Regulations

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The Cabinet may, after consultation with the Authority, make regulations —

prescribing anything which is to be prescribed under this Law; and

generally for carrying the purposes and provisions of this Law into effect.

Without prejudice to the generality of the foregoing, such regulations may in respect of licensees —

specify standards for the form and content of any advertising or promotion of securities or of securities investment business;

require a licensee to make full and proper disclosure to clients of the capacity in which that person is acting in relation to a particular securities investment business transaction and whether the transaction is being effected for that person’s own account or that of any person other than the client;

specify standards for dealings with clients and clients ’ assets, including the holding upon trust of clients ’ assets by the licensee;

establish financial requirements and specify standards for financial conduct and record keeping and reporting;

specify disclosure requirements in respect of the amount, value or arrangements for the payment or provision, of commissions or other inducements;

specify arrangements for the settlement of disputes; and 12

specify the nature and extent of any insurance arrangements required of the licensee.

Regulations made under this Law may provide that the contravention of any provision constitutes an offence and may prescribe penalties for any such offence not exceeding the maximum fine and term of imprisonment prescribed in this Law for any offence under this Law.

Securities Investment Business Act (2020 Revision)

1 Parts