Section 162: Transitional provisions – holders of Category 1 Global Business Licence

162. Transitional provisions – holders of Category 1 Global Business Licence (1) Subject to subsection (2), a collective investment scheme which holds a Category 1 Global Business Licence immediately before the commencement of this Act, shall be deemed to be authorised for the purposes of this Act for a period of 3 years as from the commencement of this Act. (2) Where it is intended that the collective investment scheme shall continue its operation beyond 3 years, the person responsible for the operation of the scheme shall, 3 months before the expiry of the 3 year period, apply for authorisation of the scheme in such form and manner as may be provided for under the FSC Rules. (3) Subject to subsection (4), a company which holds a Category 1 Global Business Licence and conducts business as a CIS manager immediately before the commencement of this Act, shall be deemed to be licensed for the purposes of this Act for a period of 3 years as from the commencement of this Act. (4) Where the CIS manager intends to continue its operation beyond 3 years, the CIS manager shall, 3 months before the expiry of the 3 year period, apply for a CIS manager licence in such form and manner as may be provided for under the FSC Rules. (5) Subject to subsection (6), a company which holds a Category 1 Global Business Licence and conducts business as an investment dealer or investment adviser immediately before the commencement of this Act, shall be deemed to be licensed for the purposes of this Act for a period of one year as from the commencement of this Act. (6) Where the investment dealer or investment adviser, as the case may be, intends to continue its operation beyond the one year period, the investment dealer or investment adviser, as the case may be, shall, 3 months before the expiry of the one year period, apply for an investment dealer licence or an investment adviser licence, as the case may be, in such form and manner as may be provided for under the FSC Rules. [S. 162 amended by s. 43 of Act 15 of 2007 w.e.f. 28 September 2007.] 163. — S7 – 63 [Issue 1] Securities Act SCHEDULE [Section 2] PART I – DEFINITION OF “ASSOCIATE” “Associate” means— (a) in relation to a relationship with an individual— (i) a spouse, a person living en concubinage under the common law, any child or stepchild or any relative residing under the same roof as that person; (ii) a succession in which the person has an interest; (iii) a partner of that person; (b) in relation to a relationship with any person— (i) any company in which the person owns securities assuring him of more than 10 per cent of a class of shares to which are attached voting rights or an unlimited right to participate in earnings and in the assets upon winding up; (ii) any controller of that person; (iii) any trust in which the person has a substantial ownership interest or in which he fulfils the functions of a trustee or similar function; (iv) any company which is a related company. PART II – SCHEMES WHICH ARE NOT COLLECTIVE INVESTMENT SCHEMES