Singapore legislation
Clause 12
Clause 12
Commodity Futures broker’s licence
(1)
No person, whether as principal or agent, shall —
(a)
carry on business as a commodity futures broker; or
(b)
hold himself out as carrying on such a business, unless such person —
(i)
is licensed as a commodity futures broker under this Act; and
(ii)
trades in accordance with the business rules and practices of a Commodity Futures Exchange or commodity futures market on which the trading takes place.
(2)
Subsection (1) shall not apply to a person who is a commodity floor broker.
(3)
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.