Stock Exchange Act, 1995
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Prohibition of unlawful member firm. |
17.—(1) Any person who— | |
(a) claims to be a member firm, or | ||
(b) holds himself out as a member firm, | ||
shall be guilty of an offence under this Act unless that person is such a member firm. | ||
(2) It shall be an offence for a person to be a member firm of an approved stock exchange unless he has been authorised— | ||
(a) by the Bank under section 18 of this Act, or | ||
(b) by a competent authority in another Member State, for the purpose of Council Directive 93/22/EEC of 10 May, 1993(1) as amended or extended from time to time, whose authorisation includes any or all of the services referred to in section A, 1 (b) or 2 of the Annex to that Directive, or | ||
(c) as a European Communities credit institution in a Member State, whose authorisation under Council Directive 77/780/EEC of 12 December, 1977(2) as amended by Council Directive 89/646/EEC of 15 December, 1989(3) as amended or extended from time to time, includes one or more investment services equivalent to those set out in section A, 1 (b) or 2 of the Annex to Council Directive 93/22/EEC of 10 May, 1993(1). | ||