Contents of Section

Chapter:

571I PDFTitle:SECURITIES AND FUTURES (CLIENT MONEY) RULESGazette Number:L.N. 202 of 2002; L.N. 12 of 2003
Section:6Heading:Treatment of interest on client money held in segregated accountsVersion Date:01/04/2003


(1) Subject to subsection (2), a licensed corporation or an associated entity of a licensed corporation that holds client money of the licensed corporation shall deal with amounts of interest derived from the holding of the client money in a segregated account in accordance with section 5(1).
(2) Any amount of interest retained in a segregated account which the licensed corporation or associated entity that holds the client money in question is entitled to retain under an agreement in writing with a client of the licensed corporation, being the client on whose behalf the client money is being held, shall be paid out of the account by the licensed corporation or associated entity within one business day after-

        (a) the interest is credited to the account; or
        (b) the licensed corporation or associated entity becomes aware that the interest has been credited to the account,
whichever is the later.