A Trading Member must deposit assets of its customers (other than Remisiers) in a separate custody account from assets of its Remisiers.

      Added on 3 June 20193 June 2019.

    • 4.31.5

      A Trading Member must not commingle the assets of a customer (including a Remisier) with its own assets.

      Added on 3 June 20193 June 2019.

    • 4.31.6

      A Trading Member must not withdraw a Remisier's assets from a custody account except to:

      (a) return the assets to the Remisier;
      (b) use the assets to meet any amount due and payable by the Remisier to the Trading Member; or
      (c) make a transfer or withdrawal that is authorised by law.

      Added on 3 June 20193 June 2019.