Singapore legislation
Clause 14
Clause 14
Repeal and re-enactment of sections 43 to 49
Sections 43 to 49 of the principal Act are repealed and the following sections substituted therefor:“False trading
43. No person shall create or cause to be created or do anything that is calculated to create —
a false or misleading appearance of active trading in a commodity market or commodity futures market; or
a false or misleading appearance with respect to the market for, or the price of trading in, commodity contracts or commodity futures contracts.Bucketing
44. No person shall knowingly execute, or hold himself out as having executed, an order for the purchase or sale of a commodity contract or commodity futures contract on a commodity market or commodity futures market without having effected a bona fide purchase or sale of the commodity contract or commodity futures contract in accordance with the business rules and practices of the commodity market or commodity futures market.Dissemination of information about false trading
45. No person shall circulate, disseminate, authorise, or be concerned in, the circulation or dissemination of, any statement or information to the effect that the price of trading in any class of commodity contracts or commodity futures contracts will, or is likely to, rise or fall because of the market operations of one or more persons which, to his knowledge, are conducted in contravention of section 43.Manipulation of price and cornering
46. No person shall, directly or indirectly —
manipulate or attempt to manipulate the price of a commodity contract or commodity futures contract that may be dealt in on a commodity market or commodity futures market; or
corner, or attempt to corner, any commodity which is the subject of any commodity contract or commodity futures contract.Employment of fraudulent or deceptive devices, etc.
47. No person shall, directly or indirectly, in connection with any transaction with any other person involving trading in a commodity contract or commodity futures contract —
employ any device, scheme or artifice to defraud that other person;
engage in any act, practice or course of business which operates as a fraud or deception, or is likely to operate as a fraud or deception, of that other person; or
make any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading.Fraudulently inducing trading
48. No person shall, directly or indirectly, for the purposes of inducing or attempting to induce another person to trade in a commodity contract or commodity futures contract, or class of commodity contracts or commodity futures contracts, make or publish —
any statement which is, at the time and in the light of the circumstances in which it is made, false, misleading or deceptive with respect to any material fact and which he knows, or has reasonable grounds for believing, is false, misleading or deceptive; or
any statement which is, by reason of the omission of a material fact, rendered false, misleading or deceptive and which he knows, or has reasonable grounds for believing, is rendered false, misleading or deceptive by reason of the omission of that fact.Penalties
49. Any person who contravenes or fails to comply with any of the provisions of this Part shall be guilty of an offence and shall be liable on conviction —
in the case of an individual, to a fine not exceeding $250,000 or to imprisonment for a term not exceeding 7 years or to both; or
in the case of a body corporate, to a fine not exceeding $500,000.”.