Singapore legislation
Clause 57
Clause 57
Prohibition of use of certain titles
(1)
No person other than a Commodity Futures Exchange or clearing house shall —
take or use the title “Commodity Futures Exchange” or “clearing house”; or
take or use, or have attached to or exhibited at any place, any title which resembles the titles specified in paragraph (a) or so closely resembles such titles as to be calculated to deceive.
(2)
A person who is not a commodity futures broker, commodity futures trading adviser or commodity futures pool operator shall not —
take or use the title or description “commodity futures broker”, “commodity futures trading adviser” or “commodity futures pool operator”; or
take or use, or have attached to or exhibited at any place, any title or description that resembles the titles specified in paragraph (a) or so closely resembles such titles as to be calculated to deceive.
(3)
Any person who contravenes this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000, and in the case of a continuing offence to a further fine of $2,000 for every day during which the offence continues after conviction.
(4)
Nothing in this section shall operate to prevent any person from —
taking or using the titles “Futures Exchange” or “clearing house” in accordance with section 65 of the Futures Trading Act [Cap. 116]; or
taking or using the title or description of “futures broker”, “futures trading adviser” or “futures pool operator” in accordance with section 65 of the Futures Trading Act.
(5)
Nothing in section 65 of the Futures Trading Act shall operate to prevent any person from —
taking or using the titles “Commodity Futures Exchange” or “clearing house” in accordance with subsection (1); or
taking or using the titles “commodity futures broker”, “commodity futures trading adviser” or “commodity futures pool operator” in accordance with subsection (2).