Singapore legislation
Section 64
Section 64
Client’s money
(1)
An investment adviser shall not deal in securities for or on behalf of a client unless to the extent that he receives client’s money or property —
he does so on the basis that it shall be applied solely for specified purposes agreed when or before he receives the money or property;
pending such application, the money or property is paid or deposited by the next bank business day to a custodian with whom the trust account is maintained in accordance with this Division; and
a separate book entry shall be recorded and maintained for each client by him in accordance with this Act or regulations made thereunder, in relation to that client’s money or property.
(2)
In this section, “client’s money or property” means money received or retained by an investment adviser or property deposited with an investment adviser in the course of his business as such for which he is liable to account to another person; or money received or property deposited and held on trust by a custodian for which it is liable to account or deliver to another person.