RegAlert2008-06-16
Added · Updated
Amendment to the Securities and Exchange Commission (Custodial Service) Rules-2003
The Securities and Exchange Commission amends Rules 12 and 14 of the 2003 Custodial Service Rules to mandate that security custodians maintain separate custodial accounts and beneficiary ownership accounts for each client, prohibiting the commingling of client assets with those of other clients or the custodian. The amendment also requires the maintenance of ledger accounts and beneficiary ownership accounts under each client's name. These changes apply to security custodians regulated by the Commission and take effect upon publication of the notification on June 16, 2008.
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Securities and Exchange Commission
Life Insurance Tower (16th, 17th and 21st Floor) 10, Dilkusha B/A, Dhaka-1000.
Notification
Date: June 16, 2008
No. SEC/CARRC/2006-159/Admin/01/32: The Securities and Exchange Commission, in exercise of the powers conferred by Section 24 of the Securities and Exchange Commission Act, 1993 (Act No. 15 of 1993), and in accordance with the provisions of clause (a) of sub-section (1) of the said section, after previous publication, hereby makes the following further amendments to the Securities and Exchange Commission (Securities Custodial Service) Rules, 2003, namely:
In the aforementioned Rules,
- In lieu of Rule 12, the following Rule shall be substituted, namely:
"12. Separate Custodial (Custody) Account.- A security custodian shall maintain a separate custodial account and beneficiary ownership account (Beneficiary Ownership Account) for each of its clients, and shall not mix the assets of one client with those of another client or with the assets of the security custodian."
- In lieu of clause (c) of sub-rule (1) of Rule 14, the following clause (c) shall be substituted, namely:
"(c) Ledger Account (Ledger Account) and Beneficiary Ownership Account (Beneficiary Ownership Account) in the name of each client;"
By order of the Securities and Exchange Commission Faruk Ahmed Siddique Chairman.
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Lineage: In force
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Source: Bangladesh Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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