66.—(1) A transitional approval or transitional licence is valid for 2 years after the appointed date despite any period of validity determined by the Board under section 5, 9 or 14 for the transitional approval or transitional licence (as the case may be) unless —
(a)
the transitional approval or transitional licence (as the case may be) is earlier terminated in accordance with this Act; or
(b)
the holder of the transitional approval or transitional licence is earlier granted or refused, or earlier exempt from, an approval or licence under the Securities and Futures Act (Cap. 289) for the same activity that the person was authorised to do as holder of the transitional approval or transitional licence (as the case may be).
(2) In this section —
“appointed date” means the date of commencement of section 8 of the Securities and Futures (Amendment) Act 2017;
“transitional approval” means an approval granted to a commodity market under section 5 or a clearing house under section 9 (as the case may be) before the appointed date and subsisting on the appointed date;
“transitional licence” means any of the following licences:
(a)
a licence which is issued before the appointed date for any matter mentioned in section 12(1) or 13(1)(b) or (d) and is subsisting on the appointed date;
(b)
a licence which is issued before the appointed date for any matter mentioned in section 13(1)(a), (c) or (e) and is subsisting on the appointed date;
(c)
a licence which is issued on or after the appointed date for any matter mentioned in section 13(1)(a), (c) or (e) in relation to a person who holds a licence mentioned in paragraph (a).