1. The Licensed Person shall be obligated to deal with funds and Securities or Foreign Securities owned by clients in accordance with the provisions of this Decree by Law and the decisions of the Authority. 2. The Licensed Person shall be obligated to segregate its own accounts and funds from the accounts and funds of its clients in accordance with the decisions issued by the Authority. 3. Funds, Securities, and Foreign Securities owned by clients and deposited in the account of the Licensed Person or registered in its name shall not form part of the patrimony of the Licensed Person, and the clients shall retain the right to recover the same in accordance with the decisions issued by the Authority. Such funds or Securities shall not be subject to pledge, attachment, enforcement, bankruptcy, liquidation, or any other procedures applicable to the Licensed Person. 4. The Licensed Person authorized to engage in margin trading shall have the right to recover its dues prior to the creditors of a client financed under margin trading, notwithstanding any general or specific preferential rights of such creditors. This shall be effected by selling all or part of the Securities held in the client’s margin trading account to the extent sufficient to satisfy the rights of the Licensed Person without recourse to the client, and in accordance with the controls and procedures prescribed by the Authority, in the following cases: a. Death of the client; b. Issuance of a decision for the liquidation of the client, the declaration of their bankruptcy, or their placement under interdiction; c. Issuance of an attachment order over the Securities belonging to the client by a competent authority; d. Any other cases determined by the Authority.
Interpretation and application must be checked against the official text and current version.