94Securities representatives

94 Securities representatives

(1) Subject to subsection (2), a person is a securities representative of another person if, and only if, the first‑mentioned person: (a) is employed by; or (b) acts for or by arrangement with; the other person in connection with a securities business or investment advice business carried on by the other person. (2) Except for the purposes of paragraph 88(1)(b): (a) a person who holds a proper authority from a securities licensee is a securities representative of the licensee; and (b) a person who holds an invalid securities authority from another person is a securities representative of the other person. (3) Subject to subsection (4), a person does an act, or engages in conduct, as a securities representative of another person if, and only if, the first‑mentioned person does the act, or engages in the conduct: (a) in connection with a securities business or investment advice business carried on by the other person; (b) while the first‑mentioned person is a securities representative of the other person; (c) as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the other person; and (d) otherwise than in the course of work of a kind ordinarily done by accountants, clerks or cashiers. (4) Except for the purposes of Division 4 of Part 7.3, a person who holds himself, herself or itself out to be a securities representative of another person does an act as a securities representative of the other person.