Clause 13

by inserting, immediately after subsection (5), the following subsection:“(5A) For the avoidance of doubt, references in subsections (4) and (5) to specific sections in this Act that apply to exempt financial advisers or their representatives, respectively, do not include references to any regulations made under those sections unless the Authority prescribes that such regulations so apply.”; and

by inserting, immediately after the words “subsection (1)(f) or (2)” in subsection (7), the words “or their representatives”.