28. Notification and acknowledgment from specified custodians

Where the holder of a capital markets services licence opens a custody account with a custodian specified in regulation 27(1), the holder shall, before depositing a customer’s assets in the account, give written notice to the custodian, and obtain an acknowledgment from the custodian that —

all assets deposited in the custody account are held on trust by the holder for its customer; and

the account is designated as a trust account, or a customer’s or customers’ account, which shall be distinguished and maintained separately from any other account in which the holder deposits its own assets.