Money, of any currency, that a licensee receives from or on behalf of a client in the course of carrying on securities business or regulated crypto-asset services (as the case may be) is client money except for money which is to be:
(a) used to defray the licensee’s brokerage and other charges which are lawfully due to the licensee;
(b) paid to the client or in accordance with the client’s written direction; and
(c) money which is to be used to reduce the amount owed by the client to the licensee.
Added: January 2020