(1) A securities business is a business of dealing in securities. (3) Subsections (5), (6) and (7) apply for the purposes of determining:

(a)

whether or not a person carries on, or holds himself, herself or itself out as carrying on, a securities business; and

(b)

what constitutes such a business carried on by a person.

(4) Subsection (7) also applies for the purposes of determining whether or not a person deals in securities. (5) An act done on behalf of the person by the holder of a dealers licence or an exempt dealer is to be disregarded. (6) An act that the person does:

(a)

while employed by, or acting for or by arrangement with, a dealer; and

(b)

as employee or agent of, or otherwise on behalf of, on account of, or for the benefit of, the dealer; and

(c)

in connection with a securities business carried on by the dealer;