7A.8 Duties of Member on Receipt of Client’s Assets

7A.8.1 The Member shall —

a. deposit a client’s assets in a custody account held on trust for the client;

b. ensure that the client’s assets are not commingled with any asset belonging to the Member; and

c. make arrangements for a custodian to maintain the custody account.

7A.8.2 The Member shall deposit the client’s assets in the custody account no later than the business day immediately following the day on which the Member receives such assets or is notified of the receipt of such assets, whichever is the later, unless the assets have in the meantime been returned to the client or deposited in an account directed by the client or unless it is deposited in accordance with Rule 7A.11.

 

7A.8.3 In Rule 7A.8.2, “business day” means the business day of the Member or, if the custodian with whom the custody account is maintained is closed for business on that day and the Member is unable to deposit the assets in the account, the next business day of the custodian.

 

7A.8.4 A client’s assets may be commingled with the assets of another client and deposited in the same custody account.

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