Singapore legislation

Clause 11

of Futures Trading Bill

Clause 11

Futures broker’s licence

(1)

Subject to any regulations made under this Act, no person, whether as principal or agent, shall —

(a)

carry on business as a futures broker; or

(b)

hold himself out as carrying on such a business, unless such person —

(i)

is licensed as a futures broker under this Act; and

(ii)

trades in accordance with the business rules and practices of an Exchange or futures market on which the trading takes place.

(2)

Subsection (1) shall not apply to a person who is a floor broker.

(3)

Any 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.

Read in full context — Futures Trading Bill →