Clause 12

by deleting the word “and” at the end of subsection (1)(e);

by inserting, immediately after paragraph (e) of subsection (1), the following paragraph:“(ea)a securities exchange, a futures exchange, a recognised market operator, or an approved holding company, in respect of the provision of any financial advisory service that is solely incidental to its operation of a securities market, a futures market, or to its performance as an approved holding company, as the case may be; and”;

by deleting subsections (2) and (3);

by deleting the words “, 36 and 70” in subsections (4) and (5) and substituting in each case the words “and 36”;

by deleting the words “subsection (1)(f) or (2)” in subsections (4) and (5) and substituting in each case the words “subsection (1)(ea) or (f)”;

by deleting subsection (5A) and substituting the following subsections:“(5A) Subject to the provisions of this Act, sections 25, 26 and 36 shall apply, with the necessary modifications, to —

a person referred to in subsection (1)(ea) in respect of its business of providing any financial advisory service as if it is a licensed financial adviser; and

any of its representatives in respect of his acting as such as if he is a licensed representative.(5B) Subject to the provisions of this Act, section 70 shall apply, with the necessary modifications, to —

an exempt financial adviser in respect of its business of providing any financial advisory service as if it is a licensed financial adviser; and

a representative of an exempt financial adviser in respect of his acting as such as if he is a licensed representative.(5C) For the avoidance of doubt, references in subsections (4), (5), (5A) and (5B) 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.”;

by deleting the words “or (2)” in subsections (6) and (7);

by deleting the words “or (5)” in subsection (6) and substituting the words “, (5), (5A) or (5B)”; and

by deleting the words “(2) or” in subsection (8).