13.—(1) Subject to section 14A, no person shall act as, or hold himself out as —
(a)
a commodity broker’s representative;
(b)
a commodity trading adviser;
(c)
a commodity trading adviser’s representative;
(d)
a commodity pool operator; or
(e)
a commodity pool operator’s representative,
unless he is the holder of a licence granted under this Part that authorises him to act as such.
[22/2001; 35/2007]
(2) A holder of a commodity broker’s licence shall not be required to hold a commodity trading adviser’s licence.
[22/2001]
(3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —
(a)
for an offence under subsection (1)(b) or (d) to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both;
(b)
for an offence under subsection (1)(a), (c) or (e) to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both.
[22/2001; 35/2007]
Informal Consolidation | Amended Act 4 of 2017
Other licences
13.—(1) Subject to section 14A, no person shall act as, or hold himself out as —
(a)
a commodity broker’s representative;
(b)
a commodity trading adviser;
(c)
a commodity trading adviser’s representative;
(d)
a commodity pool operator; or
(e)
a commodity pool operator’s representative,
unless he is the holder of a licence granted under this Part that authorises him to act as such.
[22/2001; 35/2007]
(1A) As from the date of commencement of section 8 of the Securities and Futures (Amendment) Act 2017, subsection (1) ceases to apply to any person who —
(a)
in relation to subsection (1)(a), is a commodity broker’s representative of a commodity broker mentioned in section 12(1A) who does not hold a transitional licence;
(b)
in relation to subsection (1)(b), commences business as a commodity trading adviser on or after that date;
(c)
in relation to subsection (1)(c), is a commodity trading adviser’s representative of a commodity trading adviser mentioned in paragraph (b) who does not hold a transitional licence;
(d)
in relation to subsection (1)(d), commences business as a commodity pool operator on or after that date; or
(e)
in relation to subsection (1)(e), is a commodity pool operator’s representative of a commodity pool operator mentioned in paragraph (d) who does not hold a transitional licence.
[Act 4 of 2017 wef 08/10/2018]
(2) A holder of a commodity broker’s licence shall not be required to hold a commodity trading adviser’s licence.
[22/2001]
(3) Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction —
(a)
for an offence under subsection (1)(b) or (d) to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both;
(b)
for an offence under subsection (1)(a), (c) or (e) to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both.
[22/2001; 35/2007]
(4) In this section, “transitional licence” has the same meaning as in section 66.