Exemption for associated persons
30.—(1)  An employee of a bank or a merchant bank who is registered as an associated person of a Commodity Futures Exchange pursuant to the rules of that Exchange shall be exempted from the requirement to hold a futures broker’s representative licence in relation only to his performing the functions of or acting for a commodity futures broker, which is a related corporation of the bank, or merchant bank in the trading of commodity futures contracts.
(2)  An employee of a bank or a merchant bank who performs the functions of or acts for a commodity futures broker, which is a related corporation of the bank, or merchant bank in the trading of commodity futures contracts and who on 27th May 1992 is not registered as an associated person, shall not be liable for any penalty under Part II of the Act for not being licensed as a futures broker’s representative if he registers as an associated person of the Commodity Futures Exchange within 3 months of that date.
(3)  In this regulation and regulation 19(6), “related corporation” shall have the meaning assigned to that expression in section 6 of the Companies Act.