Singapore legislation
Section 104
Section 104
Handling of customer assets
(1)
A holder of a capital markets services licence must, to the extent that it receives money or other assets from or on account of a customer —
do so, except in such circumstances as the Authority may prescribe, on the basis that the money or other assets must be applied solely for such purpose as may be agreed to by the customer, when or before it receives the money or other assets;
pending such application, pay or deposit the money or other assets in such manner as may be prescribed; and
record and maintain a separate book entry for each customer in accordance with the provisions of this Act in relation to that customer’s money or other assets.
(2)
The Authority may, without affecting section 341, make regulations in respect of all or any of the matters in this Division, including the handling of money or other assets by a holder of a capital markets services licence.