(1) In advance of opening a third party client asset account, an investment firm shall enter into an agreement with the third party (in this Part to be known as a "Funds Facilities Agreement") and the terms of such Funds Facilities Agreement shall be that -
(a) the investment firm and the third party acknowledge that the client funds in the third party client asset account are held by the investment firm in trust for the relevant clients,
(b) the third party shall maintain a record of the client funds in the third party client asset account separate from the investment firm's own funds and the funds of the third party,
(c) the third party will designate the name of the third party client asset account in its records in such a way as to make it clear that the client funds do not belong to the investment firm,
(d) the third party is not entitled to combine the third party client asset account with any other account and the third party is not entitled to exercise any right of set-off