41. Application of this Part

Terms defined in s 2

• dealer

  dealer

  Defined · s 2

  “dealer” means a person who carries on a business of dealing in securities as a body corporate whether or not he carries on any other business, but does not include an exempt dealer;

  Open s 2
• investment adviser

  investment adviser

  Defined · s 2

  “investment adviser” means a person who —(a)carries on a business of advising others concerning securities;(b)as part of a regular business issues or promulgates analyses or reports concerning securities; or(c)pursuant to a contract or arrangement with a client, undertakes on behalf of the client (whether on a discretionary authority granted by the client or otherwise) the management of a portfolio of securities for the purpose of investment,but that expression does not include —(i)a bank as defined in section 2 of the Banking Act; (ii)a company or society registered under the Insurance Act; (iii)an advocate and solicitor or accountant in practice whose carrying on of that business is solely incidental to the practice of his profession;(iv)a company registered under the Trust Companies Act; (v)a dealer or his employee or a dealer’s representative or an exempt dealer whose carrying on of that business is solely incidental to the conduct of his business of dealing in securities; or(vi)a person who is the proprietor of a newspaper and holder of a permit issued under the Newspaper and Printing Presses Act, where —(A)insofar as the newspaper is distributed generally to the public it is distributed only to subscribers to, and purchasers of, the newspaper for value;(B)the advice is given or the analyses or reports are issued or promulgated only through that newspaper;(C)that person receives no commission or other consideration for giving the advice or for issuing or promulgating the analyses or reports; and(D)the advice is given and the analyses and reports are issued or promulgated solely as incidental to the conduct of that person’s business as a newspaper proprietor;

  Open s 2
• investment representative

  investment representative

  Defined · s 2

  “investment representative” means a person, in the direct employment of or acting for or by arrangement with an investment adviser, who performs for such investment adviser any of the functions of an investment adviser (other than work ordinarily performed by accountants, clerks or cashiers) whether his remuneration is by way of salary, wages, commission or otherwise; and includes any director or officer of a body corporate who performs for such body corporate any of those functions (whether or not his remuneration is as aforesaid);

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• representative

  representative

  Defined · s 2

  “representative” means a dealer’s representative or an investment representative;

  Open s 2
• securities

  securities

  Defined · s 2

  “securities” means —(a)debentures, stocks or bonds issued or proposed to be issued by a government;(b)debentures, stocks, shares, bonds or notes issued or proposed to be issued by a body corporate or unincorporate;(c)any right or option in respect of any such debentures, stocks, shares, bonds or notes; or(d)any interest as defined in section 107 of the Companies Act, but does not include —(e)futures contracts that are governed by any written law regulating trading in futures contracts;(f)bills of exchange;(g)promissory notes; or(h)certificates of deposit issued by a bank;

  Open s 2
• securities exchange

  securities exchange

  Defined · s 2

  “securities exchange” means a stock exchange or an approved securities organisation;

  Open s 2