7A.2 Money received on account of Client

7A.2.1 The Member —

a. shall treat and deal with all moneys received on account of its client as belonging to that client;

b. shall deposit all moneys received on account of its client in a trust account or in any other account directed by the client; and

c. shall not commingle moneys received on account of its client with its own funds, or use the moneys as margin or guarantee for, or to secure any transaction of, or to extend the credit of, any person other than the client.

7A.2.2 The Member shall deposit the money received on account of its client in the trust account no later than the business day immediately following the day on which the Member receives such money or is notified of the receipt of such money, whichever is the later, unless the money has in the meantime been paid to the client or deposited in an account directed by the client or unless it is deposited in accordance with Rule 7A.4.

 

7A.2.3 In Rule 7A.2.2, “business day” means the business day of the Member or, if the custodian with whom the trust account is maintained is closed for business on that day and the Member is unable to deposit the money in the account, the next business day of the custodian.

 

7A.2.4 Moneys received by the Member on account of its clients may be commingled and deposited in the same trust account.

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