Clause 7

No person, other than a representative of an exempt financial adviser, shall act as or hold himself out to be a representative unless he holds a representative’s licence.

Any person who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.