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Status: You are viewing the version of the handbook as on 2011-04-29.

designated client bank account

    a client bank account with the following characteristics:

      1. (a) the account holds the money of one or more clients;
      1. (b) the account includes in its title the word "designated";
      1. (c) the clients whose money is in the account have each consented in writing to the use of the bank with which the client money is to be held; and
      1. (d) in the event of the failure of that bank, the account is not pooled with any other type of account unless a primary pooling event occurs.3