Clause 9

by deleting subsection (1) and substituting the following subsection:“(1) A licensed financial adviser shall, on a yearly basis on such date as the Authority may specify, pay such licence fee as the Authority may prescribe.”;

by deleting paragraph (b) of subsection (2);

by deleting the word “licensee” in subsection (2)(c) and (d) and substituting in each case the words “licensed financial adviser”; and

by inserting, immediately after subsection (3), the following subsection:“(4) Where a licensed financial adviser fails to pay the licence fee by the date on which such fee is due, the Authority may impose a late payment fee of a prescribed amount for every day or part thereof that the payment is late and both fees shall be recoverable by the Authority as a judgment debt.”.