4. Client Money Rules

(1) The Regulator may make Rules relating to the handling of money ("Client Money") held by an Authorised Person in Specified circumstances, which may —
(a) make provision which results in that money being held on trust (which may be one or more separate trusts) in accordance with the Rules;
(b) treat two or more accounts as a single account for Specified purposes (which may include the distribution of money held in the accounts);
(c) authorise the retention by the Authorised Person of interest accruing on the money; and
(d) make provision as to the distribution of such interest which is not to be retained by the Authorised Person.
(2) An institution with which an account is kept in pursuance of Rules relating to the handling of Client Money does not incur any liability as constructive trustee if the money is wrongfully paid from the account, unless the institution permits the payment —
(a) with knowledge that it is wrongful; or
(b) having deliberately failed to make enquiries in circumstances in which a reasonable and honest person would have done so.
(3) Rules made by the Regulator may —
(a) confer rights on persons to rescind agreements with, or withdraw offers to, Authorised Persons within a Specified period; and
(b) make provision, in respect of Authorised Persons and persons exercising those rights, for the restitution of property and the making or recovery of payments where those rights are exercised.