S.L. 514.3 Art. 4Assets held under control constitute distinct patrimony. Cap. 16. Cap. 16.

(1) A subject person having the control of assets belonging a to a customer in the course of rendering a service under the Act to such customer, shall hold such assets solely for and on behalf of and in the interest of the customer.

(2) Notwithstanding anything stated in article 1894 of the Civil

Code or in the agreement entered into between the subject person and the customer or the fact that a customer’s assets held under the control of a subject person are registered in the name of or title thereof vests in or is otherwise vested in the subject person, such assets shall be deemed to constitute a distinct patrimony, separate from that belonging to the subject person and from that of other customers the assets of whom are also held under the control of the subject person.

(3) Except as expressly provided in the agreement entered into between the subject person and the customer and notwithstanding the provisions of the Civil Code, the control of assets belonging to a customer by a subject person shall not give or be deemed or construed to give to the subject person any rights over such assets nor shall it create any form of loan between the subject person and the customer and this notwithstanding the nature of the assets or the rights or obligations of the subject person in relation to the assets.