Clause 17

by deleting subsection (5);

by deleting the words “a licensed representative” in subsection (5A)(b) and substituting the words “a licensed financial adviser”;

by deleting subsection (5B);

by deleting subsections (5C) and (6) and substituting the following subsections:“(5C) The reference in subsections (4) and (5A) to specific sections of this Act do not include references to any regulations made under those sections unless the Authority prescribes that such regulations so apply.(6) The Authority may, on the application of an exempt financial adviser (other than a person referred to in subsection (1)(f)), exempt the exempt financial adviser from complying with any of the provisions referred to in subsection (4) or (5A), as the case may be.(6A) The Authority may, on the application of a person referred to in subsection (1)(ea), exempt any of its representatives from complying with any of the provisions referred to in subsection (5A).”;

by deleting the words “any of its representatives” in subsection (9) and substituting the words “a representative of a person referred to in subsection (1)(ea) or (f)”; (f)by deleting subsection (10) and substituting the following subsection:“(10) The Authority may withdraw an exemption granted to any person under this section if —

he fails to pay the annual fee under section 23A;

he contravenes any other provision of this Act; or

the Authority considers it necessary in the public interest.”; and

by inserting, immediately after subsection (13), the following subsections:“(14) Any exempt financial adviser which contravenes any condition or restriction imposed under subsection (9) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.(15) Any representative who contravenes any condition or restriction imposed under subsection (9) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.”.