35. Withdrawal of customer’s assets

The holder of a capital markets services licence shall not withdraw any of its customer’s assets from a custody account except for the purpose of —

transferring the asset to any person entitled thereto;

meeting the customer’s obligation arising from any dealing in capital markets products by the holder for the customer;

transferring the asset to any person or account in accordance with the customer’s written directions;

lending of specified products in accordance with regulation 33;

mortgaging, charging, pledging or hypothecating the assets in accordance with regulation 34;

making a deposit in accordance with regulation 30; or

making a transfer that is authorised by law.

Despite paragraph (1)(c), the holder of a capital markets services licence must not transfer any retail customer’s assets 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.

The holder of a capital markets services licence shall not withdraw any of its customer’s assets from a custody account except for the purpose of —

transferring the asset to any person entitled thereto;

meeting the customer’s obligation arising from any dealing in capital markets products by the holder for the customer;

transferring the asset to any person or account in accordance with the customer’s written directions;

lending of specified products in accordance with regulation 33;

mortgaging, charging, pledging or hypothecating the assets in accordance with regulation 34;

making a deposit in accordance with regulation 30; or

making a transfer that is authorised by law.

Despite paragraph (1)(c), the holder of a capital markets services licence must not transfer any retail customer’s assets 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.