The IDLO in Section 8 provides for the licensing of a company or partners in a partnership to be licenced as:
- Investment advisers ("adviser's licence");
- Investment dealers acting in an execution only capacity ("execution only licence");
- Investment dealers ("full licence"). Holders of the full licence may; offer advice, trade on behalf of customers, act as fund manager (see below) and solicit subscriptions for new issues of investments; and
- Fund managers who trade in investments on behalf of mutual funds ("fund managers licence").
No person may act as an investment dealer without a licence. It is an offense which carries a fine of $25,000 or a term of 2 years imprisonment or both.