(b) it is licensed for Type 1 regulated activity (dealing in securities) or Type 8 regulated activity (securities margin financing) under the Securities and Futures Ordinance (“Ordinance”), and it has and will continue to comply with all requirements of the Ordinance and all rules, regulations, codes and guidelines made or issued thereunder and any other applicable rules, regulations, codes and guidelines governing the conduct of the relevant regulated activities (as defined in the Ordinance) (the “Rules”) (including without limitation, where it is licensed for Type 8 regulated activity, section 118(1)(d) of the Ordinance);