Regulation 3 Amendments to regulation 2 of the Principal Regulations

In regulation 2 of the Principal Regulations in the definition of “accountable person” for paragraph (a) there shall be substituted —

“(a)

in relation to a charge under section 87^f1 of the Act (“section 87”) —

(i)

if the person mentioned as B in section 87(1) is a market maker or broker and dealer, or if a broker and dealer is acting as an agent for B who is not a market maker or broker and dealer, the market maker or broker and dealer, and failing that

(ii)

if the person mentioned as A in section 87(1) is a market maker or broker and dealer, or if a broker and dealer is acting as an agent for A who is not a market maker or broker and dealer, the market maker or broker and dealer, and failing that

(iii)

if the person mentioned as B in section 87(1) is a qualified dealer, or if a qualified dealer is acting as an agent for B who is not a qualified dealer, the qualified dealer, and failing that

(iv)

if the person mentioned as A in section 87(1) is a qualified dealer, or if a qualified dealer is acting as an agent for A who is not a qualified dealer, the qualified dealer, and failing that

(v)

the person mentioned as B in section 87(1),”.