Clause 197

by inserting, immediately after subsection (1) of section 4, the following subsection:“(1A) As from the date of commencement of section 8 of the Securities and Futures (Amendment) Act 2016, subsection (1) ceases to apply in relation to any commodity market —

that is established on or after that date; or

that was approved under subsection (1) before that date, to the extent that it relates to commodity forward contracts.”;

by inserting, immediately after subsection (1) of section 8, the following subsection:“(1A) As from the date of commencement of section 8 of the Securities and Futures (Amendment) Act 2016, subsection (1) ceases to apply in relation to any clearing house —

that is established on or after that date; or

that was approved under subsection (1) before that date, to the extent that it relates to commodity forward contracts.”;

by inserting, immediately after subsection (1) of section 12, the following subsection:“(1A) As from the date of commencement of section 8 of the Securities and Futures (Amendment) Act 2016, subsection (1) ceases to apply to any person who commences business as a commodity broker on or after that date.”;

by inserting, immediately after subsection (1) of section 13, the following subsection:“(1A) As from the date of commencement of section 8 of the Securities and Futures (Amendment) Act 2016, subsection (1) ceases to apply to any person who —

in relation to subsection (1)(a), is a commodity broker’s representative of a commodity broker mentioned in section 12(1A) who does not hold a transitional licence;

in relation to subsection (1)(b), commences business as a commodity trading adviser on or after that date;

in relation to subsection (1)(c), is a commodity trading adviser’s representative of a commodity trading adviser mentioned in paragraph (b) who does not hold a transitional licence;

in relation to subsection (1)(d), commences business as a commodity pool operator on or after that date; or

in relation to subsection (1)(e), is a commodity pool operator’s representative of a commodity pool operator mentioned in paragraph (d) who does not hold a transitional licence.”;

by inserting, immediately after subsection (3) of section 13, the following subsection:“(4) In this section, “transitional licence” has the same meaning as in section 66.”; and

by inserting, immediately after section 65, the following section:“Transitional approvals and licences66.—

A transitional approval or transitional licence is valid for 2 years after the appointed date despite any period of validity determined by the Board under section 5, 9 or 14 for the transitional approval or transitional licence (as the case may be) unless —

the transitional approval or transitional licence (as the case may be) is earlier terminated in accordance with this Act; or

the holder of the transitional approval or transitional licence is earlier granted or refused, or earlier exempt from, an approval or licence under the Securities and Futures Act (Cap. 289) for the same activity that the person was authorised to do as holder of the transitional approval or transitional licence (as the case may be).(2) In this section —“appointed date” means the date of commencement of section 8 of the Securities and Futures (Amendment) Act 2016;“transitional approval” means an approval granted to a commodity market under section 5 or a clearing house under section 9 (as the case may be) before the appointed date and subsisting on the appointed date;“transitional licence” means any of the following licences:

a licence which is issued before the appointed date for any matter mentioned in section 12(1) or 13(1)(b) or (d) and is subsisting on the appointed date;

a licence which is issued before the appointed date for any matter mentioned in section 13(1)(a), (c) or (e) and is subsisting on the appointed date;

a licence which is issued on or after the appointed date for any matter mentioned in section 13(1)(a), (c) or (e) in relation to a person who holds a licence mentioned in paragraph (a).”.