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Certain moneys received by dealers to be paid into a trust account

Securities Industry Act

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—(1) A dealer shall establish and keep in a bank or banks in Singapore one or more trust accounts, designated or evidenced as such, into which he shall pay —(a)all amounts (less any brokerage and other proper charges) that are received from or on account of any person (other than a dealer) for the purchase of securities and that are not attributable to securities delivered to the dealer not later than the next bank business day following the day on which they were received by the dealer; and(b)all amounts (less any brokerage and other proper charges) that are received for or on account of any person (other than a dealer) from the sale of securities and that are not paid to that person or as that person directs not later than the next bank business day following the day on which they were received by the dealer.(2) A dealer who contravenes or fails to comply with any of the provisions of subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.

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