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Accounts to be kept by brokers

Commodity Trading Regulations 2001

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—(1) Every commodity broker and spot commodity broker shall —(a)keep such accounting and other records as will sufficiently explain the transactions and reflect the financial position of the business of trading in commodity contracts or spot commodity contracts carried on by him and as will enable true and fair profit and loss accounts and balance-sheets to be prepared from time to time; and(b)keep such records in a manner as will enable them to be conveniently and properly audited.(2) Without prejudice to the generality of paragraph (1), every commodity broker and spot commodity broker shall keep records —(a)in sufficient detail to show particulars of —(i)all amounts received and paid by him, including, where applicable, amounts paid to and disbursed from a segregated trust account kept under regulation 21; and(ii)all purchases and sales of contracts made by him, and the charges and credits arising therefrom; and(b)in sufficient detail to show separately, particulars of all transactions by him with, or for the account of —(i)his customer; and(ii)himself.(3) Every commodity broker and spot commodity broker shall retain for a period of not less than 6 years —(a)the records kept in accordance with this regulation;(b)a copy of each contract made out by him as agent of every customer; and(c)a copy of each contract received by him or made out to himself as principal.(4) Records required to be kept by a commodity broker or spot commodity broker under this regulation shall be kept by making entries in a bound book, or by recording or storing the relevant matters in such electronic form as may be appropriate, or in any other manner as may be approved by the Board, and anything so entered, recorded or stored shall be deemed to have been effected by, or with the authority of, the broker.(5) Every commodity broker and spot commodity broker shall take —(a)reasonable precautions in guarding against falsification of any of the records referred to in this regulation, or damage or loss to any of the records; and(b)reasonable steps for facilitating the discovery of any such falsification, damage or loss.(6) A commodity broker or spot commodity broker who, without reasonable excuse, contravenes this regulation shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.

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