Section 553 | Persons buying or selling for others

(1)For the purposes of this Chapter, in any case where—

(a)a person (“A”) buys securities (or has a right or obligation to buy securities), but

(b)the securities are (or are to be) held for the benefit of another person (“B”),

B (not A) is treated as buying (or having the right or obligation to buy) the securities.

(2)In any case where—

(a)a person (“C”) sells securities, but

(b)the proceeds of the sale are held for the benefit of another person (“D”),

D (not C) is treated as selling the securities.