50Register of investments

50 Register of investments

(1)  This regulation applies if trust money referred to in section 232(3) of the Act is invested by a law practice for or on behalf of a client, but this regulation does not itself confer power to make investments.

(2)  The law practice must maintain a register of investments of trust money.

(3)  The register must record the following information in relation to each investment:

(a) the name in which the investment is held;

(b) the name of the person on whose behalf the investment is made;

(c) the person's address;

(d) particulars sufficient to identify the investment;

(e) the amount invested;

(f) the date on which the investment was made;

(g) particulars sufficient to identify the source of the investment, including, for example –

(i) a reference to the relevant trust ledger account; and

(ii) a reference to the written authority to make the investment; and

(iii) the number of the cheque for the amount to be invested;

(h) details of any documents evidencing the investment;

(i) details of any interest received from the investment or credited directly to the investment;

(j) details of the repayment of the investment and any interest, on maturity or otherwise.

(4)  This regulation does not require particulars to be recorded in the register if the particulars are required to be recorded elsewhere by another regulation.