INMA 5.5.5 Client money — creation of trust and terms of holding
(1) Client money held by an investment business firm is subject to a trust.
(2) The firm is the trustee of the trust. The firm holds the client money on the following terms:
(a) that the money is held for the purposes, and on the terms, of the client money protection rules and client money distribution rules;
(b) that the money is held for customers, according to their respective interests in it;
(c) that, on the failure of the firm, the money will also be held for the payment of costs attributable to the distribution of the money;
(d) that, after all valid claims and costs under paragraphs (b) and (c) have been met, the money is held for the firm itself.
|Derived from QFCRA RM/2014-4 (as from 1st January 2015).|