Clause 3

No person shall, subject to subsections (3) and (4), establish or maintain or assist in establishing or maintaining or hold himself out as providing or maintaining a futures market in Singapore that is not the futures market of a Futures Exchange that has been approved by the Authority under section 4(2).

Any person who contravenes subsection (1) 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.

The Authority may, by notification in the Gazette, declare any futures market (whether in existence before or after the commencement of this Act) to be exempt from the prohibition under subsection (1) subject to such requirements, conditions or restrictions as it may think fit to impose.

Subsection (1) shall not apply to the futures market established and maintained by the Singapore International Monetary Exchange Ltd. and no approval of the Authority is accordingly required under section 4 but the futures market of the Exchange shall be subject to the other provisions of this Act.