Clause 3

The Authority may, where it appears to the Authority to be necessary or expedient in the public interest or in the interest of the futures industry to do so, by notice in writing direct any holder or class of holders of a licence granted under this Part to comply with such requirements as the Authority may specify in the notice.(2) For the avoidance of doubt, a notice issued under subsection (1) shall be deemed not to be subsidiary legislation.(3) Without prejudice to the generality of subsection (1), any requirement specified in a notice issued under that subsection may relate to —

the standards to be maintained by the person concerned in the conduct of his business; and

the type and frequency of financial returns and other information to be submitted to the Authority.(4) A holder of a licence granted under this Part who contravenes or fails to comply with any of the requirements specified in a notice issued to him under subsection (1) 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 $5,000 for every day or part thereof during which the offence continues after conviction.”.