unless the person holds a dealers licence or is an exempt dealer.

(2) A dealers licence may authorise a person to do either or both of the following:

(a)

to carry on a securities business;

(b)

to operate:

(i)

a managed investment scheme; or

(ii)

managed investment schemes of a particular kind.

Note: Only public companies that hold a dealers licence can be responsible entities for registered managed investment schemes (see section 601FA).