(1) In advance of opening a third party collection account, a fund service provider shall -
(a) designate in its own financial records, each third party collection account as a 'collection account' in the account name that makes it readily identifiable as an account containing investor money, and
(b) ensure that the third party will designate in the financial records of the third party, the name of the third party collection account held with it in a manner which makes it clear that the investor money is not the money of the fund service provider.