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Exemptions from Act for persons previously holding financial adviser’s licence for marketing of any collective investment scheme and their representatives

Securities and Futures (Licensing and Conduct of Business) Regulations

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—(1) A person who, immediately before 8 October 2018, was a holder of a financial adviser’s licence for marketing of any collective investment scheme under section 10(1) of the Financial Advisers Act 2001 is, subject to the condition under paragraph (3), exempt from section 82(1) of the Act in respect of any business in dealing in capital markets products that are units in any collective investment scheme until 8 April 2019, unless another date applies under paragraph (2).(2) If a person mentioned in paragraph (1) applies to the Authority under section 86(1) of the Act before 8 April 2019 for a capital markets services licence to carry on business in dealing in capital markets products, the person is exempt under paragraph (1) until the earlier of the following dates:(a)the date on which the Authority grants the person a capital markets services licence;(b)the date on which the Authority refuses to grant the person a capital markets services licence;(c)the date on which the person withdraws its application for a capital markets services licence.(3) The condition mentioned in paragraph (1) is that the person must deposit all moneys or property received on account of its customers, in respect of its business in dealing in capital markets products that are units in any collective investment scheme, with any of the following persons, no later than the business day immediately following the day on which the person or any of its representatives receives such money or property:(a)the manager of the collective investment scheme, the trustee of the collective investment scheme or any person who is authorised by the manager or the trustee of the collective investment trust to receive the customer’s money or property on its behalf;(b)a holder of a capital markets services licence under the Act to provide custodial services which is authorised by the customer to receive the customer’s money or property;(c)a person who is exempted under the Act from holding a capital markets services licence to provide custodial services which is authorised by the customer to receive the customer’s money or property.(4) An appointed or provisional representative who was, immediately before 8 October 2018, a representative of a holder of a financial adviser’s licence for marketing of any collective investment scheme under section 10(1) of the Financial Advisers Act 2001, or of a person exempt from holding a financial adviser’s licence for marketing of any collective investment scheme under section 20(1) of the Financial Advisers Act 2001, is, on or before 31 December 2018, exempt from section 99K(2) of the Act in relation to the retention of his name, in the public register of representatives, as an appointed or provisional representative in respect of dealing in capital markets products that are in a collective investment scheme.

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