Regulation 10 of the Principal Regulations is rescinded and the following regulation is substituted:

10.     Qualifications of person in charge

For the purposes of section 40(1) of the Act, the prescribed qualifications for a person in charge of the day-to-day conduct of Category A business or Category B business at a place at which the holder of a licence carries on Category A business or Category B business are –

(a) before 1 January 2006, those qualifications set out in Part 1 of Schedule 2; and

(b) on and after 1 January 2006, those qualifications set out in Part 2 of Schedule 2.