Commodity broker’s licence
12.—(1)  No person, whether as principal or agent, may —
(a)carry on business as a commodity broker; or
(b)hold the person out as carrying on such a business, unless the 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.
(2)  As from 8 October 2018, subsection (1) ceases to apply to any person who commences business as a commodity broker on or after that date.
[4/2017]
(3)  A 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.