Singapore legislation
Regulation 16
Regulation 16
Client money
Subregulation 1
The following principles guide the interpretation of this rule.Principles(a)A legal practitioner is under a duty to ensure that any money or other property which a client of the legal practitioner, with the agreement of the legal practitioner, has entrusted with the legal practitioner, or has made the legal practitioner responsible for, is held in a way that protects the interests of the client.(b)A law practice is under a duty to ensure that any money or other property which a client of the law practice, with the agreement of the law practice, has entrusted with the law practice, or has made the law practice responsible for, is held in a way that protects the interests of the client.
Subregulation 2
A legal practitioner is accountable to his or her client for any money or other property which the client has entrusted with the legal practitioner, or has made the legal practitioner responsible for.
Subregulation 3
A legal practitioner must —
promptly notify his or her client whenever the legal practitioner receives any money (including conveyancing money) or securities to be held on behalf of the client; and
expeditiously render statements of accounts when requested by the client.
Subregulation 4
The duties owed by a legal practitioner under this rule apply, with the necessary modifications, to a law practice.