Section 10

The Authority may grant any financial adviser’s licence, subject to such conditions or restrictions as it thinks fit.

Without limiting subsection (1), the Authority may, in granting any financial adviser’s licence, impose conditions or restrictions with respect to the type of financial advisory service which may or may not be provided by the licensed financial adviser, described in such manner as the Authority may consider appropriate.

The Authority may at any time add to, vary or revoke any condition or restriction of a financial adviser’s licence.

Any licensed financial adviser who contravenes any condition or restriction imposed by the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.[13