s.16Exemption from licensing
16
Section 16Part 3 — PROFESSIONAL DIRECTORS

Exemption from licensing

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A director of a covered entity who is a natural person and is a director, an employee, a member, an officer, a partner, or a shareholder of a holder of a companies management licence or a mutual funds administrators licence is not required to be licensed as a professional director but is required to be registered under section 6.
A director of a covered entity who is a natural person and is a director, an employee, a member, an officer, a partner, or a shareholder of a fund manager of a mutual fund regulated under the Mutual Funds Law (2013 Revision) and that fund manager is registered or licensed by an overseas regulatory authority listed in the Schedule, is not required to be licensed as a professional director if the person —
acts as a director for a covered entity by virtue of the person's relationship to that fund manager; and
is registered pursuant to section 6.

Defined Terms

covered entitynatural personprofessional directorcompanies management licencemutual funds administrators licencefund managermutual fund

Cross References

  • Section 6 of Directors Registration And Licensing Actexternal

    reference to registration requirement under section 6

  • Section of Mutual Funds Law

    reference to Mutual Funds Law (2013 Revision)