Singapore legislation
Clause 104
Clause 104
Handling of customer assets
(1)
A holder of a capital markets services licence shall, to the extent that it receives money or other assets from a customer —
do so on the basis that the money or other assets shall 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 prejudice to 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.
(3)
In this section, “money or other assets” means money received or retained by, or any other asset deposited with, a holder of a capital markets services licence in the course of its business for which it is liable to account to its customer, and any money or other assets accruing therefrom.