s 13A Licence for spot commodity trading
13A.—(1) Subject to section 14A, no person may act as, or hold the person out as —(a) a spot commodity broker; (b) a spot commodity broker’s representative; (c) a spot commodity pool operator; or (d) a spot 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) The Board may, with the approval of the Minister, make regulations for or with respect to —(a) the activities of, and standards to be maintained by, spot commodity brokers, spot commodity broker’s representatives, spot commodity pool operators and spot commodity pool operator’s representatives; (b) accounts or other records to be kept by spot commodity brokers and spot commodity pool operators; (c) the powers of the Board in examining any accounts or records kept by spot commodity brokers and spot commodity pool operators, including the appointment of an auditor to audit the accounts or records; (d) the segregation of customer’s funds by spot commodity brokers; and (e) the powers of the Board —(i) to order the production of any books, accounts or records kept by spot commodity brokers and spot commodity pool operators; (ii) to order the provision of any information relating to the business of spot commodity brokers and spot commodity pool operators; (iii) to carry out investigations with respect to any contravention against this Act; and (iv) to issue directions to any spot commodity broker, spot commodity broker’s representative, spot commodity pool operator or spot commodity pool operator’s representative to cease contravention of any provision in this Act. (3) 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)(a) or (c), to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 3 years or to both; or (b) for an offence under subsection (1)(b) or (d), to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 12 months or to both.