29.—(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 commodity futures broker’s representative licence in relation only to his performing the functions of or acting for a commodity futures broker, where the commodity futures broker is a related corporation of the bank, or merchant bank, in the trading of commodity futures contracts.
(2) In this regulation and regulation 18(6), “related corporation” shall have the meaning assigned to that expression in section 6 of the Companies Act (Cap. 50).