Singapore legislation
Regulation 23
of Securities and Futures (Licensing and Conduct of Business) Regulations
Regulation 23
Placement of licensee’s own money in trust account
Subregulation 1
Notwithstanding regulation 16(1), the holder of a capital markets services licence may from time to time advance sufficient money to a customer’s trust account from its own funds —
to prevent the customer’s trust account from being under-margined or under-funded; or
to ensure the continued maintenance of that account in a case where it is maintained with —
a financial institution specified in regulation 17(1); or
a custodian specified in regulation 17(2).
Subregulation 2
The holder may retain any interest earned and return arising on the moneys which it has so advanced to the account.
Subregulation 3
Subject to regulation 21(1)(e), any money belonging to the holder that is deposited into a customer’s trust account may be used for the purpose of payment to the customer.