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A person (company or individual) may be regarded as carrying on business dealing in securities if that person (whether acting as principal or agent) by way of business makes or offers to make an agreement with another person to enter into or offer to enter into an agreement, for or with a view to acquiring, disposing of, subscribing for or underwriting securities or in anyway effects or causes to effect a securities transaction; or manages a portfolio of securities for another person on terms under which the first mentioned person may hold property of the other person.
Such a person must be licensed by the ECSRC.
The ECSRC may revoke a licence granted to an individual under Part IV of the Securities Act if that individual -
The ECSRC may also revoke a licence at the request of the licensee.
The ECSRC may revoke a licence granted to a company under Part IV of the Securities Act if -
The ECSRC may also revoke a licence at the request of the licensee.
Any person wishing to apply for any of the licences granted by the ECSRC may do so in accordance with the ECSRC'S application and licensing requirements. For more information on the ECSRC'S application and licensing requirements please visit here.
No. Unlike a broker dealer, a limited service broker is precluded from:
More information on limited service brokers can be accessed via Licensee/Prospective Licensee Resources.
It is a statutory requirement that licensees comply with the Standards of Conduct provisions under PART V, Conduct of Securities Business, of the Securities Act. Section 71 of the Securities Act outlines the thirteen Standards of Conduct provisions as follows:
'...In the conduct of securities business, a licensee shall at all times act according to the principles of best practice and, in particular, shall -
Every licensee is also subject to the provisions of the Securities (Conduct of Business) Regulations.
The following persons do not require an investment adviser licence to give advice on securities:
Apart from licensees the ECSRC is also the sole licensing authority for the following securities market institutions:
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