(1) In this Regulation "instruction" includes -
(a) a written confirmation or recorded telephone confirmation by which a client has instructed the investment firm to transfer its client assets, or
(b) a written agreement by which a client has instructed the investment firm to manage its client assets on a discretionary basis.
(2) An investment firm shall take all steps as may be necessary to ensure that any client asset is held by it in trust for the benefit of the client on behalf of whom such client asset is being held.
(3) An investment firm shall not place in a third party client asset account any asset other than a client asset except in accordance with Regulations 49(6), 49(7) or Regulation 58(3).
(4) Except in accordance with a legally enforceable agreement, an investment firm shall not use the assets of a client for any purpose other than for the sole account of that client.
(5) Without prejudice to Regulations 48(3), 49(6) and 49(7), an investment firm is not required to