the other person in connection with a securities business or investment advice business carried on by the other person.

(2) Except for the purposes of paragraph 88(1)(b):

(a)

a person who holds a proper authority from a securities licensee is a securities representative of the licensee; and

(b)

a person who holds an invalid securities authority from another person is a securities representative of the other person.

(3) Subject to subsection (4), a person does an act, or engages in conduct, as a securities representative of another person if, and only if, the first-mentioned person does the act, or engages in the conduct:

(a)

in connection with a securities business or investment advice business carried on by the other person; and

(b)

while the first-mentioned person is a securities representative of the other person; and

(c)

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

(d)

otherwise than in the course of work of a kind ordinarily done by accountants, clerks or cashiers.

(4) Except for the purposes of Division 4 of Part 7.3, a person who holds himself, herself or itself out to be a securities representative of another person does an act as a securities representative of the other person.