10.—(1) Where regulations made under Article 33 and containing any such provision as is referred to in Article 34(1)(a)(i) are applied to recognised bodies in accordance with Article 26A(2)(f), then, except as provided by the regulations and subject to sub‐paragraph (2), a recognised body which in pursuance of the regulations maintains an account in which it keeps money received or held for or on account of its clients generally shall not be liable to account to any person for interest received by it on money in that account.N.I.
(2) Nothing in any such regulations or in sub‐paragraph (1) shall—
(a)affect any arrangement in writing between a recognised body and any of its clients as to the application of the client's money or interest on it; or
(b)apply to money received by a recognised body being money subject to a trust of which the body is a trustee.]