Clause 7

by deleting the word “and” at the end of subsection (1)(b);

by deleting the full-stop at the end of paragraph (c) of subsection (1) and substituting a semi-colon, and by inserting immediately thereafter the following paragraphs:“(d)prescribing the manner in which applications to be appointed as a primary dealer are to be made;

prescribing the duties and obligations of a primary dealer;

providing that section 75B of the Banking Act (Cap. 19) shall apply to primary dealers as if the primary dealer were a bank licensed under that Act, with such prescribed exceptions, modifications and adaptations as the differences between Part IV and that Act require; and

exempting any financial institution or class of financial institutions from all or any of the provisions of Part VIIA.”; and

by inserting, immediately after subsection (2), the following subsection:“(3) The regulations may also provide that any contravention of any provision of the regulations shall be an offence punishable —

in the case of an individual, with a fine not exceeding $12,500 or with imprisonment for a term not exceeding 12 months or with both and, in the case of a continuing offence, with a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or

in any other case, with a fine not exceeding $25,000 and, in the case of a continuing offence, with a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.”.