Hong Kong Regulations

SECURITIES AND FUTURES (FINANCIAL RESOURCES) RULES - SECT 37

Amounts payable to clients, etc.

A licensed corporation shall include in its ranking liabilities any amount
payable to any of its clients or any counterparty or clearing house which
arises from the carrying on of any regulated activity for which it is
licensed, other than-

(a) an amount payable to any of its clients in respect of client money held by
it in a segregated account maintained with an authorized 
financial institution, an approved bank incorporated outside Hong Kong or a
recognized clearing house; and

   (b)  an amount payable to any of its clients which is set-off against an
        amount receivable from the client under section 21(3).