Clause 6

Where a person who —

carries on the business of leveraged foreign exchange trading or who is employed by that person for the purposes of such a business; or

is a director or an officer of a corporation holding a futures broker’s licence or is a person who is employed by a futures broker and who performs any of the functions of that futures broker,would, but for this section, be liable to a penalty for not being licensed under this Act, he shall not be so liable —

until the expiration of a period of 6 months after the commencement of the Futures Trading (Amendment) Act 1995;

where, before the expiration of that period of 6 months, he applies to be licensed, until he is licensed; or

where, before the expiration of that period of 6 months, he applies to be licensed and the Authority refuses to grant a licence to him, until the expiration of a period of 14 days immediately following that refusal or such longer period as the Authority may allow.(2) Notwithstanding sub-paragraph (iii) of subsection (1), during the period of 14 days or such longer period as is referred to in that sub-paragraph, the person of the description mentioned in that sub-paragraph shall cease to carry on the business of leveraged foreign exchange trading otherwise than for the purpose of liquidating his customers’ positions.(3) The Authority may, by notice in writing served on any person of the description mentioned in subsection (1)(iii), require that person —

to carry or not to carry on business in any manner specified in the notice;

to deal with any assets whether in or outside Singapore and whether such assets are beneficially owned by that person or not, in any manner so specified; or

to maintain in Singapore or in such other place outside Singapore as may be specified in the notice, in such manner as will enable such person at any time freely to transfer or otherwise dispose of them, such assets of such value or of such class or description as appear to the Authority to be desirable with a view to ensuring that the person will be able to meet its liabilities in respect of any business carried on by that person.(4) Any person —

who fails to comply with subsection (2); or

who fails to comply with a requirement of a notice which is served on him under subsection (3),shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 7 years or to both.”.