Singapore legislation

Clause 10

of Futures Trading Bill

Clause 10

Grace period for licensing

Where a person would, but for this section, be liable to a penalty for not being licensed under this Part, he shall not be so liable —

(a)

until the expiration of a period of 6 months after the commencement of this Part; or

(b)

where, before the expiration of that period, he applies to be licensed, until —

(i)

he is licensed; or

(ii)

his application to be licensed is refused.