Clause 8

replace subsection (2) with —“(2) A person must not obtain effective control of a licensed financial adviser that is a company, unless the person has obtained the prior approval of the Authority.”;

in subsection (3)(c), delete “or as may be specified in written directions by the Authority”;

after subsection (4), insert —“(4A) The Authority may at any time add to or vary any condition imposed under subsection (4) and the applicant must comply with the condition so added to or varied.(4B) The Authority may at any time revoke any condition imposed under subsection (4) (including a condition that has been added to or varied under subsection (4A)).”;

in subsection (5), after “subsection (4)”, insert “(including a condition that has been added to or varied under subsection (4A))”;

in subsection (5), replace “memorandum or articles of association” with “constitution”;

in subsection (6), replace paragraphs (a) and (b) with —“(a)a person has effective control of a licensed financial adviser —

if the person, alone or acting together with any connected person, holds, directly or indirectly, 20% or more of the issued share capital of the licensed financial adviser;

if the person, alone or acting together with any connected person, controls, directly or indirectly, 20% or more of the voting power in the licensed financial adviser; (iii)if the licensed financial adviser or its directors are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (whether conveyed by the person alone or together with any other person, and whether with or without holding shares or controlling voting power in the licensed financial adviser); or

if the person (whether alone or acting together with any other person, and whether with or without holding shares or controlling voting power in the licensed financial adviser) is able to determine the policy of the licensed financial adviser; and”; and

in subsection (8), replace “contravenes subsection (4)” with “fails to comply with a condition imposed under subsection (4) (including a condition added to or varied under subsection (4A))”.