1964_SECURITIES_ORDINANCE — Page 26

1989 Ed.

Securities

[CAP. 333

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(a) subject to section 61, nothing in this subsection exempts an exempt dealer who carries on a business as an investment adviser from being registered as such under this Part; and

(b) subject to section 60, nothing in this subsection exempts an exempt investment adviser who carries on a business of dealing in securities from being registered as a dealer.

(2) Where a person would, but for this subsection, be liable to a penalty for not being registered as a dealer, dealer's representative, investment adviser, or investment representative, he shall not be so liable-

(a) until the expiry of a period of 3 months immediately following the commencement of this Part; or

(b) where, before the expiry of that period, he applies for registration, until-

(i) he is registered; or

(ii) his application is refused.

48. Registration as a dealer

(1) A person (whether an individual or a body corporate, or a member of a partnership or director of a body corporate) shall not carry on a business in Hong Kong of dealing in securities, or hold himself out as carrying on such a business, unless he is registered as a dealer under this Part.

(1A) A corporation shall not carry on a business in Hong Kong of dealing in securities, or hold itself out as carrying on such a business, unless at least one of the directors of the corporation, or, in the case of a corporation having only one director, that director, actively participates in, or is directly responsible for the supervision of, the corporation's business of dealing in securities and is registered as a dealer under this Part. (Added 62 of 1976 s. 9)

(2) Any person who knowingly acts in contravention of subsection (1) or (1A) shall be guilty of an offence and shall be liable on conviction to a fine of $50,000 and, in the case of a continuing offence, to a further fine of $500 for each day during which the offence continues. (Amended 62 of 1976 s. 9)

49. Registration as an investment adviser

(1) A person (whether an individual or a body corporate, or a member of a partnership or director of a body corporate) shall not in Hong Kong act as an investment adviser or hold himself out to be an investment adviser unless he is registered as an investment adviser under this Part.

(1A) A corporation shall not in Hong Kong act as an investment adviser, or hold itself out to be an investment adviser, unless at least one of the directors of the corporation, or, in the case of a corporation having only one director, that director, actively participates in, or is directly responsible for the supervision of, the corporation's business as an investment adviser and is registered as an investment adviser under this Part. (Added 62 of 1976 s. 10)