Singapore legislation
Section 8
Section 8
Establishment of clearing house
(1)
No person may establish, maintain or provide or assist in establishing, maintaining or providing, or hold the person out as maintaining or providing a clearing house for a commodity market unless the person is a body corporate approved as a clearing house under section 9.
(2)
As from 8 October 2018, 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.
(3)
A person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $30,000 or to imprisonment for a term not exceeding 3 years or to both.