Clause 33

by deleting subsections (4) and (5) and substituting the following subsections:“(4) An application for the grant of a representative’s licence in respect of any regulated activity shall be supported in the prescribed manner by such person, who is the holder of or who has applied for a capital markets services licence for that regulated activity, as may be specified by the Authority.(5) An application for the renewal of a representative’s licence in respect of any regulated activity shall be supported in the prescribed manner by such person, who is the holder of a capital markets services licence for that regulated activity, as may be specified by the Authority.(5A) An application for the grant of a representative’s licence in respect of any regulated activity shall be deemed to be withdrawn with effect from the date on which the person who supported the application —

withdraws his support in writing;

withdraws his application for a capital markets services licence in respect of that regulated activity; or

has his application for a capital markets services licence in respect of that regulated activity refused by the Authority.(5B) An application for the renewal of a representative’s licence in respect of any regulated activity shall be deemed to be withdrawn with effect from the date on which the person who supported the application withdraws his support in writing.”; and

by inserting, immediately after subsection (7), the following subsection:“(8) In this section, “licence” and “representative’s licence” do not include a temporary representative’s licence.”.