Section 23. Subsidiary acting as a participating dealer

1. The prohibition under subsection 22(1) shall not apply where the shares are acquired or held by the subsidiary in the ordinary course of its business as a participating dealer as provided in the guidelines relating to exchange-traded fund issued by the Securities Commission under the Capital Markets and Services Act 2007.

2. For the purposes of subsection (1), a “participating dealer” refers to a person appointed by the management company of an exchange-traded fund and is responsible for the in-kind creation and redemption of exchange-traded fund units.