(1) If a licensed person is a firm —
(a) it is licensed to carry on the controlled activities concerned in the name of the firm; and
(b) its licence is not affected by any change in its membership.
(2) If a licensed person, being a firm, is dissolved, its licence continues to have effect in relation to any individual or firm which succeeds to the business of the dissolved firm.
(3) For the purposes of this section, an individual or firm is to be regarded as succeeding to the business of a dissolved firm only if succession is to the whole or substantially the whole of the business of the former firm.
(4) "Firm" means a partnership.
(5) "Partnership" does not include a partnership which is constituted under the law of any place outside the Abu Dhabi Global Market and is a body corporate.