Clause 7

No person shall establish, maintain or provide or assist in establishing, maintaining or providing, or hold himself out as maintaining or providing a clearing house for a futures market of a Futures Exchange unless the person is a body corporate approved as a clearing house under section 8.

Subsection (1) shall not apply to the clearing house of a futures market established and maintained by the Singapore International Monetary Exchange Ltd. and no approval of the Authority is accordingly required under section 8 but that clearing house shall be subject to the other provisions of this Act.

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.