No Person may carry on any Securities Activity in the State of Kuwait without obtaining a license in relation to that securities activity from the Authority. Taking into consideration the provisions prescribed in Module Eight (Conduct of Business) of these Bylaws, a corporate entity may obtain a license to operate one or more Securities Activities, except where the Authority may prohibit jointly practicing certain activities. In all cases, each Licensed Person shall separate the operations of different licensed activities, except for activities related to managing Investment Portfolios by the Licensed Person and managing Collective Investment Schemes.