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The Act introduces a new institute - an investment services agent, which was missing in the
former regulation. The Act also lays down conditions for activities of such agent. An
investment services agent may be either a legal entity or a natural person which:
- a)
- is not allowed to provide other investment services than acceptance and transmission of
client's orders relating to substitutable securities,
- b)
- is not allowed to accept funds or Instruments of clients and cannot thus become a debtor
of funds or securities of its clients,
- c)
- transmit clients' orders under letter a) above only to banks, branches of foreign
banks, Securities Dealers, Branches, asset management companies, or foreign asset management
companies.
For providing the above mentioned agency services an approval of the Office is required.
Last modified: 2003-03-01
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