Singapore legislation

Clause 35

Accounts to be kept by dealers

(1)

A dealer shall keep or cause to be kept in the English language such accounting and other records as will sufficiently explain the transactions and financial position of his business and enable true and fair profit and loss accounts and balance-sheets to be prepared from time to time and shall cause those records to be kept in such a manner as to enable them to be conveniently and properly audited.

(2)

If accounting and other records are kept by a dealer at a place outside Singapore the dealer shall cause to be sent to and kept at a place in Singapore such statements and returns with respect to the business dealt with in those records as will enable to be prepared true and fair profit and loss accounts and balance-sheets.

(3)

Without affecting the generality of subsection (1) a dealer shall keep or cause to be kept the following accounts and records: —

(a)

a Bought and Sold Book recording the name of the buyer and the seller respectively of every security bought or sold by the dealer in the course of his business;

(b)

a Scrip Receipt Book containing copies of acknowledgments of receipt of securities received by the dealer from clients for sale or safe custody and clearly showing the name or names in which the particular securities are registered;

(c)

a Cash Book containing entries of all amounts paid or received by the dealer in the course of his business;

(d)

a Journal;

(e)

a Ledger or Ledgers showing all transactions —

(i)

with clients of the dealer;

(ii)

with other dealers; and

(iii)

in respect of nominal or private accounts;

(f)

a General Scrip Register recording the receipt and disposal by the dealer of all securities other than those dealt with in the Safe Custody Scrip Register;

(g)

a Safe Custody Scrip Register recording all securities held by the dealer for safe custody; and

(h)

an Underwriting Register recording all underwriting and sub-underwriting transactions entered into by the dealer.

(4)

Every entry in a Safe Custody Scrip Register and in an Underwriting Register kept by a dealer shall be dated and initialled by the person making the entry.

(5)

For the purposes of this section any account or record required to be kept by a dealer may be kept either by making entries in a bound book or by recording the matters in question in any other manner, as approved by the Registrar.

(6)

Where any account or record required by this section to be kept is not kept by making entries in a bound book but by some other means the dealer concerned shall take reasonable precautions for guarding against falsification and for facilitating discovery of any falsification.

Read in full context — Securities Industry Bill →