Singapore legislation
Clause 34
Clause 34
Maintenance of books and records and furnishing accounts etc., by futures trading adviser and futures pool operator
(1)
Every futures trading adviser and futures pool operator shall cause to be kept such books and records and file such reports, in such form and manner, as may be prescribed by the Authority.
(2)
Every futures trading adviser and futures pool operator shall make full and complete disclosure to his subscribers, customers or participants of all open futures market positions taken or held by the futures trading adviser or futures pool operator on their behalf or if a corporation by any director, manager or employee of the corporation, whether directly or indirectly.
(3)
Every futures pool operator shall furnish —
statements of account, at such periodic intervals, as the Authority may prescribe; and
an annual report,to each participant in his pool operations.
(4)
Such statements and annual report shall be in such form and manner as may be prescribed by the Authority and shall include complete information as to the current status of all trading accounts in which such participant has an interest.
(5)
Any person who, without reasonable excuse, contravenes subsection (1), or who knowingly or recklessly furnishes any information under subsections (2) and (3) which is false or misleading in a material particular, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 2 years or to both.
(6)
The provisions of this Part in relation to the appointment of an auditor whether by the Authority or otherwise and powers and duties of an auditor and the filing of an auditor’s report shall, mutatis mutandis, apply to a Futures Exchange, a clearing house, a futures trading adviser and a futures pool operator as they apply to a futures broker under this Part.