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4. Client Money

(1) For the purposes of these Rules, all money held by a Licensed Firm on behalf of a Client in the course of, or in connection with, the carrying on of any Controlled Activity in or from the Abu Dhabi Global Market is "Client Money" except where such money is immediately due and payable by the Client to the Licensed Firm for the Licensed Firm’s own account.
(2) A Licensed Firm, in holding Client Money, must hold it on trust for its respective Clients.
(3) For the purpose of Rule 4(1), money which is immediately due and payable to a Licensed Firm for the Licensed Firm’s own account includes money which is paid to the Licensed Firm (including by being deducted from Client Money held by the Licensed Firm) in settlement of fees, including–
(a) fees for services provided to a Client,
(b) expenses of the Licensed Firm incurred on behalf of the Client and payable by the Licensed Firm, and
(c) other charges that are due and payable to the Licensed Firm.
(4) Client Money is "held" by a Licensed Firm if it is–
(a) directly held by the Licensed Firm,
(b) held in an account in the name of the Licensed Firm, or
(c) held by a person, or in an account in the name of a person, controlled by the Licensed Firm.