ADVOKS GLOBAL · KENYA
The Capital Markets (Conduct of Business) (Market Intermediaries) Regulations
30. Accounting for and use of clients’ funds
Edition: 2022-12-31 · In force
30. Accounting for and use of clients’ funds
(1)A market intermediary shall promptly and accurately account for clients’ funds and ensure that—(a)clients’ funds and other funds are segregated;(b)the amount of clients funds standing to the credit of each client can be ascertained, at all times, by the Authority or any other party;(c)funds held on behalf of a client are not used for the benefit of another client.(2)A market intermediary shall not withdraw money deposited in a clients’ bank account unless the money is required for the purposes of—(a)making a payment to, or in accordance with the written instructions of, a person entitled to the money;(b)purchasing, margining, guaranteeing, securing, transferring, adjusting or settling dealing in securities effected by the market intermediary on the written instructions of a client;(c)defraying brokerage and other charges incurred in respect of dealings in securities effected by the market intermediary on the written instructions of a client; or(d)making a payment that is otherwise authorized by law.