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Conditions for acting as representative despite other employment, business, etc.

Financial Advisers Regulations

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For the purposes of section 22(3) of the Act, a person (called in this regulation the specified person) may act as a representative or hold himself out as doing so despite being concurrently engaged in any of the activities set out in section 22(2)(a) or (b) of the Act (called in this regulation the specified activities) if the following conditions and requirements are complied with:(a)the specified person has informed the principal on whose behalf he intends to provide any financial advisory service (called in this regulation the proposed principal) of his engagement in the specified activities;(b)the specified person has obtained, from every person for whom the specified person engages in any of the specified activities, prior approval to be an appointed representative or a provisional representative, as the case may be, of the proposed principal in respect of the financial advisory service provided by the proposed principal;(c)the engagement by the specified person in the specified activities will not —(i)give rise to a conflict of interest for the specified person;(ii)cause reputational damage to the proposed principal, or to the financial advisory industry, or to both; and(iii)result in the specified person neglecting his duties as the proposed principal’s appointed representative or provisional representative, as the case may be;(d)the specified person must not engage in any of the following acts:(i)carrying on, or holding himself out in any way as carrying on, the business of moneylending or being concerned, engaged or employed in the business of moneylending;(ii)organising, promoting or conducting any casino marketing arrangement in or with respect to any casino;(iii)acting as an associate of an international market agent;(iv)being concerned, engaged or employed in the business of an international market agent;(v)being an applicant for an international market agent licence;(vi)exercising or carrying on the business of an estate agent, or acting or holding himself out as an estate agent;(vii)being concerned, engaged or employed in the business of an estate agent;(viii)acting or holding himself out as a salesperson for any licensed estate agent;(ix)marketing any investment that is not an investment product;(e)the specified person will not invest in, or hold any interest in, any moneylending business or in any business of an international market agent or of an estate agent.

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