(1) All financial instruments received from, or on behalf of, a client shall be held as client financial instruments in accordance with this Part.
(2) For the purposes of this Part, an investment firm is deemed to hold client financial instruments where the investment firm -
(a) has been entrusted by, or on account of, a client with those client financial instruments, and
(b) either -
(i) holds those client financial instruments, including by way of holding documents of title to them, or
(ii) entrusts those client financial instruments to a nominee,
and the investment firm has the capacity to effect transactions in respect of those client financial instruments.
(3) An investment firm shall hold a client financial instrument in a place and a manner that, clearly and at all times, identifies it as a client financial instrument and distinguishes it from a financial instrument that the investment firm may hold that is not a client financial instrument.
(4) An investment firm shall hol