4.30 Segregation of Customer's and Remisier's Monies and Assets — Monies
A Trading Member must comply with Part III, Divisions 2 and 4 of the SFR (Licensing and Conduct of Business) on customer's monies in respect of any money received by the Trading Member on account of any customer (including a Remisier) save that Regulation 16(1)(b) of the SFR (Licensing and Conduct of Business) does not apply to a Remisier and a Trading Member must deposit all money received on account of a Remisier in a trust account.
A Trading Member must designate the accounts maintained with a financial institution specified in Regulation 17 of the SFR (Licensing and Conduct of Business) for a customer (other than a Remisier) or a Remisier as a trust account, or as a customer (other than a Remisier) or Remisier account, as the case may be.
A Trading Member must deposit money received on account of its customers (other than Remisiers) in a separate trust account from money received on account of its Remisiers.
A Trading Member must not commingle money received on account of its customers (including its Remisiers) with its own funds. However, a Trading Member may deposit its own funds into a trust account under the circumstances specified in Regulation 23(1) of the SFR (Licensing and Conduct of Business).
A Trading Member must not withdraw a Remisier's money from a trust account except to:(a) pay the Remisier;(b) meet any amount due and payable by the Remisier to the Trading Member;(c) reimburse the Trading Member for any money advanced to the trust account, and any interest and returns that the Trading Member is entitled to, provided the withdrawal does not result in the trust account becoming under-margined or under-funded; or(d) make a payment or withdrawal that is authorised by law.