Segregated accounts
23.—(1)  All customer’s moneys shall be segregated and separately accounted for. Such moneys received shall be paid without delay into its customer’s account unless authorised otherwise by the customer concerned. Every commodity futures broker or commodity futures pool operator shall itself maintain accounts in such a way that the outstanding balance can be easily and readily identified with each specific transaction (whether for contracts or investments) and with the dates on which each of such transactions occurred.
(2)  Every commodity futures broker or commodity futures pool operator shall at all times keep such books and accounts as may be necessary —
(a)to show all its dealings with all its customer’s moneys held, received or paid by it, and any other money dealt by the futures broker or futures pool operator through the customer’s account; and
(b)distinguish such money held, received or paid by it on account of each separate customer and to distinguish such money from its own money or other money held, received or paid by it on any other account.
(3)  Such customer’s moneys when deposited with any bank, merchant bank, another commodity futures broker or any other person approved by the Board shall be deposited under an account name which clearly identifies them as customer’s moneys and shows that they are segregated as required by regulation 22. Each futures broker or futures pool operator shall obtain and retain in its files acknowledgment from such bank, merchant bank, another futures broker or any other person approved by the Board, that it was informed that the customer’s moneys deposited therein are those of customers and are being held in accordance with the provisions of these Regulations.
(4)  A commodity futures broker may hold any of its customer’s moneys in any of the following forms:
(a)in any of the securities of the Government in Singapore;
(b)in any debt instruments of the government of the country in which the markets or Commodity Futures Exchange, where the commodity futures broker normally transacts its business, is situated; and
(c)in any other securities or instruments as shall be prescribed by the Board from time to time.
(5)  A commodity futures broker holding any of its customer’s moneys other than in a form of deposit with a bank or merchant bank shall keep a record of such transactions. The record shall include particulars on the following:
(a)the date on which such transaction was made;
(b)the name of the person through whom such transaction was made;
(c)the amount of money so transacted;
(d)a description of such transaction;
(e)the place, if any, where a customer’s moneys, securities and properties are being kept;
(f)the date on which the subject-matter of such transaction was released or otherwise disposed of and the amount of money received from such realisation or disposition, if any; and
(g)the name of the person to whom (and through whom, if any) the subject-matter of such transaction was disposed of.
(6)  All securities and properties held or received by a commodity futures broker or commodity futures pool operator on account of a customer in connection with any commodity futures contracts concluded or to be concluded or cleared or to be cleared on a Commodity Futures Exchange or any other futures markets shall be segregated and separately accounted for. Every commodity futures broker or commodity futures pool operator shall at all time keep such books as may be necessary —
(a)to show all its dealings with a customer’s securities and properties held or received by it; and
(b)distinguish such securities and properties held or received by it on account of each separate customer and to distinguish such securities and properties from its own securities and properties and other securities and properties held or received by the commodity futures broker or commodity futures pool operator.
(7)  Each commodity futures broker must compute as of the close of each business day —
(a)the total amount of customer funds on deposit in segregated accounts on behalf of customers;
(b)the total amount of such customer funds required by the Act and these Regulations to be on deposit in segregated accounts on behalf of such customers; and
(c)the amount of the commodity futures broker’s residual interest in such customer funds,
and such computation must be completed prior to noon on the next business day and must be kept, together with all supporting data.