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Formal Consolidation |  1993 RevEd
Business rules
6.—(1)  The business rules of every body corporate which has applied for approval or which has been approved as a Commodity Futures Exchange under section 5 shall make satisfactory provision —
(a)for the exclusion from membership of persons who are not of good character and high business integrity;
(b)for the expulsion, suspension or disciplining of members for conduct inconsistent with just and equitable principles in the transaction of business, or for a contravention of the business rules of the proposed Commodity Futures Exchange;
(c)with respect to the terms and conditions under which commodity futures contracts may be made in the commodity futures market of the proposed Commodity Futures Exchange, or with respect to the classes of commodity futures contracts that may be made by members;
(d)with respect to the clearing and other arrangements made and the financial condition of the Commodity Futures Exchange, its clearing house and its members are such as to provide reasonable assurance that all obligations arising out of commodity futures contracts entered into on that Commodity Futures Exchange will be met;
(e)that trading practices are fair and properly supervised;
(f)that adequate measures have been taken to prevent manipulation and excessive speculation;
(g)that adequate provision has been made to record and publish details of trading;
(h)with respect to the establishment of a Compensation Fund, or any other scheme or system accepted by the Board, which would compensate customers who suffer pecuniary loss through the defalcation of a member, or any of its directors or employees, in respect of any money or other property that was entrusted to or received by a member, or a director or employee, for or on behalf of any person or by reason that the member was trustee of the money or other property; and
(i)generally for carrying on the business of the proposed Commodity Futures Exchange with due regard to the interests and protection of the public.
(2)  The Board may, with the approval of the Minister, by regulations prescribe the manner, form and procedure for the making of business rules of a Commodity Futures Exchange or clearing house and any amendment thereof; and those regulations may make provision for the Board to disallow the whole or part of any rule or any amendment thereto as it thinks fit.
Informal Consolidation | Amended Act 22 of 2001
Business rules
6.—(1)  The business rules of every body corporate which has applied for approval or which has been approved as a commodity market or a Commodity Futures Exchange under section 5 shall make satisfactory provision —
(a)for the exclusion from membership of persons who are not of good character and high business integrity;
(b)for the expulsion, suspension or disciplining of members for conduct inconsistent with just and equitable principles in the transaction of business, or for a contravention of the business rules of the proposed commodity market or Commodity Futures Exchange;
[22/2001 wef 27/06/2001]
(c)in the case of a Commodity Futures Exchange, with respect to the terms and conditions under which commodity futures contracts may be made in the Commodity Futures Exchange, or with respect to the classes of commodity futures contracts that may be made by members;
[22/2001 wef 27/06/2001]
(ca)in the case of a commodity market, with respect to the terms and conditions under which commodity contracts may be made;
[22/2001 wef 27/06/2001]
(d)with respect to the clearing and other arrangements made and the financial conditions of the commodity market, its clearing house and its members are such as to provide reasonable assurance that all obligations arising out of any contracts entered into on that commodity market or Commodity Futures Exchange will be met;
[22/2001 wef 27/06/2001]
(e)that trading practices are fair and properly supervised;
(f)that adequate measures have been taken to prevent manipulation and excessive speculation;
(g)that adequate provision has been made to record and publish details of trading;
(h)with respect to the establishment of a Compensation Fund, or any other scheme or system accepted by the Board, which would compensate customers who suffer pecuniary loss through the defalcation of a member, or any of its directors or employees, in respect of any money or other property that was entrusted to or received by a member, or a director or employee, for or on behalf of any person or by reason that the member was trustee of the money or other property; and
(i)generally for carrying on the business of the proposed commodity market or Commodity Futures Exchange with due regard to the interests and protection of the public.
[22/2001 wef 27/06/2001]
(2)  The Board may, with the approval of the Minister, by regulations prescribe the manner, form and procedure for the making of business rules of a commodity market or a Commodity Futures Exchange or clearing house and any amendment thereof; and those regulations may make provision for the Board to disallow the whole or part of any rule or any amendment thereto as it thinks fit.
[22/2001 wef 27/06/2001]