27. Futures brokers to lodge annual accounts, etc.
Feedback & supportLast amended by an amending law of 1995.
A futures broker shall —
futures broker
“futures broker” means any person, whether as principal or agent, who —(a)carries on the business of soliciting or accepting orders, for the purchase or sale of any commodity under a futures contract on any Futures Exchange or futures market whether or not that person accepts any money, securities or property (or extends credit in lieu thereof) to margin, guarantee or secure any contract or transaction that may result therefrom; or(b)carries on the business of leveraged foreign exchange trading,whether the business is part of, or is carried on in conjunction with, any other business;
in respect of the financial year beginning before and ending after 15th August 1986 or the day on which the futures broker commences to carry on business as a futures broker, whichever is the later; and
in respect of each subsequent financial year,prepare a true and fair profit and loss account and a balance-sheet made up to the last day of the financial year and lodge the account and balance-sheet with the Authority within 3 months, or such extension thereof permitted by the Authority under subsection (2), after the end of the financial year, together with an auditor’s report on the accounts and balance-sheet.
Where an application for the extension of the period of 3 months specified in subsection (1) is made by a futures broker to the Authority and the Authority is satisfied that there are special reasons for requiring the extension, the Authority may extend that period by not more than 3 months, subject to such conditions as the Authority thinks fit to impose.
Any futures broker who fails to comply with subsection (1), or with any condition imposed under subsection (2), shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.
Notwithstanding any other provision of this Act or the Companies Act [Cap. 50], the Authority may at any time remove an auditor appointed by a futures broker if the Authority is not satisfied with the performance of his duties as an auditor of the futures broker and require the futures broker, as soon as practicable thereafter, to appoint another auditor to replace him.
auditor
“auditor” means an approved company auditor as defined in section 4 of the Companies Act;