Singapore legislation
Regulation 21
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 21
Withdrawal of money from trust account
Subregulation 1
The holder of a capital markets services licence shall not withdraw any money from a customer’s trust account except for the purpose of —
making a payment to any person entitled thereto;
making a payment to meet an obligation of a customer whose money is deposited in that account, being an obligation that arises from any dealing in capital markets products by the holder for the customer;
defraying its brokerage and other proper charges; (d)making a payment to any other person or account in accordance with the written direction of the customer;
reimbursing the holder any moneys that it has advanced to the account and any interest and returns that it is entitled to by virtue of regulation 23, so long as such withdrawal does not result in the account becoming under-margined or under-funded;
making a deposit in accordance with regulation 19 or an investment in accordance with regulation 20; or
making a payment or withdrawal that is authorised by law.
Subregulation 2
Despite paragraph (1)(d), the holder of a capital markets services licence must not withdraw any money from a retail customer’s trust account for the purpose of making a payment to any other person or account to meet any obligation of the holder in relation to any transaction, arrangement or contract entered into by the holder for the benefit of the holder.