Clause 27

by deleting the word “licence” in subsection (1)(a) and substituting the words “financial adviser’s licence”;

by deleting paragraph (b) of subsection (1) and substituting the following paragraphs:“(b)where the person is an exempt financial adviser, the Authority has reason to believe that circumstances exist under which, if the person were a licensed financial adviser, there would exist a ground on which the Authority may revoke his licence under section 19(2);

by deleting the word “or” at the end of subsection (1)(d);

by deleting the full-stop at the end of paragraph (e) of subsection (1) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(f)the person has been removed at the direction of the Authority from office or employment as an officer of a licensed financial adviser under section 57(1)(h).”;

by deleting the word “may —” in the 1st line of subsection (2) and substituting the words “do one or both of the following:”;

by deleting paragraph (a) of subsection (2) and substituting the following paragraph:“(a)prohibit the person, whether permanently or for a specified period, from —

providing any financial advisory service, or providing such financial advisory service in specified circumstances or capacities; or

taking part, directly or indirectly, in the management of, acting as a director of, or becoming a substantial shareholder of a licensed financial adviser or exempt financial adviser; and”; and

by inserting, immediately after subsection (4), the following subsection:“(5) Where the Authority makes a prohibition order against any person who is an appointed or provisional representative, it shall indicate against his name in the public register of representatives that fact, and the indication shall remain in the register for the duration of the order.”.