s 22 Accounts to be kept by commodity brokers
22.—(1) The Board may, with the approval of the Minister, make regulations to provide for the keeping by commodity brokers of such accounting and other records as may be prescribed. (2) Without limiting subsection (1), the regulations may in particular provide —(a) for the particulars to be shown or recorded in such accounts or records; (b) for the keeping of separate or segregated accounts; (c) for the period during which the accounts or records are required to be kept; (d) for the form and manner in which the accounts or records are to be kept; (e) for the appointment of an auditor by every commodity broker and for the duties of the auditor, including the duty to report to the Board any matter adversely affecting the financial position of the broker and such other matters in such circumstances as may be prescribed; (f) for the information to be contained in the auditor’s reports; (g) for the remuneration of an auditor appointed under this Act and for the costs of an audit carried out under this Act; (h) for the lodging of annual accounts and the auditor’s report with the Board in such manner and form and within such time as may be prescribed; and (i) that a contravention thereof shall be punishable with a fine not exceeding $10,000 or with imprisonment for a term not exceeding 12 months or with both.