19.310.110 - Deposit of client funds -- Written notice. - Washington Statutes

Deposit of client funds — Written notice.

(1) An exchange facilitator must deposit all client funds in:

     (a) For accounts with a value of five hundred thousand dollars or more, a separately identified account, as defined in treasury regulation section 1.468B-6(c)(ii), for the particular client or client's matter, and the client must receive all the earnings credited to the separately identified account; or

     (b) For accounts with a value less than five hundred thousand dollars, (i) a pooled interest-bearing trust account if the client agrees to pooling in writing; or (ii) if the client does not agree to pooling, in a separately identified account, as defined in treasury regulation section 1.468B-6(c)(ii).

     (2) An exchange facilitator must provide the client with written notification of how the exchange proceeds have been invested or deposited.

[2009 c 70 § 12.]