Commodity futures broker’s licence
12.—(1)  No person, whether as principal or agent, shall —
(a)carry on business as a commodity futures broker; or
(b)hold himself out as carrying on such a business, unless such person —
(i)is licensed as a commodity futures broker under this Act; and
(ii)trades in accordance with the business rules and practices of a Commodity Futures Exchange or commodity futures market on which the trading takes place.
(2)  Subsection (1) shall not apply to a person who is a commodity 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.