Clause 12

by deleting the word “or” at the end of paragraph (c) of subsection (1), and by inserting immediately thereafter the following paragraph: “(ca)any supervisor of a financial adviser; or”;

by deleting the words “or (c)” in subsection (1)(d) and substituting the words “, (c) or (ca)”;

by inserting, immediately after sub-paragraph (i) of subsection (2)(a), the following sub-paragraph:“(ia)the standards to be maintained by any supervisor of a financial adviser in the conduct of the supervisor’s functions and duties;”; and

by deleting sub-paragraph (iii) of subsection (2)(a) and substituting the following sub-paragraph:“(iii)the qualifications (including educational qualifications), experience, expertise or training of representatives, supervisors or officers (including the chief executive officer and any director) of a licensed financial adviser or an exempt financial adviser referred to in section 23;”.