Section 159

persons who conduct regulated activities exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings;

persons who conduct a regulated activity where that activity is conducted in an incidental manner in the course of a professional activity

BRUNEI DARUSSALAM GOVERNMENT GAZETTE and that activity is regulated by legal or regulatory provisions or a code of ethics governing the profession which do not exclude the provision of that activity;

{c) persons who do not conduct any regulated activity or activities other than dealing on own account unless they are market makers or deal on own account outside a regulated market;

{d)

persons who conduct regulated activities consisting exclusively in the administration of employee participation schemes;

{e)

persons who conduct regulated activities which only involve both administration of employee participation schemes and the conduct of regulated activities exclusively for their parent undertakings, for their subsidiaries or for other subsidiaries of their parent undertakings;

{f)

such other person or class of persons in respect of any regulated activity as may be exempted by the Authority.

The Authority may, by regulations or by notice in writing, impose such conditions or restrictions on a holder of a capital markets services licence or his representative in relation to the conduct of the regulated activity or any related matter as it thinks fit and the holder of a capital markets services licence or his representative shall comply with such conditions or restrictions.

Any holder of a capital markets services licence or his representative who contravenes any condition or restriction imposed under subsection (2) is guilty of an offence and liable on conviction to a fine not exceeding $5,000,000, imprisonment for a term not exceeding 5 years or both.

The Authority may give notice that it intends to withdraw an exemption granted to a person under this section -

{a)

if that person contravenes any provision of this Order which is applicable to him or any condition or restriction imposed under subsection (2);

{b)

if that person contravenes any direction issued to him; or

{c)

if the Authority considers that person is carrying on business in a manner that is contrary to the public interest of Brunei Darussalam.

A withdrawal under subsection (4) of an exemption granted to any person shall not operate so as to 1354

fa) avoid or affect any agreement, transaction or arrangement relating to the regulated activities entered into by the person/ whether the agreement, transaction or arrangement was entered into before or after withdrawal of the exemption; or

Any person who is aggrieved by a decision made under subsection (4)

may, within 30 days after he is notified of the decision, make representations to the Authority.

·

Where the Authority intends to withdraw the exemption from the person, that person shall have the right to refer the matter to the PaneL

Every holder of a capital markets services licence and every representative shall pay to the Authority an annual fee with respect to each regulated activity as may be prescribed and in such manner as may be specified by the Authority.

Grant or renewal of capital markets services licence or representative's licence.