Futures Trading Bill
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Interpretation
Part II FUTURES EXCHANGE AND CLEARING HOUSE AND ACCEPTANCE OF FORM OF CONTRACTS
3 Establishment of futures markets, etc., in Singapore
4 Power of Authority to approve an Exchange
5 Amendments of business rules
6 Revocation of approval
7 Establishment of clearing house
8 Power of Authority to approve clearing house
9 Exchange or clearing house, etc., liable for failing to enforce its business rules, etc., only if bad faith shown
Part III LICENCES
10 Grace period for licensing
11 Futures broker’s licence
12 Licences
13 Application for licence or renewal
14 Authority to refuse to grant or renew licences in certain circumstances
15 Power of Authority to impose conditions or restrictions
16 Period of licence
17 Change of address
18 False statements
19 Register of licence holders
20 Revocation of licence
21 Powers of Authority in cases of misconduct, etc.
22 Effect of revocation or suspension of licence
23 Appeal against refusal to license, etc.
24 Minimum financial requirements
Part IV ACCOUNTS AND AUDIT
25 Accounts to be kept by futures brokers
26 Futures brokers to appoint auditors
27 Futures brokers to lodge annual accounts, etc.
28 Reports by auditor to the Authority in certain cases
29 Power of Authority to appoint auditor
30 Power of auditors appointed by the Authority
31 Offences to destroy, alter, etc., records
32 Restriction on auditor’s and employee’s right to communicate certain matters
33 Exchange may impose additional obligations on members
34 Maintenance of books and records and furnishing accounts etc., by futures trading adviser and futures pool operator
35 Additional powers of Authority in respect of auditors
36 Defamation
Part V CONDUCT OF FUTURES BUSINESS
37 Segregation of customer’s funds by futures broker
38 Nature of a pool and the segregation of funds by a futures pool operator, etc.
39 Risk disclosure by futures broker, futures pool operator and futures trading adviser
40 Offences
Part VI POWERS OF THE AUTHORITY
41 Emergency powers
42 Fixing of position and trading limits in futures contracts
43 Production of records, etc., by Exchange, clearing house, futures broker, etc.
44 Records of transactions on Exchange or clearing house
45 Information to be provided by market participants
46 Review of Exchanges’ disciplinary action
47 Investigations by Authority
48 Inspections by Authority
49 Power to issue directions
Part VII OFFENCES
50 False trading
51 Bucketing
52 Dissemination of information about false trading
53 Manipulation of price of a futures contract and cornering
54 Employment of fraudulent or deceptive devices, etc.
55 Fraudulently inducing trading in futures contracts
56 Penalties
57 Convicted persons liable to pay compensation
Part VIII MISCELLANEOUS
58 Futures contracts not gaming or wagering contracts
59 Secrecy
60 Offences by directors or managers
61 Falsification of records by directors, employees and agents
62 False reports to Authority or Exchange
63 Immunity of Authority and its employees, etc.
64 Offences by corporations
65 Prohibition of use of certain titles
66 Proceedings by whom and when to be taken and power to compound offences
67 General penalty
68 Exemption
69 Validation of acts done in anticipation of this Act
70 Regulations
Explanatory Statement
Expenditure of Public Money