Clause 3

by inserting, immediately after the definition of “futures exchange”, the following definition:“ “independent sales audit unit”, in relation to a licensed financial adviser, means a unit of the licensed financial adviser which —

audits the quality of the provision of financial advisory services by representatives of the licensed financial adviser; and

is independent from all units of the licensed financial adviser which provide financial advisory services;”; (b)by inserting, immediately after the definition of “substantial shareholder”, the following definition:“ “supervisor”, in relation to a financial adviser, means any person (by whatever name described) who —

is in the direct employment of, is acting for, or has an arrangement with the financial adviser; and

is responsible, whether directly or indirectly, for the supervision or management of the conduct and performance of any representative of the financial adviser or another supervisor;”; and

by inserting, immediately after the definition of “trading in futures contracts”, the following definition:“ “unit” means a group of individuals carrying out a common activity of a licensed financial adviser, each of whom is directly employed by, is acting for, or has an arrangement with the licensed financial adviser;”.