Other licences
13.—(1)  Subject to section 14A, no person may act as, or hold the person 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 the person is the holder of a licence granted under this Part that authorises the person to act as such.
(2)  As from 8 October 2018, 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(2) 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.
[4/2017]
(3)  A holder of a commodity broker’s licence is not required to hold a commodity trading adviser’s licence.
(4)  A 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.
(5)  In this section, “transitional licence” has the meaning given by section 66.
[4/2017]