Section 158
of Securities Markets Order, 2013
Section 158
(2)
Subsection (l) shall not apply-
(a)
to any person who acts as a representative of a holder of a capital markets services licence, in so far as -
(i)
the type and scope of regulated activity carried out by the first-mentioned person are within the type and scope of, or are the
·same as, those conducted by the holder of a capital markets services licence; or
(ii)
the way in which the first-mentioned person conducts the regulated activity referred to in subsection (1) is the same as the manner in which the holder of a capital markets services licence conducts the regulated activity; and
(b)
to any person or class of persons whom the Authority may exempt from holding a representative's licence in respect of any regulated activity.
(3)
Any person who contravenes this section is guilty of an offence and liable on conviction to a fine not exceeding $2,000,000, imprisonment for a term not exceeding 2 years or both.
Exemption from requirement to hold capital markets services licence.