12.—(1) No person, whether as principal or agent, shall —
(a)
carry on business as a commodity broker; or
(b)
hold himself out as carrying on such a business, unless such person —
(i)
is licensed as a commodity broker under this Act; and
(ii)
trades in accordance with the business rules and practices of a commodity market on which the trading takes place.
[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 commences business as a commodity broker on or after that date.
[Act 4 of 2017 wef 08/10/2018]
(2) 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.