Regulatory Alerts2016-01-01
Securities (Licensing) (Amendment) Rules 2016
The Financial Services Commission issued the Securities (Licensing) (Amendment) Rules 2016 to establish a new Investment Adviser (Corporate Finance Advisory) licence category. The amendment mandates that only corporations may apply for this licence and requires holders to possess a relevant degree plus at least five years of investment business experience. It further sets the applicable fee and authorizes licence holders to deliver corporate finance advisory services through printed materials or other channels.
Government Notices 2016 1669
Government Notice No. 193 of 2016
SECURITIES ACT 2005
FSC Rules made by the Financial Services Commission under section 155 of the Securities Act 2005
1. Citation These Rules may be cited as the Securities (Licensing) (Amendment) Rules 2016.
2. Interpretation In these Rules – “principal Rules” means the Securities (Licensing) Rules 2007.
3. Rule 5 of the principal Rules amended Rule 5 of the principal Rules is amended by – (a) deleting the word “Every”, and replacing it by the following words “Subject to paragraph (2), every”; (b) in subparagraph (a) by adding the words “other than corporate finance advisory,” after the word “transactions”; (c) in subparagraph (b) by adding the words “other than corporate finance advisory,” after the word “transactions”; (d) adding after subparagraph (b), the following new subparagraph – (c) corporate finance advisory – authorised to provide corporate finance advisory services with respect to securities transactions through printed materials or any other means; and (e) adding the following paragraph, the existing provision being renumbered as paragraph (1) –
1670 Government Notices 2016
(2) No application shall be made by a person for an Investment Adviser (Corporate Finance Advisory) licence unless it is a corporation.
4. First Schedule to the principal Rules amended The First Schedule to the principal Rules is amended by inserting the following new item – Investment Adviser (Corporate Finance Advisory) – Degree in a relevant field and at least 5 years of relevant experience in investment business
5. Fourth Schedule to the principal Rules amended The Fourth Schedule to the principal Rules is amended by inserting the following new item immediately after the item “Investment Adviser (Restricted)” – Investment Adviser (Corporate Finance Advisory) 1,000,000
6. Commencement Made by the Financial Services Commission on 16 September 2016.
BY AUTHORITY: GOVERNMENT PRINTING DEPARTMENT, LA TOUR KOENIG 85/09/16 – 1271