means the Companies Act 2015;

, which is calculated monthly, means the total liabilities of the broker or dealer less—

• (a)deferred taxes;
• (b)amounts due to a director or an associate;
• (c)non-current liabilities fully secured by non-current assets excluded from net capital; and
• (d)subordinated loans accepted for this purpose by the Reserve Bank;

means a securities industry licence to carry on a business of a broker or a dealer;

means whether as principal or agent, making or offering to make with any person, or inducing or attempting to induce any person to enter into or to offer to enter into—

• (a)any agreement for or with a view to acquiring, disposing of, subscribing for, or underwriting securities; or
• (b)any agreement the purposes or avowed purpose of which is to secure a profit to any of the parties from the yield of securities or by reference to fluctuations in the value of securities;

means the cash amount owed by a client in the client’s margin account without deducting any cash deposited by the client as margin;

means a reprimand, fine, suspension, expulsion or any other action provided for in the rules issued by the securities exchange;

, in relation to a securities exchange, means its board of directors or any committee or other body which has responsibility for any of the following matters—

• (a)the admission, disciplinary control or expulsion of members;
• (b)the making of rules, codes of conduct and guidelines for that securities exchange;
• (c)the enforcement of listing requirements and procedures,

and, in relation to an association, means the body of persons exercising similar powers and functions, by whatever name called, and where there is more than one such body for a company or association, includes each of them;

means a securities industry licence to carry on a business of an investment adviser;

means a securities industry licence which authorises a person to act as a trustee or manager of a managed investment scheme;

means the aggregate amount of cash and market value of securities deposited by a client into the client’s margin account but does not include securities which are bought or carried in the margin account;

, which is calculated monthly, means the shareholder’s funds or the proprietor’s capital investment for carrying out the business of a broker or dealer, and subordinated loans accepted for this purpose by the Reserve Bank less—

• (a)non-current assets and pre-paid expenses;
• (b)unsecured loans and advances included under current assets;
• (c)amounts due from a director or associate included under current assets;
• (d)excess of the book value of securities carried in the broker’s or dealer’s own account over market value; and
• (e)deficits in clients’ accounts, less any provisions for bad or doubtful debts already made, this amount being computed in detail satisfactory to the Reserve Bank;

means an individual, by whatever name described, in the direct employment of, or acting for, or by arrangement with, a licensed broker, dealer, investment adviser or managed investment scheme who performs any of the functions of a licensed broker, dealer, investment adviser or managed investment scheme (other than work ordinarily performed by accountants, clerks or cashiers) whether the individual’s remuneration is by way of salary, wages, commission or otherwise; and includes any director or officer of a body corporate who performs for the body corporate any of those functions;

means a securities industry licence to operate as a representative of a licensed broker, dealer, investment adviser or managed investment scheme; and

means members of the board of directors and senior management of a company.