29.—(1) An employee of a bank or a merchant bank who is registered as an associated person of a Commodity Futures Exchange pursuant to the rules of that Exchange shall be exempted from the requirement to hold a commodity futures broker’s representative licence in relation only to his performing the functions of or acting for a commodity futures broker, where the commodity futures broker is a related corporation of the bank, or merchant bank, in the trading of commodity futures contracts.
(2) In this regulation and regulation 18(6), “related corporation” shall have the meaning assigned to that expression in section 6 of the Companies Act (Cap. 50).
Change of principal
30. A commodity broker’s representative, commodity futures broker’s representative, spot commodity broker’s representative, commodity trading adviser’s representative, commodity futures trading adviser’s representative, commodity pool operator’s representative , commodity futures pool operator’s representative or spot commodity pool operator’s representative shall not change his principal in relation to which his licence was granted unless he has lodged a notice with the Board in such form as the Board may require.
Time for document to be lodged
31. Where a document is required by these Regulations to be lodged with the Board but a period of time within which the document is to be lodged is not specified, the document shall be lodged within 14 days after the happening of the event to which the document relates.
Membership of Commodity Futures Exchange
32. Where the Board grants a licence under the Act to a person to act as a commodity futures broker, the Board may require that the holder of the licence become a member of a Commodity Futures Exchange that is approved by the Board under the Act.
Compliance with financial reporting requirements, etc.
33. A person who is approved under section 5(2) of the Act as a commodity market or Commodity Futures Exchange, or who holds a licence granted under section 14 of the Act, and who —
(a)
is concurrently licensed under the Monetary Authority of Singapore Act (Cap. 186) or the Futures Trading Act (Cap. 116) in respect of any futures, leveraged or derivative trading; and
(b)
is required under any of those Acts to maintain minimum financial requirements and to keep and furnish to the Monetary Authority of Singapore or any other person, accounting or other records, confirmation and risk disclosure statements and other documents,
may be treated by the Board as having complied with the equivalent financial requirements under the Act, and as having kept or furnished such equivalent records or statements or other documents referred to in the Act to the satisfaction of the Board.
Offences
34. Any person who contravenes any provision of these Regulations for which no penalty is expressly provided shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000.
Revocation and transitional provisions
35.—(1) The Commodity Futures Regulations (Rg 1) are revoked.
(2) Any accounts, report or records to be lodged with or submitted to the Board by any commodity futures broker, commodity futures trading adviser, commodity futures pool operator or any of their representatives under the revoked Regulations shall be deemed to be lodged with or submitted to the Board under these Regulations.
(3) Any register kept under the revoked Regulations shall be deemed to be part of the register to be kept under these Regulations.
(4) Where any act is required to be done within a time period prescribed in the revoked Regulations and such time period has not expired on the date these Regulations come into force, the time period as prescribed by the revoked Regulations shall apply to that act.