Clause 10

by deleting subsections (1) and (2) and substituting the following subsections:“(1) A licensee may apply to the Authority, in such form and manner as may be prescribed, to vary his licence —

by adding one or more types of financial advisory service authorised to be provided by his licence; or

by adding one or more types of investment product in respect of which he provides any financial advisory service.(1A) The Authority may require an applicant to furnish it with such information or documents as it considers necessary in relation to the application.(2) An application under subsection (1) —

shall be accompanied by a non-refundable application fee of such amount as may be prescribed, which shall be paid in the prescribed manner; and

if made in respect of a representative’s licence, shall be supported by a person who is —

a licensed financial adviser in respect of the type or types of financial advisory service or investment product (as the case may be) to be added to the representative’s licence; or

a licensed financial adviser which has applied under subsection (1) to add to its licence the type or types of financial advisory service or investment product (as the case may be) to be added to the representative’s licence.(2A) An application under subsection (1), if made in respect of a representative’s licence, shall be deemed to be withdrawn with effect from the date on which the licensed financial adviser which supported the application —

withdraws its support in writing;

withdraws its application to add to its licence the type or types of financial advisory service or investment product (as the case may be) to be added to the representative’s licence; or

has its application to add to its licence the type or types of financial advisory service or investment product (as the case may be) to be added to the representative’s licence refused by the Authority.”; and

by inserting, immediately after subsection (3), the following subsection:“(4) The Authority shall not refuse an application under subsection (1) without giving the applicant an opportunity to be heard.”.