Section 159: Transitional provisions – licensees

159. Transitional provisions – licensees (1) Subject to subsection (5), where— (a) a person is licensed or deemed to be licensed as a stock broker or dealer’s representative under the Stock Exchange Act; and (b) this licence is valid immediately before the commencement of this Act, that person shall continue to be so licensed under the terms of the licence, except that, he shall, within one year of the commencement of this Act, apply to the Commission for a license as an investment dealer or a representative of an investment dealer under this Act, as may be applicable, in accordance with such requirements as may be specified in FSC Rules. (2) Subject to subsection (5), where— (a) a person was appointed or approved under the Stock Exchange Act as a dealer’s authorised clerk; (b) such person carries out activities within the definition of a representative under this Act; and (c) such appointment or approval was effective immediately before the commencement of this Act, that appointment or approval shall remain valid except that the investment dealer, shall within one year of the commencement of this Act apply for a licence, in relation to any such person, as its representative under this Act in accordance with requirements that may be specified in FSC Rules. (3) Subject to subsection (5), any person who, immediately before the commencement of this Act, was performing the duties of an investment adviser as defined in this Act, whether licensed under any other enactment, shall, within one year of the commencement of this Act apply for a license as investment adviser or representative thereof as may be applicable subject to the requirements of this Act, any regulations made under this Act and the FSC Rules. (4) Subject to subsection (5), any person who, immediately before the commencement of this Act was performing the duties of a CIS manager, whether licensed under any other Act or not, shall, within one year of the commencement of this Act apply for a license as CIS manager subject to the requirement of this Act, any regulations made under this Act and the FSC Rules. S7 – 61 [Issue 1] Securities Act (5) When dealing with an application under this section, the Commission shall determine— (a) the terms and conditions; (b) any new requirement; (c) any exemption to be granted from any requirement; (d) any restriction of activities; (e) any fee payable; (f) any period of time to be given to comply with new requirements, that shall apply to such licence. (6) Subject to subsection (7), approved investment institutions designated under section 50A of the Stock Exchange Act shall, notwithstanding the repeal in section 157 (1) (a) continue to operate subject to the conditions of the Stock Exchange (Approved Investment Institution) Rules 1992. (7) Approved investment institutions in existence immediately before the commencement of this Act shall, within 3 years of the commencement of such regulations as may be prescribed, apply for authorisation as collective investment schemes according to conditions and subject to such exemptions as may be specified in FSC Rules. [S. 159 amended by s. 41 of Act 15 of 2007 w.e.f. 28 September 2007.]