Singapore legislation
Clause 28
Clause 28
Receipt of client’s money or property
(1)
Without prejudice to the generality of section 104(1), the Authority may, by regulations —
determine the manner in which a licensee may receive or deal with client’s money or property; or
prohibit licensees from receiving or dealing with client’s money or property in specified circumstances or in relation to specified activities.
(2)
A lien or claim on client’s money or property in any account, which may be required to be established by any licensee under regulations made under subsection (1), shall be void unless the moneys in the account are for fees due and owing to the licensee.
(3)
A charge or mortgage on client’s money or property in any account, which may be required to be established by any licensee under regulations made under subsection (1), shall be void.
(4)
In this section, “client’s money or property” means money received or retained by, or property deposited with, a licensee in the course of his business as such for which he is liable to account to another person.