Securities and Futures Act 2001 · 2020 Revised Edition · Part 4 · Holders of Capital Markets Services Licence and Representatives
99E. Provisional representative
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For the purposes of this Act, a provisional representative in respect of a type of regulated activity is an individual —
provisional representative
“provisional representative”, in respect of a type of regulated activity, has the meaning given to that expression by section 99E, and “provisional representative” means a provisional representative in respect of any type of regulated activity;
who satisfies such entry requirements as the Authority may specify for that type of regulated activity;
who intends to undergo an examination in order to satisfy the examination requirements specified by the Authority under section 99D(2) for that type of regulated activity, the fact of which has been notified to the Authority in the document lodged under section 99H(1);
whose name is entered in the public register of representatives as a provisional representative;
whose status as a provisional representative has not currently been revoked or suspended and who has not currently been prohibited by the Authority from carrying on business in that type of regulated activity;
whose entry in the public register of representatives indicates that he or she is appointed to carry on business in that type of regulated activity and does not indicate that he or she has ceased to be so;
whose principal —
is licensed to carry on business in that type of regulated activity; or
carries on business in that type of regulated activity in its capacity as a person exempted from the requirement to hold a capital markets services licence under section 99(1)(a), (b), (c) or (d);
who has not previously been appointed as a provisional representative by the Authority; and
who is not, by virtue of any circumstances prescribed by the Authority, disqualified from acting as a provisional representative.
An individual may only be a provisional representative in respect of any type of regulated activity for such period of time as the Authority may specify against his or her name in the public register of representatives.
regulated activity
“regulated activity” means an activity specified in the Second Schedule;
A provisional representative in respect of any type of regulated activity immediately ceases to be one —
upon the expiry of the period of time specified by the Authority under subsection (2);
if he or she fails to comply with any condition or restriction imposed on him or her under section 99N;
upon his or her principal informing the Authority of the satisfaction of the examination requirements specified for that or any other type of regulated activity under subsection (5); or
on the occurrence of such other circumstances as the Authority may prescribe.
Section 99D(3) to (8) (other than section 99D(4)(e)) applies to a provisional representative —
as if the reference in section 99D(6) to section 99D(1) were a reference to subsection (1); and
with such other modifications and adaptations as the differences between provisional representatives and appointed representatives require.
Where a provisional representative in respect of a type of regulated activity has satisfied the examination requirements specified for that type of regulated activity, his or her principal must inform the Authority of that fact in the prescribed form and manner and within the prescribed time.
principal
“principal”, in relation to a representative, means a person whom the representative is in the direct employment of, is acting for or is acting by arrangement with, and on behalf of whom the representative carries or will carry out any regulated activity;