Singapore legislation
Clause 48
Clause 48
New section 104A
The principal Act is amended by inserting, immediately after section 104, the following section:“Non-availability of customer money and other assets for payment of debt104A. Except as otherwise provided in this Part or the regulations made thereunder, all money or other assets received from or on account of customers or deposited in the manner prescribed under section 104(1)(b) —
(a)
shall not be available for payment of the debts of the holder of a capital markets services licence; and
(b)
shall not be liable to be paid or taken in execution under an order or a process of any court.”.