Section 85
of Securities Markets Regulations, 2015
Section 85
A collective investment scheme administrator must not hold or control monies or assets belonging to clients in connection with such administration except in the following circumstances -
(aJ holding cheques to the order of a collective investment scheme's bank account, provided such cheques are securely held for a maximum of 3
business days prior to being deposited into the relevant collective investment scheme's bank account or returned to the drawer of the cheque; or
(bJ where a mandate over a collective investment scheme's or other clients' bank accounts is granted to a collective investment scheme administrator and the mandate has been agreed in writing with the bank, transfers out of the relevant bank accounts may be made only in circumstances where the mandate restricts instructions to make such payments to being made solely -
(i)
in accordance with the payment .of. invoiced fees and expenses; and
[ii)
in accordance with the relevant collective investment scheme's constitution and prospectus, and are not remitted to the account of the collective investment scheme administrator except by express instructions of the collective investment scheme's operator.
Delegation and service agreements.