(1) A person shall not act or carry on business as an international public mutual fund manager unless that person is granted and holds a valid international public mutual fund manager licence pursuant to this Part and complies with the provisions of this Act, the Regulations and the terms and conditions of the international public mutual fund manager licence.
(2) A person who contravenes subsection (1) commits an offence and is liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.