Commodity futures contracts.
Section 7
SEC. 7. Commodity futures contracts. —Notwithstanding the provisions of paragraph (a) of Section 4 and of Section 5 and 6 regarding exemptions, commodity futures contracts may be registered or otherwise regulated, and futures commission merchants, future brokers, floor brokers, pool operators and advisors licensed and supervised in accordance with the rules and regulations that shall be promulgated in the public interest and for the protection of investors by the Commission, with the approval of the Monetary Board of the Central Bank of the Philippines. Such rules and regulations may, among other things, provide for the establishment and maintenance by futures commission merchants, futures brokers, floor brokers, pool operators and advisor of bank accounts exclusively for margin deposit of and/or other receipts from customers, the monitoring of withdrawals from such account through periodic reports and/or examination, the requirement that at least one of the signatories to fund withdrawals from such account must be a Filipino citizen and a resident of the Philippines, the posting by futures commission merchants, future brokers, floor brokers, poll operators and advisors of a bond in an amount sufficient to meet possible claims against them, taking into account the volume of margin deposits held by them, the establishment of a common compensation fund to be contributed by all futures commission merchants, futures brokers, floor brokers tool operators and advisors and subject to the control and super vision of the Commission, and the registration and use by futures commission merchants, futures brokers, floor brokers, pool operators and advisors of official receipts to evidence commissions received by them from customers. However, the Commission shall, after proper notice and opportunity for hearing, prohibit transactions with respect to all or specified commodity futures contracts if it shall find that such transactions will be inimical to the economic interest of the country or may cause grave or irreparable injury or prejudice to the investing public. (n)