Singapore legislation
Section 12
Section 12
Commodity broker’s licence
Amended by4/2017
(1)
No person, whether as principal or agent, may —
(a)
carry on business as a commodity broker; or
(b)
hold the person out as carrying on such a business, unless the person —
(i)
is licensed as a commodity broker under this Act; and
(ii)
trades in accordance with the business rules and practices of a commodity market on which the trading takes place.
(2)
As from 8 October 2018, subsection (1) ceases to apply to any person who commences business as a commodity broker on or after that date.
Amended by4/2017
(3)
A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both.