Singapore legislation

Clause 70

Regulations

(1)

The Authority may make regulations for carrying out the purposes and provisions of this Act and for the due administration thereof.

(2)

Without prejudice to the generality of subsection (1), the Authority may make regulations for or with respect to —

(a)

applications for licences or renewal of licences of futures brokers, futures trading advisers and futures pool operators and their representatives and matters incidental thereto;

(b)

the activities of, and standards to be maintained by futures brokers, futures trading advisers and futures pool operators including the manner, method and place of soliciting business by futures brokers, futures trading advisers and futures pool operators and the conduct of such solicitation;

(c)

prescribing the appropriate standards with respect to the qualifications, experience and training of applicants for licensing as licensed persons;

(d)

prescribing the conditions for the conduct of business on a futures exchange;

(e)

providing for the content and distribution of written, printed or visual material and advertisements that may be distributed or used by a person in respect of a futures contract;

(f)

prescribing the form and content of a confirmation statement of futures contracts entered into on behalf of customers by a futures broker;

(g)

prescribing the particulars to be recorded in, or in respect of, accounts kept by futures brokers, futures trading advisers and futures pool operators under this Act;

(h)

prescribing the particulars to be recorded in the profit and loss accounts and balance-sheets and the information to be contained in auditor’s reports required to be lodged under this Act on the annual accounts of futures brokers;

(i)

providing for the remuneration of an auditor appointed under this Act and for the costs of an audit carried out under this Act;

(j)

prescribing any forms for the purposes of this Act;

(k)

prescribing fees to be paid in respect of any matter or thing required for the purposes of this Act; and

(l)

all matters or things which by this Act are required or permitted to be prescribed or which are necessary or expedient to be prescribed to give effect to this Act.

(3)

Such regulations may provide that a contravention of specified provisions thereof shall be an offence and may provide penalties not exceeding a fine of $5,000 or imprisonment for a term not exceeding 12 months or both.

(4)

Such regulations may provide that, subject to any terms and conditions prescribed, all or any of the provisions of this Act —

(a)

shall not have effect in relation to any specified person or to any person who is a member of a specified class of persons —

(i)

who is, or may be, a futures broker, or futures trading adviser, or futures pool operator by reason only of his doing anything which is merely incidental to another business;

(ii)

who does not trade in futures contracts for or on behalf of any other person; or

(iii)

who is a futures broker or futures trading adviser or futures pool operator by reason only of the entering into by him of any specified transaction or class of transactions;

(b)

shall not have effect in relation to the representative of any person referred to in paragraph (a); or

(c)

shall have effect in relation to any person referred to in paragraph (a) or (b) to such extent as is prescribed.

Read in full context — Futures Trading Bill →