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Exemption from Act for persons previously acting as representatives

Securities and Futures (Licensing and Conduct of Business) Regulations

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—(1) An individual who, immediately before 8 October 2018, was acting as a representative of a corporation that was carrying on business in dealing in specified OTC derivatives contracts is exempt from section 99B(1) of the Act when acting as a representative in respect of dealing in capital markets products that are specified OTC derivatives contracts until 8 October 2021, unless another date applies under paragraph (3), (4) or (5).(2) An individual who, immediately before 8 October 2018, was acting as a representative of a bank or merchant bank that was carrying on business in dealing in specified FX contracts is, exempt from section 99B(1) of the Act when acting as a representative in respect of dealing in capital markets products that are specified FX contracts until 8 October 2021, unless another date applies under paragraph (3), (4) or (6).(3) If an individual mentioned in paragraph (1) or (2) —(a)is not, on 8 October 2018, an appointed representative in respect of any type of regulated activity; and(b)is the subject of a notice of intent lodged with the Authority under section 99H(1)(a) of the Act before 8 October 2021 to appoint the individual as an appointed representative in respect of the regulated activity of dealing in capital markets products,the individual is exempt under paragraph (1) or (2) (as the case may be) until the earlier of the following dates:(c)the date on which the Authority enters the name of the individual in the public register of representatives;(d)the date on which the Authority refuses to enter the name of the individual in the public register of representatives;(e)the date on which the notice of intent to appoint the individual as an appointed representative is withdrawn.(4) If an individual mentioned in paragraph (1) or (2) —(a)is, on 8 October 2018, an appointed representative in respect of any type of regulated activity other than the regulated activity of dealing in capital markets products; and(b)is the subject of a notice of intent lodged with the Authority under section 99L(1) of the Act before 8 October 2021 to appoint the individual as an appointed representative in respect of the regulated activity of dealing in capital markets products,the individual is exempt under paragraph (1) or (2) (as the case may be) until the earlier of the following dates:(c)the date on which the Authority enters the additional type of regulated activity that the individual may carry out in the public register of representatives;(d)the date on which the Authority refuses to enter the additional type of regulated activity in the public register of representatives;(e)the date on which the notice of intent to appoint the individual as an appointed representative in respect of the regulated activity of dealing in capital markets products is withdrawn.(5) If an individual mentioned in paragraph (1) —(a)is, on 8 October 2018, an appointed representative in respect of the regulated activity of dealing in capital markets products whose entry in the public register of representatives does not indicate that he is appointed in respect of dealing in capital markets products that are OTC derivatives contracts; and(b)is the subject of a notice in Form 6 lodged with the Authority before 8 October 2021 to add “OTC derivatives contracts” as a type of capital markets products in respect of which the individual performs the regulated activity of dealing in capital markets products in the records kept by the Authority under section 99C(1) of the Act,the individual is exempt under paragraph (1) until the earlier of the following dates:(c)the date on which the Authority enters “OTC derivatives contracts” as an additional type of capital markets products against the individual’s name in the public register of representatives;(d)the date on which the Authority refuses to enter “OTC derivatives contracts” as an additional type of capital markets products against the individual’s name in the public register of representatives;(e)the date on which the notice to add “OTC derivatives contracts” as an additional type of capital markets products in respect of which the individual performs the regulated activity of dealing in capital markets products in the records kept by the Authority under section 99C(1) of the Act is withdrawn.(6) If an individual mentioned in paragraph (2) —(a)is, on 8 October 2018, an appointed representative in respect of the regulated activity of dealing in capital markets products whose entry in the public register of representatives does not indicate that he is appointed in respect of dealing in capital markets products that are OTC derivatives contracts or spot foreign exchange contracts for the purposes of leveraged foreign exchange trading; and(b)is the subject of a notice in Form 6 lodged with the Authority before 8 October 2021 to add “OTC derivatives contracts” or “spot foreign exchange contracts for the purposes of leveraged foreign exchange trading” as types of capital markets products in respect of which the individual performs the regulated activity of dealing in capital markets products in the records kept by the Authority under section 99C(1) of the Act,the individual is exempt under paragraph (2) until the earlier of the following dates:(c)the date on which the Authority enters “OTC derivatives contracts” or “spot foreign exchange contracts for the purposes of leveraged foreign exchange trading” as an additional type of capital markets products against the individual’s name in the public register of representatives;(d)the date on which the Authority refuses to enter “OTC derivatives contracts” or “spot foreign exchange contracts for the purposes of leveraged foreign exchange trading” as an additional type of capital markets products against the individual’s name in the public register of representatives;(e)the date on which the notice to add “OTC derivatives contracts” or “spot foreign exchange contracts for the purposes of leveraged foreign exchange trading” as an additional type of capital markets products in respect of which the individual performs the regulated activity of dealing in capital markets products in the records kept by the Authority under section 99C(1) of the Act is withdrawn.(7) A principal of an individual exempt under paragraph (1) is exempt from section 99B(3) of the Act in respect of permitting that individual to carry on business in dealing in capital markets products that are specified OTC derivatives contracts on behalf of that principal.(8) A principal of an individual exempt under paragraph (2) is exempt from section 99B(3) of the Act in respect of permitting that individual to carry on business in dealing in capital markets products that are specified FX contracts on behalf of that principal.

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