An Investment Advisor shall be independent, not a Stakeholder, and shall be licensed by the Authority; and may not subscribe for or purchase Shares in any of such companies or transact in the Financial Derivatives of such Shares for their own account unless they create and maintain a Chinese Wall separating the Licensed Activities in accordance with the provisions of Module Five (Securities Activities and Registered Persons), Module Six (Policies and Procedures of Licensed Person) and Module Eight (Conduct of Business) of these Bylaws.