Futures Trading Act(CHAPTER 116)
Table of Contents
Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
2A Meaning of foreign exchange trading and leveraged foreign exchange trading
Part II FUTURES EXCHANGE AND CLEARING HOUSE AND ACCEPTANCE OF FORM OF CONTRACTS
3 Establishment of futures markets, etc., in Singapore
4 Power of Authority to approve Futures Exchange
5 Power to approve futures contracts
6 Amendments of business rules
7 Revocation of approval
8 Establishment of clearing house
9 Power of Authority to approve clearing house
10 Futures Exchange or clearing house, etc., liable for failing to enforce its business rules, etc., only if bad faith shown
Part III LICENCES
11 Futures broker’s licence
12 Licences
13 Application for licence or renewal
14 Authority to refuse to grant or renew licences in certain circumstances
15 Power of Authority to impose conditions or restrictions
16 Period of licence
17 Change of address
18 False statements
19 Register of licence holders
20 Revocation of licence
21 Powers of Authority in cases of misconduct, etc.
22 Effect of revocation or suspension of licence
23 Appeal against refusal to license, etc.
24 Minimum financial requirements
24A Failure to maintain minimum financial requirements
Part IV ACCOUNTS AND AUDIT
25 Accounts to be kept by futures brokers
26 Futures brokers to appoint auditors
27 Futures brokers to lodge annual accounts, etc.
28 Reports by auditor to Authority in certain cases
29 Power of Authority to appoint auditor
30 Power of auditors appointed by Authority
31 Offences to destroy, alter, etc., records
32 Restriction on auditor’s and employee’s right to communicate certain matters
33 Futures Exchange may impose additional obligations on members
34 Maintenance of books and records and furnishing accounts, etc., by futures trading adviser and futures pool operator
35 Additional powers of Authority in respect of auditors
36 Defamation
Part V CONDUCT OF FUTURES BUSINESS
37 Segregation of customer’s funds by futures brokers
37A Front-running
37B Trading against customer
37C Cross-trading
37D Dealings by directors, officers or employees of licences
38 Nature of pool and segregation of funds by futures pool operator, etc.
39 Risk disclosure by futures broker, futures pool operator and futures trading adviser
39A Control over Futures Exchange in acquisition of shares in corporation
40 Penalties
Part VI POWERS OF AUTHORITY
41 Emergency powers
42 Fixing of position and trading limits in futures contracts
43 Production of records, etc., by Futures Exchange, clearing house, futures broker, etc.
44 Records of transactions on Futures Exchange or clearing house
45 Information to be provided by market participants
46 Review of Futures Exchanges’ disciplinary action
47 Investigations by Authority
48 Inspections by Authority
49 Power to issue directions
Part VII FIDELITY FUNDS
49A Establishment of fidelity funds
49B Moneys constituting fidelity fund
49C Fund to be kept in separate bank account
49D Payments out of fidelity fund
49E Accounts of fund
49F Fidelity fund to consist of amount of $5 million
49G Provisions if fund is reduced below $5 million
49H Investment of fund
49I Application of fund
49J Claims against fund
49K Notice calling for claims against fund
49L Power of Futures Exchange to settle claims
49M Power of Futures Exchange to require production of evidence
49N Subrogation of Futures Exchange to rights, etc., of claimant upon payment from fund
49O Payment of claims only from fund
49P Provision where fund insufficient to meet claims or where claims exceed total amount payable
Part VIII OFFENCES
50 False trading
51 Bucketing
52 Dissemination of information about false trading
53 Manipulation of price of futures contract and cornering
54 Employment of fraudulent or deceptive devices, etc.
55 Fraudulently inducing trading in futures contracts
56 Penalties
57 Convicted persons liable to pay compensation
Part IX MISCELLANEOUS
58 Futures contracts not gaming or wagering contracts
59 Secrecy
59A Production orders against futures brokers, etc., to produce material relating to drug trafficking
59B Production orders to assist foreign authority investigating drug trafficking
60 Offences by directors or managers
61 Falsification of records by directors, employees and agents
62 False reports to Authority or Futures Exchange
63 Immunity of Authority and its employees, etc.
64 Offences by corporations
65 Prohibition of use of certain titles
66 Prosecution and composition of offences
67 General penalty
68 Exemption
69 Validation of acts done in anticipation of this Act
70 Regulations
Legislative History