Section 188

(1)

Except as permitted by subsection (2) -

1374

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(a}

the holder of a capital markets services licence who carries on the business of dealing in securities or fund management when acting as principal or on behalf of a person associated with or connected to the holder;

or

(bj a representative of a holder of a capital markets services licence, when acting for his own account or on behalf of a person associated with or connected to the representative, shall not enter into a transaction of purchase or sale of securities that are permitted to be traded on a securities excHange, if a client of that holder or representative, who is not associated with or connected to the holder or representative, has instructed the holder or representative to purchase or sell, respectively, securities of the same class and the holder or representative has not complied with the instruction.