(1) Any person who carries on business requiring the grant of a licence under this Part without holding such a licence, or other than in accordance with his or her licence, commits an offence and is liable on summary conviction—
(a) in the case of an individual, to a fine of $100,000 or to imprisonment for 2 years or to both;
(b) in the case of a company, to a fine of $200,000, and
if the offence is a continuing offence, the individual or company is liable to a further fine not exceeding $1,000 for every day that the offence continues after conviction.
(2) A person convicted of an offence under this section, following an assessment by the Commission, is liable to pay to the Commission, any monies received or the monetary equivalent of any assets obtained as a result of carrying on securities business without a licence.