9. Exemption for foreign representatives carrying out regulated activities for foreign offices of specified licence holders

A foreign representative of a specified licence holder exempt under regulation 7(1)(a) or (c) or 8(1), when acting as a representative of the specified licence holder that is carrying on the qualifying business mentioned in regulation 7(1)(a) or (c) or 8(1) (as the case may be), is exempt from —

section 99B(1) of the Act in respect of any regulated activity carried out under that qualifying business, unless the regulated activity is product financing or providing custodial services; and

regulations 4, 44 and 47 of the Securities and Futures (Licensing and Conduct of Business) Regulations in respect of any regulated activity carried out under that qualifying business.