s 12 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.