Clause 198

by repealing sections 2 and 3 and substituting the following section:“Interpretation2.—

In this Act, unless the context otherwise requires —“auditor” means a public accountant within the meaning of the Companies Act (Cap. 50);“Board” means the International Enterprise Singapore Board established by section 3 of the International Enterprise Singapore Board Act (Cap. 143B);“corporation” has the same meaning as in section 4(1) of the Companies Act;“customer” means a person on whose account a spot commodity broker or spot commodity pool operator carries on trading in connection with spot commodity trading;“derivatives contract” has the same meaning as in section 2(1) of the Securities and Futures Act (Cap. 289);“director” has the same meaning as in section 4(1) of the Companies Act;“officer” has the meaning as in section 4(1) of the Companies Act;“spot commodity broker” means a person who (whether as principal or agent) carries on the business of soliciting or accepting orders for the purchase or sale of any commodity by way of spot commodity trading, whether or not the business is part of, or is carried on in conjunction with, any other business;“spot commodity broker’s representative” means a person who —

acts for, or has an arrangement with, a spot commodity broker; and

performs any of the functions of that spot commodity broker in connection with spot commodity trading, whether his remuneration is by way of commission or otherwise,but does not include a person who is a director of a corporation holding a spot commodity broker’s licence or a person who is in the direct employment of a spot commodity broker;“spot commodity pool operator” means any person who —

carries on a business in the nature of a collective investment scheme within the meaning of section 2(1) of the Securities and Futures Act; and

in connection with the business mentioned in paragraph (a), accepts or receives from other persons funds, security or property, either directly or through capital contributions, the sale of shares or other forms of security or otherwise for the purpose of spot commodity trading;“spot commodity pool operator’s representative” means a person who —

is in the direct employment of, acts for, or has an arrangement with, a spot commodity pool operator; and

performs for that spot commodity pool operator any of the functions of a spot commodity pool operator;“spot commodity trading” means the purchase or sale of a commodity at its current market or spot price, where it is intended that such transaction results in the physical delivery of the commodity.(2) In this Act, “commodity” means —

any produce, item, goods or article that is the subject of any spot commodity trading;

an index, a right or an interest in anything mentioned in paragraph (a); and

any index, right, interest, tangible property or intangible property of any other nature prescribed under subsection (3).(3) The Board may, by regulations made under section 63, prescribe any other index, right, interest, tangible property or intangible property of any nature to be a commodity.”;

by repealing Parts II, IV, V and VII;

by repealing sections 12 and 13;

by deleting the words “or provided in such business rules of a commodity market as have been approved by the Board” in section 15(3);

by deleting paragraph (d) of section 18(2);

by deleting the words “the trading in commodity contracts” in section 20(2)(a) and substituting the words “spot commodity trading”;

by repealing sections 34 to 38 and 41;

by deleting subsection (1) of section 42 and substituting the following subsection:“(1) Where it appears to the Board that any person has contravened or is contravening any of the provisions of this Act or any regulations made under this Act, the Board may, after giving the person an opportunity of being heard, direct the person to comply with that provision or to stop contravening that provision, and that person must comply with the direction.”;

by deleting the words “A clearing house or any” in section 42(2) and substituting the word “Any”;

by deleting the words “A commodity market, a clearing house or any” in section 42(3) and substituting the word “Any”;

by repealing sections 51, 52 and 53;

by deleting the words “, a commodity market, a clearing house” in section 54;

by deleting paragraphs (a) and (c) of section 54;

by deleting the words “No suit or other legal proceedings shall lie against the Board or any officer or employee of the Board or any person (including a commodity market or a clearing house)” in section 55 and substituting the words “No liability shall lie against the Board or any officer or employee of the Board or any person”;

by deleting subsections (1) and (2) of section 57 and substituting the following subsection:“(1) A person who is not a spot commodity broker or spot commodity pool operator must not —

take or use the title or description “spot commodity broker” or “spot commodity pool operator”; or

take or use, or have attached to or exhibited at any place, any title or description that resembles any of the titles or descriptions specified in paragraph (a) or so closely resembles any such title or description as to be calculated to deceive.”;

by repealing section 58 and substituting the following section:“Proceedings by whom and when to be taken and power to compound offences58.—

Proceedings for an offence against any provision of this Act may be taken by the Board or, with the consent of the Public Prosecutor, by any other person.(2) The Board may, in its discretion, compound any offence under this Act that is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum not exceeding the lower of the following:

one half of the amount of the maximum fine that is prescribed for the offence;

$5,000.(3) On payment of such sum of money, no further proceedings are to be taken against that person in respect of the offence.(4) The Board may make regulations under section 63 to prescribe the offences which may be compounded, including offences under the provisions of this Act which have been repealed.(5) All sums collected under this section are to be paid into the Consolidated Fund.(6) The members, officers and employees of the Board are, in relation to their administration, collection and enforcement of payment of composition sums under this section, deemed to be public officers for the purposes of the Financial Procedure Act (Cap. 109), and section 20 of that Act applies to these persons even though they are not or were not in the employment of the Government.”;

by deleting paragraphs (a) to (e) of section 63(2);

by deleting subsection (4) of section 63; and

by repealing sections 65 and 66.