ADVOKS GLOBAL · KENYA
The Capital Markets (Licensing Requirements) (General) Regulations
20. Client accounts
Edition: 2023-10-06 · In force
20. Client accounts
A stockbroker shall—(a)deposit clients’ funds in one or more bank account(s), which account(s) shall contain only clients’ funds and be clearly marked “clients’ accounts”. Such client accounts shall not be overdrawn for any reason;(b)maintain a separate record for each account showing the name and address of the bank where the account is maintained, the dates, amounts of deposits and withdrawals and also the exact amount of each client’s beneficial interest in the account;(c)reconcile such accounts on a regular basis to ensure the amount indicated corresponds with the balances in the client account at any given time; and(d)ensure that clients’ orders for payments made in advance shall be executed according to clients’ instructions and in any event not later that one month from the date of receipt of the clients’ funds. Orders not executed within one month for whatever reason shall be renewed by fresh instructions from the client.