12.—(1) No person, whether as principal or agent, shall —
(a)
carry on business as a commodity brokeror a commodity futures broker; or
[22/2001 wef 27/06/2001]
(b)
hold himself out as carrying on such a business, unless such person —
(i)
is licensed as a commodity broker or a commodity futures broker under this Act; and
[22/2001 wef 27/06/2001]
(ii)
trades in accordance with the business rules and practices of a commodity market or a Commodity Futures Exchange or commodity futures market on which the trading takes place.
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(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 $100,000 or to imprisonment for a term not exceeding 3 years or to both.