(1) A supervisory authority may from time to time impose requirements on authorised investment business firms, or may impose requirements or may approve of rules in the rules of an approved professional body, where it considers it necessary to do so having examined the rules of the approved professional body and any relevant enactment regulating the holding of moneys on behalf of clients by persons regulated by that approved professional body, with respect to clients' money and clients' investment instruments and such rules or requirements (in this Act referred to as "client money requirements") may include conditions under which investment business firms may hold money or investment instruments, or both, for clients.

(2) Without prejudice to the generality of subsection (1) of this section, client money requirements may include requirements or rules in relation to -

(a) the category or categories of investment business firm to whom such requirements or rules apply;

(b) the type or types of accounts to be opened and kept by an investment business firm arising from its business as an investment business firm;