S.L. 590.1 Art. 21Liability of the subject person.

(1) A subject person having the control of assets belonging to clients shall be liable for any loss or prejudice suffered by the clients due to the subject person’s fraud, wilful default or negligence including the unjustifiable failure to perform in whole or in part the subject person’s obligations arising under these regulations, the terms and conditions of the agreement entered into with the clients, the conditions of any licence or such other requirements as may be laid down by the competent authority.

(2) For the purposes of this regulation, subject person includes such other subject person to whom functions, duties or assets may be delegated or entrusted in terms of regulation 22.