(1) The Minister may, on the recommendation of the Commission, make regulations with respect to the segregation and safekeeping of customers' money or securities held by licensees on behalf of customers.
(2) Without limiting the general effect of subsection (1), regulations may—
(a) make provision with respect to the opening and keeping of customers' bank accounts, including provision as to the circumstances in which money other than customers' money may be paid into such accounts and the circumstances in which and the persons to whom money held in such accounts may be paid out;
(b) require customers' money to be paid into a segregated bank account the title of which contains the word “customer”;
(c) require the keeping of accounts and records in respect of customers' money or securities; and
(d) require the accounts and records to be examined by an accountant and require the accountant to report to the Commission whether in his or her opinion the provisions of the regulations have been complied with and on such other matters as may be specified in the regulations.
(3) A licensee who is accountable for securities that are the property of another person and that the licensee or a nominee controlled by it holds, shall—
(a) hold and account for them in the manner prescribed;
(b) not dispose of, assign or lend the securities or deposit them as security for loans or advances except as may be prescribed.
(4) Money or other property held by a licensee on account of a customer shall not be available for payment of the debts of the licensee or liable to be paid or taken in execution under the order or process of any court against the licensee.
(5) A payment made in contravention of subsection (4) is void from the outset, and a person to whom the money is paid does not obtain any title to it.