(1) All money received from, or on behalf of, a client shall be held as client funds in accordance with this Part unless such money relates exclusively to an activity of the investment firm which is not a regulated financial service.
(2) For the purposes of this Part, an investment firm is deemed to hold client funds where -
(a) the funds have been deposited on behalf of a client of the investment firm to a third party client asset account with a third party or a relevant party in the name of the investment firm or of a nominee, and
(b) the investment firm has the capacity to effect transactions on that third party client asset account.
(3) Client funds received from, or on behalf of, a client shall be deposited into a third party client asset account without delay, and in any event not later than one working day after the receipt of such client funds.
(4) Where an investment firm deposits client funds with a qualifying money market fund, the units in that qualifying money market