20A. Moneys received from retail customer

The holder of a capital markets services licence must not enter into any contract, arrangement or transaction, the purpose or effect of which is to transfer any right, interest, benefit or title in any moneys received from its retail customer to itself or any other person, unless —

the contract, arrangement or transaction is entered into in connection with lending of the retail customer’s specified products; and

the holder complies with regulation 45(1), (3) and (4) in relation to the lending of the retail customer’s specified products.