Singapore legislation
Section 12
Section 12
Licences
(1)
Subject to any regulations made under this Act, no person shall act as or hold himself out as —
a futures broker’s representative;
a futures trading adviser;
a futures trading adviser’s representative;
a futures pool operator; or
a futures pool operator’s representative,unless he is the holder of a licence issued under this Part that authorises him to act as such.
(2)
A futures broker’s licence, a futures trading adviser’s licence and a futures pool operator’s licence may only be granted to a corporation.
(3)
A futures broker’s representative’s licence, a futures trading adviser’s representative’s licence and a futures pool operator’s representative’s licence may only be granted to an individual.
(4)
Subsection (1)(a) and (c) shall not apply to any employee of a person referred to in subsection (2) of section 11 who has complied with the requirements in that subsection to the extent that he acts or holds himself out as such an employee.
(5)
Subsection (1)(b) shall not apply to a person referred to in subsection (2) of section 11 who has complied with the requirements in that subsection.
(6)
Any person who contravenes subsection (1)(b) or (d) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 3 years or to both.
(7)
Any person who contravenes subsection (1)(a), (c) or (e) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding one year or to both.