Clause 12

by deleting “$20,000” in subsection (5) and substituting “$100,000”;

by deleting the words “merchant bank” in subsection (6)(c) and substituting the word “person”;

by deleting paragraphs (f) to (i) of subsection (6) and substituting the following paragraphs:“(f)any insurance intermediary registered or regulated under the Insurance Act;

any licensed financial adviser under the Financial Advisers Act (Cap. 110);

any approved holding company, securities exchange, futures exchange, recognised market operator, designated clearing house or holder of a capital markets services licence under the Securities and Futures Act (Cap. 289);

any trustee for a collective investment scheme authorised under section 286 of the Securities and Futures Act, that is approved under that Act;

any trustee-manager of a business trust that is registered under the Business Trusts Act (Cap. 31A);

any licensed trust company under the Trust Companies Act (Cap. 336); and

any other person licensed, approved, registered or regulated by the Authority under any written law,but does not include such person or class of persons as the Authority may, by regulations made under this section, prescribe.”; and

by inserting, immediately after the word “regulated” in the last line of subsection (7), the words “, but does not include such person or class of persons as the Authority may, by regulations made under this section, prescribe”.