art_4__para_1__point_1__list_2

the ownership rights of third parties in instruments and funds must be safeguarded, especially in the event of the insolvency of the firm or of its proprietors, seizure, set-off or any other action by creditors of the firm or of its proprietors; the firm must be subject to rules designed to monitor the firm’s solvency and that of its proprietors; the firm’s annual accounts must be audited by one or more persons empowered, under national law, to audit accounts; where the firm has only one proprietor, that person must make provision for the protection of investors in the event of the firm’s cessation of business following the proprietor’s death or incapacity or any other such event;

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Source: EUR-Lex (Cellar) · retrieved 2026-09-25 · Text as adopted (Official Journal); later amendments are not incorporated in this text.