Clause 8

Section 12 of the principal Act is amended by deleting subsections (2) and (3) and substituting the following subsections:“(2) A futures broker’s licence, a futures trading adviser’s licence and a futures pool operator’s licence shall only be granted to a corporation.(3) A futures broker’s representative’s licence, a futures trading adviser’s representative’s licence and a futures pool operator’s representative’s licence may only be granted to an individual.(3A) Subsection (1)(a) and (c) shall not apply to any employee of a person who has complied with the requirements prescribed under subsection (2) of section 11 and is referred to in that subsection to the extent that he acts as or holds himself out as such an employee.(3B) Subsection (1)(b) shall not apply to a person who has complied with the requirements prescribed under subsection (2) of section 11 and is referred to in that subsection.”.