designated client bank account
a client bank account with the following characteristics:
- (a) the account holds the money of one or more clients;
- (b) the account includes in its title the word "designated";
- (c) the clients whose money is in the account have each consented in writing to the use of the bank with which the client money is to be held; and
- (d) in the event of the failure of that bank, the account is not pooled with any other type of account unless a primary pooling event occurs.3