s 384 Savings in respect of licences issued under the repealed Acts
(1) Without prejudice to the generality of section 381 and subject to the provisions of this Act— (a) a person who holds any of the following licences immediately before the effective date shall, from that date, be deemed to hold a Capital Markets Services Licence or Capital Markets Services Representative’s Licence, as the case may be, in respect of the regulated activity which that person was carrying on under the first-mentioned licence: (i) a futures broker’s licence granted under the repealed Futures Industry Act 1993; (ii) a futures fund manager’s licence granted under the repealed Futures Industry Act 1993; (iii) a futures trading adviser’s licence granted under the repealed Futures Industry Act 1993; (iv) a dealer’s licence granted under the repealed Securities Industry Act 1983; (v) a fund manager’s licence granted under the repealed Securities Industry Act 1983; (vi) an investment adviser’s licence granted under the repealed Securities Industry Act 1983; (vii) a futures broker’s representative’s licence granted under the repealed Futures Industry Act 1993; (viii) a futures fund manager’s representative’s licence granted under the repealed Futures Industry Act 1993; (ix) a futures trading adviser’s representative’s licence granted under the repealed Futures Industry Act 1993; (x) a dealer’s representative’s licence granted under the repealed Securities Industry Act 1983; (xi) a fund manager’s representative’s licence granted under the repealed Securities Industry Act 1983; or (xii) an investment representative’s licence granted under the repealed Securities Industry Act 1983; and (b) any condition or restriction to which any licence referred to in paragraph (1)(a) was subject immediately before the effective date, to the extent that it is consistent with the provisions of this Act, shall be deemed to be a condition or restriction to which the corresponding licence referred to in paragraph (1)(a) is subject. (2) For the purposes of subsection (1), where a person holds an investment adviser’s license granted under the repealed Securities Industry Act 1983 immediately before the effective date and who is authorized to carry on the business of— (a) advising others concerning securities other than advising on corporate finance, the person shall be deemed to hold a Capital Markets Services Licence in respect of the regulated activity of investment advice; (b) advising on corporate finance, the person shall be deemed to hold a Capital Markets Services Licence in respect of the regulated activity of advising on corporate finance; or (c) analysing the financial circumstances of another person and provides a plan to meet that other person’s financial needs and objectives, the person shall be deemed to hold a Capital Markets Services Licence in respect of the regulated activity of financial planning, respectively under the corresponding provisions of this Act. (3) For the purposes of subsection (1), where a person holds an investment adviser’s representative’s license granted under the repealed Securities Industry Act 1983 immediately before the effective date and who is authorized to carry on the business of— (a) advising others concerning securities other than advising on corporate finance, the person shall be deemed to hold a Capital Markets Services Representative’s Licence in respect of the regulated activity of investment advice; (b) advising on corporate finance, the person shall be deemed to hold a Capital Markets Services Representative’s Licence in respect of the regulated activity of advising on corporate finance; or (c) analysing the financial circumstances of another person and provides a plan to meet that other person’s financial needs and objectives, the person shall be deemed to hold a Capital Markets Services Representative’s Licence in respect of the regulated activity of financial planning, respectively under the corresponding provisions of this Act. (4) For the purposes of subsection (1), where a person holds a futures fund manager’s licence under the repealed Futures Industry Act 1993 immediately before the effective date, the person shall be deemed to hold a Capital Markets Services Licence for a regulated activity of fund management in respect of futures contracts. (5) For the purposes of subsection (1), where a person holds a futures fund manager’s representative’s licence under the repealed Futures Industry Act 1993 immediately before the effective date, the person shall be deemed to hold a Capital Markets Services Representative’s Licence for the regulated activity of fund management in respect of futures contracts. (6) The Commission may, by notice in writing to a person who holds any of the licences referred to in subsection (1) specify— (a) notwithstanding section 68, the date of expiry of the Capital Markets Services Licence or Capital Markets Services Representative’s Licence which he is deemed to hold by virtue of subsection (1); (b) the regulated activity or activities to which the Capital Markets Services Licence or Capital Markets Services Representative’s Licence relates; and (c) any additional condition or restriction to which the Capital Markets Services Licence or Capital Markets Services Representative’s Licence is subject, provided where such conditions or restrictions proposed to be imposed are likely to prejudice the interests of the licensed person, the Commission shall give such licensed person an opportunity to be heard. (7) Where the Commission gives notice to a person of the date of expiry of a licence referred to in paragraph (6)(a), that licence shall expire on that date. (8) Subject to subsection (7)— (a) in the case of a person who holds one of the licences referred to in subsection (1) immediately before the effective date, the Capital Markets Services Licence or Capital Markets Services Representative’s Licence which he is deemed to hold by virtue of subsection (1) shall expire on the date of the expiry of the first-mentioned licence; or (b) in the case of a person who holds more than one of the licences referred to in subsection (1) immediately before the effective date the dates of expiry of which are different, the deemed licence shall expire on the last of those dates.