57. Prohibition of use of certain titles

Terms defined in s 2

• clearing house

  clearing house

  Defined · s 2

  “clearing house”, in relation to a commodity market, means a body corporate that —(a)clears and settles commodity contracts; and(b)makes adjustments to the contractual obligations arising out of those commodity contracts;

  Open s 2
• commodity broker

  commodity broker

  Defined · s 2

  “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 or relating to any commodity contract, whether or not the business is part of, or is carried on in conjunction with, any other business;

  Open s 2
• commodity pool operator

  commodity pool operator

  Defined · s 2

  “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 of the Securities and Futures Act 2001 and who, in connection therewith, 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 trading in commodity contracts but does not include any person that the Board may prescribe;

  Open s 2
• commodity trading adviser

  commodity trading adviser

  Defined · s 2

  “commodity trading adviser” means any person who —(a)carries on the business of advising others (directly or indirectly, through publications or writings, or by whatever means or media) on the making of commodity contracts, including the advisability of trading in any commodity contract made or to be made on, or subject to the business rules of, a commodity market;(b)as part of a regular business, issues or promulgates analyses or reports concerning the making of commodity contracts; or(c)pursuant to a contract or an arrangement with a customer or other person, undertakes on behalf of that customer or other person (whether on a discretionary authority or otherwise granted by the customer or other person) to make any commodity contract for the purposes of managing the client’s funds, but does not include —(i)a bank or merchant bank licensed under the Banking Act 1970;(ii)a commodity broker, commodity broker’s representative, commodity pool operator or commodity pool operator’s representative;(iii)a person who carries on the business of printing or publishing a newspaper and is the holder of a permit issued under the Newspaper and Printing Presses Act 1974 where —(A)insofar as the newspaper is distributed generally to the public it is distributed only to subscribers to, and purchasers of, the newspaper for value;(B)the advice is given or the analyses or reports are issued or promulgated only through that newspaper; and(C)that person receives no commission or other consideration for giving the advice or for issuing or promulgating the analyses or reports; and(iv)any other person that the Board may prescribe,if and only if the carrying on of the business by the abovementioned persons is solely incidental to the carrying on of their business;

  Open s 2
• spot commodity broker

  spot commodity broker

  Defined · s 2

  “spot commodity broker” means a person whether as principal or agent who 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, but does not include a commodity broker;

  Open s 2
• spot commodity pool operator

  spot commodity pool operator

  Defined · s 2

  “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 of the Securities and Futures Act 2001 and who, in connection therewith, 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, but does not include a commodity pool operator;

  Open s 2