Clause 204

by deleting sub-paragraph (vi) of section 10(20A)(c) and substituting the following sub‑paragraphs:“(vi)a holder of a capital markets services licence licensed to carry on business in the following regulated activities under the Securities and Futures Act (Cap. 289) in force immediately before the date of commencement of section 204 of the Securities and Futures (Amendment) Act 2016, or a company exempted under that Act from holding such a licence:

dealing in securities (other than any person licensed under the Financial Advisers Act (Cap. 110));

fund management;

securities financing;

providing custodial services for securities,where the fees and compensatory payments are derived before the date of commencement of section 204 of the Securities and Futures (Amendment) Act 2016;

dealing in capital markets products (other than any person licensed under the Financial Advisers Act);

fund management;

product financing; or

providing custodial services,where the fees and compensatory payments are derived on or after the date of commencement of section 204 of the Securities and Futures (Amendment) Act 2016;”; and

by deleting the word “securities” in section 45I(2)(c)(i) and (3)(a) and substituting in each case the words “capital markets products”.