Futures Trading Act · 1996 Revised Edition · Part V · Conduct of Futures Business
38. Nature of pool and segregation of funds by futures pool operator, etc.
Feedback & supportA futures pool operator shall operate its pool as an entity cognizable as a legal entity, separate from that of the futures pool operator.
futures pool operator
“futures pool operator” means any person who carries on a business, in the nature of a unit trust or other interest to which Division 6 of Part IV of the Companies Act applies, 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 futures contracts, foreign exchange trading or leveraged foreign exchange trading but does not include such persons as the Authority may by regulations prescribe;
All moneys, securities or other property received by a futures pool operator from existing or prospective pool participants for the purchase of an interest in a pool shall be received in the pool’s name.
No futures pool operator shall commingle the property of any pool that it operates or intends to operate with the property of any other person.
The Authority may by regulations provide for the capital structure, minimum financial requirements, organisation and conduct of a pool operated by a futures pool operator and for the exemption of certain pools from the requirements of this section.