To the extent that any General Trading Member or its employees and agents engage in any Regulated Activity in the Markets, such General Trading Member and its employees and agents are required to procure and maintain the requisite licence(s) with MAS and independently satisfy such licensing requirements as contemplated under the applicable laws. "Regulated Activity" refers to any activity that requires a CMS Licence, representative's licence, financial adviser's licence or such other licence as required under the Act or Financial Advisers Act (Cap 110).

Amended on 25 August 200925 August 2009.